Sony Ericsson reports second quarter results>
Sony Ericsson reports second quarter results
(Thomson Reuters ONE) - Q2 highlights: * Continued challenging market conditions * Transformation program on track * New Communication Entertainment portfolio announced - shipping Q4 2009The consolidated financial summary for Sony Ericsson MobileCommunications AB (Sony Ericsson) for the second quarter ended June30, 2009 is as follows: Q2 2008 Q1 2009 Q2 2009Number of units shipped (million) 24.4 14.5 13.8Sales (Euro m.) 2,820 1,736 1,684Gross margin (%) 23% 8% 12%Operating income (Euro m.) -2 -369 -274Operating margin (%) -0% -21% -16% Restructuring charges (Euro m.) 11 12 1 Operating income excl. restructuring 8 -357 -274charges (Euro m.) Operating margin excl. restructuring 0% -21% -16%charges (%)Income before taxes (IBT) (Euro m.) 8 -370 -283 IBT excl. restructuring charges 19 -358 -283(Euro m.)Net income (Euro m.) 6 -293 -213Average selling price (Euro) 116 120 122Units shipped in the quarter were 13.8 million, a decrease of 43%year-on-year and a sequential decrease of 5%. Sales for the quarterwere Euro 1,684 million, a year-on-year decrease of 40%. This was dueto continued challenging market conditions in all regions,particularly in Latin American markets.Gross margin improved sequentially, despite lower volumes and sales,driven by a more favourable product mix and less material write-offcosts than the previous quarter.Income before taxes for the quarter, excluding restructuring charges,was a loss of Euro 283 million compared to a loss of Euro 370 millionfrom the previous quarter. This was due to the better gross margin,as well as reduced operating expenses that are a result of theongoing cost savings program. "As expected, the second quarter was challenging and we stillbelieve the remainder of the year will be difficult for SonyEricsson. Our focus remains on bringing the company back toprofitability and growth as quickly as possible, and our performanceis starting to improve due to our cost reduction activities. The newproduct portfolio that integrates communications, entertainment andsocial media applications should contribute to healthier toplinedevelopment when shipments start later this year," said DickKomiyama, President, Sony Ericsson. "We remain confident that theactions we are taking will further improve our financial situationand strengthen Sony Ericsson's competitiveness."As of June 30, 2009, Sony Ericsson retained a good net cash positionof Euro 965 million.Programs started mid 2008 to reduce operating expenses by Euro 880million are on track, with the full benefit expected during thesecond half of 2010. The total restructuring charges for theseprograms are estimated to be well within the previously announcedEuro 500 million. Since the beginning of the cost reduction programs,the total global workforce has been reduced by 2,350 people.During the quarter Sony Ericsson expanded on its strategy oftransforming into the Communication Entertainment brand with theannouncement of three new mobile phones; Aino, Satio and Yari. Thesephones integrate communications features with entertainment contentand social media applications. In addition, Sony Ericsson announcedthe expansion of its content delivery platform, PlayNow(TM) arena, toinclude an application store and downloadable movies via PC.Sony Ericsson maintains its forecast that the global handset marketfor 2009 will continue to contract by at least 10% from around 1,190million units in 2008. Sony Ericsson estimates that its market sharewas over 5% in the second quarter.The liquid identity and PlayNow are trademarks or registeredtrademarks of Sony Ericsson Mobile Communications.Sony is a trademark or registered trademark of Sony Corporation.Ericsson is the trademark or registered trademark ofTelefonaktiebolaget LM Ericsson.Other product and company names mentioned herein may be thetrademarks of their respective owners. Any rights not expresslygranted herein are reserved. Subject to change without prior notice.- ENDS -A live webcast of the conference call will be available on July 16,2009 at:10:00 Central European Time (CET)17:00 Japan Time (JST)09:00 UK Time (BST)04:00 US Eastern Time (EDT)See: http://www.ericsson.com/ericsson/investors/ or join the webcastdirectly at:http://www.thomson-webcast.net/uk/dispatching/event_id=bffe1ab2b7e317a500a16a93ee0841c2&portal_id=ccec29148a44ec4b8077c845c5b4cbbaThe archived webcast will be available approximately one hour afterthe completion of the conference call.CALL-IN NUMBERS:Japan +81 3 3570 8228Sweden +46 8 5352 6407UK and Europe +44 20 7806 1955US +1 718 354 1389REPLAY:A replay of the conference call will be available approximately twohours after the completion of the conference call until 11:00 pm UKtime on July 22, 2009.Japan +81 3 3570 8212Sweden +46 8 5876 9441UK and Europe +44 20 7806 1970US +1 718 354 1112Replay passcode: 6976647#EDITOR'S NOTES:Financial statements and additional information:Financial statements:Consolidated income statementConsolidated income statement - isolated quartersConsolidated balance sheetConsolidated statement of cash flowsConsolidated statement of cash flows - isolated quartersAdditional information:Net sales by market area by quarter- ENDS -Sony Ericsson is a top, global industry player with sales of around97 million phones in 2008. Diversity is one of the core strengthsof the company, with operations in over 80 countries includingmanufacturing in China and R&D sites in China, Europe, India, Japanand North America. Sony Ericsson was established as a 50:50 jointventure by Sony and Ericsson in October 2001, with global corporatefunctions located in London. For more information about SonyEricsson please visit www.sonyericsson.comCONTACTS:Investors / AnalystsEricsson investor relationsGary Pinkham (Stockholm) +46 10 719 0858Susanne Andersson (Stockholm) +46 10 719 4631Andreas Hedemyr (Stockholm) +46 10 404 3748Sony investorrelationsShinji Tomita (London) +44 20 7426 8696Gen Tsuchikawa (Tokyo) +81 3 6748 2180Press / MediaSony Ericsson global communications and PRAldo Liguori (London) +44 20 8762 5860Merran Wrigley (London) +44 20 8762 5862This press release contains forward-looking statements that involveinherent risks and uncertainties. We have identified certainimportant factors that may cause actual results to differ materiallyfrom those contained in such forward-looking statements. For adetailed description of risk factors see Sony's and Ericsson'sfilings with the US Securities and Exchange Commission, particularlyeach company's latest published Annual Report on Form 20-F.Sony EricssonCONSOLIDATED INCOME STATEMENT Apr-JunEUR million 2009 2008 ChangeNet sales 1,684 2,820 -40%Cost of sales -1,483 -2,168 -32%Gross profit 200 653 -69%Gross margin % 11.9% 23.1% -11%Research and development expenses -245 -344 -29%Selling and administrative expenses -235 -310 -24%Operating expenses -480 -653 -26%Other operating income, net 6 -2 491%Operating income -274 -2 -Operating margin % -16.3% -0.1% -16%Financial income 6 25 -76%Financial expenses -15 -14 4%Income after financial items -283 8 -Taxes 74 0 -Minority interest -4 -3 49%Net income -213 6 -Number of units shipped (million) 13.8 24.4 -43%ASP (EUR) 122 116 5%EUR Million Apr-Jun Apr-JunRestructuring charges 2009 2008 Cost of sales -9 8 Research and development expenses 9 2 Sales and administrative expenses 1 1 Other operating income, net 0 0Total 1 11Sony EricssonCONSOLIDATED INCOME STATEMENT Jan-JunEUR million 2009 2008 ChangeNet sales 3,419 5,522 -38%Cost of sales -3,074 -4,082 -25%Gross profit 346 1,440 -76%Gross margin % 10.1% 26.1% -16%Research and development expenses -548 -683 -20%Selling and administrative expenses -460 -580 -21%Operating expenses -1,008 -1,263 -20%Other operating income, net 19 5 310%Operating income -644 182 -454%Operating margin % -18.8% 3.3% -22%Financial income 15 49 -69%Financial expenses -25 -29 -16%Income after financial items -653 201 -424%Taxes 158 -57 -379%Minority interest -10 -6 71%Net income -505 139 -464%Number of units shipped (million) 28.3 46.7 -39%ASP (EUR) 121 118 2%EUR Million Jan-Jun Jan-JunRestructuring charges 2009 2008 Cost of sales -2 8 Research and development expenses 11 2 Sales and administrative expenses 4 1 Other operating income, net 0 0Total 13 11Sony EricssonCONSOLIDATED INCOME STATEMENT - ISOLATED QUARTERS 2009 2008EUR million Q2 Q1 Q4 Q3 Q2 Q1Net sales 1,684 1,736 2,914 2,808 2,820 2,702Cost of sales -1,483 -1,591 -2,476 -2,192 -2,168 -1,914Gross profit 200 145 438 616 653 788Gross margin % 11.9% 8.4% 15.0% 21.9% 23.1% 29.2%Research and developmentexpenses -245 -303 -359 -337 -344 -339Selling andadministrative expenses -235 -225 -366 -303 -310 -270Operating expenses -480 -528 -725 -640 -653 -610Other operating income,net 6 13 24 -8 -2 6Operating income -274 -369 -262 -33 -2 184Operating margin % -16.3% -21.3% -9.0% -1.2% -0.1% 6.8%Financial income 6 9 28 25 25 24Financial expenses -15 -10 -27 -15 -14 -15Income after financialitems -283 -370 -261 -23 8 193Taxes 74 84 81 6 0 -57Minority interest -4 -6 -7 -8 -3 -3Net income -213 -293 -187 -25 6 133Number of units shipped(million) 13.8 14.5 24.2 25.7 24.4 22.3ASP (EUR) 122 120 121 109 116 121EUR Million 2009 2008Restructuring charges Q2 Q1 Q4 Q3 Q2 Cost of sales -9 7 67 0 8 Research anddevelopment expenses 9 2 35 26 2 Sales andadministrative expenses 1 3 24 3 1 Other operating income,net 0 0 3 6 0Total 1 12 129 35 11Sony EricssonCONSOLIDATED BALANCE SHEET Jun 30 Mar 31 Dec 31 Jun 30EUR million 2009 2009 2008 2008ASSETSTotal fixed and financial assets 736 658 590 590Current assetsInventories 404 477 531 538Accounts receivables 936 1,193 1,629 1,905Other assets 379 463 585 511Other short-term cash investments 456 574 707 966Cash and bank 509 542 418 624Total current assets 2,685 3,249 3,870 4,544Total assets 3,421 3,908 4,460 5,134SHAREHOLDERS' EQUITY ANDLIABILITIESShareholders' equity 694 930 1,217 1,684Minority interest 66 65 57 35Total equity 760 995 1,274 1,719Total long-term liabilities 30 30 30 25Accounts payable 848 965 990 1,436Other current liabilities 1,782 1,918 2,166 1,954Total current liabilities 2,630 2,882 3,156 3,390Total shareholders' equity andliabilities 3,421 3,908 4,460 5,134Net cash* 965 1,116 1,072 1,591* Net cash is defined as cash and bank plus short-term cashinvestments less interest bearing liabilities.Sony EricssonCONSOLIDATED STATEMENT OF CASH FLOWS Apr-JunEUR million 2009 2008OPERATIONSNet income -213 6Adjustments to reconcile net income to cash 37 40 -176 46Changes in operating net assets 60 -142Cash flow from operating activities -115 -96INVESTMENTSInvesting activities -13 -29Cash flow from investing activities -13 -29FINANCINGFinancing activities 0 - 8Cash flow from financing activities 0 -8Net change in cash -128 -133Cash, beginning of period 1,116 1,711Translation difference in Cash -23 13Cash, end of period 965 1,591Sony EricssonCONSOLIDATED STATEMENT OF CASH FLOWS Jan-JunEUR million 2009 2008OPERATIONSNet income -505 139Adjustments to reconcile net income to cash 66 69 -439 208Changes in operating net assets 382 -242Cash flow from operating activities -57 -34INVESTMENTSInvesting activities -32 -50Cash flow from investing activities -32 -50FINANCINGFinancing activities - 53 -470Cash flow from financing activities -53 -470Net change in cash -142 -554Cash, beginning of period 1,125 2,155Translation difference in Cash -18 -11Cash, end of period 965 1,591Sony EricssonCONSOLIDATED STATEMENT OF CASH FLOWS - ISOLATED QUARTERS 2009 2008EUR million Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-MarOPERATIONSNet income -213 -293 -187 -25 6 133Adjustments toreconcile net incometo cash 37 29 37 39 40 31 -176 -263 -150 15 46 164Changes in operatingnet assets 60 321 -168 88 -142 -101Cash flow fromoperating activities -115 58 -318 102 -96 64INVESTMENTSInvesting activities -13 -19 41 -55 -29 -22Cash flow frominvesting activities -13 -19 41 -55 -29 -22FINANCINGFinancing activities 0 - 53 - 46 - 238 - 8 - 462Cash flow fromfinancing activities 0 -53 -46 -238 -8 -462Net change in cash -128 -14 -323 -191 -133 -421Cash, beginning ofperiod 1,116 1,125 1,473 1,591 1,711 2,155Translationdifference in Cash -23 5 -25 74 13 -24Cash, end of period 965 1,116 1,125 1,473 1,591 1,711Sony EricssonNET SALES BY MARKET AREA BY QUARTEREUR million 2009 2008Isolated quarters Q2 Q1 Q4 Q3 Q2 Q1Europe, Middle East & Africa* 927 977 1,642 1,427 1,386 1,494Americas 195 200 636 703 740 486Asia 562 559 636 678 694 722Total 1,684 1,736 2,914 2,808 2,820 2,702* of which Western Europe 678 721 1,117 947 900 979 2009 2008Sequential change (%) Q2 Q1 Q4 Q3 Q2 Q1Europe, Middle East & Africa* -5% -40% 15% 3% -7% -34%Americas -3% -69% -10% -5% 52% -24%Asia 1% -12% -6% -2% -4% -18%Total -3% -40% 4% 0% 4% -28%* of which Western Europe -6% -35% 18% 5% -8% -38% 2009 2008Year over year change (%) Q2 Q1 Q4 Q3 Q2 Q1Europe, Middle East & Africa* -33% -35% -27% -17% -20% -7%Americas -74% -59% 0% 23% 48% 33%Asia -19% -23% -28% -17% -21% -25%Total -40% -36% -23% -10% -9% -8%* of which Western Europe -25% -26% -29% -14% -18% -9% 2009 2008Year to date 0906 0903 0812 0809 0806 0803Europe, Middle East & Africa* 1,903 977 5,947 4,306 2,879 1,494Americas 395 200 2,566 1,930 1,226 486Asia 1,121 559 2,731 2,094 1,416 722Total 3,419 1,736 11,244 8,330 5,522 2,702* of which Western Europe 1,400 721 3,943 2,826 1,879 979 2009 2008YTD year over year change(%) 0906 0903 0812 0809 0806 0803Europe, Middle East & Africa* -34% -35% -18% -15% -13% -7%Americas -68% -59% 24% 34% 42% 33%Asia -21% -23% -23% -21% -23% -25%Total -38% -36% -13% -9% -9% -8%* of which Western Europe -26% -26% -19% -14% -14% -9%The full report (including tables) can be downloaded from thefollowing link:http://hugin.info/133603/R/1329120/313644.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 16.07.2009 - 08:32 Uhr
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