Sony Announces a Loss Related to the Transfer of the Battery Business and a Revision of the Consolidated Results Forecast for the Fiscal Year Ending March 31, 2017
Oct 31, 2016
Tokyo, October 31, 2016 - As was announced today in the "Murata Manufacturing and Sony Sign Definitive Agreement for the Transfer of Battery Business" release, Sony Corporation ("Sony") entered into a binding definitive agreement with Murata Manufacturing Co., Ltd. (“Murata”) to transfer its battery business to Murata for approximately 17.5 billion yen.
Related to the planned transfer, Sony expects to record an impairment charge of approximately 33.0 billion yen as an operating loss in the Components segment and 4.5 billion yen is expected to be recorded in income taxes during the fiscal year ending March 31, 2017 (April 1, 2016 to March 31, 2017). As a result, a loss of approximately 37.5 billion yen is expected to be recorded in net income attributable to Sony Corporation’s shareholders for the fiscal year ending March 31, 2017. To incorporate this loss, the consolidated results forecast announced on July 29, 2016 for the fiscal year ending March 31, 2017 has been revised.
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