索尼(Sony)日前的财报显示五年来首度出现年营收净利，这似乎反映了日本经济复苏，但可能只是昙花一现──该公司执行长恐怕没时间开香槟庆祝。在此同时，就像其它日本厂商一样，日圆贬值也对Sony的最新财报结果产生影响。
Sony 的业绩好转与该公司积极为公司“减重”有很大关系，不过其核心电子业务如电视、智能手机却没帮上什么忙；数十年来，消费性电子产品一直被视为日本的强项，但Sony的电视与智能手机业务仍呈现亏损状态。
根据Sony公布的数据，该公司在1月到3月的季净利为939.1亿日圆(约9.485亿美元)；而去年同期则是亏损2,552.1亿日圆；当季营收成长8.3%，达到1.733兆日圆，营业利润(operating profit)为1,471.5亿日圆。
总计Sony截止于2013年3月31日的财务年度营收为2,301亿日圆(24亿美元)，该年度净利为430亿日圆(45.8亿美元)；针对Sony转亏为盈的表现，市场研究机构EuroTechnology 创办人Gerhard Fasol做出以下分析：
“Sony 出售了美国总部大楼，以及位于东京大崎(Tokyo-Osaki)的总部大楼；该公司也出售了化学业务部门，并将手机社交网络游戏公司DeNA股份、以及 部分对云端医疗IT公司M3的股份脱手，重整剩余投资价值。”Fasol表示：“以上所有交易带来26亿美元的营业利润，与财报中公布的营业利润数字相当。”
因此他的结论是：“我认为Sony恢复获利是因为完成部分资产的出售以及重新评估(revaluations)，并不是因为销售任何革命性新产品。”
Sony各业务部门业绩 (单位：十亿日圆)
Source：EurotechnologyNmLesmc
从以上Eurotechnology 提供的表格可以看出Sony不同业务部门的营利/亏损状态，并会发现一个显而易见的事实──Sony不再是一家电子厂商，其大多数利润是来自旗下的金融服务公司(Sony-Finance，在日本经营人寿保险与信用卡业务)以及娱乐事业(Sony Pictures与Sony Music)；而其电视机与手机业务只会挖公司的墙角。
更糟的是，看来并没有立即解决方案可让Sony的电子业务转亏为盈；对此 Sony 首席财务官加藤优(Masaru Kato)在一场记者会上表示：“电子业务所处的市场环境与竞争状况仍然严峻。”
本文授权编译自EE Times，版权所有，谢绝转载
本文下一页：Sony已经跌出智能手机市场前五大排行榜
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• Q1全球半导体厂商Top20，日系集体受创
• 索尼5年来首次盈利，重振全靠智能手机
• 索尼40名高管因未能扭亏为盈放弃巨额奖金NmLesmc
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尽管众所瞩目的新一代Sony游戏机 PlayStation 4 将在今年稍晚上市，该公司预期视频游戏机业务的本财务年度获利表现持平。至于被Sony首席执行官平井一夫(Kazuo Hirai)视为公司复苏另一大关键的手机业务，除了额外的组织重整，在美国与中国市场仍看不到显著成长。
根据市场研究机构 Strategy Analytics统计，2012年Sony在美国手机市场的占有率不到1%。另一家市场研究机构IDC的数据则显示，Sony在2012年第四季为全球 智能手机市场排名第四大厂商，当季市占率为4.5%；但在2013年第一季，Sony已经跌出前五大排行榜。
2013年第一季全球智能型手机市场各厂商占有率
Source：IDCNmLesmc
本文授权编译自EE Times，版权所有，谢绝转载
编译：Judith Cheng
参考英文原文：Yoshida in Japan: Sony no longer an electronics company，by Junko Yoshida
相关阅读：
• Q1全球半导体厂商Top20，日系集体受创
• 索尼5年来首次盈利，重振全靠智能手机
• 索尼40名高管因未能扭亏为盈放弃巨额奖金NmLesmc
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Yoshida in Japan: Sony no longer an electronics company
Junko Yoshida
What appears to be an economic recovery in Japan – reflected in Sony’s first annual net profit in five years announced Thursday – could be little more than a blip.
TOKYO -- What appears to be an economic recovery in Japan -- reflected in Sony’s first annual net profit in five years announced Thursday -- could be little more than a blip. It’s hardly time to pop the champagne and toast Sony’s CEO.
Sony’s apparent turnaround has a lot to do with the company’s aggressive efforts to offload its assets, and less with its key electronics business such as TVs and smartphones, for which Japan’s iconic CE brand has been known for decades. Both TV and smartphones remain in the red.
Meanwhile, as with all other Japanese companies, a weaker yen has contributed to Sony’s latest financial results.
Sony posted a net profit of 93.91 billion yen ($948.5 million) in the January-March quarter, compared with a loss of 255.21 billion yen in the same period a year earlier. Revenue rose 8.3% to 1.733 trillion yen, while it swung to an operating profit of 147.15 billion yen in the quarter.
As for the company’s preliminary consolidated financial results in the fiscal year ended March 31st, 2013, Sony is reporting 230.1 billion yen (US$ 2.4 billion) in operating profits, and 43.0 billion yen (US$ 458 million) in net profits.
In analyzing where exactly Sony’s profits came from, Gerhard Fasol, founder of EuroTechnology, broke it down as follows.
“Sony sold the US headquarters building, sold a headquarter building in Tokyo-Osaki, sold a chemicals division, and sold the investment in the mobile social games company DeNA, sold part of the investment in the (fascinating) cloud-based medical IT company M3 and restated the value of the remaining investment,” he explained. “All these transactions resulted in combined operating profits of US$ 2.6 billion, almost equal to the reported operating profits.”
In sum, “it seems to me that the return to profits was achieved by asset sales and revaluations -- not by selling revolutionary new products,” he added.
SONY: propped up by life-insurance sales, real estate and asset sales
Click on image to enlarge.
Unit: operating income (billion yen)
Source: Eurotechnology
If you take a look at the chart above provided by EuroTechnology that shows operating profits/loss for Sony’s different divisions, one fact becomes suddenly clear.
Quick fix for mobile?
Sony is no longer an electronics company. It generates most of its profits from its financial services company (Sony-Finance), which sells life insurances and credit cards in Japan, and entertainment businesses (Sony Pictures, Sony Music). The company’s TV and mobile phone businesses are clearly dragging Sony’s bottom line.
More troubling is that no quick-fix solutions seem available to turn its electronics businesses profitable. Touching on that subject, Sony's chief financial officer, Masaru Kato, was quoted at a news conference, "The market environment and competitive landscape remains severe in the electronics business."
Despite the much-anticipated, new PlayStation 4 consoles’ scheduled launch later this year, Sony is expecting videogame profits to be flat in this fiscal year.
Mobile phones are another key area Sony’s chief Kazuo Hirai is counting on the company’s recovery. Again, beyond the additional restructuring measures in its business, Sony’s prospects for any meaningful gain in share in the U.S. and China markets remain murky.
Strategy Analytics noted that Sony captured less than 1 percent of the U.S. market in 2012.
IDC ranked Sony fourth globally on the smartphone market in the fourth quarter of last year with a 4.5 percent share. But in the first quarter this year, Sony fell off the top five entirely.
source: IDC
责编：Quentin
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