本田技研 (HMC) 2016 Q4 法說會逐字稿

Welcome to the Honda financial results audio presentation.

歡迎收聽本田財務業績音頻演示。

On May 13, 2016, Hondo Motor Company announced its financial results for the fiscal fourth quarter and full year, which ended on March 31, 2016. Through this audio presentation, we would like to review the financial results and highlight the major factors which influenced Honda's business operations during the period.

2016 年 5 月 13 日，本田汽車公司公佈了截至 2016 年 3 月 31 日的第四財季和全年財務業績。透過此音訊演示，我們將回顧財務業績並強調影響財務業績的主要因素。本田期內的業務運作情況。

The presentation material, which will serve as the basis for today's program is available on Honda's Investor Relations website at http://world-honda.com/investors. For those of you who have not yet downloaded the material, please do so now, as we will start immediate following a forward-looking statement.

該演示材料將作為今天計劃的基礎，可在本田投資者關係網站 http://world-honda.com/investors 上取得。對於尚未下載該資料的人，請立即下載，因為我們將在前瞻性聲明發布後立即開始下載。

Forward-looking statement.

前瞻性聲明。

This audio presentation contains forward-looking statements as defined in Section 27-A of the Securities Act of 1933, as amended, and Section 21-E of the Securities Exchange Act of 1934, as amended. Such statements are based on management's assumptions and beliefs, taking into account information which is currently available.

本音頻演示包含經修訂的 1933 年證券法第 27-A 條和經修訂的 1934 年證券交易法第 21-E 條定義的前瞻性陳述。此類陳述基於管理層的假設和信念，並考慮了目前可獲得的資訊。

Therefore, please be advised that Honda's actual results could differ materially from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in Honda's principal markets; and foreign exchange rates between the Japanese yen and US dollar, the euro and other major currencies; as well as other factors detailed from time to time.

因此，請注意，由於多種因素（包括本田主要市場的總體經濟狀況），本田的實際結果可能與這些前瞻性聲明中描述的結果有重大差異；以及日圓與美元、歐元等主要貨幣之間的匯率；以及不時詳細說明的其他因素。

The various factors for increases and decreases in income have been classified in accordance with the method that Honda considers reasonable.

各種收入增減因素均依照本田認為合理的方法進行分類。

Financial summary.

財務摘要。

Before discussing details of the fiscal results, which are based on international financial reporting standards, or IFRS, please note that to facilitate comparison, the FY15 results shown in this presentation have been restated based on IFRS.

在討論基於國際財務報告準則 (IFRS) 的財務業績細節之前，請注意，為了便於比較，本簡報中顯示的 2015 財年業績已根據 IFRS 進行了重述。

Fiscal fourth-quarter and FY16 topics.

第四季和 2016 財年的財政主題。

To begin, we would like to introduce to some of the news topics from the fiscal fourth quarter and FY16.

首先，我們想介紹一下第四財季和 2016 財年的一些新聞主題。

In January of 2016, a brand new small SUV model named the BR-V was launched in both Thailand and Indonesia. In March, lease sales of the all new Clarity Fuel Cell vehicle began in Japan.

2016年1月，全新小型SUV車型BR-V在泰國及印尼上市。 3 月，全新 Clarity 燃料電池車在日本開始租賃銷售。

Highlights for FY16 include record auto sales of over 1.6 million units in the United States. Sales were driven by a full model change of the Pilot in June of 2015, followed by the launch of the 10th generation Civic, the winner of the 2016 North American Car of the Year award in November.

2016 財年的亮點包括美國汽車銷量突破 160 萬輛，創歷史新高。 2015 年 6 月，Pilot 車型全面更新，隨後於 11 月推出榮獲 2016 年北美年度汽車獎的第 10 代 Civic，推動了銷量的成長。

In China, sales surpassed 1 million units for the fiscal year for the first time ever, led by popular SUV models such as the CR-V, Vezel and XR-V. In Japan, the N-BOX Series claimed the title of bestselling mini-vehicle in the market, and the Vezel was the bestselling SUV. Global sales of the Vezel, HR-V and XR-V models surpassed 600,000 units for the fiscal year.

在中國，本財年銷量首次突破 100 萬輛，其中 CR-V、Vezel 和 XR-V 等熱門 SUV 車型領銜。在日本，N-BOX系列獲得了市場上最暢銷的微型車的稱號，而Vezel則是最暢銷的SUV。 Vezel、HR-V 和 XR-V 車型本財年的全球銷量超過 60 萬輛。

This concludes the news topics overview.

新聞主題概述到此結束。

We would now like to review the financial results for the full fiscal year which ended on March 31, 2016. Please refer to slide 4.

我們現在要回顧一下截至 2016 年 3 月 31 日的整個財年的財務表現。請參閱投影片 4。

Full model changes of core models in North America, the positive impact of HR-V introductions in various markets, and cost reduction efforts, led to an improvement in the Company's fundamental profit structure. However, an increase in quality-related costs, as well as the negative impact of emerging market currencies, resulted in operating profit of JPY503.3 billion.

北美核心車型全面換型、HR-V在各市場上市的正面影響以及成本降低的努力，帶動了公司利潤結構的基本改善。然而，品質相關成本的增加以及新興市場貨幣的負面影響導致營業利潤為5033億日圓。

Please turn to the next slide.

請翻到下一張投影片。

With respect to Honda Group unit sales, motorcycle business operations realized higher sales, predominantly in Pakistan and Vietnam, but this was more than offset by declines in Indonesia and South America and other markets, resulting in a total of 17.055 million units, or a 3.1% decrease compared to last year.

本田集團銷量方面，摩托車業務實現了較高的銷量，主要是在巴基斯坦和越南，但這被印度尼西亞和南美等市場的下降所抵消，總計1,705.5萬輛，同比增長3.1%。與去年相比下降%。

Within automobile business operations, sales decreased in Japan. However, the positive effect of new model introductions and the launch of fully remodeled vehicles led to a rise in sales in China, North America, and other markets. This resulted in total Group unit sales of 4.743 million, an increase of 8.6%.

在汽車業務方面，日本的銷量下降。然而，新車型推出和全改款車型上市的正面影響帶動了中國、北美等市場銷售的成長。集團總銷量達474.3萬輛，成長8.6%。

In power product operations, a decline in sales, predominantly in Europe, more than offset an increase in sales in North America and other markets, resulting in sales of 5.965 million units, a decrease of 0.3%. Consolidated unit sales for the respective business areas are as shown.

在電源產品業務方面，銷量下降（主要是在歐洲）抵消了北美和其他市場銷量的成長，導致銷量為596.5萬台，下降0.3%。各業務領域的合併單位銷售額如下所示。

Please turn to slide 6, financial highlights for the fiscal year.

請參閱投影片 6，本財政年度的財務要點。

Sales revenue totaled JPY14,601.1 billion, a 9.6% increase. This was due to a rise in unit sales in automobile business operations, an increase in financial services business revenues, and other factors.

銷售收入總計146,011億日元，成長9.6%。這是由於汽車業務單位銷售的成長、金融服務業務收入的增加等因素所造成的。

Operating profit declined to JPY503.3 billion, a 24.9% decrease mostly due to a rise in SG&A expenses, including quality-related costs, a negative ForEx impact, and other factors, which more than offset the positive impact of changes in sales volume and model mix, cost reduction efforts, and other factors.

營業利潤下降至 5,033 億日圓，下降 24.9%，主要是由於 SG&A 費用增加，包括品質相關成本、外匯負面影響和其他因素，這遠遠抵消了銷售變化和其他因素帶來的正面影響。車型組合、降低成本的努力等因素。

While there was a positive ForEx impact from the yen's valuation against the US dollar, the negative ForEx impact of the US dollar valuations against other currencies resulted in foreign currency exchange rates being a negative factor for the fiscal year.

雖然日圓兌美元估值對外匯產生了正面的影響，但美元兌其他貨幣估值的負面外匯影響導致外幣匯率成為本財年的負面因素。

The operating margin for the fiscal year was 3.4%.

本財年的營業利益率為 3.4%。

Share of profit of investments accounted for using the equity method amounted to JPY126.0 billion.

採用權益法核算的投資利潤份額為1,260億日圓。

Profit before income taxes totaled JPY635.4 billion. Profit for the period attributable to the owners of the parent for the quarter was JPY344.5 billion.

所得稅前利潤總計 6,354 億日圓。本季母公司所有者應占利潤為 3,445 億日圓。

EPS totaled JPY191.16.

EPS 總計 191.16 日圓。

ForEx for the fiscal year was JPY120 to $1, JPY10 lower than one year earlier.

本財年外匯匯率為 120 日圓兌 1 美元，較上年同期低 10 日圓。

Please turn to the next slide, financial forecast for FY17.

請翻到下一張投影片，2017 財年的財務預測。

With respect to our financial forecast for the current fiscal year, we are aiming to achieve the following. Sales revenue, JPY13.750 trillion; operating profit, JPY600 billion; share of profit from investments accounted for using the equity method, JPY130 billion; profit before income taxes, JPY705 billion; profit for the year attributable to owners of the parent, JPY390 billion. The earnings per share forecast is JPY216.39. The ForEx assumption for the fiscal year is JPY105 to $1.

對於本財年的財務預測，我們的目標是實現以下目標。銷售收入13.75兆日圓；營業利潤6000億日圓；採用權益法核算的投資利潤份額為1,300億日圓；所得稅前利潤7,050億日圓；歸屬於母公司所有者的年度利潤為3,900億日圓。每股收益預測為216.39日圓。本財年的外匯假設為 105 日圓兌 1 美元。

Please note that the decrease in motorcycle, automobile and power product production and sales units due to the impact of the damage caused at the Kumamoto factory by the 2016 Kumamoto earthquake is reflected in unit sales, sales revenue, and operating profit. However, expenses associated with the restoration of equipment and other recovery efforts are still under investigation so have not been included.

請注意，由於2016年熊本地震造成熊本工廠受損的影響，摩托車、汽車和電力產品產銷量的減少反映在銷售、銷售收入和營業利潤。然而，與設備恢復和其他恢復工作相關的費用仍在調查中，因此未包括在內。

Please turn to slide 8 for information on the dividend.

請參閱投影片 8 以了解有關股利的資訊。

The record date is March 31, 2016. The dividend for the fourth quarter is expected to be JPY22 per common stock, as forecasted. The total dividend for the fiscal year is expected to be JPY88 per common stock. Further, the total expected annual dividend for FY17 is JPY88 per common stock, the same as the previous fiscal year.

登記日為2016年3月31日。第四季股利預計為每股普通股22日圓，符合預期。本會計年度的股利總額預計為每股普通股 88 日圓。此外，2017 財年預計年度股利總額為每股普通股 88 日圓，與上一財年相同。

Financial highlights for the fiscal fourth quarter. Next, we would like to discuss the results for the fiscal fourth quarter, which ended on March 31. Please turn to slide 10.

第四財季的財務亮點。接下來，我們想討論截至 3 月 31 日的第四財季的業績。請翻至投影片 10。

Regarding Honda's Group unit sales for the fourth quarter, robust motorcycle sales, predominantly in Pakistan and the Philippines, more than offset lower sales in Brazil, China and other countries, resulting in a total of 4,173 billion units, a decrease of 3.1% compared to the same period the previous year.

本田集團第四季度銷量方面，摩托車銷量強勁（主要在巴基斯坦和菲律賓），抵消了巴西、中國和其他國家銷量下降的影響，銷量總計 41,730 億輛，同比下降 3.1%。去年同期。

In automobile business operations, favorable sales in North America and China, as well as the positive impact of new model introductions in Indonesia, and other factors, resulted in a total of 1.229 million units, an increase of 15.0%.

汽車業務方面，受北美、中國市場熱銷以及印尼新車型上市等因素的正面影響，累計銷量122.9萬輛，成長15.0%。

Group unit sales in power product business operations totaled 1.955 million units, a decline of 3.3%, due to unit sales increases in Europe and elsewhere.

由於歐洲及其他地區的銷售量增加，集團電力產品業務部門的銷售量總計為 195.5 萬台，下降 3.3%。

Consolidated unit sales for the respective business areas are as shown.

各業務領域的合併單位銷售額如下所示。

Please turn to slide 11.

請翻到投影片 11。

Regarding financial highlights for the fiscal fourth quarter, an increase in automobile sales more than offset the negative impact of ForEx fluctuations and other factors, resulting in sales revenue of JPY3,657.8 million, a 4.8% increase.

從第四財季的財務亮點來看，汽車銷售的成長抵銷了外匯波動等因素的負面影響，銷售收入達到36.578億日元，成長4.8%。

In terms of operating loss, the positive impact of volume and model mix, cost reduction efforts, and other contributing factors, was more than offset by an increase in SG&A expenses, including quality-related costs, the negative impact of ForEx fluctuations, as well as other factors, resulting in a total of JPY63.8 billion, a decrease of JPY149.9 billion.

就營業虧損而言，銷售量和型號組合、降低成本的努力以及其他影響因素的正面影響被SG＆A費用的增加所抵消，包括與品質相關的成本、外匯波動的負面影響以及受其他因素影響，合計638億日元，減少1,499億日元。

Share of profit of investments accounted for using the equity method, JPY8.3 billion. Loss before income taxes, JPY58.7 billion. Loss for the year attributable to owners of the parent, JPY93.4 billion. Loss per share totaled JPY51.85. The ForEx rate for the fourth quarter was JPY115 to $1, JPY4 higher than a year earlier.

採用權益法核算的投資利潤份額為83億日圓。所得稅前虧損 587 億日圓。母公司所有者應佔年度虧損為 934 億日圓。每股虧損總計 51.85 日圓。第四季外匯匯率為 115 日圓兌 1 美元，比去年同期高出 4 日圓。

Please turn to slide 12, business segments. Next, I would like to discuss the fourth-quarter results for each business area.

請參閱投影片 12，業務部門。接下來，我想討論一下各個業務領域的第四季業績。

In motorcycle business operations, Honda Group unit sales decreased due to a decline predominantly in Brazil and China, which more than offset an increase in Pakistan, the Philippines and other countries, resulting in total Group unit sales of 4.173 million units, a 3.1% decrease.

摩托車業務方面，本田集團銷量下降，主要是巴西和中國的銷量下降，抵消了巴基斯坦、菲律賓等國家銷量的成長，導致集團總銷量為417.3萬輛，下降3.1% 。

Please turn to slide 13. Next, we would like to discuss automobile business operations.

請翻投投影片13。接下來我們想討論一下汽車業務的運作。

With respect to Honda Automobile Group unit sales for the fiscal fourth quarter, the positive impact of a fully remodeled Civic in North America, the launch of the all-new HR-V model, an increase in sales in China and Indonesia, as well as other factors, resulted in a total of 1.229 million units, an increase of 15.0%.

本田汽車集團第四季銷售方面，北美地區全面改款思域、全新HR-V車型上市、中國及印尼銷售成長等因素影響，共122.9萬台，成長15.0%。

Please turn to slide 14. Next, we would like to review the operations of power products and other businesses for the fourth quarter.

請看投影片14。接下來我們回顧一下第四季電力產品及其他業務的運作。

Honda Group unit sales declined, predominantly due to a decrease in sales in Europe, resulting in a total of 1.955 million units, a decrease of 3.3%.

本田集團銷量下降，主要是由於歐洲銷量下降，總計195.5萬輛，下降3.3%。

Please turn to slide 15. This slide highlights Honda Group unit sales by business segment for the full fiscal year.

請參閱投影片 15。這張投影片重點介紹了本田集團整個財年按業務部門劃分的單位銷售額。

Please turn to slide 16. This slide highlights the financial results for the fiscal fourth quarter by business segment.

請參閱投影片 16。這張投影片重點介紹了按業務部門劃分的第四財季的財務表現。

An increase in automobile unit sales resulted in net sales of JPY3,657.8 billion for the fiscal fourth quarter. Excluding the negative impact of JPY228.8 billion from foreign currency translation effects, the increases and decreases in net sales for each business area are as shown.

汽車銷量的成長導致第四財季淨銷售額達到 36,578 億日圓。剔除外幣折算影響帶來的2,288億日圓的負面影響，各事業領域的淨銷售額增減情況如圖所示。

Net sales by business segment for the entire fiscal year are highlighted on slide 17.

投影片 17 突顯了整個財年按業務部門劃分的淨銷售額。

Operating profit analysis. Next, we would like to explain the positive and negative factors which impacted profit before income taxes for the fourth quarter.

營業利潤分析。接下來，我們將解釋影響第四季所得稅前利潤的正面和負面因素。

Please turn to slide 18.

請翻到幻燈片 18。

Loss before income taxes for the fiscal fourth quarter totaled JPY58.7 billion, a decline of JPY166.3 billion compared to the same period last year. Operating loss amounted to JPY63.8 billion, a decline of JPY149.9 billion compared to the same period last year.

第四財季所得稅前虧損總計587億日圓，較去年同期減少1,663億日圓。營業虧損達638億日元，較去年同期減少1,499億日圓。

Within revenue and model mix, a positive impact on volume and model mix, as well as a decrease in incentives, resulted in a plus JPY96.4 billion. Cost-reduction efforts more than offset an increase in depreciation and other factors, resulting in an increase in cost reduction of JPY37.7 billion.

在收入和車型組合方面，銷售和車型組合的積極影響以及激勵措施的減少導致收入增加 964 億日圓。成本削減力道足以抵銷折舊等因素的增加，成本削減額增加了 377 億日圓。

With regard to SG&A expenses, an increase in quality-related costs and other factors resulted in a negative impact of JPY210.4 billion. An increase in R&D expenses had a negative impact of JPY31.0 billion.

SG&A費用方面，品質相關成本增加等因素造成2,104億日圓的負面影響。研發費用的增加帶來了310億日圓的負面影響。

The impact of currency effects at the operating profit level was a negative JPY42.6 billion, reflecting the cumulative impact from the yen versus dollar, as well as the dollar versus currencies such as the Brazilian real, Canadian dollar, and Mexican peso.

貨幣效應對營業利潤水準的影響為負426億日圓，反映了日圓兌美元以及美元兌巴西雷亞爾、加幣和墨西哥比索等貨幣的累積影響。

Share of profit of investments accounted for using the equity method resulted in a negative impact of JPY9.5 billion.

採用權益法核算的投資利潤份額產生了 95 億日圓的負面影響。

Finance income and finance costs resulted in a negative impact of JPY6.8 billion.

財務收入和財務成本造成68億日圓的負面影響。

Please turn to slide 19.

請翻至投影片 19。

With respect to profit before income taxes for the fiscal year, an increase in SG&A expenses, including quality-related costs, and the negative impact of currency effects and other factors, more than offset an increase in revenue and model mix, cost-reduction efforts and other factors, resulting in a total of JPY635.4 billion, a decline of JPY170.7 billion.

就本財年所得稅前利潤而言，SG＆A費用的增加，包括與品質相關的成本，以及貨幣效應和其他因素的負面影響，遠遠抵消了收入和模型組合的增加，以及成本削減的努力受其他因素影響，合計6,354億日元，減少1,707億日元。

Accruals made for airbag inflator warranty expenses, which are included in quality-related expenses, totaled JPY120.0 billion the previous fiscal year. The total for the current fiscal year was JPY436.0 billion.

上一財年，安全氣囊氣體發生器保固費用的應計費用（包含在品質相關費用中）總計為 1,200 億日圓。本財年的總額為 4,360 億日圓。

Please turn to the next slide, business segments. Next, we would like to discuss the fourth-quarter results for each business area.

請翻到下一張投影片，業務部門。接下來，我們想討論每個業務領域的第四季業績。

In motorcycle business operations, a decrease in consolidated unit sales, the negative impact of ForEx translation effects, and other factors, resulted in sales revenue of JPY437.2 billion, a decrease of 15.0%.

摩托車業務方面，受合併銷售下降、匯率換算效應負面影響等因素影響，銷售收入為4,372億日圓，下降15.0%。

Operating profits decreased to JPY27.6 billion, a decrease of 48.2% compared to the same period last year. This was primarily due to the decrease in revenue due to a decrease in sales volume and model mix, the negative impact of ForEx effects, and other factors, which more than offset the positive impact of cost reduction efforts and other factors.

營業利潤下降至276億日元，年減48.2%。這主要是由於銷售和車型組合減少、外匯效應的負面影響等因素導致收入下降，這遠遠抵消了成本削減等因素的正面影響。

The operating margin for the quarter was 6.3%.

本季營業利益率為 6.3%。

Please turn to slide 21 for financial highlights on the automobile business segment for the quarter.

請參閱投影片 21 以了解本季汽車業務部門的財務亮點。

Net sales rose to JPY2,721.5 billion, an increase of 9.5%, due to an increase in consolidated automobile unit sales and other factors, despite the negative impact of ForEx fluctuations and other factors.

儘管受到外匯波動等因素的負面影響，但由於汽車銷量增加等因素，淨銷售額仍成長9.5%至27,215億日圓。

With respect to operating loss, the positive impact from sales volume and model mix, as well as cost-reduction efforts, was more than offset by an increase in SG&A expenses, including quality-related costs, the negative impact of ForEx effects and other factors, resulting in a total of JPY114.7 billion, a decline of JPY96.6 billion compared to the same period of the previous year.

就營業虧損而言，銷售和型號組合以及降低成本努力的正面影響被銷售、管理和行政費用（包括品質相關成本、外匯影響和其他因素的負面影響）的增加所抵消。總計1147億日元，比上年同期減少966億日圓。

Please turn to slide 22.

請翻到投影片 22。

In the power products and other businesses segment, the negative impact of currency translation effects and other factors resulted in sales revenue of JPY93.6 billion, a 5.5% decline compared to the same period a year earlier.

電力產品及其他業務板塊，受匯率折算效應等因素的負面影響，導致銷售收入為936億日圓，較去年同期下降5.5%。

Operating loss totaled JPY20.2 billion, a worsening of JPY16.8 billion, primarily due to an increase in expenses associated with other businesses, which includes aircraft and aircraft engines, as well as other factors.

營業虧損總計202億日元，惡化168億日元，主要是由於飛機和飛機發動機等其他業務相關費用增加以及其他因素。

Please turn to slide 23.

請翻至投影片 23。

In the financial services business segment, the total assets of finance subsidiaries at the end of the fourth quarter totaled JPY9,071.8 billion. Sales revenue totaled JPY459.8 billion, a rise of 1.4%, primarily due to the positive impact of a rise in operating lease revenues, which more than offset the negative impact of negative currency effects, as well as other factors.

金融服務業務類股，第四季末金融子公司總資產總計90,718億日圓。銷售收入總計4,598億日圓，成長1.4%，主要是由於經營租賃收入成長的正面影響，遠遠抵銷了匯率負面影響等因素的負面影響。

Operating profits totaled JPY43.5 billion, a decrease of 19.6%, primarily due to a rise in SG&A expenses as well as the negative impact of currency effects and other factors. Operating margin was 9.5%.

營業利潤總計435億日圓，下降19.6%，主要是由於SG&A費用增加以及貨幣效應等因素的負面影響。營業利益率為 9.5%。

The fiscal-year results for each business segment are highlighted on the next slide.

下一張投影片重點介紹了每個業務部門的財年業績。

Geographical regions. Next, we would like to review Honda's business results by geographical regions for the quarter.

地理區域。接下來，我們想回顧一下本田本季按地區劃分的業務業績。

Please turn to slide 25.

請翻到投影片 25。

In Japan, operating loss for the quarter was JPY180.4 billion, a worsening of JPY189 billion compared to the same period a year earlier. This decrease was primarily due to an increase in SG&A expenses, including quality-related costs, a decrease in revenue associated with volume and model mix, as well as other factors, which more than offset cost-reduction efforts and other factors.

日本本季營業虧損為 1,804 億日圓，較去年同期惡化 1,890 億日圓。這一下降主要是由於銷售、管理和行政費用的增加，包括與品質相關的成本、與數量和型號組合相關的收入減少以及其他因素，這些因素足以抵消成本削減的努力和其他因素。

Operating profit in North America for the quarter amounted to JPY26.4 billion, an increase of JPY34.1 billion, mainly due to an increase in revenue associated with volume and model mix and other factors, which more than offset SG&A expenses, including quality-related costs, the negative impact of currency effects, as well as other factors.

本季北美地區營業利潤達 264 億日元，增加 341 億日元，主要是由於與銷量和型號組合相關的收入增​​加以及其他因素，這超過了 SG&A 費用，包括質量-相關成本、貨幣效應的負面影響以及其他因素。

In Europe, operating profit amounted to JPY21.8 billion, an increase of JPY38 billion, mainly due to an increase in revenue associated with volume and model mix, as well as other factors.

在歐洲，營業利潤達218億日圓，增加380億日元，主要是因為銷售和車型組合相關收入的增加以及其他因素。

Operating profit in Asia was JPY65.7 billion, a decrease of 8.3% compared to the same period last year, mostly due to SG&A expenses, as well as the negative impact of currency effects and other factors, despite cost-reduction efforts, the positive impact related to a change in sales volume and mix, and other factors.

亞洲營業利潤為 657 億日元，較去年同期下降 8.3%，主要是由於 SG&A 費用以及貨幣效應等因素的負面影響，儘管採取了降低成本的措施，但積極的影響與銷量和組合變化以及其他因素有關的影響。

Operating loss for other regions, which includes South America, the Near and Middle East, Africa and Oceania, was JPY19.7 billion, a worsening of JPY27.5 billion compared to the same period last year. The decrease was primarily due to an increase in SG&A expenses, lower revenues associated with revenue and model mix, the negative impact of ForEx effects and other factors, which more than offset cost reduction efforts and other factors.

其他地區，包括南美洲、近東和中東、非洲和大洋洲，營業虧損為197億日元，比去年同期惡化275億日圓。下降的主要原因是銷售管理費用增加、與收入和模型組合相關的收入減少、外匯影響和其他因素的負面影響，這些因素足以抵消成本削減努力和其他因素。

For your reference, fiscal-year results by geographic region are shown on slide 26.

為了供您參考，投影片 26 顯示了按地理區域劃分的財政年度結果。

Please turn to slide 27, share of profits from investments accounted for using the equity method.

請參閱投影片 27，使用權益法核算的投資利潤份額。

Share of profits from investments accounted for using the equity method amounted to JPY8.3 billion, a decrease of 53.3% compared to the same period a year ago. This increase was primarily due to the realization of impairment losses on investments for certain affiliated companies in Japan, and other factors, which more than offset an increase in unit sales in China and other factors.

以權益法核算的投資利潤份額為83億日圓，較去年同期下降53.3%。這一成長主要是由於日本某些關聯公司投資減損損失的實現以及其他因素，這遠遠抵消了中國銷售的成長和其他因素。

Share of profits from investments accounted for using the equity method in Asia totaled JPY24.3 billion, as indicated at the bottom right of the slide.

如投影片右下角所示，亞洲採用權益法核算的投資利潤份額總計 243 億日圓。

Please refer to slide 28, capital expenditures.

請參閱投影片 28，資本支出。

Consolidated capital expenditures for the fiscal year amounted to JPY647.4 billion, a decrease of JPY6.3 billion, due to a reduction in expenditures in the automobile business segment and other factors, which more than offset an increase due to currency translation effects and other factors.

由於汽車業務部門支出減少等因素，本財年合併資本支出為 6,474 億日元，減少 63 億日元，足以抵銷貨幣換算影響等因素帶來的增加。因素。

For your reference, increases and decreases in capital expenditures by business segment, excluding the impact of currency translation effects, are as shown.

僅供參考，依業務部門劃分的資本支出增減（不包括貨幣換算影響）如下圖所示。

Please turn to slide 30, Group unit sales forecast. We would now like to review the unit sales forecasts for the 2017 fiscal year for each business operation.

請參閱投影片 30，集團銷售預測。我們現在想回顧一下 2017 財年各業務部門的銷售預測。

The Honda Group unit sales forecast is as follows.

本田集團的銷量預測如下。

Motorcycle business operations, 18.360 million units. Automobile business operations, 4.915 million units. Power products business operations, 6.060 million units.

摩托車業務經營量1836萬輛。汽車業務營運491.5萬輛。電源產品業務營運量606萬台。

Please turn to slide 31.

請翻至投影片 31。

With respect to consolidated unit sales, changes in sales units have been reflected in the forecast for each business segment as follows.

就合併銷售量而言，銷售量的變化已反映在各業務部門的預測中，如下所示。

Motorcycle business operations, 11.545 million units. Automobile business operations, 3.745 million units. Power product business operations, 6.060 million units.

摩托車業務經營量1154.5萬輛。汽車業務營運374.5萬輛。電源產品業務營運量606萬台。

Please turn to slide 32. We would now like to highlight the 2017 fiscal-year consolidated financial forecast. The forecast for operating profit is JPY600 billion. The forecast for profit before income taxes is JPY705 billion. Our expectation for profit for the year attributable to owners of the parent is JPY390 billion.

請前往投影片 32。我們現在要重點介紹 2017 財年綜合財務預測。營業利潤預測為6000億日圓。所得稅前利潤預測為 7,050 億日圓。我們預計今年歸屬於母公司所有者的利潤為 3,900 億日圓。

Please refer to slide 33 to see the profit walk simulation impacting operating profit for fiscal year 2017 versus the previous fiscal year. The increase and decrease factors are as follows.

請參閱投影片 33，以了解利潤行走模擬對 2017 財年與上一財年營業利潤的影響。增減因素如下。

Revenue, model mix, etc., plus JPY49.6 billion. Cost reduction, etc., plus JPY113.0 billion. A decline in SG&A expenses, as well as a reduction in quality-related costs, plus JPY291.0 billion. Increase in R&D expenses, minus JPY54.0 billion. Currency effects, minus JPY303.0 billion. Share of profit of investments accounted for using the equity method, plus JPY3.9 billion. Finance income and finance costs, minus JPY31.0 billion.

收入、車型組合等，加上 496 億日圓。成本削減等加上1,130億日圓。 SG&A 費用下降，以及品質相關成本減少，增加 2,910 億日圓。研發費用增加，減去540億日圓。貨幣影響，減去 3,030 億日圓。以權益法核算的投資利潤份額加上 39 億日圓。財務收入和財務成本減去310億日圓。

Please note that the decrease in motorcycle, automobile and power product production and sales units due to the impact of the damage caused at the Kumamoto factory by the 2016 Kumamoto earthquake, is reflected in unit sales, sales revenue, and operating profit. However, expenses associated with the restoration of equipment and other recovery efforts are still under investigation so have not been included.

請注意，由於2016年熊本地震造成熊本工廠受損的影響，摩托車、汽車和電力產品產銷量的減少反映在銷售、銷售收入和營業利潤。然而，與設備恢復和其他恢復工作相關的費用仍在調查中，因此未包括在內。

Please turn to slide 34. Finally, we would like to highlight our forecast for capital expenditures, depreciation, and R&D expenditures for fiscal 2017.

請參閱投影片 34。最後，我們想強調我們對 2017 財年資本支出、折舊和研發支出的預測。

The forecast for capital expenditures is JPY560 billion, which is an JPY87.4 billion decrease compared to the previous fiscal year. The forecast for depreciation and amortization is JPY440 billion. The forecast for R&D expenditures is JPY690 billion.

資本支出預測為5,600億日元，較上一財年減少874億日圓。折舊和攤提預測為 4,400 億日圓。研發支出預測為 6,900 億日圓。

This concludes our financial results presentation. We hope that you found this audio presentation helpful and would like to thank you for your continued interest in Honda's activities.

我們的財務表現介紹到此結束。我們希望您認為此音頻演示有幫助，並感謝您對本田活動的持續關注。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this Event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。