After poor quarter results, followed with the announcement of “One Sony” strategy, Sony today released its consolidated financial results for the fiscal year ended March 31, 2012 (i.e. from April 1, 2011 to March 31, 2012). Sales were 6,493.2 billion yen (about $ 79,186 million), a decrease of 9.6% compared to the previous fiscal year. Sales decreased mainly in the CPS and PDS segments, primarily due to unfavorable foreign exchange rates, the impact of the Great East Japan Earthquake and the floods in Thailand, and deterioration in market conditions in developed countries.
During the fiscal year ended March 31, 2012, the average rates of the yen were 78.1 yen against the U.S. dollar and 107.5 yen against the euro, which were 8.5% and 3.9% higher, respectively, than the previous fiscal year. On a constant currency basis, sales decreased 5% year-on-year. Operating loss of 67.3 billion yen (about $820 million) was recorded, compared to operating income of 199.8 billion yen in the previous fiscal year. This was primarily due to lower sales resulting from the above-mentioned factors and a significant deterioration in equity in net income of affiliated companies, partially offset by a remeasurement gain associated with obtaining control of SOMC of 102.3 billion yen (about $1,248 million).
Restructuring charges, net, decreased 12.3 billion yen year-on-year to 54.8 billion yen (about $668 million). CPS segment restructuring charges were 9.6 billion yen (about $117 million) in the current fiscal year, compared with 28.7 billion yen in the previous fiscal year. PDS segment restructuring charges were 26.5 billion yen (about $324 million) in the current fiscal year, compared with 19.9 billion yen in the previous fiscal year.