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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "authorName": "Third Point",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "The slide uses two stacked bar charts to contrast the growth of specific segments versus consolidated performance.",
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      "kind": "chart",
      "text": "Adj. EBIT from Sony's four \"Crown Jewel\" segments ($bn)",
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      "text": "Consolidated adj. EBIT ($bn)",
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      "text": "Over the past 5 years, the operational improvement at Sony has been dramatic. In 2013, profitability was so depressed that Sony's partially owned insurance subsidiary (Sony Financial Holdings) accounted for 61% of the Company's profits. Under the thoughtful leadership of Yoshida-san and team, Sony has grown EBIT at a 17% CAGR. Even more impressive is that profitability in Sony's gaming, music, pictures and semiconductors segments (which we refer to as the \"Crown Jewel\" businesses) have grown profits 5x over the same period and now represent the majority of Sony's earnings and value.",
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      "text": "Source: Company reports",
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      "text": "Sony management has delivered exceptional recent operating performance",
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