Edgar Filing: SONY CORP

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of MARCH, 2018

Commission File Number: 001-06439

SONY CORPORATION

(Translation of registrant's name into English)

1-7-1 KONAN, MINATO-KU, TOKYO, 108-0075, JAPAN

(Address of principal executive offices)

The registrant files annual reports under cover of Form 20-F.

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F,

Form 20-F X

Form 40-F __

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, Yes No X

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-______

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SONY CORPORATION
	(Registrant)


	By: /s/ Hiroki Totoki
	(Signature)
	Hiroki Totoki
	Executive Vice President and
	Chief Financial Officer

Date: April 27, 2018

List of materials

Documents attached hereto:

i) Press release Announcement _______________________________________________________

Financial Statements and Consolidated Financial Results

for the Fiscal Year Ended March 31, 2018

And

Outlook for the Fiscal Year Ending March 31, 2019

April 27, 2018

Sony Corporation

Financial Statements (Unaudited)	F-1

Consolidated Balance Sheets	F-1
Consolidated Statements of Income (Fiscal year ended March 31)	F-2
Consolidated Statements of Comprehensive Income (Fiscal year ended March 31)	F-2
Consolidated Statements of Income (Three months ended March 31)	F-3
Consolidated Statements of Comprehensive Income (Three months ended March 31)	F-3
Consolidated Statements of Changes in Stockholders' Equity	F-4
Consolidated Statements of Cash Flows	F-5
Notes to Consolidated Financial Statements	F-6
-Business Segment Information	F-6
-Going Concern Assumption	F-13
-Accounting Policies and Other Information	F-13
-Subsequent Events	F-14

Consolidated Results for the Fiscal Year Ended March 31, 2018	1

Outlook for the Fiscal Year Ending March 31, 2019	4

Business Segment Information (Consolidated Results for the Fiscal year ended March 31, 2018 and Outlook for the Fiscal year ending March 31, 2019)	5

Basic Views on Selection of Accounting Standards	9

All amounts are presented on the basis of Generally Accepted Accounting Principles in the U.S. (“U.S. GAAP”).

Sony Corporation and its consolidated subsidiaries are together referred to as “Sony”.

(Unaudited)
Consolidated Financial Statements
Consolidated Balance Sheets
	(Millions of yen)
	March 31			March 31			Change from
ASSETS	2017			2018			March 31, 2017
Current assets:
Cash and cash equivalents	¥	960,142		¥	1,586,329		¥	+626,187
Marketable securities		1,051,441			1,176,601			+125,160
Notes and accounts receivable, trade		1,006,961			1,061,442			+54,481
Allowance for doubtful accounts and sales returns		(53,150	)		(48,663	)		+4,487
Inventories		640,835			692,937			+52,102
Other receivables		223,632			190,706			-32,926

Prepaid expenses and other current assets		525,861			516,744			-9,117
Total current assets		4,355,722			5,176,096			+820,374

Film costs		336,928			327,645			-9,283

Investments and advances:
Affiliated companies		149,371			157,389			+8,018
Securities investments and other		9,962,422			10,598,669			+636,247
		10,111,793			10,756,058			+644,265

Property, plant and equipment:
Land		117,293			84,358			-32,935
Buildings		666,381			655,434			-10,947
Machinery and equipment		1,842,852			1,798,722			-44,130
Construction in progress		28,779			38,295			+9,516
		2,655,305			2,576,809			-78,496
Less-Accumulated depreciation		1,897,106			1,837,339			-59,767
		758,199			739,470			-18,729

Other assets:
Intangibles, net		584,185			527,168			-57,017
Goodwill		522,538			530,492			+7,954
Deferred insurance acquisition costs		568,837			586,670			+17,833
Deferred income taxes		98,958			96,772			-2,186
Other		323,396			325,167			+1,771
		2,097,914			2,066,269			-31,645
Total assets	¥	17,660,556		¥	19,065,538		¥	+1,404,982

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	¥	464,655		¥	496,093		¥	+31,438
Current portion of long-term debt		53,424			225,522			+172,098
Notes and accounts payable, trade		539,900			468,550			-71,350
Accounts payable, other and accrued expenses		1,394,758			1,514,433			+119,675
Accrued income and other taxes		106,037			145,905			+39,868
Deposits from customers in the banking business		2,071,091			2,159,246			+88,155
Other		591,874			610,792			+18,918
Total current liabilities		5,221,739			5,620,541			+398,802

Long-term debt		681,462			623,451			-58,011
Accrued pension and severance costs		396,715			394,504			-2,211
Deferred income taxes		432,824			449,863			+17,039
Future insurance policy benefits and other		4,834,492			5,221,772			+387,280
Policyholders’ account in the life insurance business		2,631,073			2,820,702			+189,629
Other		314,771			278,338			-36,433
Total liabilities		14,513,076			15,409,171			+896,095

Redeemable noncontrolling interest		12,058			9,210			-2,848

Equity:
Sony Corporation’s stockholders’ equity:
Common stock		860,645			865,678			+5,033
Additional paid-in capital		1,275,337			1,282,577			+7,240
Retained earnings		984,368			1,440,387			+456,019
Accumulated other comprehensive income		(618,769	)		(616,746	)		+2,023
Treasury stock, at cost		(4,335	)		(4,530	)		-195
		2,497,246			2,967,366			+470,120

Noncontrolling interests		638,176			679,791			+41,615
Total equity		3,135,422			3,647,157			+511,735
Total liabilities and equity	¥	17,660,556		¥	19,065,538		¥	+1,404,982

F-1

Consolidated Statements of Income
	(Millions of yen, except per share amounts)
	Fiscal year ended March 31
	2017		2018		Change
Sales and operating revenue:
Net sales	¥	6,443,328	¥	7,231,613	¥	+788,285
Financial services revenue		1,080,284		1,221,235		+140,951
Other operating revenue		79,638		91,134		+11,496
		7,603,250		8,543,982		+940,732

Costs and expenses:
Cost of sales		4,753,010		5,188,259		+435,249
Selling, general and administrative		1,505,956		1,583,197		+77,241
Financial services expenses		910,144		1,042,163		+132,019
Other operating expense, net		149,001		4,072		-144,929
		7,318,111		7,817,691		+499,580

Equity in net income of affiliated companies		3,563		8,569		+5,006

Operating income		288,702		734,860		+446,158

Other income:
Interest and dividends		11,459		19,784		+8,325
Gain on sale of securities investments, net		225		1,517		+1,292
Other		2,734		2,427		-307
		14,418		23,728		+9,310

Other expenses:
Interest		14,544		13,566		-978
Loss on devaluation of securities investments		7,629		4,955		-2,674
Foreign exchange loss, net		22,181		30,634		+8,453
Other		7,147		10,384		+3,237
		51,501		59,539		+8,038

Income before income taxes		251,619		699,049		+447,430

Income taxes		124,058		151,770		+27,712

Net income		127,561		547,279		+419,718

Less - Net income attributable to noncontrolling interests		54,272		56,485		+2,213

Net income attributable to Sony Corporation’s stockholders	¥	73,289	¥	490,794	¥	+417,505

Per share data:
Net income attributable to Sony Corporation’s stockholders
— Basic	¥	58.07	¥	388.32	¥	+330.25
— Diluted		56.89		379.75		+322.86

Consolidated Statements of Comprehensive Income
	(Millions of yen)
	Fiscal year ended March 31
		2017			2018		Change

Net income	¥	127,561		¥	547,279		¥	+419,718

Other comprehensive income, net of tax –
Unrealized gains (losses) on securities		(30,293	)		1,070			+31,363
Unrealized gains (losses) on derivative instruments		1,140			(1,184	)		-2,324
Pension liability adjustment		63,232			12,390			-50,842
Foreign currency translation adjustments		(17,988	)		(6,335	)		+11,653

Total comprehensive income		143,652			553,220			+409,568

Less - Comprehensive income attributable to noncontrolling interests		35,814			60,403			+24,589

Comprehensive income attributable to Sony Corporation’s stockholders	¥	107,838		¥	492,817		¥	+384,979

F-2

Consolidated Statements of Income
	(Millions of yen, except per share amounts)
	Three months ended March 31
	2017			2018			Change
Sales and operating revenue:
Net sales	¥	1,609,315		¥	1,658,340		¥	+49,025
Financial services revenue		273,330			270,943			-2,387
Other operating revenue		20,959			21,738			+779
		1,903,604			1,951,021			+47,417

Costs and expenses:
Cost of sales		1,193,083			1,230,559			+37,476
Selling, general and administrative		417,860			424,007			+6,147
Financial services expenses		216,607			231,196			+14,589
Other operating (income) expense, net		(16,453	)		44,203			+60,656
		1,811,097			1,929,965			+118,868

Equity in net income of affiliated companies		1,884			1,128			-756

Operating income		94,391			22,184			-72,207

Other income:
Interest and dividends		3,600			3,228			-372
Gain on sale of securities investments, net		70			38			-32
Other		828			(102	)		-930
		4,498			3,164			-1,334

Other expenses:
Interest		2,642			2,784			+142
Loss on devaluation of securities investments		2,769			3,152			+383
Foreign exchange loss, net		2,951			5,480			+2,529
Other		2,671			5,461			+2,790
		11,033			16,877			+5,844

Income before income taxes		87,856			8,471			-79,385

Income taxes		43,127			13,289			-29,838

Net income (loss)		44,729			(4,818	)		-49,547

Less - Net income attributable to noncontrolling interests		17,079			12,008			-5,071

Net income (loss) attributable to Sony Corporation’s stockholders	¥	27,650		¥	(16,826	)	¥	-44,476

Per share data:
Net income (loss) attributable to Sony Corporation’s stockholders
— Basic	¥	21.90		¥	(13.30	)	¥	-35.20
— Diluted		21.45			(13.30	)		-34.75

Consolidated Statements of Comprehensive Income
	(Millions of yen)
	Three months ended March 31
		2017			2018		Change

Net income (loss)	¥	44,729		¥	(4,818	)	¥	-49,547

Other comprehensive income, net of tax –
Unrealized losses on securities		(4,648	)		(5,960	)		-1,312
Unrealized losses on derivative instruments		(2,550	)		(1,334	)		+1,216
Pension liability adjustment		53,935			5,381			-48,554
Foreign currency translation adjustments		(23,365	)		(40,077	)		-16,712

Total comprehensive income (loss)		68,101			(46,808	)		-114,909

Less - Comprehensive income attributable to noncontrolling interests		14,507			11,444			-3,063

Comprehensive income (loss) attributable to Sony Corporation’s stockholders	¥	53,594		¥	(58,252	)	¥	-111,846

F-3

Consolidated Statements of Changes in Stockholders' Equity
																				(Millions of yen)
	Common stock		Additional paid- in capital			Retained earnings			Accumulated other comprehensive income			Treasury stock, at cost			Sony Corporation’s stockholders’ equity			Noncontrolling interests			Total equity
Balance at March 31, 2016	¥	858,867	¥	1,325,719		¥	936,331		¥	(653,318	)	¥	(4,259	)	¥	2,463,340		¥	661,070		¥	3,124,410
Exercise of stock acquisition rights		1,778		1,778												3,556						3,556
Stock based compensation				1,601												1,601						1,601

Comprehensive income:
Net income							73,289									73,289			54,272			127,561
Other comprehensive income, net of tax
Unrealized losses on securities										(14,101	)					(14,101	)		(16,192	)		(30,293	)
Unrealized gains on derivative instruments										1,140						1,140						1,140
Pension liability adjustment										63,003						63,003			229			63,232
Foreign currency translation adjustments										(15,493	)					(15,493	)		(2,495	)		(17,988	)
Total comprehensive income																107,838			35,814			143,652

Stock issue costs, net of tax				(30	)											(30	)					(30	)
Dividends declared							(25,252	)								(25,252	)		(17,068	)		(42,320	)
Purchase of treasury stock													(114	)		(114	)					(114	)
Reissuance of treasury stock				(10	)								38			28						28
Transactions with noncontrolling interests shareholders and other				(53,721	)											(53,721	)		(41,640	)		(95,361	)
Balance at March 31, 2017	¥	860,645	¥	1,275,337		¥	984,368		¥	(618,769	)	¥	(4,335	)	¥	2,497,246		¥	638,176		¥	3,135,422

In September 2016, Sony obtained full ownership of its U.S.-based music publishing subsidiary by acquiring the 50% interest in the subsidiary held by the Estate of Michael Jackson (the “Estate”). The aggregate cash consideration paid to the Estate was 750 million U.S. dollars, including 17 million U.S. dollars of distributions to which the subsidiary previously committed. The difference between cash consideration paid and the decrease in the carrying amount of the noncontrolling interests was recognized as a decrease to additional paid-in capital of 70,730 million yen.

	Common stock		Additional paid- in capital			Retained earnings			Accumulated other comprehensive income			Treasury stock, at cost			Sony Corporation’s stockholders’ equity			Noncontrolling interests			Total equity
Balance at March 31, 2017	¥	860,645	¥	1,275,337			984,368			(618,769	)		(4,335	)		2,497,246			638,176			3,135,422
Issuance of new shares		488		488												976						976
Exercise of stock acquisition rights		4,533		4,532												9,065						9,065
Conversion of convertible bonds		12		12												24						24
Stock based compensation				3,160												3,160						3,160

Comprehensive income:
Net income							490,794									490,794			56,485			547,279
Other comprehensive income, net of tax
Unrealized gains (losses) on securities										(444	)					(444	)		1,514			1,070
Unrealized losses on derivative instruments										(1,184	)					(1,184	)					(1,184	)
Pension liability adjustment										12,292						12,292			98			12,390
Foreign currency translation adjustments										(8,641	)					(8,641	)		2,306			(6,335	)
Total comprehensive income																492,817			60,403			553,220

Stock issue costs, net of tax				(879	)											(879	)					(879	)
Dividends declared							(34,775	)								(34,775	)		(14,361	)		(49,136	)
Purchase of treasury stock													(199	)		(199	)					(199	)
Reissuance of treasury stock				0									4			4						4
Transactions with noncontrolling interests shareholders and other				(73	)											(73	)		(4,427	)		(4,500	)
Balance at March 31, 2018	¥	865,678	¥	1,282,577			1,440,387			(616,746	)		(4,530	)		2,967,366			679,791			3,647,157

F-4

Consolidated Statements of Cash Flows
	(Millions of yen)
	Fiscal year ended March 31
	2017			2018
Cash flows from operating activities:
Net income	¥	127,561		¥	547,279
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of deferred insurance acquisition costs		327,048			361,444
Amortization of film costs		297,505			359,274
Accrual for pension and severance costs, less payments		9,297			4,113
Other operating expense, net		149,001			4,072
Loss on sale or devaluation of securities investments, net		7,404			3,438
Gain on revaluation of marketable securities held in the financial services business for trading purposes, net		(55,789	)		(47,339	)
Loss on revaluation or impairment of securities investments held in the financial services business, net		47			220
Deferred income taxes		23,798			24,085
Equity in net (income) loss of affiliated companies, net of dividends		4,409			(2,956	)
Changes in assets and liabilities:
Increase in notes and accounts receivable, trade		(37,529	)		(80,004	)
(Increase) decrease in inventories		11,199			(51,508	)
Increase in film costs		(331,179	)		(362,496	)
Decrease in notes and accounts payable, trade		(1,386	)		(87,939	)
Increase in accrued income and other taxes		26,701			29,181
Increase in future insurance policy benefits and other		433,803			495,419
Increase in deferred insurance acquisition costs		(93,234	)		(86,779	)
Increase in marketable securities held in the financial services business for trading purposes		(81,456	)		(89,797	)
(Increase) decrease in other current assets		(21,402	)		3,776
Increase in other current liabilities		79,114			151,805
Other		(65,650	)		79,684
Net cash provided by operating activities		809,262			1,254,972

Cash flows from investing activities:
Payments for purchases of fixed assets		(333,509	)		(262,989	)
Proceeds from sales of fixed assets		13,098			60,599
Payments for investments and advances by financial services business		(1,233,290	)		(963,210	)
Payments for investments and advances (other than financial services business)		(17,208	)		(13,801	)
Proceeds from sales or return of investments and collections of advances by financial services business		289,901			317,159
Proceeds from sales or return of investments and collections of advances (other than financial services business)		16,078			6,596
Proceeds from sales of businesses		3,262			44,624
Other		7,695			(11,175	)
Net cash used in investing activities		(1,253,973	)		(822,197	)

Cash flows from financing activities:
Proceeds from issuance of long-term debt		254,695			125,092
Payments of long-term debt		(261,299	)		(44,561	)
Increase in short-term borrowings, net		317,827			35,145
Increase in deposits from customers in the financial services business, net		277,152			169,479
Dividends paid		(25,301	)		(28,490	)
Payment for purchase of Sony/ATV shares from noncontrolling interests		(76,565	)	－
Other		(34,207	)		(10,209	)
Net cash provided by financing activities		452,302			246,456

Effect of exchange rate changes on cash and cash equivalents		(31,061	)		(53,044	)

Net increase (decrease) in cash and cash equivalents		(23,470	)		626,187
Cash and cash equivalents at beginning of the fiscal year		983,612			960,142
Cash and cash equivalents at end of the fiscal year	¥	960,142		¥	1,586,329

F-5

Notes to Consolidated Financial Statements
Business Segment Information
(Business Segments)
	(Millions of yen)
	Fiscal year ended March 31
Sales and operating revenue	2017			2018			Change

Game & Network Services
Customers	¥	1,581,568		¥	1,848,298		¥	+266,730
Intersegment		68,231			95,514			+27,283
Total		1,649,799			1,943,812			+294,013

Music
Customers		630,767			784,792			+154,025
Intersegment		16,891			15,203			-1,688
Total		647,658			799,995			+152,337

Pictures
Customers		901,230			1,010,173			+108,943
Intersegment		1,899			894			-1,005
Total		903,129			1,011,067			+107,938

Home Entertainment & Sound
Customers		1,034,215			1,221,734			+187,519
Intersegment		4,789			999			-3,790
Total		1,039,004			1,222,733			+183,729

Imaging Products & Solutions
Customers		571,499			647,163			+75,664
Intersegment		8,134			8,729			+595
Total		579,633			655,892			+76,259

Mobile Communications
Customers		752,688			713,916			-38,772
Intersegment		6,457			9,826			+3,369
Total		759,145			723,742			-35,403

Semiconductors
Customers		659,779			726,892			+67,113
Intersegment		113,344			123,118			+9,774
Total		773,123			850,010			+76,887

Financial Services
Customers		1,080,284			1,221,235			+140,951
Intersegment		7,220			7,142			-78
Total		1,087,504			1,228,377			+140,873

All Other
Customers		375,116			351,527			-23,589
Intersegment		75,334			55,647			-19,687
Total		450,450			407,174			-43,276

Corporate and elimination		(286,195	)		(298,820	)		-12,625
Consolidated total	¥	7,603,250		¥	8,543,982		¥	+940,732

Game & Network Services (“G&NS”) intersegment amounts primarily consist of transactions with All Other. Semiconductors intersegment amounts primarily consist of transactions with the Mobile Communications (“MC”) segment, the G&NS segment and the Imaging Products & Solutions (“IP&S”) segment. All Other intersegment amounts primarily consist of transactions with the Pictures segment, the Music segment and the G&NS segment. Corporate and elimination includes certain brand and patent royalty income.

	(Millions of yen)
	Fiscal year ended March 31
Operating income (loss)	2017			2018			Change

Game & Network Services	¥	135,553		¥	177,478		¥	+41,925
Music		75,798			127,786			+51,988
Pictures		(80,521	)		41,110			+121,631
Home Entertainment & Sound		58,504			85,841			+27,337
Imaging Products & Solutions		47,257			74,924			+27,667
Mobile Communications		10,164			(27,636	)		-37,800
Semiconductors		(7,811	)		164,023			+171,834
Financial Services		166,424			178,947			+12,523
All Other		(29,585	)		(23,530	)		+6,055
Total		375,783			798,943			+423,160

Corporate and elimination		(87,081	)		(64,083	)		+22,998
Consolidated total	¥	288,702		¥	734,860		¥	+446,158

The 2017 segment disclosure above has been reclassified to reflect the change in the business segment classification. Operating income (loss) is sales and operating revenue less costs and expenses, and includes equity in net income (loss) of affiliated companies.

Corporate and elimination includes headquarters restructuring costs and certain other corporate expenses, including the amortization of certain intellectual property assets such as the cross-licensing of intangible assets acquired from Ericsson at the time of the Sony Mobile Communications acquisition, which are not allocated to segments.

Pursuant to a separation of Sony’s businesses into distinct subsidiaries and a realignment of corporate functions, changes have been made to the method of calculating the amount of pension and severance-related expenses allocated to Sony’s headquarters and each business segment. As a result of these changes, an increase in corporate costs totaling 7.5 billion yen is included in Corporate and elimination for the fiscal year ended March 31, 2018. Conversely, a decrease in expenses totaling the same amount is included in each business segment for the fiscal year ended March 31, 2018, mainly in the Semiconductors (3.2 billion yen) and IP&S (2.0 billion yen) segments. These changes have no impact on consolidated operating income.

F-6

(Business Segments)
	(Millions of yen)
	Three months ended March 31
Sales and operating revenue	2017			2018			Change

Game & Network Services
Customers	¥	368,955		¥	429,343		¥	+60,388
Intersegment		12,886			15,237			+2,351
Total		381,841			444,580			+62,739

Music
Customers		172,511			202,612			+30,101
Intersegment		4,525			3,816			-709
Total		177,036			206,428			+29,392

Pictures
Customers		301,310			300,715			-595
Intersegment		1,234			221			-1,013
Total		302,544			300,936			-1,608

Home Entertainment & Sound
Customers		213,416			234,895			+21,479
Intersegment		1,367			191			-1,176
Total		214,783			235,086			+20,303

Imaging Products & Solutions
Customers		151,837			158,764			+6,927
Intersegment		3,079			3,671			+592
Total		154,916			162,435			+7,519

Mobile Communications
Customers		153,833			149,891			-3,942
Intersegment		2,022			3,080			+1,058
Total		155,855			152,971			-2,884

Semiconductors
Customers		175,447			142,503			-32,944
Intersegment		25,630			23,953			-1,677
Total		201,077			166,456			-34,621

Financial Services
Customers		273,330			270,943			-2,387
Intersegment		1,803			1,779			-24
Total		275,133			272,722			-2,411

All Other
Customers		98,456			65,220			-33,236
Intersegment		18,221			11,312			-6,909
Total		116,677			76,532			-40,145

Corporate and elimination		(76,258	)		(67,125	)		+9,133
Consolidated total	¥	1,903,604		¥	1,951,021		¥	+47,417

G&NS intersegment amounts primarily consist of transactions with All Other. Semiconductors intersegment amounts primarily consist of transactions with the MC segment, the G&NS segment and the IP&S segment. All Other intersegment amounts primarily consist of transactions with the Pictures segment, the Music segment and the G&NS segment. Corporate and elimination includes certain brand and patent royalty income.

	(Millions of yen)
	Three months ended March 31
Operating income (loss)	2017			2018			Change

Game & Network Services	¥	22,502		¥	19,631		¥	-2,871
Music		15,425			30,908			+15,483
Pictures		33,686			32,422			-1,264
Home Entertainment & Sound		(5,227	)		(7,342	)		-2,115
Imaging Products & Solutions		3,790			6,868			+3,078
Mobile Communications		(15,167	)		(44,600	)		-29,433
Semiconductors		12,756			(1,347	)		-14,103
Financial Services		55,318			39,838			-15,480
All Other		12,019			(17,526	)		-29,545
Total		135,102			58,852			-76,250

Corporate and elimination		(40,711	)		(36,668	)		+4,043
Consolidated total	¥	94,391		¥	22,184		¥	-72,207

F-7

(Sales to Customers by Product Category)
	(Millions of yen)
	Fiscal year ended March 31
Sales and operating revenue (to external customers)	2017		2018		Change

Game & Network Services
Network	¥	714,924	¥	1,033,192	¥	+318,268
Hardware and Others		866,644		815,106		-51,538
Total		1,581,568		1,848,298		+266,730

Music
Recorded Music		388,948		446,960		+58,012
Music Publishing		66,541		74,360		+7,819
Visual Media and Platform		175,278		263,472		+88,194
Total		630,767		784,792		+154,025

Pictures
Motion Pictures		409,363		448,945		+39,582
Television Productions		271,886		289,024		+17,138
Media Networks		219,981		272,204		+52,223
Total		901,230		1,010,173		+108,943

Home Entertainment & Sound
Televisions		720,557		861,763		+141,206
Audio and Video		311,771		357,194		+45,423
Other		1,887		2,777		+890
Total		1,034,215		1,221,734		+187,519

Imaging Products & Solutions
Still and Video Cameras		351,834		415,318		+63,484
Other		219,665		231,845		+12,180
Total		571,499		647,163		+75,664

Mobile Communications		752,688		713,916		-38,772

Semiconductors		659,779		726,892		+67,113

Financial Services		1,080,284		1,221,235		+140,951

All Other		375,116		351,527		-23,589

Corporate		16,104		18,252		+2,148
Consolidated total	¥	7,603,250	¥	8,543,982	¥	+940,732

The above table includes a breakdown of sales and operating revenue to external customers for certain segments shown in the Business Segment Information on page F-6. Sony management views each segment as a single operating segment. However, Sony believes that the breakdown of sales and operating revenue to external customers for the segments in this table is useful to investors in understanding sales by product category.

In the G&NS segment, Network includes network services relating to game, video and music content provided by Sony Interactive Entertainment; Hardware and Others includes home and portable game consoles, packaged software and peripheral devices. In the Music segment, Recorded Music includes the distribution of physical and digital recorded music and revenue derived from artists’ live performances; Music Publishing includes the management and licensing of the words and music of songs; Visual Media and Platform includes the production and distribution of animation titles, including game applications based on the animation titles, and various service offerings for music and visual products. In the Pictures segment, Motion Pictures includes the worldwide production, acquisition and distribution of motion pictures and direct-to-video content; Television Productions includes the production, acquisition and distribution of television programming; Media Networks includes the operation of television and digital networks worldwide. In the Home Entertainment & Sound (“HE&S”) segment, Televisions includes LCD and OLED televisions; Audio and Video includes Blu-ray disc players and recorders, home audio, headphones and memory-based portable audio devices. In the IP&S segment, Still and Video Cameras includes interchangeable lens cameras, compact digital cameras, consumer video cameras and video cameras for broadcast; Other includes display products such as projectors and medical equipment.

F-8

(Sales to Customers by Product Category)
	(Millions of yen)
	Three months ended March 31
Sales and operating revenue (to external customers)	2017		2018		Change

Game & Network Services
Network	¥	210,056	¥	314,497	¥	+104,441
Hardware and Others		158,899		114,846		-44,053
Total		368,955		429,343		+60,388

Music
Recorded Music		94,652		109,722		+15,070
Music Publishing		19,750		19,667		-83
Visual Media and Platform		58,109		73,223		+15,114
Total		172,511		202,612		+30,101

Pictures
Motion Pictures		143,662		146,940		+3,278
Television Productions		103,225		87,510		-15,715
Media Networks		54,423		66,265		+11,842
Total		301,310