财务管理案例分析

ThecasestudyofSonycorporationMembersofourgroup:童士卫财务管理0201012002019106唐虎财务管理0201012002019105王小夏财务管理0201012002019126季春蕾财务管理0202012002019214张亚茹财务管理0201012002019131任课老师:夏新平完成时间:2005年1月28日一.BackgroundinformationofSony1.SonyisfoundedonMay7,1946withtheHeadquartersTokyoandJapan.2.Itscorporatestrategiesarebecominga“knowledge-emergententerpriseinthebroadbandnetworkera”.①Evidencedbyrecentimprovementsinnetworkinfrastructure,thebroadbandenvironmenthasbeguntoexpandatarapidpace.②Inpreparationforthearrivalofthefull-scalebroadbandera,SonyispursuingitsvisionofcreatingaUbiquitous“Value”Network(UVN).3.Itsdevelopmentaspectexpandedfromthefirstmagnetictaperecorderin1950,tothefirstQUALIAproductsin2003,duringtheseyearswithrepresentativeproductsineachdecade:60th—firsttaperecorderandtransistor70th--videocassetteplayerandheadphonestereoWalkman80th--CDplayerandcamcorder90th--high-densitydiscandDVDplayerInthe21thcentury--ELDisplayandopticaldisc二.Themainoperationsofthecorporationare:①②③④⑤⑥三.Themainstructureofitssalesincome1.FirstistheElectronics:TheElectronicssegmentconsistsofthefollowingcategories:Audio,Video,Televisions,InformationandCommunications,Semiconductors,ComponentsandOther.Thegraphshowstheinformationaboutthis:Theincomeisdecreasing2.SecondistheGame:GameconsoleandsoftwarebusinessisconductedbySonyComputerEntertainmentInc.Wecanseetheinformationfromthegraph:theincomeisalsodecreasing3.ThirdistheMusic:MusicbusinessisconductedbySonyMusicEntertainmentInc.(SMEI)andSonyMusicEntertainment(Japan)Inc.(SMEJ).Thegraphisshowingthebasicinformation:Theincomeisdecreasing4.FourthisthePicture:Motionpictures,televisionandotherbusinessesareconductedbySonyPicturesEntertainmentInc.(SPE).AndalsothebasicinformationisfromtheGraph:Theincomeisincreasing5.Fifthisthefinancialservice:TheFinancialServicessegmentincludesSonyLifeInsuranceCo.Ltd.SonyAssuranceInc.,SonyBankInc.andSonyFinanceInternational.Inc.Asgraphofrightshowtheoperatinginformation:Theincomeisincreasing6.Sixthisotheroperating:TheOthersegmentincludesanInternet-relatedbusiness,So-net,whichisconductedbySonyCommunicationNetworkCorporation,anin-Houseinformationsystemservicesbusiness,anICcardbusinessandotherbusinesses.Withtheinformationintherightgraph:TheincomeisincreasingThemajorProductsofSony①AudioHomeaudio,portableaudio,caraudio,andcarnavigationsystems②VideoVideocameras,digitalstillcameras,videodecks,andDVD-Videoplayers/recorders,andDigital-broadcastingreceivingsystems③TelevisionsCRT-basedtelevisions,projectiontelevisions,PDPtelevisions,LCDtelevisions,projectorforcomputersanddisplayforcomputers④InformationandcommunicationsPC,printersystem,portableinformationPC,broadcastandprofessionaluseaudio/video/monitorsandotherprofessional-useequipment⑤SemiconductorsLCD,CCDandothersemiconductors⑥ElectroniccomponentsOpticalpickups,batteries,audio/video/datarecordingmedia,anddatarecordingsystems四.SalesandOperatingRevenuebyGeographicInformation1.ThemainmarketofcourseistheUSA2.ItisexpandtheEuropeandothercountrymarket,whiledecreasetheUSAandJapanmarket,Whileseemsflatintotalmarket.3.WecanconcludeSonyisfacingaworldwidecompetition.4.Itischangingitsbusinessfromtraditionalareatothenewarea,especiallytheentertainmentmarket.5.Italsoneedfindnewmarket,forexampletheAsianmarket,andbringnewproductwithtechnology.ThisistheSegmentInformationofitssalesincome200220032004ElectronicsCustomers477255045433134758400Intersegment513631397137138995Total528618149404504897395GameCustomers986529936274753732Intersegment171851875726488Total1003714955031780220MusicCustomers541418512908487457Intersegment586338459872431Total600051597506559888PicturesCustomers635841802770756370Intersegment000Total635841802770756370FinancialServicesCustomers480190509398565752Intersegment289322787827792Total509122537276593544OtherCustomers161730168970174680Intersegment99733137323155712Total261463306293330392Elimination-718114-665693-421418Consolidatedtotal7578258747363374963916.DevelopingtrendAnalysisFactorswhichmayaffectSony’sfinancialperformanceincludethefollowing:①marketconditions,includinggeneraleconomicconditions,levelsofconsumerspending,foreignexchangefluctuations②Sony’sabilitytocontinuetoimplementpersonnelreductionandotherbusinessreorganizationactivities③Sony’sabilitytoimplementitsnetworkstrategy,andimplementsuccessfulsalesanddistributionstrategiesinthelightoftheInternetandothertechnologicaldevelopments④Sony’sabilitytodevotesufficientresourcestoresearchanddevelopment⑤Sony’sabilitytoprioritizecapitalexpenditures,andthesuccessSony’sjointventuresandalliances.⑥Risksanduncertaintiesalsoincludetheimpactofanyfutureeventswithmaterialunforeseenimpacts.7.ThebasicfinancialratiosofSonyfromyear2002to2004FinancialratiosofeachitemsofSonycorporation200420032002currentratio1.12781.29531.3044Acid-testratio0.90431.03841.0411DebttototalAssetsratio0.73590.72490.7076LongtermDebttototalAssetsratio0.40780.43400.3950Interestguaranteeleverage1.28501.50901.2024Cashguaranteeleverage1.30561.38281.4109Receivableturnover6.12486.18675.1764Inventoryturnover7.58917.95787.7804CurrentAssetsTurnover2.