by Sam Nussey
TOKYO (Reuters) – Sony said on Thursday it was considering a partial spin-off of its financial services business, just three years after taking control.
The Japanese conglomerate has indicated that it plans to spin off Sony Financial Group within two to three years, with a view to listing the division on the stock exchange in which it will retain a slightly less than 20% stake. %.
Given the capital required for this activity, “it is difficult to find a balance with our investments in other areas of growth such as entertainment and image sensors”, explained Hiroki Totoki, chief financial officer of Sony.
The conglomerate is looking for synergies between its business segments, which include video games, music and movies.
Sony’s financial services business recorded a 5% decline in revenue to 1.45 trillion yen (9.91 billion euros) for the year ending in March. Its operating profit, on the other hand, rose by 49%, helped by a real estate capital gain.
For the current financial year, Sony expects a 40% drop in turnover from this activity due to an accounting change and a 20% drop in its operating profit, linked to the absence of favorable exceptional items.
(Report Sam Nussey and Mariko Katsumura; Camille Raynaud, edited by Blandine Hénault)
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