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Letter to Stakeholders: A Message from Kazuo Hirai, President and CEO Corporate Strategy
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Sony Products, Services and Content
Special Feature I Sony Expands the World of 4K
Special Feature II A Stacked CMOS Image Sensor That Accelerates the Evolution of Digital Imaging Business Highlights
Effective from 2012, Sony has integrated its printed annual and corporate social responsibility (CSR) reports into one report that provides essential information on related developments and initiatives. For further information, including video content, please visit Sony’s IR and CSR websites. Annual Report
For more detailed information on Sony’s ﬁnancial performance or on its ﬁnancial services business, please visit the websites below. Investor Relations 2012 Annual Report on Form 20-F Financial Services Business http://www.sony.net/SonyInfo/IR/ http://www.sony.net/SonyInfo/IR/library/sec.html http://www.sonyfh.co.jp/index_en.html (Sony Financial Holdings Inc.)
Letter to Stakeholders: A Message from Kazuo Hirai, President and CEO
“Sony will change.”
Sony is reinventing itself to deliver new and exciting experiences to our customers around the world.
I became President and CEO of Sony Corporation on April 1, 2012, succeeding Sir Howard Stringer, and I am acutely aware of the weight of responsibility that comes with being entrusted to build a stronger Sony. To d a y t h e S o n y G r o u p co m p r i s e s t h r e e m a i n b u s i n e s s e s: e l e c t r o n i c s , entertainment and financial services. Entertainment and financial services have stable business foundations and both are poised for future grow th. In contrast, the operating environment for our electronics business* remains harsh, with profits suffering from price competition resulting from product commoditization and the impact of persistently worsening foreign exchange rates. Accordingly, rebuilding the electronics business and repositioning it for growth are the most urgent tasks for the Sony Group, and my biggest responsibility. Sony is known for its groundbreaking products and services that inspire the curiosity of people the world over and usher in new eras of entertainment. This has blessed us with many stakeholders who trust and support the Sony brand. Our superb technology has enabled us to build a diverse and successful portfolio of hardware. We have built a rich library of film, music and game content and extensive global business know-how. And we are using our network services to connect this content to our products in increasing numbers. However, our most valuable resource is Sony’s DNA—a distinctive will and drive to generate new value—which has been cultivated since Sony’s founding and passed down from one generation of Sony employees to the next. My duty is to change this company into one that allows every Sony employee to best express the Sony DNA within them so that we can all do what must be done to deliver continuously improving results. Sony will change. I am fully committed to making this happen. By furthering the integration of hardware and entertainment—the vision of founders Masaru Ibuka and Akio Morita—and remaining true to Sony’s DNA, we will succeed in building a better, stronger Sony. * Electronics business consists of Consumer Products & Services, Professional, Device & Solutions and Sony Mobile Communications.
Operating Results in Fiscal Year 2011
During the fiscal year ended March 31, 2012 (fiscal year 2011), our operating results, particularly in our electronics business, were negatively affected by the Great East
Japan Earthquake and the 2011 Thailand floods. Conditions were exacerbated by the economic downturn across the developed world, which caused other...