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 February 2021
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,
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Form 20-F X
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Form 40-F __
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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.
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SONY CORPORATION
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(Registrant)
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By: /s/ Hiroki Totoki
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(Signature)
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Hiroki Totoki
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Executive Deputy President and
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Chief Financial Officer
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Date: February 12, 2021
List of materials
Documents attached hereto:
i) Press release: Announcement of Additional Information with Regard to the Company Split (Small-scale Company Split) of Electronics
Products & Solutions Business
February 12, 2021
Sony Corporation
Announcement of Additional Information with Regard to the Company Split
(Small-scale Company Split) of Electronics Products & Solutions Business
As described in the press release titled “Announcement of Decision Regarding Company Split (Small-scale Company Split) of Electronics Products & Solutions Business” dated November 17, 2020, Sony Corporation
(“Sony” and, together with its consolidated subsidiaries, “Sony Group”) decided that Sony Mobile Communications Inc. (“SOMC”) would succeed to certain rights and obligations related to Sony’s electronics products & solutions business
(“Business”) by an “absorption-type company split” (“Company Split”). Today, in accordance with such decision, Sony executed the company split agreement as set forth below.
Certain information which was “To be determined” or “Undetermined” in the previous press release dated November 17, 2020, has been updated and such updates are shown below with an underline. In addition,
information under “4. Status after the Company Split” and reference information regarding Sony’s consolidated financial results and forecast in the previous November 17, 2020 press release have also been updated and shown with an underline.
Certain information is omitted from this announcement since this Company Split is a “small-scale Company Split” with Sony’s indirectly wholly-owned subsidiary.
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1.
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Purpose of the Company Split |
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As announced on May 19, 2020 in a press release titled “Announcement of New Sony Group Organizational Structure”, Sony will change its company name and relaunch as “Sony Group Corporation” as of April 1, 2021. Sony currently has two functions, one as the headquarters of Sony Group and the other to provide overall management support for its electronics businesses. These functions will be separated and redefined, with Sony Group Corporation focusing on its role as the headquarters of Sony Group. In connection with this organizational change, Sony will perform the Company Split for the purpose of transferring to SOMC certain rights and obligations related to the Business as part of the transfer of certain functions regarding Sony’s electronics business. In conjunction with the Company Split, SOMC as the surviving company plans to perform an absorption-type merger as of April 1, 2021 where Sony Electronics Corporation (“SEC”), a wholly-owned subsidiary of Sony, Sony Imaging Products & Solutions Inc. and Sony Home Entertainment & Sound Products Inc., both of which are wholly-owned subsidiaries of SEC, as the absorbed companies, will be merged into SOMC (“4 Company Merger”). While Sony had previously announced that Sony Electronics Corporation would succeed to the company name “Sony Corporation” in conjunction with the launch of Sony Group Corporation, SOMC, as the surviving company of the 4 Company Merger, will be the successor to the company name “Sony Corporation” as a result of the 4 Company Merger. |
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2.
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Summary of the Company Split |
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(1)
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Schedule of the Company Split |
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Approval of the Company Split agreement | February 12, 2021 |
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(by the representative corporate executive officer)
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| Execution of the Company Split agreement | February 12, 2021 | |
| Effective date of the Company Split | April 1, 2021 (scheduled) |
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* | Sony will perform the Company Split without obtaining shareholder approval of the company split agreement pursuant to the provisions of the “small-scale company split” as set forth in Paragraph 2 of Article 784 of the Companies Act of Japan. |
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(2)
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Method of the Company Split |
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The method of the Company Split is an absorption-type company split between Sony (as the splitting company) and SOMC (as the successor company). |
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(3)
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Details of consideration allotted upon the Company Split |
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SOMC will issue common shares (the details of which will be decided separately upon the discussion between Sony and SOMC) to Sony upon the completion of the Company Split as consideration for the assets, liabilities, agreements, and other rights and obligations transferred to SOMC. |
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(4)
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Treatment of stock acquisition rights and bonds with stock acquisition rights of the splitting company |
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There will be no changes to the treatment of stock acquisition rights or bonds with stock acquisition rights of Sony upon the completion of the Company Split. |
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(5)
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Increase or decrease of the stated capital upon the Company Split |
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There will be no increase or decrease in Sony’s stated capital upon the completion of the Company Split. |
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(6)
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Rights and obligations to be succeeded by the successor company |
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SOMC, as the successor company, will succeed to certain rights and obligations related to the Business, such as assets, liabilities, agreements, and other rights and obligations as set forth in the company split agreement. |
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(7)
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Expectation on the performance capabilities of the successor company’s obligations |
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Sony expects that SOMC will be able to perform its obligations that become due after the effective date of the Company Split. While, according to the balance sheet of SOMC, SOMC’s liabilities exceeded its assets as of Mach 31, 2020, it is expected that such excess liabilities will be eliminated by the effective date of the Company Split and Sony does not expect any situation where SOMC would fail to perform its obligations. |
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3.
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Summary of both parties (the numbers and information shown below are as of March 31, 2020 for each of Sony and SOMC) |
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(1)
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Summary of both parties |
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Trade name
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Sony Corporation
(Splitting Company)
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Sony Mobile Communications
Inc. *
(Successor Company)
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Location of head office
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7-1, Konan 1-chome, Minato-ku,
Tokyo, Japan
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12-3, 4 Cho-me, Higashi-
shinagawa, Shinagawa-ku, Tokyo
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Title and name of
Representative
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Kenichiro Yoshida
Representative Corporate Executive Officer,
Chairman, President and
CEO
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Mitsuya Kishida
Representative Director, President
and CEO
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Business
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Manufacturing of electronic data
processing machines, digital and
analog computer, equipment and
accessories
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Design, development,
manufacturing, and sales of
mobile phones
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Stated capital
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¥ 880,214 million
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¥ 3,000 million
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Date of incorporation
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May 7, 1946
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October 1, 2001
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Number of shares issued
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1,261,058,781 shares
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60,001 shares
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Fiscal year-end
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March 31
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March 31
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Major shareholders and
shareholding ratio
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1 Citibank as Depositary Bank for Depositary Receipt Holders
Depositary Receipt Holders
9.38%
2 The Master Trust Bank of
Japan,Ltd. (Trust Account)
8.20%
3 Japan Trustee Services Bank,
Ltd. (Trust Account)
6.13%
4 JP Morgan Chase Bank 385632
3.18%
5 Japan Trustee Services Bank,
Ltd. (Trust Account 7)
2.38%
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Sony Electronics Corporation
100%
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Financial status and
operating results for the
last fiscal year
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Net assets
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¥ 4,789,535 million (consolidated)
(Note)
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(¥ 165,772 million) (non-
consolidated)
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Total assets
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¥ 23,039,343 million (consolidated)
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¥ 116,529 million (non-
consolidated)
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Net assets per share
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¥ 3,380.96 (consolidated)
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(¥ 2,762,822.59) (non-
consolidated)
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Net sales
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¥ 8,259,885 million (consolidated)
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¥ 186,656 million (non-
consolidated)
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Operating income
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¥ 845,459 million (consolidated)
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(¥ 34,797 million) (non-
consolidated)
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Ordinary income
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¥ 799,450 million (consolidated)
(Note)
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(¥ 32,869 million) (non-
consolidated)
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Net income
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¥ 582,191 million (consolidated)
(Note)
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(¥ 25,896 million) (non-
consolidated)
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Net income per share
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¥ 471.64 (consolidated) (Note)
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(¥ 431,588.07) (non-consolidated)
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| Note: | Since Sony prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States, “total equity”, “income before income taxes”, “net income attributable to Sony’s stockholders” and “net income attributable to Sony’s stockholders per share of common stock” are stated in place of “Net assets”, “Ordinary income”, “Net income” and “Net income per share”, respectively. |
| * SOMC plans to perform the 4 Company Merger on April 1, 2021. |
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(2)
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Summary of business subject to the Company Split |
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Sony’s electronics products & solutions business |
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(3)
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Operating results of the Business transferred by the Company Split |
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Net sales: | ¥ 28,892 million |
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(4)
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Assets and liabilities to be succeeded upon the Company Split
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Assets: | ¥ 43,098 million |
| Liabilities: | ¥ 43,098 million |
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4.
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Status after the Company Split |
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As described in “1. Purpose of the Company Split” above, Sony will change its company name to “Sony Group Corporation” as of April 1, 2021. Otherwise, upon the completion of the Company Split, there will be no changes in the
location of the head office, the title and name of representatives, the business (excluding the Business transferred by the Company Split), the stated capital or the fiscal year-end of Sony.
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As described in “1. Purpose of the Company Split” above, SOMC will change its company name to “Sony Corporation” as of April 1, 2021. In addition, SOMC will change its representative to Kimio
Maki as of April 1, 2021. SOMC amended its articles of incorporation to change the location of its head office to Minato-ku, Tokyo and its business purpose to manufacturing and sales of electronic and
electrical machines and equipment as of December 7, 2020. Otherwise, upon the completion of the Company Split, there will be no changes in the stated capital or the fiscal year-end of SOMC.
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5.
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Outlook after the Company Split |
| No material impact on Sony’s consolidated financial results for the fiscal year ending March 31, 2021 is anticipated as a result of the completion of the Company Split. |
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(For reference) Sony’s consolidated financial forecast for the fiscal year ending March 31, 2021, which was
announced on February 3, 2021, and its consolidated financial results for the fiscal year ended March 31, 2020
are presented in the table below.
(Yen in millions)
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Sales and
operating
revenue
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Operating
income
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Income
before
income
taxes
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Net income attributable to
Sony Corporation’s
stockholders
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Consolidated financial
forecast for the fiscal year
ending March 31, 2021
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8,800,000
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940,000
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1,120,000
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1,085,000
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Consolidated financial
results for the fiscal year
ended March 31, 2020
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8,259,885
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845,459
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799,450
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582,191
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EOF
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