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March 22, 2004
Restructuring Progress for the Fiscal Year ending March 31, 2004
Progress for the fiscal year ending March 31, 2004 of Transformation 60, Sony's fundamental, Group-wide reform plan announced on October 28, 2003, is expected to exceed initial projections.
The amount of restructuring expense we expect to incur for the fiscal year ending March 31, 2004 is ¥175 billion, an increase of ¥25 billion compared to the ¥150 billion announced at the third quarter earnings release on January 28, 2004.
The primary reason for the increase in expense is the acceleration of headcount optimization, through the early retirement program and other means, at Sony Group companies in Japan.
The progress of restructuring is as follows:Projected Restructuring Expense for the fiscal year ending March 31, 2004:
¥175 billion (projection as of the end of January 2004: ¥150 billion)
Optimization of Group Headcount in Japan:
Total three year reduction (for the fiscal years ending March 31, 2004, 2005, and 2006):
7,000 people (no change from October 2003 announcement)
Fiscal year ending March 31, 2004 reduction: 5,000 people
No change has been made to the three year, total projected restructuring expense of ¥335 billion.