【正文】 semiconductors ⑥Electronic ponents Optical pickups, batteries, audio/video/data recording media, and data recording systems and Operating Revenue by Geographic Information1. The main market of course is the USA 2. It is expand the Europe and other country market ,while decrease the USA and Japan market ,While seems flat in total market .3. We can conclude Sony is facing a worldwide petition.4. It is changing its business from traditional area to the new area, especially the entertainment market.5. It also need find new market, for example the Asian market, and bring new product with technology.This is the Segment Information of its sales ine200220032004ElectronicsCustomers477255045433134758400Intersegment513631397137138995Total528618149404504897395GameCustomers986529936274753732Intersegment171851875726488Total1003714955031780220MusicCustomers541418512908487457Intersegment586338459872431Total600051597506559888PicturesCustomers635841802770756370Intersegment000Total635841802770756370Financial ServicesCustomers480190509398565752Intersegment289322787827792Total509122537276593544OtherCustomers161730168970174680Intersegment99733137323155712Total261463306293330392Elimination718114665693421418Consolidated total757825874736337496391 6. Developing trend AnalysisFactors which may affect Sony’s financial performance include the following: ①market conditions, including general economic conditions, levels of consumer spending, foreign exchange fluctuations ②Sony’s ability to continue to implement personnel reduction and other business reorganization activities ③Sony’s ability to implement its network strategy, and implement successful sales and distribution strategies in the light of the Internet and other technological developments④Sony’s ability to devote sufficient resources to research and development⑤Sony’s ability to prioritize capital expenditures, and the success Sony’s joint ventures and alliances. ⑥Risks and uncertainties also include the impact of any future events with material unforeseen impacts. basic financial ratios of Sony from year 2002 to 2004Financial ratios of each items of Sony corporation　200420032002current ratio Acidtest ratio Debt to total Assets ratio Long term Debt to total Assets ratio Interest guarantee leverage Cash guarantee leverage Receivable turnover Inventory turnover Current Assets Turnover Fixed Assets Turnover Total Assets Turnover Gross Sales profit margin Sales profit margin Return on total Assets Return on Equity Assets Increment rate Return on Fixed Assets Return on long term Assets Net Sales profit margin Net profit margin on total Assets Net profit margin on Equity From the above analysis and the table, we can see that:① The liquidity ratio and Acidtest ratio are in a year by year uptrend ,but bining receivable turnover and inventory turnover, the increase is mainly because of the increase of accounts receivable and the decrease of current liability.② The pany accounts receivable turnover and inventory turnover are in uptrend ,this shows that Sony do well in accounts receivable and inventory, so its debtrepay ability and profit abilities will be in advantages.③Its debt ratio is decreasing year by year, so we can see that Sony will have a low financial leverage, its financial environment will be good for its operating ④Also, from analysis of the table, Sony’s consolidated sales, operating ine, ine before taxes, and net ine are expected to decrease pared with the fiscal year ended March 31, 2004. While we assume that the yen for the fiscal year ending March 31, 2005 will strengthen against the . dollar and will weaken against the euro⑤Sony’s investments are prised of debt and equity securities accounted for under both the cost and equity method of accounting. If it has been determined that an investment has sustained an otherthantemporary decline in its value, the investment is written down to its fair value by a charge to earni