Sony market analysis

7/29/2019 Sony market analysis

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Sony Corporation2nd August 2010


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Objective and Agenda

Agenda

Company Overview

Company Profile

Consolidated Financials

Online Marketing Spend

Marketing Spend Breakup by Channel

Company Strategy

Board Members

Management

Business Segments

Competitive Landscape

Objective To provide background information on Sony Corporation


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Executive Summary

Sony Corp

Develops, designs, manufactures and sells various kinds of electronic equipment, instruments, anddevices for consumer and industrial markets

Repositioned operations previously reported within the Electronics and Game segments and

establishing the Consumer Products & Devices, Networked Products & Services and B2B & DiscManufacturing segments

Revenues fell in FY2009, however Net Operating Margins are expected to increase in future due toLCD TV and cellular phone turning profitable and boost from restructuring charges along with adecrease in network-related costs

Operating income of 31.8 billion was achieved, compared to an operating loss in the previous fiscalyear

Planning a major focus on BRIC countries to fuel its growth plans

Segments

Consumer Products and Devices

Biggest segment accounting for over 40% of the total revenues

Segment as a whole was affected by unfavorable currency exchange rates, sales decreased forBRAVIA LCD televisions and cameras

Networked Products & Services

2nd biggest segment accounting for over 20% of the total revenues

Operating income in the game business deteriorated despite cost reductions for PS3 hardware and

higher unit sales of PS3 software, reflecting lower unit sales of PS2 software and PSP hardwareB2B & Disc Manufacturing

Includes Sonys B2B businesses, including broadcast- and professional-use products, and the discmanufacturing business, including Blu-ray Disc, DVD and CD

Decline in segment sales was largely to unfavorable foreign currency exchange rates, as well asdecreased sales of broadcast- and professional-use products

Picture- Generated 9.8% of Sonys 2009 revenue

Music - Generated 7.1% of Sonys 2009 revenue

Financial ServicesGenerated 11.6% of Sonys 2009 revenue


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Company Overview


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Sony | Company Overview

Sony Corporation (Sony) is a Japan based electronicsproducts manufacturing company

Develops, designs, manufactures and sell various kinds ofelectronic equipment, instruments, and devices for consumerand industrial markets

Business Segments

Organized around seven business segments:

Consumer Product and Devices, network product and

services, B2B & Disc Manufacturing, Pictures, Music,Financial Services and Others

Has three horizontal platformsthe Global Sales andMarketing Platform, the Manufacturing, Logistics,Procurement and CS (Customer Service) Platform, and theR&D and Common Software Platform

Operations

The company, along with its subsidiaries, has major operations inJapan, and across many countries in North America, Europe and

Asia.

Sony has its wide service foot-print in about 200 counties,worldwide

Products are marketed throughout the world by sales subsidiariesand unaffiliated distributors, as well as direct sales through the

Internet

Key Statistics

Ownership : Public NYSE, (Ticker: SNE)

Headquarters : Tokyo, Japan

Founded : May 7, 1946

Employees : 167,900

Chairman, CEO and President : Howard Stringer

Financial Year End : 31st March

Revenues, Global (FY2009) : 7,214 bn ($77.82 bn)

Revenues, US (FY2009) : 1,731.6 bn ( $470.5 mn)

63,734

70,537

88,928

79,457 77,825

2005 2006 2007 2008 2009

Revenue History

All figures in $ bn

Source:Annual Report 2009, http://tokyo.usembassy.gov/e/acs/tacs-7126b.html


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Sony | Consolidated Financials

Figures in bn FY08 (A) FY09 (A) FY10 (E) FY11 (E) FY12 (E)

Operating Revenue 7,729.9 7,214.0 7,635.7 7,485.0 7,392.9

Operating Profit -227.8 31.8 90.0 255.0 300.0

Revenue Growth-6.6% -6.7% 5.8% -2% -1.2%

Net Operating Margin -2.9% 0.4% 1.2% 3.4% 4.1%

Stock market

9%Change

$40.4552 Week High

$ 24.5252 Week Low

$ 28.62Price, 3 August 2009

$31.22Price, 30July 2010

Share Price Graph: August 2009 August 2010

Recalled 535,000 Vaio laptops due to atemperature control defect that maycause excessive heat and distort itsshape

Source:Annual Report 2009, googlefinance.com

Operating income of 31.8 billion was achieved, compared to an operating loss in the previous fiscal year.

The Financial Services segment and the Consumer Products & Devices segmentin particular, LCD televisionscontributed to the improvement in operating results year-on-year.

Net Operating Margin are expected to increase in future due to LCD TV and cellular phone turning profitable and boostfrom restructuring charges along with a decrease in network-related costs

Launched "Earth F.C.* to Support

Worldwide "Public Viewing in Africa"Project During 2010 FIFA World Cup "Earth F.C." (www.sony.net/earthfc),

aims to draw attention to the

challenges Africa is facing and tocommunicate the need for support fromaround the world


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Sony | Online Marketing Spend

Source: Nielsen, Annual Report, Google

Site/Sub-SiteEstimated Spending

($ mn)

MySpace (All) 18.87

New York Times (General) 4.62

YouTube (All) 2.72

Yahoo! Homepage 2.24

MSN Windows Live Hotmail 1.75

Yahoo! (General) 1.25

Amazon (All) 1.20

Nick.com (All) 0. 88

New York Times Business 0.808

MSN Movies 0.803

Others 18.34

Total 53.509

Impressions and Estimated Spending by Site/Sub-Siteduring 2009Online Marketing Spend (US)

During 2009, Sony spent approx. $53.5 mn on online media channels

in the US

Top 10 sites accounted for nearly 66% of the total online spending by

the company

Spending was highest on MySpace with over $ 18 million

Advertising spend on Consumer goods and entertainment industries

accounted for 54% of estimated spending by Sony in 2009

Estimated Spending by Industry :June 2009 June 2010

20%

9%

8%6%6%

10%

7%

34%

Consumer Goods Entertainment

Automotive Business to Business

Web Media Public Services

Financial Services Health


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Sony | Marketing Spend Breakup by Channel

Sonys Estimated Spending by Media : 2009

9%7%1%

76%

1%

2% 4%

T V N ewspaper Internet

M agazine Outdo o r R adio

B 2B

Total Media spent (USA) in 2009 was $748.8 million

TV accounted for more than 75% of Sonys marketing budget

Media spend on magazine was almost entirely on the National magazine segment

Online spend was at the third position Media spend on B2B and Radio was negligible

Source: Nielsen, Annual Report, Google

Sonys Spending Breakup for TV: 2009

Sonys Spending Breakup for Newspaper: 2009

20%2%

78%

Local Newspaper

National Newspaper

Nat ional Sunday Supplement

Sonys Spending Breakup for Radio:

2009

33%

67%

Spot Radio Network Radio

3 6 %

16%

0 %

4 3 %

2 % 3 %

Network TV

Cable TV

Spot TV

Spanish Language Network TV

Syndicated TV

S ani sh Lan ua e C ab le T V


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To continue to transform the company to achieve targets of a 5% operating profit margin and a 10%return on equity (ROE) by the year ending March 31, 2013).

To generate growth with consistent profitability in its core hardware businesses particularly digitalimaging, television and game businesses

To aggressively develop new business including network services

To expand by reaching out to new customers in new geographies

Greater investment in BRIC and emerging economies

Sony | Company Focus

Future Priorities

Source:Annual Report, Google

Realigned its reportable segments from the first quarter of the fiscal year ended March 31, 2010 toreflect the Companys reorganization

Repositioned operations previously reported within the Electronics and Game segments and establishing theConsumer Products & Devices, Networked Products & Services and B2B & Disc Manufacturing segments

Streamlining of Operations


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Sony | Strategy & Growth Areas

Continued development of innovative, networked mobile products

Developed and launched Qriocity, a new online service platform based upon PSN

Launched its first Full HD 3D-integrated TVs and Blu-ray Disc players in June 2010

Expansion of entry-segment products with increased cost competitiveness into growingmarkets

To provide customers with the environmentally conscious products

To use its technological expertise to help solve environmental challenges

Announced a new set of Green Targets, where it will strive to lower every products power

consumption by 30 % versus 2008 levels, with a long-term goal of achieving a Zero

Environmental Footprint

Bringing TV and gaming business to profitability along with growing market position

Has an innovative new product lineup and an aggressive sales plan

It is developing the next generation of TV display, and is targeting a 20% market share

Will launch the Sony Internet TV by autumn 2010

Will strive to leverage PS3s strengths to create new user experiences and generate sales

Source:Annual Report 2009


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Sony | Board Members

Title Name

Chairman of the Board Yotaro Kobayashi

Sony Corporation Representative Corporate Executive Officer, Chairman, CEO

and President

Sir Howard Stringer

Sony Corporation Representative Corporate Executive Officer, Vice Chairman Ryoji Chubachi

Board Member Yotaro Kobayashi

Board Member Yoshiaki Yamauchi

Board Member Sir Peter Bonfield

Board Member Fujio Cho

Board Member Ryuji Yasuda

Board Member Yukako Uchinaga

Board Member Mitsuaki Yahagi

Board Member Tsun-Yan Hsieh

Board Member Roland A. Hernandez

Board Member Kanemitsu Anraku

Board Member Yorihiko Kojima

Board Member Osamu Nagayama



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Sony | Management

Title Name

Chairman, Chief Executive Officer and President Sir Howard StringerVice Chairman, Officer in charge of Product Quality & Safety and

Environmental Affairs

Ryoji Chubachi

Executive Deputy President, Officer in charge of Manufacturing,

Logistics, Procurement and CS Platform

Yutaka Nakagawa

Executive Deputy President, Officer in charge of the Consumer

Products, Professional Solutions and Device businesses

Hiroshi Yoshioka

EVP, Officer in charge of Intellectual Property and the Disc

Manufacturing business

Keiji Kimura

EVP, General Counsel Nicole Seligman

EVP, Officer in charge of the Networked Products and Services

businesses

Kazuo Hirai

EVP, Chief Financial Officer Masaru Kato



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Sony | Geography andBusiness Segment Based


Sector Performance:

All the business lines of the company reported weak revenues as a result of the negative effect of the appreciation ofthe yen against the US dollar, downturn in business environment and decline in equity in net income (loss) for Sony

Ericsson Europe, Japan and USA together comprised three-fourth of Sonys revenue

Top three business segments- Consumer Products & Devices, Network Products & Services and B2B & Discmanufacturing generated more than 65% of Sonys 2009 revenue

2009 Revenue Breakup by Geography

26%

24%

26%

24%

Europe Japan US Other Countries

2009 Revenue Breakup by Business Segments


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Business Segments


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Business Segment | Consumer Products & Devices (1/2)

Includes Sonys televisions, digital imaging, audio-video, semiconductors, components and otherbusinesses

Segment as a whole was affected by unfavorable currency exchange rates

Segment Performance:

The operating loss narrowed due to:

Improvement in the cost of sales ratio

Reduction in selling, general and administrative expenses

Figures in bn FY08 A FY09 A FY10 E FY11 E

Revenue 4,031.5 3,227.7 3,655.9 3,624.5

Revenue Growth -17.47% -19.94% 13.27% -0.86%

Operating Income -115.1 -46.5 1.0 99.0

Operating Margin -2.9% -1.4% 0% 2.7%

Source:Annual Report 2009, Credit Suisse:Consumer Electronics (Technology Hardware &

Equipment) July 2010

Revenue and profitability areexpected to improve in FY2010 and FY 2011

Targets and Strategy:To regain leadership position in LCD TV market- targeting 20% worldwide market share (unit basis) by FY2012


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Business Segment | Consumer Products & Devices (2/2)



Sales decreased for the following , reflecting the contraction of these markets:

BRAVIA LCD televisions, due to declines in unit selling prices

Handycam video cameras

Cyber-shot compact digital cameras

Products contributing to the improvement in operating results included *BRAVIA LCD televisions and Cyber-shotcompact digital cameras and image sensors, which saw an increase in sales.

Segments Figures in bn FY08 A FY09 A FY10 E FY11 E

TelevisionsRevenue 1,275.7 1,005.8 1,335.3 1,335.3

Operating Margin -10.0% - -7.3% -1.5% 0.0%

Digital ImagingRevenue 863.8 679.2 642.2 613.8

Operating Margin 10.1% 13.7% 8.4% 8.5%

Audio and VideoRevenue 555.7 516.6 516.6 516.6

Operating Margin -0.3% 0.0% 0.0% 0.0%

SemiconductorsRevenue 267.2 277.9 277.9 277.9


ComponentsRevenue 623.9 479.1 530.0 530.0


*BRAVIA LCD televisions and Cyber-shot compact digital cameras the benefits of cost reduction efforts exceeded the impact of the decrease in sales


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Business Segment | Networked Products & Services




Networked

Products &

Services

Revenue 1,755.6 1,575.8 1,643.33 1,492.3

Revenue Growth -16.74%- 10.24% 4.29% -9.19%

Operating Income -87.4 -83.1 -49.0 -13.0

Operating Margin -5.0% -5.3% -3.0% -0.9%

GameRevenue 984.9 840.7 801.4 621.2

Operating Margin -5.9% -6.8% 0.0% 1.3%

PC and Other

Networked

Business

Revenue 699.9 670.9 733.0 778.0

Operating Margin -2.9% - -3.9% -1.2% 0.6%

Segment consists of Sonys game business, PC and other network related businesses

The deterioration of segment sales was attributable largely to decreases for the game business and for VAIO PCs.

Segment Performance: Sales declined 10.2% year-on-year to reach 1,575.8 billion

Operating loss improved 4.4 billion Y-O-Y despite a deterioration of operating income in the game business due to :

Improvement in the profitability of Walkman digital music players and other products

Revenue is expected to improve in FY 2010 followed by a decline in FY 2011 but profitability is projected to increase

Sales in the Game businessdeclined due to:

Unfavorable foreign currency

exchange rates Declines in unit sales of PSP

hardware and playstation2software


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Business Segment | B2B & Disc Manufacturing




B2B & Disc

Manufacturing

Revenue 560.0 504.2 554.6 3 582.3

Revenue Growth -32.9% -10.0% 10.0% 5.0%

Operating Income 6.5 -7.2 -5.0 6.0

Operating Margin 1.2% -1.4% -0.9% 1.0%

Segment encompasses Sonys B2B businesses, including broadcast and professional-use products, and thedisc manufacturing business, including Blu-ray Disc, DVD and CD.

The deterioration of segment sales was attributable largely to unfavorable foreign currency exchange rates, as well asdecreased sales of broadcast- and professional-use products


Sales in the B2B & Disc Manufacturing segment decreased 10.0% year-on-year, to 504.2 billion

Reported an operating loss of 7.2 billion, a deterioration of 13.7 billion year-on-year

Revenue is expected to improve in FY 2010and FY 2011

Sales in the broadcast andprofessional-use productsdeclined due to:

due to a deterioration of thebusiness environment indeveloped countries

decreases in unit selling prices inthe disc manufacturing business


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Business Segment | Pictures



Segment Figures in bn FY08 A FY09 A FY10 E FY11 E

Pictures

Revenue 717.5 705.2 705.0 705.0

Revenue Growth -16.4% -1.7% 0.0% 0.0%

Operating Income 29.9 42.8 35.0 35.0


Segment comprises the motion pictures and television programming, and other businesses of SonyPictures Entertainment Inc. (SPE), which is based in the United States

Decline in segment sales was due primarily to the appreciation of the yen against the U.S. dollar.


On a U.S. dollar basis, segment sales increased 7.0%. primarily due to :

Higher worldwide theatrical and home entertainment revenues from the current years film slate

Increased television revenues due to higher advertising revenues from a number of international (non-NorthAmerica) channels.

Operating income in the segment increased 43.1% year-on-year, to 42.8 billion.

Revenue and profitability are expected to decline in FY 2010 and FY 2011

Increase in operating income wasprimarily due to:

Sale of a portion of SPEs equity

interests in both a Latin Americanpremium pay television business and

a U.S. cable network Sale of all of its equity interest in a

Central European premium paytelevision business

Sony Pictures commanded 13.6% of North American theatrical box office revenue market share in FY2009


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Business Segment | Music




Pictures

Revenue 387.1 522.6 523.0 523.0

Revenue Growth 10.60% 35.00% 0.08% 0.00%

Operating Income 27.8 36.5 37.0 37.0


Sonys Music segment is primarily comprised of the music recording businesses of U.S.-based Sony MusicEntertainment (SME) and Sony Music Entertainment (Japan) Inc. (SMEJ).

Music segment is struggling with owing to the appreciation of the yen against the U.S. dollar and the continuedcontraction of the physical music market.


Sales in the Music segment rose 35.0% year-on-year, to 522.6 billion.

Operating income rose 31.1% year-on-year, to 36.5 billion.


Improved results at SME and SMEJ,which reflected contributions from hitproducts including Michael Jacksoncatalog product

Decline in restructuring expensesfrom the previous fiscal year

SME commanded 28.6% of US market share and SMEJ commanded 17.4% of Japanese market share and SMEJ in FY2009


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Business Segment | Financial Services




Pictures

Revenue 538.2 851.4 851.0 851.0

Revenue Growth -7.38% 58.19% -0.05% 0.00%

Operating Income -31.2 162.5 130.0 130.0

Operating Margin -5.8% 19.1% 15.3% 15.3%

Segment consists of the financial services businesses of Sony Financial Holdings Inc. (SFH) and itsconsolidated subsidiaries, including Sony Life Insurance Co., Ltd. (Sony Life), Sony Assurance Inc. and

Sony Bank Inc., as well as Sony Finance International Inc.

Financial Services revenue increased 58.2% Y-o-Y, to 851.4 billion mainly due to higher revenue at Sony Life.

Sony Life also reported higher revenue from insurance premiums, owing to a steady increase in policy amount in force.


Operating income amounted to 162.5 billion, an improvement of 193.7 billion year-on-year


Improvement in net valuation gainsfrom investments in convertible bonds

Decline in the provision of policy

reserves Marked decrease in impairment

losses on equity securities Rise in the Japanese stock market


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Threats

Competitive Pressures

Counterfeit Products

Stringent Regulations

Sony | SWOT Analysis

Weaknesses

Lower Returns in terms of poor profitabilityratios.

In 2009, it posted attenuated ROE as

-3.3% over 10.662% in 2008. Thiswas below the S&P 500 companiesaverage of 12.9%.

Poor Liquidity Position

Operational Inefficiency

Opportunities

Strategic Acquisition

Demand for Video Consoles

Growth in LCD Display Market

In July 2009, Sony signed adefinitive agreement with SharpCorporation for a joint venturecompany for manufacturing andselling large-sized LCD panels andmodules

Strengths

Worldwide Presence

In 2009, Other areas accountedfor 26.5%, followed by 25.7% fromEurope, 24.2% from Japan and23.6% from the US

Diversified BusinessA company like Sony Corporation,

with a huge global presence,diversified businesses and Strongbrand equity, operating in a highly

competitive market will need tocapitalize on opportunities like thegrowing video console and LCD

market. It has been suffering fromlower Returns and poor Liquidity

and efficiency position. To maintainleadership, it needs to fightcounterfeit products among

tightening regulations


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Sony| Recent News

29th, July, 2010

Announced results for the 3rd quarter ended 30th June 2010Reported sales of $ 18,663 million , an Y-o-Y increase of 3.8% and Operating income of $ 753 million as compared to an operatingloss in the same quarter of the previous fiscal year

20th, July, 2010

Tohoku University and Sony Corporation jointly develop the worlds first blue-violet ultrafast pulsed semiconductor laserwith 100 watt outputTohoku University and Advanced Materials Laboratories, Sony Corporation have succeeded in jointly developing a blue-violetultrafast pulsed semiconductor laser*2 with dramatically improved peak laser beam output levels that are 100 times that of the

world's current highest levels.

13th, July, 2010

Sony expands silicon tuner module lineup and begins to ship samples to grow sales

Sony Corporation announced that it will begin to ship samples of its extensive lineup of silicon tuner modules, which incorporateSony's silicon turner IC that conform to worldwide broadcast systems. Sony will build up a global business by launching 40 small,high-performance silicon tuner modules, which incorporate its proprietary radio frequency circuit technology

22nd, July, 2010

Sony develops 1.2kWh-class energy storage module using lithium-ion rechargeable batteries made from olivine-typelithium iron phosphate

Sony today announced the development of an energy storage module using lithium-ion rechargeable batteries made with olivine-type lithium iron phosphate as the cathode material. Sample shipments of the new module are scheduled to begin from June,2010. The newly-developed module is an energy storage module with 1.2kWh-class capacity

Source: Company Website


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Competitive Analysis


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Competitive Analysis | Electronics*

Company** Sony Panasonic*** Phillips LG

Revenue (FY2009)

$31.5 bn $36.7 bn $11.8 bn $16.5 bn

RevenueGrowth y-o-y

(20%) (9%) (22%) na

OperatingMargin

Loss of $504 mn 3% 4% na

Strategy Partner with ITcompanies to offerinnovative productsand services Planning to launch

Sony Internet TVin collaborationwith Google

Expand its flat-panel TVsbusiness, including bothplasma and LCD

Innovating existing productlines Launch plasma TVs that

deliver full HD 3Dimages in 2010

Improve geographical

coverage and

strengthen position in

Brazil, Russia, India and

China through

managerial focus and

investment

Continue to focus on

technology and stylish

design for superior products

Major Products LCD TV, digital

camera, home video,portable audio

Flat panel TV, blue ray disc

recorder, automotiveelectronics

LCD TV, audio & video

Multimedia, peripherals& accessories

LCD TV, plasma TV,

Home audio and video,

optical storage

Source: Company websites

Sonys consumer products segments performance was the worst among the peer group; although

rest of the players reported decline in revenues, they maintained profitability

* Previous years electronics segment is reorganized into Consumer Products & Devices segment by Sony

** All figures in USD

*** Panasonic acquired Sanyo Electric Company in FY 2009


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Competitive Analysis | Game*

Company Sony Nintendo Microsoft

Revenue (FY 2009) $9.1 bn $15.5 bn $7.7 bn

Revenue Growth y-

o-y (15%) (22%) (6%)

Operating Margin NA 25% 2%

Strategy Focus on innovation todeliver new and exciting userexperiences to customers

Release own 3D game titlesand continue to activelysupport the development of3D games by third-partysoftware developers

Focus on new and innovativeproducts

Focus on innovation in hardware

architecture, new developer

tools, online gaming services,

and continued strong exclusive

content from its own game

franchises

Major Products PlayStation

PlayStation3PlayStation Portable

Wii

Nintendo DSNintendo DSi

Xbox 360 console

Xbox LiveZune


All the players reported decline in revenues in FY 2009; major focus of Sony and its

competitors is on innovative products

* Previous years Game segment is reorganized into Network Products & Services segment by Sony

** All figures in USD


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Competitive Analysis | Pictures

Company Sony Disney Warner Bros News Corp

Revenue (FY

2009) $7.6 bn $6 bn $11 bn $6 bn

Revenue

Growth y-o-y (1.7%) (16%) (3%) (11%)

Operating

Margin 6% 3% 10% 14%

Strategy Create a diverseslate of entertainmentand develop newways such as 3D toreach consumersaround the world

Heavy use of technology tobring down the cost ofmaking, marketing anddistributing the content

Streamline the

operations through

restructuring and

outsourcing

NA

Major Movies(2009)

Cloudy With aChance of Meatballs

Julie & Julia

District 9

Zombieland

WALL-E

The Chronicles of Narnia:Prince Caspian

Harry Potter and theHalf-Blood Prince

The Hangover

Sherlock Holmes

The Blind Side andInvictus

Marley & Me and Taken

Night at the Museum

Battle of the Smithsonian

X-Men Origins


Sonys pictures segment reported least decline in revenues among peers, however its profitability is

lowers than Warner and News Corp


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Competitive Analysis | Music

Company Sony Universal Music EMI Music Warner Music

Revenue (FY2009)

$5.51 bn $6.1 bn 1.6 bn $3.2 bn

Revenue

Growth y-o-y 41% (6%) 7% (9%)

OperatingMargin

7% 13% 19% 4%

Strategy Focus on developingboth well-known andemerging recordingartists

na Reposition itself as a

comprehensive rights

management company

that can take full

advantage of all global

opportunities in all

markets for music

Evaluate opportunities to

add to its catalog or acquire

and make investments in

companies engaged in

similar businesses

Focus on digital distribution

of content

Major Brands AristaColumbia Nashville

Legacy

Masterworks

Epic

A&M/Octone The Verve Music Group

Decca Label Group

Universal Records South

Universal Music GroupNashville

AngelAstralwerks

Blue Note

Capital Nashville

Mute

AsylumAtlantic

Bad Boy

Cordless

Rhino


Sonys music segment reported most healthy growth in revenues, however profitability is lower than 2

of its biggest competitors Universal Music and EMI


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Sony market analysis

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