本田技研 (HMC) 2023 Q1 法說會逐字稿

I thank you very much for taking time out of your busy schedule to attend our briefing today. We would now like to start Honda Motor Company Limited's Financial Results Briefing for the first quarter of fiscal year to March 2023.

非常感謝各位百忙之中抽空出席今天的簡報會。我們現在想開始本田汽車有限公司截至 2023 年 3 月財年第一季度的財務業績簡報。

First of all, allow me to introduce the attendees today. Mr. Kohei Takeuchi, Director, Executive Vice President and Representative Executive Officer. Good to see you. Mr. Eiji Fujimura, Operating Executive and Head of Accounting and Finance Supervisory Unit. Thank you, good to see you. Then Mr. Takeuchi will first present the overview of the first quarter financial results and the forecast for fiscal year to March 2023. Then, Mr. Fujimura will present the details.

首先，請允許我介紹一下今天的與會者。董事、執行副總裁兼代表執行官竹內康平先生。很高興見到你。 Eiji Fujimura 先生，經營執行官兼會計和財務監督部門負責人。謝謝，很高興見到你。然後，竹內先生將首先介紹第一季度財務結果的概述和截至2023年3月的財政年度的預測。然後，藤村先生將介紹詳細信息。

Over to you, Mr. Takeuchi.

交給你了，竹內先生。

[To each of you], we'd like to express our deepest gratitude to our loyal customers around the world and all stakeholders who are supporting Honda. Thank you very much indeed.

[對你們每一個人]，我們要向全世界的忠實客戶以及支持本田的所有利益相關者表示最深切的感謝。非常感謝你。

Currently, we have a number of customers waiting for the delivery of our vehicles. We will do our utmost to deliver products to our customers as soon as possible. We hope to gain your understanding.

目前，我們有許多客戶在等待我們的車輛交付。我們將盡最大努力盡快將產品交付給我們的客戶。我們希望得到您的理解。

I'd now like to explain our fiscal year '23 first quarter financial results and FY '23 financial forecasts. First, FY '23 first quarter financial results. Automobile production and unit sales, despite semiconductor supply shortage and Shanghai lockdown bringing down unit sales from the same quarter last year in mainly in China and North America, and -- they were in line with the previous forecast. Operating profit was down from the same quarter last year. However, despite drop in Automobile unit sales and soaring raw material costs, Motorcycle unit sales were up and company-wide efforts were made to improve profit, resulting in operating margin equivalent to that of the same period last year.

我現在想解釋一下我們 23 財年第一季度的財務業績和 23 財年的財務預測。首先，23 財年第一季度財務業績。儘管半導體供應短缺和上海封鎖導致主要在中國和北美的單位銷售額較去年同期下降，但汽車產量和單位銷售量與之前的預測一致。營業利潤較去年同期有所下降。然而，儘管汽車銷量下降，原材料成本飆升，但摩托車銷量卻有所上升，全公司都在努力提高利潤，導致營業利潤率與去年同期相當。

Next, FY '23 financial forecast. The outlook remains uncertain due to semiconductor supply shortage and inflation. Honda's Group unit sales plan for FY '23 remains unchanged from the previous forecast. But given the profit increase effect of the currency rate and forecasted cost increase due to inflation, we have revised upward our sales revenue and operating profit forecast.

接下來，23 財年的財務預測。由於半導體供應短缺和通貨膨脹，前景仍然不確定。本田集團 23 財年的單位銷售計劃與之前的預測保持不變。但考慮到匯率的利潤增長效應和通脹導致的成本增長預期，我們上調了我們的銷售收入和營業利潤預測。

At today's Board meeting, a decision was made to acquire our own shares up to JPY 100 billion. Honda will continue to accelerate efforts to enhance corporate value and promote electrification and other new growth initiatives.

在今天的董事會會議上，決定以最高 1000 億日元的價格收購我們自己的股份。本田將繼續加快提升企業價值和推進電動化等新增長舉措的努力。

Next, I will explain our main market, Automobile sales. Despite the effect of new model launches, such as the Step WGN in Japan and HR-V in the United States, shortage of chips and the Shanghai lockdown effect resulted in unit sales lower than the same quarter last fiscal year in the respective markets. In the United States, though, there was solid demand. Sales were down from the same period last year because last year, dealers had inventory to sell.

接下來，我將解釋我們的主要市場，汽車銷售。儘管受到日本 Step WGN 和美國 HR-V 等新車型推出的影響，但芯片短缺和上海封鎖效應導致各自市場的單位銷量低於上一財年同期。不過，在美國，需求強勁。銷售額較去年同期有所下降，因為去年經銷商有庫存要出售。

FY '23 sales forecast remain unchanged. Though we expect demand to stay strong, outlook remains uncertain due to semiconductor supply shortage and resurgence of COVID-19. Honda will actively launch new models to the market, such as CR-V and ZR-V, so as to boost sales.

'23 財年的銷售預測保持不變。儘管我們預計需求將保持強勁，但由於半導體供應短缺和 COVID-19 的複蘇，前景仍不確定。本田將積極向市場推出CR-V、ZR-V等新車型，以促進銷量。

Next, Motorcycle business. Due to semiconductor shortage, unit sales dropped from the same period last year in some countries, but unit sales increased significantly in our largest market, India. And overall, we exceeded the same period last year.

其次，摩托車業務。由於半導體短缺，一些國家的單位銷售額比去年同期下降，但我們最大的市場印度的單位銷售額顯著增加。總體而言，我們超過了去年同期。

Regarding FY '23 sales, taking into account semiconductor shortage, we decided to stick to the previous forecast. However, by placing some models on sale and utilizing alternative parts, we will aim to further increase unit sales.

關於 23 財年的銷售額，考慮到半導體短缺，我們決定堅持之前的預測。但是，通過銷售部分車型並使用替代零件，我們將致力於進一步增加銷量。

Next, FY '23 3 months results summary consolidated. Despite drop in unit sales due to semiconductor supply shortage and Shanghai lockdown, combined with rising raw material costs due to price cost impacts, reduction in incentives and currency effects, operating profit was JPY 222.2 billion. Profit for the period was JPY 149.2 billion due to a decrease in China's investment profits under the equity method. Unit sales and income statement are as shown.

接下來，23 財年 3 個月的結果匯總匯總。儘管由於半導體供應短缺和上海封鎖導致單位銷售額下降，加上價格成本影響、激勵措施減少和貨幣影響導致原材料成本上升，但營業利潤為 2,222 億日元。由於權益法下中國投資利潤減少，期內利潤為1492億日元。單位銷售額和損益表如圖所示。

Next is the FY '23 consolidated financial forecast. In the forecast announced last time, despite uncertainty attributable to semiconductor supply shortage and COVID-19 resurgence, given the currency and inflation impact and cost increase, we revised upward operating profit to JPY 830 billion. The assumed U.S. dollar-yen currency rate in the first half is JPY 130, second half, JPY 120, annually JPY 125. The forecast profit for the period remains unchanged from the previous forecast at JPY 710 billion. Unit sales and income statement are as shown.

接下來是 23 財年的綜合財務預測。在上次公佈的預測中，儘管半導體供應短缺和 COVID-19 死灰復燃帶來不確定性，但考慮到貨幣和通脹影響以及成本增加，我們將營業利潤上調至 8300 億日元。假設上半年美元兌日元匯率為 130 日元，下半年為 120 日元，每年 125 日元。該期間的預測利潤與之前的預測保持不變，為 7100 億日元。單位銷售額和損益表如圖所示。

Next, FY '23 annual dividend is JPY 120, unchanged from the last announcement. At today's Board meeting, a resolution was adopted to acquire our own shares. In order to improve efficiency of capital structure [and] implement a flexible capital strategy, Honda will acquire its own shares. Total amount of shares to be acquired will be maximum JPY 100 billion.

接下來，FY '23 年度股息為 120 日元，與上次公告相同。在今天的董事會會議上，通過了一項收購我們自己的股份的決議。為了提高資本結構的效率[和]實施靈活的資本戰略，本田將收購自己的股份。收購股份總額最高為1000億日元。

Next, Mr. Fujimura, Operating Executive and Head of Accounting and Finance Supervisory Unit, will explain the details of the results and forecast.

接下來，運營執行官兼會計和財務監督部門負責人藤村先生將解釋結果和預測的細節。

Okay. Allow me to start the explanation.

好的。請允許我開始解釋。

To begin with, Honda Group's unit sales for first quarter of fiscal year to March 2023. In Motorcycle operations, unit sales grew year-on-year, particularly in Asia, and it came to 4,251,000 units. Automobile came to 815,000 units, mainly due to declines in China and North America. In Power Products, volume came to 1,546,000 units, mainly due to a decline in North America.

首先，本田集團截至 2023 年 3 月的財政年度第一季度的銷量。在摩托車業務中，銷量同比增長，尤其是在亞洲，達到 4,251,000 輛。汽車達到 815,000 輛，主要是由於中國和北美的下降。在電源產品方面，銷量達到 1,546,000 台，主要是由於北美市場的下滑。

Next, I'd like to explain the factor analysis of pre-tax profit for quarter 1 compared to the same period last year. Pre-tax profit was JPY 237.4 billion, which was lower by JPY 73.9 billion compared to the first quarter last year. Operating income was JPY 222.2 billion, which was lower by JPY 20.9 billion on the year.

接下來，我想解釋一下第一季度稅前利潤與去年同期相比的因素分析。稅前利潤為 2,374 億日元，與去年第一季度相比減少了 739 億日元。營業收入為 2222 億日元，同比減少 209 億日元。

To give you a breakdown of the substantive decline of our -- sorry, JPY 85.1 billion net of the currency impact, impact on sales came, too. Though there were a reduction in incentives, decline in Automobile sales volume and other factors led to a decline of JPY 89.4 billion.

為了給您詳細說明我們的實質性下降 - 抱歉，扣除貨幣影響後為 851 億日元，對銷售的影響也隨之而來。儘管激勵措施有所減少，但汽車銷量下降等因素導致減少了 894 億日元。

Selling price and cost factors, while there was impact from surging material prices, we strove to raise our selling prices and to reduce costs. We reached an increase in profit by JPY 14.4 billion.

銷售價格和成本因素，雖然受到材料價格飆升的影響，但我們努力提高銷售價格和降低成本。我們實現了 144 億日元的利潤增長。

Expenses due to increase mainly in quality-related expenditures, this gave us a negative impact of JPY 12.0 billion.

主要是質量相關支出增加導致的支出，這給我們帶來了120億日元的負面影響。

Next, to explain sales revenues and operating income by business segment. For Motorcycles, operating income was JPY 97.8 billion. Automobile income was -- sorry, JPY 38.2 billion. Operating income from Financial Services was JPY 78.8 billion. The sum of the Automobile business is operating income and that, associated with Automobile sales included in Financial Services, is estimated to be JPY 113.9 billion.

其次，按業務分部說明銷售收入和營業收入。摩托車的營業收入為 978 億日元。汽車收入——對不起，382億日元。金融服務的營業收入為 788 億日元。汽車業務的總和是營業收入，與金融服務中包含的汽車銷售相關，估計為 1,139 億日元。

Next, for Power Products business and Other Businesses, operating profit came to JPY 7.3 billion. Of this amount, the operating loss from aircraft and aircraft engines was JPY 3.8 billion.

其次，對於電源產品業務和其他業務，營業利潤達到 73 億日元。其中，飛機和飛機發動機的運營損失為 38 億日元。

Next, I will explain the cash flow. Free cash flow of the operating entities for fiscal year, for the first quarter of our fiscal year 2023, came to minus JPY 149.3 billion, and the end of term balance of net cash came to JPY 2,310.1 billion.

接下來，我將解釋現金流量。 2023財年第一季度經營實體的自由現金流為負1493億日元，期末淨現金餘額為23101億日元。

Next, I'd like to talk about the consolidated financial forecast for the FY ending in 2023. Firstly, speaking of Honda Group's unit sales, we are keeping the previous forecast unchanged, so the forecast in motorcycle is 18,560,000 units. In Automobiles, 4.2 million units. And in Power Products, 5,665,000 units.

接下來，我想談談截至2023財年的綜合財務預測。首先，談到本田集團的銷量，我們保持之前的預測不變，因此摩托車的預測為18,560,000輛。在汽車領域，420 萬輛。而在電源產品方面，則為 5,665,000 台。

And next, I'd like to explain the factor analysis of pre-tax profit compared to the actual results from last fiscal year. Pre-tax profit is forecast at JPY 1.040 billion, down by JPY 30.1 billion from the previous year's results. Operating income is forecast at JPY 830.0 billion, down by JPY 41.2 billion from the previous year's results.

接下來，我想解釋一下稅前利潤與上一財年實際結果相比的因素分析。稅前利潤預計為 10.40 億日元，比上年減少 301 億日元。營業收入預計為 8,300 億日元，比上年減少 412 億日元。

I will explain the substantial decline of JPY 207.2 billion. Net of currency effects, impact from sales was positive JPY 169.8 billion due to increase in Motorcycle and Automobile sales volume. Selling price and cost impact is negative JPY 146.0 billion due to impact of sourcing material prices. Expenses impact is expected to be negative, JPY 148.0 billion due to increase of quality-related expenses and selling expenses.

我將解釋 2072 億日元的大幅下降。扣除貨幣影響後，由於摩托車和汽車銷量的增加，銷售額的影響為正 1,698 億日元。由於採購材料價格的影響，銷售價格和成本影響為負 1460 億日元。由於質量相關費用和銷售費用的增加，預計費用影響為負面，為 1480 億日元。

Next, the changes compared to our previous forecast are positive JPY 5.0 billion for pre-tax profit and positive JPY 20.0 billion for operating income. The decline of JPY 60.0 billion net of the currency effects is because the impact from inflation has been taken into account.

接下來，與我們之前預測相比的變化是稅前利潤為正50億日元，營業收入為正200億日元。扣除貨幣影響後減少600億日元是因為考慮了通貨膨脹的影響。

Lastly, compared to our previous forecast, ForEx impact has been incorporated in the forecast for capital expenditure, depreciation and R&D expenditure for full year to March 2023.

最後，與我們之前的預測相比，外匯影響已納入對截至 2023 年 3 月的全年資本支出、折舊和研發支出的預測。

This completes my presentation. Thank you very much for your attention.

這完成了我的演示。非常感謝您的關注。

Thank you very much for your attention. Then we'd like to move on to the Q&A session. (Operator Instructions)

非常感謝您的關注。然後我們想繼續進行問答環節。 （操作員說明）

So the first question from Nikkei, Mr. Tanabe, please.

田邊先生，請日經的第一個問題。

Ms. Tanabe, excuse me, and this is Tanabe from Nikkei speaking.

田邊女士，對不起，我是日經新聞的田邊。

About my first question about the semiconductor situation, in the first quarter, and there was a Shanghai lockdown, and there was this impact and then there was a reduction in production volume. But currently, the Shanghai lockdown, how much of the effect is still with you now?

關於我第一個關於半導體情況的問題，第一季度，上海封城，有這種影響，然後是產量減少。但是目前，上海的封城，你現在還有多少影響？

And about the shortage of semiconductor supply, when about do you think that this can be resolved? And also, if you are seeing some improvements, and what initiatives that Honda is taking is resulting in these good results?

關於半導體供應短缺，您認為什麼時候可以解決？此外，如果您看到一些改進，本田正在採取哪些舉措帶來了這些良好的結果？

May I? Tanabe-san, thank you very much.

我可以？田邊先生，非常感謝。

Well, about your question about the Shanghai impact and also the impact of the semiconductor supply shortage, allow me to try to explain to you what the situation is. [Definitely, they] have lockdown in China. Well yes, in April, I'm thinking you've already seen the numbers, but the Shanghai lockdown compared to the same quarter last year, and we have seen a significant negative number. That is true. But when we made our forecast announcement for Automobile, group sales was 4.2 million units. And we had factored in the prolonged Shanghai lockdown. So compared to our plan, we think that things were within the scope of our assumption. So please understand that this is the case.

那麼，關於你關於上海的影響以及半導體供應短缺的影響的問題，請允許我嘗試向你解釋一下情況。 [當然，他們] 在中國實行封鎖。嗯，是的，4 月份，我想你已經看到了這些數字，但是上海的封鎖與去年同期相比，我們看到了一個顯著的負數。那是真實的。但當我們發布汽車的預測公告時，集團銷量為 420 萬輛。我們已經將上海長期封鎖的因素考慮在內。因此，與我們的計劃相比，我們認為事情在我們的假設範圍內。所以請理解這是事實。

And in fact, the Shanghai lockdown has almost been totally lifted. And in June, July, compared to the same period or the same month of the previous year, there were positive numbers. And therefore, I think things have normalized. That is how we understand this. And in the second half, we want to work hard to recover.

事實上，上海的封鎖幾乎已經完全解除。而6月、7月與上年同期或同月相比，均出現正數。因此，我認為事情已經正常化。我們就是這樣理解的。而在下半場，我們要努力恢復。

Now about the semiconductors themselves, currently, as you have seen in the newspapers and others, other industries like computers and cell phones. In those sectors, there is some excess supply, and we think that semiconductors will become available.

現在關於半導體本身，目前，正如您在報紙和其他人中看到的那樣，其他行業，如計算機和手機。在這些領域，供應過剩，我們認為半導體將可用。

But when it comes to the Automobile industry, that is not the impression that we are getting. For the time being, we think that we will continue to see a shortage. This is our current understanding. There are different types of semiconductors and there are different types, and we have to manage the semiconductors depending on the type, and we are continuing to allocate based on what is available.

但談到汽車行業，我們所得到的印象並非如此。就目前而言，我們認為我們將繼續看到短缺。這是我們目前的理解。半導體有不同的種類，有不同的類型，我們必鬚根據類型來管理半導體，我們將繼續根據可用的資源進行分配。

Now, when about do you think that we can resolve this? We think that until end of this fiscal year, we'll continue to see the impact of this semiconductor shortage. So until the end of this fiscal year, we need to handle the situation and taking into consideration that there will continue to be this shortage. We want to make every effort to deliver our products to our customers as soon as possible.

現在，你認為我們什麼時候可以解決這個問題？我們認為，直到本財年結束，我們將繼續看到這種半導體短缺的影響。因此，直到本財政年度結束，我們需要處理這種情況，並考慮到這種短缺將繼續存在。我們希望盡一切努力盡快將我們的產品交付給我們的客戶。

Now, how are we going to recover this shortage? As we said earlier, with our suppliers, that we are negotiating one on one, have them hold inventory where possible and also try to develop alternative parts. And also, depending on the type, I think that we have to sense and do risk management depending on the different types of semiconductors. And therefore, with some of the suppliers, including the price, we are entering into a long-term contract so as to secure the necessary supply of semiconductors. But as I've explained, we are continuing to see this situation of shortage.

現在，我們將如何彌補這種短缺？正如我們之前所說，我們正在與我們的供應商進行一對一的談判，讓他們盡可能地保留庫存，並嘗試開發替代零件。而且，根據類型，我認為我們必鬚根據不同類型的半導體來感知和進行風險管理。因此，我們正在與一些供應商，包括價格，簽訂長期合同，以確保必要的半導體供應。但正如我已經解釋的那樣，我們繼續看到這種短缺的情況。

That is all. Thank you.

就這些。謝謝你。

Thank you very much, Ms. Tanabe.

非常感謝您，田邊女士。

The next question, I'd like to move on to the next question. From Asahi Newspaper, Mr. Kamiyama, please.

下一個問題，我想繼續下一個問題。朝日新聞社，神山先生，請。

Okay. This is Kamiyama from Asahi Newspaper. I hope you can hear me. Yes. I have 2 questions.

好的。我是朝日新聞的神山。我希望你能聽到我的聲音。是的。我有 2 個問題。

The first one is, in the presentation earlier, you talked about -- it looks like you've raised some of your selling prices. So I would like to know specifically what prices you raised and which region? And that I believe other companies are trying to raise prices as well. But I guess, transferring the raw material prices hikes, I think that is becoming an issue. So I would just like to know if you are considering that kind of a transfer? So that's what I'd like to know. That was my first question.

第一個是，在之前的演示中，您談到了 - 看起來您已經提高了一些銷售價格。所以我想具體了解一下你們提的價格是多少，在哪個地區？而且我相信其他公司也在努力提高價格。但我想，轉移原材料價格上漲，我認為這正在成為一個問題。所以我想知道你是否正在考慮這種轉移？這就是我想知道的。那是我的第一個問題。

Second question concerning production. So from April to June, you said you were on plan, your 2 plan. But compared to the previous year, when would you say you will be recovering compared to year-on-year, so starting this term? Or do you think your recovery will come from third quarter? What would you say?

第二個關於生產的問題。所以從四月到六月，你說你在計劃中，你的第二個計劃。但是與上一年相比，你說你什麼時候會比去年恢復，所以從這個學期開始呢？或者你認為你的複蘇將來自第三季度？你打算說什麼？

Okay. Thank you. About the selling price, let me answer that one.

好的。謝謝你。關於售價，讓我回答那個。

So going back to previous year, previous fiscal year, the 2 previous years ago, we have started -- we have started seeing impact from JPY 270 billion or so from 2 years ago to the previous year. And then we did have some impacts, including inflation as well, and then the transportation and labor would raise. We were thinking JPY 290 billion raise is expected. So -- plus, we have JPY 60 billion in addition. So sourcing raw prices and then the cost inflation, everything included. We have accounted for those.

所以回到上一年，上一財年，前兩年，我們已經開始 - 我們已經開始看到從兩年前到上一年的 2700 億日元左右的影響。然後我們確實產生了一些影響，包括通貨膨脹，然後運輸和勞動力就會增加。我們認為預計將籌集 2,900 億日元。所以——另外，我們還有 600 億日元。所以採購原材料價格，然後是成本膨脹，包括一切。我們已經解釋了這些。

And then from 2 years ago to last year, we have made the efforts to reduce cost. And as Mr. Kamiyama, mentioned, we have raised prices. That was the biggest area, was the North Americas and USA, so we have been recovering that.

然後從2年前到去年，我們一直在努力降低成本。正如神山先生所說，我們提高了價格。那是最大的地區，是北美和美國，所以我們一直在恢復。

For this year, actually, from previous year to this year, we do -- we cannot absorb like a cost increase of JPY 300 billion each year. But we do have -- we have launched -- we will have -- we have a new model, a 20 model -- year '23 models launched in there, so we would somehow hope to manage absorbing those costs.

今年，實際上，從前一年到今年，我們都在做——我們無法吸收每年增加 3000 億日元的成本。但是我們確實 - 我們已經推出 - 我們將 - 我們有一個新型號，一個 20 型號 - 在那裡推出了 '23 型號，所以我們希望以某種方式管理吸收這些成本。

I guess you must be interested in Japan. In Japan, we have the competitors. We need to monitor the situation, how it plays out with others. We will consider raising prices if there's an opportunity.

我想你一定對日本感興趣。在日本，我們有競爭對手。我們需要監控情況，以及它與其他人的關係。如果有機會，我們會考慮提高價格。

Next question, your production. So we said that 4.2 million units at the beginning of the fiscal year. And then this was still -- so well, the first quarter, we had the impact from the Shanghai lockdown, so it was like 0.8 million. And then we -- if we would raise stages and then get better per quarter. But this quarter -- sorry, the first quarter, we had to -- we have struggled with the semiconductor supply. So we were -- we are short by about 20,000 units or so compared to the original plan, so we can't catch up with this. We can cover this up. And -- with the second quarter, and then we should be able to recover this in the second and the third quarter so that we should be able to build up. So we should reach 1 million in the quarter so that we can reach 4.2 million total.

下一個問題，你的生產。所以我們在財年開始時說是 420 萬台。然後這仍然是——很好，第一季度，我們受到了上海封鎖的影響，所以大約是 80 萬。然後我們——如果我們能提高階段，然後每季度變得更好。但是本季度——對不起，第一季度，我們不得不——我們一直在與半導體供應作鬥爭。所以我們 - 與原來的計劃相比，我們少了大約 20,000 個單位左右，所以我們無法趕上這個。我們可以掩蓋這一點。而且 - 在第二季度，然後我們應該能夠在第二和第三季度恢復這一點，以便我們能夠建立起來。所以我們應該在本季度達到 100 萬，這樣我們就可以達到 420 萬。

So we will go gradually, and then try to reach 4.2 million that was forecasted at the very beginning of the [term]. Thank you.

因此，我們將逐步進行，然後嘗試達到 [任期] 開始時預測的 420 萬。謝謝你。

Thank you very much, Mr. Kamiyama.

非常感謝神山先生。

Next question. Yomiuri Shimbun, Mr. Nakamura, please.

下一個問題。請讀賣新聞，中村先生。

Nakamura from Yomiuri Shimbun newspaper. I have 2 questions.

讀賣新聞的中村。我有 2 個問題。

About the Shanghai lockdown impact, well, to the extent that you can disclose, what components have been impacted? And if you're seeing some improvements, which components are you seeing improvements in?

關於上海封鎖的影響，好吧，在您可以透露的範圍內，哪些部分受到了影響？如果您看到了一些改進，您看到哪些組件得到了改進？

The second question, well, the raw material costs are continuing to rise. But what kind of components do you see a significant impact of the raw material price increase?

第二個問題，嗯，原材料成本在繼續上漲。但是您認為原材料價格上漲會對哪些組件產生重大影響？

Well, about the lockdown impact, which component was mostly impacted? Well, it's very difficult for me to specify any specific components because we have in Wuhan and Guangzhou our factories, and there are many of the suppliers in the Shanghai area. And many of the manufacturers we're producing in Shanghai are being -- the components or subcomponents, they have all seen a reduction in production, and this is the impact of the Shanghai lockdown and in June of -- July compared to the previous month. And thanks to the lifting of the lockdown, these numbers have improved, and they're in the positive.

那麼，關於鎖定影響，哪個組件受到的影響最大？嗯，我很難指定任何具體的組件，因為我們在武漢和廣州有我們的工廠，而且在上海地區有很多供應商。我們在上海生產的許多製造商都在 - 組件或子組件，他們都看到了減產，這是上海封鎖的影響，在 6 月 - 7 月與上個月相比.由於解除了封鎖，這些數字有所改善，而且是積極的。

So I think that overall in China our factories, because they are located in these locations, our suppliers have been impacted by the lockdown. So please understand that, that is the case.

所以我認為，總的來說，我們在中國的工廠，因為它們位於這些地方，我們的供應商受到了封鎖的影響。所以請理解，就是這樣。

And about the raw material price increase, rather than any specific component from the past 2 fiscal years and the precious metal can allot -- those [are degrees] for catalyzers. There's precious materials -- metals, and these are the ones that have been impacted. And from last fiscal to this fiscal year, well, from last year -- the fourth quarter of last fiscal year, in North America, still prices -- because of the revision in January, we've seen an increase of 150%. So that was 3 months for last fiscal year and 12 months for this fiscal year, and I think that this is the area that we're seeing a major impact.

關於原材料價格上漲，而不是過去 2 個財政年度的任何特定組成部分和貴金屬可以分配 - 這些 [是度數] 用於催化劑。有貴重材料——金屬，這些都是受到影響的。從上一財年到本財年，嗯，從上一財年第四季度開始，在北美，仍然是價格——由於 1 月份的修訂，我們看到了 150% 的增長。上一財年是 3 個月，本財年是 12 個月，我認為這是我們看到重大影響的領域。

Other raw materials, likewise, we are seeing the impact, not just around materials but due to inflation and there are increases in prices overall. But the precious grade metals. I think compared to the past, the increase is less, and it's more or less plateaued, but it's not going down to the extent that it's having a positive impact on our profit. So from last fiscal to this fiscal year, I think the biggest impact is steel prices in North America. That would be the biggest from last fiscal year to this fiscal year. Thank you.

其他原材料，同樣，我們也看到了影響，不僅是在材料方面，而且由於通貨膨脹和整體價格上漲。但是貴金屬。我認為與過去相比，增長較少，並且或多或少處於平穩狀態，但並沒有下降到對我們的利潤產生積極影響的程度。所以從上一財年到本財年，我認為最大的影響是北美的鋼鐵價格。這將是從上一財年到本財年最大的一次。謝謝你。

Thank you very much, Mr. Nakamura. The next questions are from Toyo Keizai, Mr. Yokoyama, please, from Weekly Toyo Keizai. Yes, we can hear your voice.

非常感謝中村先生。接下來的問題來自東洋經濟，請橫山先生，來自周刊東洋經濟。是的，我們可以聽到你的聲音。

Okay. I have 2 questions as well.

好的。我也有2個問題。

My first question is, you announced this sales of Honda Lock to Minebea Mitsumi. So could you let me know the background? Why, what's your aim or the background to it? And then related to that, among your subsidiaries and related companies, I guess you do have some internal combustion-related suppliers. But are you considering some support to them? Why do you shift to electrification?

我的第一個問題是，您宣布將本田鎖出售給美蓓亞三美。那你能告訴我背景嗎？為什麼，你的目標或背景是什麼？然後與此相關，在您的子公司和相關公司中，我猜您確實有一些與內燃機相關的供應商。但是您是否考慮向他們提供一些支持？為什麼要轉向電氣化？

And then my second question also relates to suppliers. So I believe we heard about the -- well, there's a lot of cost pressure to the suppliers. Are you thinking of any support? If you have any specific plans for them, please let us know.

然後我的第二個問題也與供應商有關。所以我相信我們聽說過——嗯，供應商面臨著很大的成本壓力。你在考慮任何支持嗎？如果您對他們有任何具體計劃，請告訴我們。

Okay.

好的。

First about Honda Lock, sales of Honda Lock, this will be from Minebea Mitsumi. So originally, this company Honda Lock, the supplier, this is not -- is a related lock. So keys, door mirror outer, those parts manufacture rather than internal combustion-related. But Mitsumi, Minebea Mitsumi, they were not dedicated automotive supplier, but they wanted to utilize our technological advantages of the Honda Group. So they can -- they feel that they can be able to expand their business horizon. So that is why they approached us, so we started discussing. So it's nothing to do with the internal combustion suppliers at all.

首先是本田鎖，本田鎖的銷售，這將來自美蓓亞三美。所以原來，這家公司本田鎖，供應商，這不是——是一個相關的鎖。所以鑰匙，車門後視鏡外，那些零件製造而不是與內燃有關。但是三美，美蓓亞三美，他們不是專門的汽車供應商，而是想利用我們本田集團的技術優勢。所以他們可以——他們覺得他們可以擴大他們的業務範圍。所以這就是他們找我們的原因，所以我們開始討論。因此，這與內燃機供應商完全無關。

So for those suppliers related to internal combustion systems, we would like to discuss individually. We will be discussing, so we would like to see what technological expertise each supplier has and what can be utilized for EV. So that's something up to the individual discussions.

所以對於那些與內燃機相關的供應商，我們想單獨討論。我們將進行討論，因此我們想了解每個供應商擁有哪些技術專長，以及哪些技術可用於電動汽車。所以這取決於個人的討論。

About the price reduction to suppliers. So another manufacturer said that they are not going to try to pressure to reduce cost of suppliers. But to us, our suppliers, our business partners, which help us in delivering good products to our customers. Of course, the oil prices that the supplier needs to buy, that the prices are going up. And then logistical cost is going up, for example, for the -- in the States, the inflation is pushing up the labor cost as well.

關於對供應商的降價。所以另一家製造商表示，他們不會試圖向供應商施壓以降低成本。但對於我們、我們的供應商、我們的業務合作夥伴來說，它們幫助我們向客戶提供優質產品。當然，供應商需要購買的石油價格，價格正在上漲。然後物流成本上升，例如，在美國，通貨膨脹也推高了勞動力成本。

So of course, there -- would need -- we need to work together to enhance the efficiency and reduce costs due to competition. But we still will need to discuss individually with the suppliers, trying to take actions as appropriate and necessary with individual suppliers. That is our approach.

因此，當然，我們需要共同努力，以提高效率並降低競爭導致的成本。但我們仍需要與供應商單獨討論，嘗試與個別供應商採取適當和必要的行動。這就是我們的方法。

So in considering -- well, we cannot really -- I cannot really say how much that would be or anything like that. But we would like to -- so we are saying it's [60] -- other real estimating cost increase that we mentioned earlier.

所以在考慮 - 好吧，我們真的不能 - 我真的不能說那會是多少或類似的東西。但是我們想 - 所以我們說它是 [60] - 我們之前提到的其他實際估計成本增加。

Next question. Automotive News, Mr. Hans Greimel, please.

下一個問題。汽車新聞，請漢斯·格雷梅爾先生。

May I speak in English?

我可以說英語嗎？

Yes.

是的。

This is Hans Greimel from Automotive News.

這是汽車新聞的漢斯·格雷梅爾。

I'm wondering if you could give us an outlook for the recession possibilities in the United States? What the economic forecast is for a possible recession in the United States, and what Honda is doing for countermeasures there?

我想知道你能否給我們一個關於美國經濟衰退可能性的展望？對美國可能出現的經濟衰退的經濟預測是什麼，本田在那裡採取了哪些對策？

Also, can you give us more details about the price increases in the United States? How sensitive is the market there to price increases? And is this something that you expect to keep doing further into the rest of the fiscal year and into the possibly future -- next year as well?

另外，你能告訴我們更多關於美國價格上漲的細節嗎？那裡的市場對價格上漲有多敏感？您是否希望在本財年的剩餘時間以及可能的未來——明年也會繼續這樣做？

Well, first about major recession, the possibility of recession in the United States and how we try to deal with that. Well, as [Hans-san] has mentioned, the United States, it was 9.1% inflation rate last month. And then interest rates, well, the 0.75% increase is continuing by the Fed. And also in order to curb inflation, the interest rates are continuing to increase. And eventually, in North America, I think that this will have an impact on the economy in North America. So we're keeping an eye on the developments.

好吧，首先是關於重大衰退，美國衰退的可能性以及我們如何應對。嗯，正如[Hans-san]提到的，美國上個月的通貨膨脹率為9.1%。然後是利率，好吧，美聯儲正在繼續加息 0.75%。而且為了抑制通貨膨脹，利率還在不斷上調。最終，在北美，我認為這將對北美的經濟產生影響。因此，我們正在密切關注事態發展。

But so far, well, looking at our Automotive sales with the dealers, I think [we] have an inventory of 20,000, which is very low inventory and as pre-orders of customers are constantly -- well, in the past, the customers would -- we would look at the inventory and try to take orders. But in Japan, we take orders and try to look into whether we can sell -- and have customers sell and buy and deliver the cars later, at a later date.

但到目前為止，看看我們與經銷商的汽車銷售情況，我認為 [我們] 有 20,000 輛的庫存，這是非常低的庫存，而且由於客戶的預購是不斷的——嗯，過去，客戶會——我們會查看庫存並嘗試接受訂單。但是在日本，我們接受訂單並嘗試研究我們是否可以銷售 - 並讓客戶在以後銷售、購買和交付汽車。

So I think that currently, we have a large back order. And we have to supply to our customers their products as soon as possible. This is the current situation. And therefore, with the recession, rather than taking immediate measures, we have to focus on delivering our cars and vehicles to our customers.

所以我認為目前，我們有大量的延期交貨。我們必須盡快向客戶提供他們的產品。這是目前的情況。因此，隨著經濟衰退，我們必須專注於將我們的汽車和車輛交付給我們的客戶，而不是立即採取措施。

Now if there were to be a recession, well, recently due to the pandemic, we have seen a large dip in the sales -- unit sales, but we have been generating profit. So I think that we become more efficient in terms of fixed cost, et cetera. And we have to keep an eye on possibility of recession, and if necessary, we'll try to further reduce our fixed costs.

現在，如果要出現經濟衰退，那麼最近由於大流行，我們看到銷售額（單位銷售額）大幅下降，但我們一直在產生利潤。所以我認為我們在固定成本等方面變得更有效率。我們必須密切關注經濟衰退的可能性，如有必要，我們將努力進一步降低我們的固定成本。

About this sales price and the selling price. And from the past 2 fiscal years, we have been doing a number of measures. But for North America this fiscal year, rather than increasing the prices, [that with] normal prices, we will increase it to the rate of inflation. But it's not the case where we can increase it by 9% for the 2023 model year. I think our most competitive CR-V, Accord and also Pilot, will see a model change. And therefore, with the equipment, we will increase the value of our products. And in line with the value that's being offered, we think that we can increase the price. So we will continue to seek for that possibility.

關於這個銷售價格和銷售價格。從過去的兩個財年開始，我們一直在採取一些措施。但是對於本財政年度的北美，我們不會提高價格，而是將其提高到通貨膨脹率。但我們不能在 2023 年將其提高 9%。我認為我們最具競爭力的 CR-V，Accord 和 Pilot，將會看到模型的變化。因此，有了這些設備，我們將增加我們產品的價值。根據所提供的價值，我們認為我們可以提高價格。因此，我們將繼續尋求這種可能性。

We will try to deliver quality, good products to our customers and have our customers recognize the value of our products and accept price increase. That is all, thank you.

我們將努力為我們的客戶提供優質、優質的產品，讓我們的客戶認可我們產品的價值並接受價格上漲。就是這樣，謝謝。

Thank you very much, Mr. Greimel.

非常感謝 Greimel 先生。

I'm going on to the next question. From NHK, Mr. Yamane, please?

我繼續下一個問題。來自NHK，山根先生，好嗎？

This is -- My name is Yamane from NSK. Yes, we can hear you. One question for you.

我是——我的名字是來自 NSK 的 Yamane。是的，我們可以聽到你的聲音。給你一個問題。

The decline in the first quarter, you have talked about the drop -- decline in equity in China due to equity method. So I'd like to know about it.

一季度的下降，你講了下降——權益法導致的中國股權下降。所以我想知道它。

Okay. Okay. For the first quarter, the equity method, the interest, I'd like to answer that one.

好的。好的。對於第一季度，權益法，利息，我想回答那個問題。

I believe you see this waterfall graph. We have this JPY 33.3 billion decline. This was at this portion. The biggest portion came from China. But as I mentioned, as we have announced already the other day, we will have to be selective for EV. So what we will do in China for the Acura business, we will discontinue the Acura business. That's what we have incorporated, so we have some losses from there. So it's temporary, and also complaints. And also, we have some domestic subsidiaries. We recently -- we had some -- due to the share prices, the equity method, we had some impairment losses due to the -- this is only some of the domestic subsidiaries. And then also the pension system was changed, amended. And then there were some losses in accounting. So those are the parts of the JPY 33.3 million, of that, half of that is -- about half of that is coming from those factors.

我相信你會看到這個瀑布圖。我們有 333 億日元的跌幅。這是在這部分。最大的一部分來自中國。但正如我所提到的，正如我們前幾天已經宣布的那樣，我們必須對電動汽車有所選擇。因此，我們將在中國為謳歌業務做些什麼，我們將停止謳歌業務。這就是我們已經合併的內容，因此我們從那裡遭受了一些損失。所以這是暫時的，也是抱怨。此外，我們還有一些國內子公司。我們最近 - 我們有一些 - 由於股價，權益法，我們有一些減值損失 - 這只是一些國內子公司。然後養老金制度也發生了變化，修正了。然後在會計方面出現了一些損失。所以這些是 3330 萬日元的一部分，其中一半是 - 大約一半來自這些因素。

And then the remaining half is coming from the business operations from the first quarter, the volume unit sales impact in China as well as for the Japan as well. So this is at the same range as the operating income.

然後剩下的一半來自第一季度的業務運營，以及中國以及日本的銷量影響。因此，這與營業收入處於同一範圍內。

Okay. Thank you very much, Mr. Yamane.

好的。非常感謝山根先生。

Next question. [Nikanji Daisho], Mr. Oribe, please?

下一個問題。 [Nikanji Daisho]，織部先生，好嗎？

[Nikanji Daisho Shimbun], Oribe is my name. Well, I have one question.

[Nikanji Daisho Shimbun]，織部是我的名字。好吧，我有一個問題。

Well, the semiconductor shortage and others, you say that the delivery date has been delayed. But what measures is Honda trying to take to make up for this delay?

嗯，半導體缺貨等，你說交貨期推遲了。但是本田試圖採取什麼措施來彌補這種延誤呢？

Well, as for the measures, well, we are very keen to deliver our vehicles our customers as soon as possible. But depending on the model type, there are cases in which we have to keep our customers waiting for a long period of time, and in some cases, we had to suspend acceptance of orders. It's been resumed, but we are trying to avoid causing inconvenience to our customers.

那麼，關於措施，我們非常渴望盡快將我們的車輛交付給我們的客戶。但根據機型的不同，在某些情況下，我們不得不讓客戶長時間等待，在某些情況下，我們不得不暫停接受訂單。它已恢復，但我們正在努力避免給我們的客戶帶來不便。

As I've explained, this is a serious shortage of semiconductor supply. We are trying to resolve this. And so to the suppliers which are supplying us with semiconductors, we are talking with them. And so every -- on a weekly basis and a monthly basis, we come up with a production plan. And we are working hard to deliver our vehicles to our customers as soon as possible.

正如我所解釋的，這是半導體供應的嚴重短缺。我們正在努力解決這個問題。因此，對於向我們提供半導體的供應商，我們正在與他們交談。因此，我們每周和每月都會制定一個生產計劃。我們正在努力盡快將我們的車輛交付給我們的客戶。

But as I earlier said, until the end of this fiscal year, we think that the shortage of semiconductors, especially automotive semiconductors, will continue. And so we have to look at which models can be delivered at an early date in which markets. And especially for those customers who are waiting long, we are trying to resolve this situation as soon as possible.

但正如我之前所說，直到本財年結束，我們認為半導體尤其是汽車半導體的短缺將持續。所以我們必須看看哪些型號可以在哪些市場儘早交付。特別是對於那些等待時間長的客戶，我們正在努力盡快解決這種情況。

We understand that we are causing inconvenience to our customers. We are going to apologize, but we hope that people will understand the situation that we are currently placed in. Thank you.

我們了解我們正在給客戶帶來不便。我們將道歉，但我們希望人們能理解我們目前所處的情況。謝謝。

Thank you very much, Mr. Oribe.

非常感謝織部先生。

The next questions are coming from Reuters, Mr. Sugiyama.

接下來的問題來自路透社，杉山先生。

Okay. This is Sugiyama from Reuters. Yes, we can hear you. I have 2 questions.

好的。這是路透社的杉山。是的，我們可以聽到你的聲音。我有 2 個問題。

The first question is about the semiconductor-related one. And earlier, with the -- I think there is a risk with restrictions on the Taiwan Strait. I guess now there's a focus about it, that the military practices by China. So I believe for a stable procurement of semiconductors, are you going to stay -- assume that there could be some incidents in Taiwan, so that they will try to reduce the procurement percentage from Taiwan or from China? Are you doing anything to ensure a stable supply? That's one question.

第一個問題是關於半導體相關的問題。早些時候，我認為限制台灣海峽存在風險。我想現在有一個焦點，那就是中國的軍事做法。所以我相信為了穩定的半導體採購，你會留下來——假設台灣可能會發生一些事件，以便他們試圖減少從台灣或中國的採購比例？您是否正在採取任何措施來確保穩定的供應？這是一個問題。

And the second question, in the States, a senator came up with a law to reduce the inflation. And then they said that they came up with a tax. They made stringent the qualification for the EV incentive -- sorry, EV incentive factory. And then, so even for the -- this will be -- if you have -- this may become a hinder adoption of the electric EV. So I would like to hear what you have about that?

第二個問題，在美國，一位參議員提出了一項降低通貨膨脹的法律。然後他們說他們想出了一個稅。他們對EV激勵的資格進行了嚴格的限制——對不起，EV激勵工廠。然後，即使是 - 這將是 - 如果你有 - 這可能會阻礙電動 EV 的採用。所以我想听聽你對此有何看法？

Okay, geopolitical risk about Taiwan. Well, it is true that semiconductor is -- production is really concentrated in Taiwan. Outside Taiwan, this would be China and then the States. But in -- we are -- there are some semiconductor factories, new ones built in Japan, but they are still taking some time. So we need to continue try to do dual sourcing. But it's true that in other locations are different, but we need to do design changes and also keep a higher level of inventory. So those aren't really specific, maybe you might say that, but we will continue to take those actions and think of the further actions.

好的，關於台灣的地緣政治風險。嗯，半導體確實是——生產真的集中在台灣。在台灣之外，這將是中國，然後是美國。但是在 - 我們是 - 有一些半導體工廠，在日本建造了新工廠，但它們仍然需要一些時間。所以我們需要繼續嘗試做雙源。但確實在其他地方有所不同，但我們需要進行設計更改並保持更高的庫存水平。所以這些並不是很具體，也許你可能會這麼說，但我們將繼續採取這些行動並考慮進一步的行動。

For the -- it is true, this geopolitical risk is difficult. But with [Zama] as well, we are consulting every party we can, engaging all the whole automotive industry and then considering options for the future. That's what I can tell you at this point in time.

因為——的確，這種地緣政治風險是困難的。但是對於 [Zama]，我們也在盡可能諮詢各方，讓整個汽車行業參與進來，然後考慮未來的選擇。這就是我現在可以告訴你的。

About the senate of the States, the inflation -- to curve inflation. So it's difficult to say. What our view is that the current model may not be eligible, but we want to aim for carbon neutrality, so we would like to utilize our technology that we have. EV and -- EV and [FCV]. Those are the technologies available, so we would like to be able to launch EV electric vehicle.

關於美國參議院，通貨膨脹——曲線通貨膨脹。所以很難說。我們的觀點是，目前的模型可能不符合條件，但我們希望以碳中和為目標，因此我們希望利用我們擁有的技術。 EV 和 -- EV 和 [FCV]。這些都是可用的技術，所以我們希望能夠推出 EV 電動汽車。

No, that's -- before the factory becomes eligible for tax credit. But we need to be able to come up with vehicles in terms of our tank to wheel. So we will focus our efforts, all our efforts in trying to first come up with being able to launch a vehicle that will help in this carbon neutrality. Thank you.

不，那是在工廠有資格獲得稅收抵免之前。但是我們需要能夠根據我們的坦克來設計車輛。因此，我們將集中精力，我們所有的努力都試圖首先推出能夠幫助實現碳中和的車輛。謝謝你。

Thank you, Mr. Sugiyama.

謝謝你，杉山先生。

And next question will be the last question. Nikkei, Ms. [Mazda], please.

下一個問題將是最後一個問題。日經，[馬自達]女士，請。

Mazda from Nikkei. I have just one question here.

日經的馬自達。我這裡只有一個問題。

About the fiscal year outlook and forecast you've revised, the operating profit has increased and the net profit remains unchanged. What is the logic of this upward revision and retaining the net profit?

關於您修改的財政年度展望和預測，營業利潤增加了，淨利潤保持不變。這次向上修正並保留淨利潤的邏輯是什麼？

Mazda-san, thank you very much for the question.

馬自達先生，非常感謝您的提問。

Well, about the FY '23 forecast and the relationship between network profit and operating profit. As for the operating profit, Takeuchi has explained that we are taking into account the currency of JPY 130 and JPY 120 in the first and second half. And so it's a plus JPY 20 billion for the operating profit, whereas the -- I said that the first quarter, for the equity method, the related companies in Japan, there was the impairment of the shares in Japan. And therefore, the equity profit -- method profit has been reduced. And also the operating profit, as it increases, there will be more corporate tax to be played. And so we have to factor in this negative. And therefore, the JPY 20 billion.

好吧，關於 23 財年的預測以及網絡利潤和營業利潤之間的關係。至於營業利潤，竹內解釋說，我們正在考慮上半年和下半年130日元和120日元的貨幣。因此，營業利潤增加了 200 億日元，而 - 我說第一季度，對於日本的相關公司而言，日本的股票存在減值。因此，權益利潤——方法利潤減少了。還有營業利潤，隨著它的增加，將會有更多的公司稅要打。所以我們必須考慮到這個負面因素。因此，200億日元。

And also it is -- so JPY 15 billion and JPY 10 billion has been offset as a result of this, and that is the reason why we have retained the net profit as originally planned.

也是——所以150億日元和100億日元因此被抵消了，這就是我們按原計劃保留淨利潤的原因。

With this, we would like to end today's briefing. And as for the materials that have been used, they will be posted on our website for you to refer to. And thank you very much for your viewing.

至此，今天的通報會結束。並且對於已經使用的材料，將在我們的網站上公佈，供您參考。非常感謝您的觀看。