本田技研 (HMC) 2023 Q3 法說會逐字稿

I thank you very much for taking time out of the busy schedule to attend our briefing today. We would now like to start Honda Motor Company Limited financial results briefing for third quarter of fiscal year to March 2023.

非常感謝大家在百忙之中抽空出席今天的吹風會。我們現在想開始本田汽車有限公司截至 2023 年 3 月的第三季度財務業績簡報。

First of all, allow me to introduce the attendees today. Mr. Eiji Fujimura, Operating Executive and Head of Accounting and Finance supervisory unit.

首先請允許我介紹一下今天的與會者。 Eiji Fujimura 先生，運營主管兼會計和財務監督部門負責人。

Good to see you, everyone.

很高興見到你，大家。

Mr. [Masao Kawaguchi], General Manager of Accounting Division, Accounting and Finance supervisory unit.

[Masao Kawaguchi] 先生，會計部總經理，會計和財務主管。

Good to see you, everyone.

很高興見到你，大家。

Then Mr. Fujimura will first present an outline of the third quarter financial results and the forecast for fiscal year to March 2023. Then Mr. Kawaguchi will present the details. Over to you, Mr. Fujimura.

然後藤村先生將首先介紹第三季度財務業績概要和截至 2023 年 3 月的財年預測。然後川口先生將介紹細節。交給你了，藤村先生。

First of all, I would like to thank all our customers around the world. for their loyalty to Honda products and all the stakeholders who support Honda's efforts. We sincerely apologize for the inconvenience caused to our customers who are waiting for Honda products due to the current vehicle production delay. We will do our best to deliver our products to our customers as soon as possible and seek for your understanding.

首先，我要感謝我們在世界各地的所有客戶。感謝他們對本田產品的忠誠以及支持本田努力的所有利益相關者。由於目前的車輛生產延遲，給正在等待本田產品的客戶帶來的不便，我們深表歉意。我們將盡最大努力盡快將我們的產品交付給我們的客戶，並尋求您的理解。

I now explain our financial results for FY 2023 third quarter and FY 2023 financial forecast. First, the key points of our financial results. The current business environment continues to be difficult. In the third quarter, production and unit sales of automobiles decreased from the same period of the previous year due to the impact of the COVID-19 pandemic in China and semiconductor supply shortages. In addition, manufacturing costs continued to rise due to soaring raw material prices and inflation.

我現在解釋我們 2023 財年第三季度的財務業績和 2023 財年的財務預測。首先，我們財務業績的要點。當前的商業環境仍然困難重重。第三季度，受中國 COVID-19 大流行和半導體供應短缺的影響，汽車產量和銷量同比下降。此外，由於原材料價格飆升和通貨膨脹，製造成本持續上升。

Under these circumstances, Honda made company-wide efforts to further improve its earnings structure and secured a 6.3% operating margin for the fiscal year '23 third quarter. The motorcycle business posted record high operating profit and margin for the second consecutive quarter.

在這種情況下，本田在全公司範圍內努力進一步改善其盈利結構，並在 23 財年第三季度實現了 6.3% 的營業利潤率。摩托車業務連續第二個季度創下營業利潤和利潤率新高。

For the full year forecast, we have revised downward automobile unit sales. Despite upward pressure on manufacturing costs, we will maintain our previous forecast for both operating profit and profit for the year by further improving our business structure. Despite the unfavorable business environment, we believe our earnings structure is steadily improving.

對於全年預測，我們下調了汽車銷量。儘管製造成本面臨上行壓力，但我們將通過進一步改善業務結構，維持之前對全年營業利潤和利潤的預測。儘管經營環境不利，但我們相信我們的盈利結構正在穩步改善。

And in light of our current profitability, cash level and future fund requirements, the Board today approved a resolution to acquire JPY 70 billion of our own shares when added to the JPY 100 billion already acquired this fiscal year, the total comes to JPY 170 billion and will continue to accelerate its efforts towards electrification and new growth to enhance corporate value.

鑑於我們目前的盈利能力、現金水平和未來的資金需求，董事會今天批准了一項決議，在本財年已收購的 1000 億日元基礎上，收購 700 億日元的自有股份，總額達到 1700 億日元並將繼續加快電動化和新增長的步伐，以提升企業價值。

Next, I will explain the status of our Automobile business in major markets. In the first 9 months of the fiscal year, unit sales in major markets declined from the same period year-on-year. The third quarter period was affected by semiconductor supply shortages and pandemic in China. Unit sales in Japan were higher, while sales in the U.S. and China were lower than in the same period of the previous year. In Japan, the N-BOX was the #1 selling new car and the FREED was the #1 selling minivan for the calendar year 2022. And in North America, the Acura Integra was named 2023 North American Car of the Year.

接下來，我將解釋我們汽車業務在主要市場的狀況。本財年前9個月，主要市場的單位銷售額同比下降。第三季度受到半導體供應短缺和中國大流行的影響。日本的單位銷售額高於去年同期，而美國和中國的銷售額低於去年同期。在日本，N-BOX 是 2022 日曆年銷量第一的新車，FREED 是銷量第一的小型貨車。在北美，Acura Integra 被評為 2023 年北美年度汽車。

We have revised downward, our previous sales forecast for fiscal year 2023, taking into account the current production and sales condition. In addition, we announced plan to launch a new light commercial EV in spring 2024, utilizing the features of the [N-BOX]. In the U.S., we announced establishment of a joint venture with LG Energy Solutions to produce EV batteries and the signing of a basic agreement with GS Yuasa to collaborate on high capacity, high output lithium-ion batteries.

考慮到當前的生產和銷售狀況，我們下調了之前對 2023 財年的銷售預測。此外，我們宣布計劃在 2024 年春季推出一款利用 [N-BOX] 功能的新型輕型商用 EV。在美國，我們宣布與 LG Energy Solutions 成立合資企業生產 EV 電池，並與 GS Yuasa 簽署基本協議，合作開發高容量、高輸出鋰離子電池。

Next, our Motorcycle business. In the first 9 months, unit sales exceeded year-on-year in major markets. In the third quarter, Unit sales in major markets exceeded that of the same period last year due to the replacement of sales models, utilization of alternative parts and the effect of new model launches, mainly in Vietnam, despite the effects of semiconductor supply shortages and other factors. In Vietnam, unit sales reached a record high in October following September. And in Brazil, unit sales reached 1 million units for the first time in calendar year since 2014.

接下來，我們的摩托車業務。前 9 個月，主要市場的單位銷售額同比超過了去年同期。第三季度，由於銷售模式的更換、替代零件的使用和新車型發布的影響，主要市場的單位銷售額超過了去年同期，主要是在越南，儘管受到半導體供應短缺和其他因素。在越南，繼 9 月之後，10 月的單位銷售額創下歷史新高。在巴西，單位銷量自 2014 年以來首次在歷年達到 100 萬台。

We have upwardly revised our previous sales forecast for FY '23, reflecting the current strong sales trend. As a forerunners of the global launch of electric motorcycles, Honda announced the EM1 e in Europe in November; and 3 community EV models in China in January.

我們上調了之前對 23 財年的銷售預測，反映了當前強勁的銷售趨勢。作為全球推出電動摩托車的先行者，本田於 11 月在歐洲發布了 EM1 e；一月份在中國推出了 3 款社區電動汽車車型。

Next, our overview of FY '23 9 months results. Despite decrease in automobile production and unit sales due to semiconductor shortages and pandemic in China plus higher manufacturing costs due to surging raw material prices and inflation. Operating profit increased JPY 62.2 billion to JPY 733.9 billion year-on-year due to price increases commensurate with improved product value, increase motorcycle unit sales and foreign exchange. Profit for the year amounted to JPY 583.1 billion, up JPY 1 billion from the same period last year. unit sales and income statement are as shown.

接下來，我們概述 FY '23 9 個月的結果。儘管由於半導體短缺和中國大流行導致汽車產量和銷量下降，加上原材料價格飆升和通貨膨脹導致製造成本上升。營業利潤同比增長 622 億日元至 7,339 億日元，原因是價格上漲與產品價值提高相稱，增加了摩托車銷量和外匯。全年利潤為5831億日元，比去年同期增加10億日元。單位銷售額和損益表如圖所示。

Next, FY '23 consolidated financial forecast. Despite decline in automobile unit sales and upward cost pressure due to inflation, we are maintaining our previous forecast of JPY 870 billion for operating profit, reflecting price increases commensurate with improved product value, increase in motorcycle unit sales, mainly in China and company-wide efforts to further improve profitability. The profit for the year forecast of JPY 725 billion is also maintained. Exchange rate assumptions for the fourth quarter and full year are JPY 130 and JPY 135 to the dollar, respectively. Unit sales and income state are as shown.

接下來，FY '23 綜合財務預測。儘管通貨膨脹導致汽車銷量下降和成本上升壓力，但我們維持之前對營業利潤 8700 億日元的預測，反映出與產品價值提高相稱的價格上漲，主要在中國和全公司範圍內的摩托車銷量增長努力進一步提高盈利能力。年度利潤預測也維持在 7250 億日元。第四季度和全年的匯率假設分別為 1 美元兌 130 日元和 135 日元。單位銷售額和收入狀態如圖所示。

Next, I will cover the dividend information. The prospects for fiscal year dividend for fiscal year 2023 is at JPY 120 per share, unchanged from our previous announcement. At the Board of Directors meeting held today, we have resolved to acquire own stock, with the objective of enhancing capital efficiency and enabling flexible capital strategies, we will acquire on stock up to the maximum total amount of JPY 70 billion.

接下來，我將介紹股息信息。 2023 財年的財年股息預期為每股 120 日元，與我們之前公佈的一樣。在今天舉行的董事會會議上，我們決定收購自己的股票，以提高資本效率和實現靈活的資本戰略為目標，我們將收購最大總額為 700 億日元的股票。

Next, Mr. Kawaguchi, General Manager of Accounting Division, will explain the details of the financial results and forecast.

接下來，會計本部總經理川口先生將詳細解釋財務業績和預測。

Allow me to start the explanation. To begin with Honda Group's unit sales for 9 months of the fiscal year 2023, in Motorcycle operations, unit sales grew year-on-year, particularly in Asia and came to 14,285,000 units. Automobile sales came to 2.74 million units, mainly due to decline in China and North America. In Power Products operations, our unit sales came to 4,121,000 units, mainly due to decline in North America.

請允許我開始解釋。從本田集團 2023 財年 9 個月的銷量開始，在摩托車業務中，銷量同比增長，尤其是在亞洲，銷量達到 14,285,000 輛。汽車銷量為 274 萬輛，主要是由於中國和北美的下降。在電源產品業務方面，我們的銷量達到 4,121,000 台，這主要是由於北美市場的下滑。

Next, I'd like to explain the changes of our pretax profit for the 3 quarters compared to the same period last year. Pretax profit was JPY 859.3 billion, which was higher by JPY 14.1 billion compared to the same period last year. Operating profit was JPY 733.9 billion, which was higher by JPY 62.2 billion on the year. To give you a factor analysis of the operating profit impact from sales though there was an increase in motorcycle unit sales, declines in automobile sales volume and in financial operations led to income decline of JPY 97.1 billion. Impact from selling price and cost, while there was an effect from our pricing in line with the product value due to surging material prices and inflation, it resulted in a decline in profit by JPY 17.1 billion.

接下來，我想解釋一下我們三個季度的稅前利潤與去年同期相比的變化。稅前利潤為8593億日元，比去年同期增加141億日元。營業利潤為 7339 億日元，同比增加 622 億日元。儘管摩托車銷量增加，汽車銷量下降，但金融業務導致收入下降 971 億日元，因此對銷售對營業利潤的影響進行因素分析。銷售價格和成本的影響，雖然由於材料價格飆升和通貨膨脹，我們的定價與產品價值相一致，但導致利潤下降 171 億日元。

Next, expenses. Due to increase mainly in selling expenditures and other factors. This gave us a negative impact of JPY 65.6 billion. R&D expenses led to a decline of JPY 11.5 billion. and currency effect we sell debt in JPY 253.7 billion positive impact.

接下來，費用。增加主要係銷售費用等因素所致。這給我們帶來了 656 億日元的負面影響。研發費用減少了 115 億日元。和貨幣效應對我們出售 2537 億日元的債務產生積極影響。

Next, to explain the sales revenues and operating profit by business segment. For Motorcycles, operating profit was JPY 376.5 billion, Automobile operations profit was JPY 112.9 billion. Operating profit from Financial Services was JPY 220.3 billion. And for Power Products business and Other Businesses, operating profit came to JPY 24.1 billion.

其次，按業務分部說明銷售收入和營業利潤。對於摩托車，營業利潤為 3765 億日元，汽車營業利潤為 1129 億日元。金融服務的營業利潤為 2203 億日元。電源產品業務和其他業務的營業利潤達到 241 億日元。

Next, I will explain the cash flow. Free cash flow of the operating entities for the third quarters of FY '23 came to JPY 217.0 billion, and at the end of the term balance of net cash came to JPY 2,339.3 billion.

接下來，我將解釋現金流量。 23 財年第三季度經營實體的自由現金流為 2170 億日元，期末淨現金餘額為 23393 億日元。

Next, I would like to talk about the consolidated financial forecast for FY ending in 2023. Firstly, speaking of Honda Group's unit sales since the previous forecast, in Motorcycle business, considering the growth mainly in Asia, forecast is for 18,730,000 units. In automobiles, are 3.85 million units, considering the decline mainly in China. And in Power Products, 5.58 million units in view of the declines in Europe and in Asia.

接下來，我想談談截至 2023 財年的合併財務預測。首先，自上次預測以來本田集團的單位銷量，在摩托車業務中，考慮到主要在亞洲的增長，預測為 18,730,000 輛。考慮到主要在中國的下降，汽車為 385 萬輛。在電源產品方面，鑑於歐洲和亞洲的下滑，銷量為 558 萬台。

Next, I would like to explain the factor analysis of pretax profit compared to the actual results from last fiscal year. Pretax profit is forecast at JPY 1.080 billion, up JPY 9.8 billion from the previous year's results. Operating profit is forecast at almost the same level as last year's result.

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 10.8 億日元，比上一年的結果增加 98 億日元。營業利潤預計與去年的結果幾乎持平。

To explain the factors behind the operating profit, impact from sales was a negative JPY 5.2 billion due to reduced income and financial services, the motorcycle unit sales grew, selling price and cost impact is negative JPY 93.0 billion due to sourcing material prices and inflation, though there was good effect from pricing in line with the product value. Expenses impact is expected to be negative JPY 120.0 billion due to increase in the quality-related expenses and our selling expenses. R&D expense impact is negative JPY 52.0 billion. And currency effect is forecast at positive of JPY 269.0 billion.

為了解釋營業利潤背後的因素，由於收入和金融服務減少，銷售額的影響為負 52 億日元，摩托車單位銷售額增長，由於採購材料價格和通貨膨脹，售價和成本影響為負 930 億日元，儘管根據產品價值定價有很好的效果。由於質量相關費用和我們的銷售費用增加，費用影響預計為負 1200 億日元。研發費用影響為負 520 億日元。貨幣效應預計為 2690 億日元。

Next, the changes since our previous forecast. We are keeping our pretax profit and operating profit forecast unchanged. To explain the factors affecting our operating profit, impact from sales is negative JPY 47.0 billion, mainly due to decline in automobile unit sales Selling price and cost impact is positive JPY 17.0 billion, thanks to effect from pricing in line with product value, though there is headwind of inflation adding to cost rises. Expenses impact is positive JPY 32.0 billion due to a decline in quality-related expenses. R&D expense impact of positive JPY 15.0 billion, currency impact of negative JPY 17.0 billion.

接下來是自我們之前預測以來的變化。我們維持稅前利潤和營業利潤預測不變。解釋影響我們營業利潤的因素，銷售額的影響為負 470 億日元，主要是由於汽車銷量下降 售價和成本的影響為正 170 億日元，這要歸功於與產品價值一致的定價效應，儘管有是通脹加劇成本上升的逆風。由於與質量相關的費用下降，費用影響為 320 億日元。研發費用影響為正 150 億日元，貨幣影響為負 170 億日元。

Lastly, since our previous forecast, our forecast for capital expenditure, depreciation and amortization and R&D expenditures for FY '23 remains unchanged. This completes my than explanation. Thank you very much for your attention.

最後，自我們之前的預測以來，我們對 23 財年的資本支出、折舊和攤銷以及研發支出的預測保持不變。這完成了我的解釋。非常感謝您的關注。

(Operator Instructions) Let us begin with (inaudible),

（操作員說明）讓我們開始（聽不清），

Mr. [Nakamura], please. Mr. Nakamura, can you hear -- can you hear me? Yes, please.

[中村]先生，請。中村先生，你能聽到——你能聽到我說話嗎？是的，請。

I'm Nakamura from (inaudible). I have 2 questions. The first, the sales in China, I want to know the details about sales in China in November due to the Corona or COVID-19 policy. These plan had to be suspended, but what is the forecast of production sales in China, January to March? And also about trying to shorten the delivery time in Japan overseas, especially due to the shortage of semiconductors, I think that you're working to try to secure the necessary semiconductors. But I'd like to ask you, including that area of semiconductors, how you intend to shorten your delivery lead time.

我是來自（聽不清）的 Nakamura。我有兩個問題。首先，在中國的銷售，我想知道由於 Corona 或 COVID-19 政策，11 月在中國的銷售詳情。這些計劃不得不暫停，但中國1-3月的產量預測是多少？還有關於試圖縮短在日本海外的交貨時間，特別是由於半導體短缺，我認為你正在努力確保必要的半導體。但是我想問你，包括半導體那個領域，你打算如何縮短你的交貨期。

Thank you. Mr. Nakamura for your question. We have received 2 questions. First, about China. Let me begin with China. (inaudible) pointed out again and also as explained, for the third quarter, especially October and November due to the Zero COVID policy, the plant had to be suspended as well as the coastal areas, it was the inland area of China, which was heavily impacted and also the -- we have the (inaudible) plant. It's in Wuhan and because it's in the inland area, including production, there was a big impact.

謝謝。請中村先生回答您的問題。我們收到了 2 個問題。首先，關於中國。讓我從中國開始。 （聽不清）再次指出，也如解釋的那樣，第三季度，尤其是 10 月和 11 月，由於零 COVID 政策，工廠不得不停工，沿海地區也是如此，這是中國的內陸地區，這是受到嚴重影響，而且 - 我們有（聽不清）工廠。是在武漢，因為是在內陸地區，包括生產，影響很大。

And from December after the government is shifting to boosting the economy and therefore, in regards to the restrictions of outings, the Chinese government have lifted these restrictions. But as a result, the number of infection cases increased. And so in the third quarter, compared to our original plan. In regards to China, we were short of some 120,000 units. Of course, there is also the semiconductor impact included here.

從12月開始，政府轉向提振經濟，因此，在外出限制方面，中國政府取消了這些限制。但結果，感染病例的數量增加了。所以在第三季度，與我們最初的計劃相比。關於中國，我們缺少大約 120,000 台。當然，這裡也包括半導體的影響。

Now in regards to the fourth quarter, January, March quarter, Well, we came up with the January numbers recently. And due to the (inaudible) and that some of the dealers were closed. And there was, to a certain extent, the impact of those sales. And also due to the Chinese Lunar New Year, and also, the car acquisition tax, there was a tax reduction. This was ended at the end of December. And therefore, in January year-on-year compared to last year, it is around 50%. But in regards to these factors, we had factored the win in our plan. And February at the spring, we will be able to resolve these impacts.

現在關於第四季度，一月，三月季度，好吧，我們最近得出了一月的數字。由於（聽不清），一些經銷商已經關閉。在一定程度上，這些銷售產生了影響。而且由於中國農曆新年，還有汽車購置稅，都有減稅。這在 12 月底結束。因此，1月份與去年同期相比，約為50%。但考慮到這些因素，我們已經將獲勝納入了我們的計劃。在春天的二月，我們將能夠解決這些影響。

Meanwhile, looking at the market development last year in calendar year 2022 in China. The passenger car market, we are not involved very much in commercial vehicle. So talking about passenger car market, it was around 23.5 million units. And in year '23, we are expecting it to be more or less the same. And given that, the breakdown would change. So we believe that there will be growth in the new energy cars, and they will have a share of 30%, 40% and seeing a growth of 130%.

同時，回顧 2022 年中國去年的市場發展情況。乘用車市場，商用車我們涉足不多。那麼就乘用車市場而言，大約是2350萬輛。而在 23 年，我們預計情況會大致相同。鑑於此，故障將發生變化。所以我們相信新能源汽車會有增長，會是30%、40%的份額，增長130%。

And so how are we going to compete given this situation?

那麼在這種情況下我們將如何競爭呢？

The e:N Series, well, we launched this series last year. It is still -- and we also have ICE, intercombustion gasoline engines. So we will have to compete with these core CRV are highly appraised. And therefore, we want to ensure that these can be produced and we want to cover with that. And also for electrification, the e:N series, the second of the series will be launched within FY '24 and also under (inaudible). And we work on intelligence, and sensing [360], these will be evolved. So that by FY '27, we will have 10 EVs in the market. So that is our situation in China.

e:N 系列，嗯，我們去年推出了這個系列。它仍然是 - 我們也有 ICE，內燃汽油發動機。所以我們將不得不與這些核心CRV競爭，給予高度評價。因此，我們希望確保可以生產這些產品，並且我們希望涵蓋這些內容。而且對於電氣化，e:N 系列，該系列的第二個將在 24 財年內以及（聽不清）下推出。我們致力於智能和傳感 [360]，這些將得到發展。因此，到 27 財年，我們將在市場上推出 10 款電動汽車。這就是我們在中國的情況。

And about the deliveries, both in Japan and overseas, the impact of semiconductor shortage, I said that in China, there was also the impact of pandemic, and we had to reduce it by 210,000 from the plan. But other than China, again, we have 40,000. So in total, 250,000 reduction about the impact of this 40,000 units. Given the markets in U.S., North America, is a big factor. And well, relatively speaking, North America when it comes to the price range of the vehicles -- will be -- the vehicles will come with a lot of equipment, which requires semiconductors and therefore, we -- North America is more impacted by the shortage. But in Japan and Asia, and including the measures that we're taking, we are increasing our unit sales.

關於日本和海外的交貨，半導體短缺的影響，我說在中國，也有大流行的影響，我們不得不從計劃中減少 210,000。但除了中國，我們還有 40,000 人。因此，這 40,000 個單位的影響總共減少了 250,000 個。考慮到美國、北美的市場，這是一個很大的因素。嗯，相對而言，北美在車輛的價格範圍方面——將會——車輛將配備很多設備，這需要半導體，因此，我們——北美受到的影響更大短缺。但在日本和亞洲，包括我們正在採取的措施在內，我們正在增加我們的單位銷售額。

So the semiconductor impact -- well, we initially were planning for 4.2 million, but is now 3.8 million units. We are trying to manage the situation on a daily basis. And so if we miss even a single component, we cannot produce, therefore, together with our suppliers as well as the semiconductor suppliers, we are directly communicating with them to try to address this issue.

所以半導體的影響——好吧，我們最初計劃生產 420 萬台，但現在是 380 萬台。我們每天都在努力處理這種情況。因此，即使我們錯過了一個組件，我們也無法生產，因此，我們與我們的供應商以及半導體供應商一起，直接與他們溝通，試圖解決這個問題。

Well, it is a very challenging situation. But the third quarter, Well, excluding the pandemic in China, compared to the second quarter, we have been increasing unit sales. And compared to last year's third quarter, the unit volume is increasing. So we think that we are starting to see the situation bottom out. And from the second half of this year, the supply will recover. We are expecting that to happen. So this is the image that we hope.

好吧，這是一個非常具有挑戰性的情況。但是第三季度，除了中國的大流行，與第二季度相比，我們一直在增加單位銷售額。與去年第三季度相比，單位數量正在增加。所以我們認為我們開始看到情況觸底反彈。從今年下半年開始，供應將恢復。我們期待這種情況發生。所以這就是我們希望的形象。

From [Nikkei Newspaper], Mr. Tanabe?

來自【日經新聞】，田邊先生？

Okay. This is Tanabe from Nikkei [Paper]. I hope you can hear me. Okay. About your financial services business. So recently, from October to December, you saw some declines in your profit. So I'd like to know the reasons. That's my first question. My second question is for the states. I would like ask, are the whole industry -- I believe that the incentives are actually coming to the bottom. So from January to March, I wonder what you expect the incentive to go from here? Well, the word recession is mentioned -- so I just want to ask what -- how you see the demand in states.

好的。我是日經 [Paper] 的 Tanabe。我希望你能聽到我的聲音。好的。關於您的金融服務業務。所以最近，從 10 月到 12 月，您的利潤有所下降。所以我想知道原因。這是我的第一個問題。我的第二個問題是關於各州的。我想問的是，整個行業都是——我相信激勵措施實際上已經觸底了。所以從 1 月到 3 月，我想知道你期望從這裡得到什麼激勵？好吧，提到了衰退這個詞——所以我只想問一下——你如何看待各州的需求。

Okay. Thank you very much, Mr. Tanabe. Concerning the financial services operations and then our states and the incentives. Okay. Mr. Kawaguchi will cover the details about the financial services. But the financial services after since the pandemic started, what has been changing dramatically is that during the pandemic, the subsidies so far, there has been a lot of good subsidies from the government to individuals. And then we have not been able to provide good new vehicles. So the used car market prices have been going up. So in all our financial services operations, there's a bit of a special factor. There has been some impact in default and the losses of the residual value, so those are negative. Risk expenses has been there.

好的。非常感謝，田邊先生。關於金融服務運營，然後是我們的州和激勵措施。好的。川口先生將介紹有關金融服務的細節。但是自大流行開始以來的金融服務，發生了巨大變化的是，在大流行期間，迄今為止的補貼，政府對個人的補貼很多。然後我們無法提供好的新車。所以二手車市場價格一直在上漲。因此，在我們所有的金融服務業務中，都有一些特殊因素。違約和殘值損失有一些影響，所以這些都是負面的。風險費用一直存在。

And then -- but for the past story through the 2, 3 years, there has been -- the negative risk factors has been very low. So we used to have got JPY 330 billion operating profit. However, now those risk factors are coming in. So we are -- we used to have this. We are thinking expecting something like JPY 250 billion to JPY 260 billion throughout the year for the full year. So that is the effect that we are seeing. So far, we were -- without going without the risk expenses, but those are now coming back. That is the big reason behind this reduced earnings.

然後 - 但對於過去 2、3 年的故事，已經存在 - 負面風險因素非常低。所以我們曾經有 3300 億日元的營業利潤。然而，現在這些風險因素正在出現。所以我們 - 我們曾經有過這個。我們正在考慮全年預計全年將達到 2500 億至 2600 億日元。這就是我們看到的效果。到目前為止，我們 - 沒有沒有風險費用，但現在又回來了。這是收入減少的主要原因。

You have anything to add Mr. Kawaguchi?

川口先生有什麼要補充的嗎？

Okay. Mr.Tanabe. Thank you for the question. As Mr. Fujimura explained, the overview of the -- our financing services business. As you've said, for -- if we look just at the third quarter, compared with the third quarter last year, we have lost about JPY 14 billion operating -- operating profit are 2 big factors for this. One is that as Mr. Fujimura explained, those default -- those losses associated with the default -- to repeat myself last fiscal year, in the states, particularly, we had a very good business, so the government subsidies. So with that, the 14 percentage was very low. But now those subsidies because the pandemic came to -- coming to an end -- those are subsidies are coming to the end, so that the normal defaulting ratio has been coming back.

好的。田邊先生。感謝你的提問。正如 Fujimura 先生解釋的那樣，我們的融資服務業務的概述。正如您所說，因為 - 如果我們只看第三季度，與去年第三季度相比，我們已經損失了約 140 億日元的營業收入 - 營業利潤是造成這種情況的兩個重要因素。一是正如 Fujimura 先生解釋的那樣，那些違約——那些與違約相關的損失——在上個財政年度重複我自己，特別是在各州，我們有一個非常好的業務，所以政府補貼。因此，14% 的百分比非常低。但現在這些補貼因為大流行病來了——即將結束——這些補貼即將結束，所以正常的違約率已經回來了。

However, in case of Honda, the customers, we are -- have been -- we have -- thankfully, we have many customers who have a very high credit score. So compared to the general increases in defaulting, it is not that we are getting the same level of our delinquencies or default. So it is a gradual increase in the default in percentage, fortunately. And another thing is that the credits of the loans, this balance is itself is declining. So the loans or the leasing, we have the interest income from them to the customers.

然而，就本田客戶而言，我們 - 一直 - 我們 - 謝天謝地，我們有許多信用評分非常高的客戶。因此，與違約率的普遍增加相比，我們的拖欠率或違約率並沒有達到相同水平。幸運的是，這是默認百分比的逐漸增加。另一件事是貸款的信用，這個餘額本身就在下降。因此，貸款或租賃，我們從中獲得利息收入給客戶。

So currently, if our lending credit has been declining, that means our revenues are declining. So the financial revenues, sorry, the income has been going down. So due to the semiconductor and the pandemic, we -- the states in general, the retail segment has been very struggling. So the credits that we have been providing to consumers -- the lending, those are kind of expiring. And then we are getting a reduced number of loans and lending (inaudible) . So the lending volume has been going on. So those are the 2 factors that contributed to this.

所以目前，如果我們的貸款信貸一直在下降，那就意味著我們的收入在下降。所以財政收入，對不起，收入一直在下降。因此，由於半導體和大流行，我們 - 整個州，零售部門一直在苦苦掙扎。因此，我們一直向消費者提供的信貸——貸款，這些都快到期了。然後我們得到的貸款和貸款數量減少（聽不清）。所以貸款量一直在增加。所以這些是促成這一點的兩個因素。

Okay. Then let me try to answer the second question about the incentives. As you said, those are hitting the bottom I would say that is what we see. So we are struggling with the semiconductor situation. We do have a good demand. However, we are not able to catch up with the supply.

好的。那麼我試著回答第二個關於激勵的問題。正如你所說，那些正在觸底，我會說這就是我們所看到的。因此，我們正在與半導體形勢作鬥爭。我們確實有很好的需求。但是，我們無法趕上供應。

So at the dealers, the inventory at the dealers has been very low, generally speaking. So -- so even if you look at the other OEMs across the market, that has been the situation. However, the American and Korean OEMs, they are getting rid of that situation, they are getting -- they're building up their inventory. So due to -- maybe due to the impact we are seeing that the incentive has bottomed out and then is going -- looking to increase. So we are assuming that this situation will continue.

所以在經銷商處，一般來說，經銷商的庫存一直很低。所以 - 所以即使你看看市場上的其他原始設備製造商，情況也是如此。然而，美國和韓國的原始設備製造商正在擺脫這種情況，他們正在建立庫存。因此，由於 - 可能是由於影響，我們看到激勵已經觸底，然後將繼續 - 尋求增加。所以我們假設這種情況將繼續下去。

But for ourselves, initially before the pandemic, we were thinking of like 60 days worth of dealer inventory. That's what we used to keep. But we wanted to minimize -- running and minimizing the inventory dealer when it comes to keeping down the incentives. This is something that America Honda believes in and the dealers in the states that we work with. They understand the situation that this leads to keeping down the incentive. So we don't want to make sure that we don't bring up the inventory level at the dealers to the previous level. And at the same time, of course, for model, there will be some situation where the incentive would need to be raised. However, we want to avoid that situation. We have been trending at the lowest level of incentive originally. So we want to try to keep it even more than the efforts that we use to pull into this before. I hope those answered your question.

但對我們自己來說，最初在大流行之前，我們考慮的是大約 60 天的經銷商庫存。那是我們曾經保留的。但我們希望最大限度地減少——在降低激勵措施方面運行和最小化庫存經銷商。這是美國本田以及與我們合作的州的經銷商所相信的。他們了解這導致抑制激勵的情況。所以我們不想確保我們不會將經銷商的庫存水平提高到以前的水平。同時，當然對於模型來說，也會有一些需要提高激勵的情況。但是，我們希望避免這種情況。我們最初一直處於最低激勵水平。因此，與我們之前為實現這一目標所做的努力相比，我們更想努力保持它。我希望那些回答了你的問題。

Next question. (inaudible)

下一個問題。 （聽不清）

This is (inaudible) from NHK speaking. Can you hear me?

這是來自 NHK 的（聽不清）。你能聽到我嗎？

Yes. Can you speak a bit louder?

是的。你能不能說大聲點？

Mr. (inaudible) from NHK. About your operating profit of the Automobile business, this -- we have a margin of 1.4%. And compared to last year, it's low. What are the reasons? And how will you try to improve? What are your policies going forward? That's the first one. And related to that, the price increase of your automobile [miles], can you talk about possible price increase?

來自 NHK 的先生（聽不清）。關於汽車業務的營業利潤，我們的利潤率為 1.4%。與去年相比，它很低。原因是什麼？您將如何改進？你們未來的政策是什麼？這是第一個。與此相關的是，您的汽車 [miles] 的價格上漲，您能談談可能的價格上漲嗎？

(inaudible) Thank you. About our operating margin, well, 1.4%. Yes, as you mentioned, it is quite low. We do recognize this to be low. Well the operating profit or the operating margin of our Automobile business -- the fact that it's low. Well, it's after the (inaudible) shock, we were struggling, and we had this goal of achieving [6 billion] worldwide, and we started up our factory, but we could not achieve that level. And therefore, to now, we had to decide to close down some of our plants.

（聽不清）謝謝。關於我們的營業利潤率，嗯，1.4%。是的，正如你提到的，它是相當低的。我們確實認識到這一點很低。那麼我們汽車業務的營業利潤或營業利潤率 - 事實上它很低。好吧，在（聽不清的）衝擊之後，我們一直在苦苦掙扎，我們的目標是在全球範圍內實現 [60 億]，我們開辦了我們的工廠，但我們無法達到那個水平。因此，到現在為止，我們不得不決定關閉我們的一些工廠。

And about profitability of new models, again, it is pointed out that it's not increasing. We want to try to have common parts, (inaudible) cars globally and also improve the profitability of (inaudible) with the respective models.

關於新車型的盈利能力，有人再次指出它沒有增加。我們希望嘗試在全球範圍內擁有通用零件（聽不清）汽車，並提高（聽不清）各個車型的盈利能力。

So -- as for our plants in Europe as well as in Japan, [Saitama] factory, Sayama plant. We have reduced the fixed cost and for new models, recently from last year, Civic, Accord, CRV, HRV (inaudible) well our core miles being renewed. So I think in terms of our profitability, we have put in a lot of new measures and come this far. As per our capacity, well, I said that we are -- we were aiming to 6 million units globally is currently JPY 5.14 million. But regretfully, due to the semiconductor and the pandemic situation, it is less than JPY 4 million right now, but around 70% of what we are aiming towards with JPY 5.14 million.

所以——至於我們在歐洲和日本的工廠，[Saitama] 工廠，Sayama 工廠。我們已經降低了固定成本，對於新車型，最近從去年開始，Civic、Accord、CRV、HRV（聽不清）以及我們的核心里程都得到了更新。所以我認為就我們的盈利能力而言，我們已經採取了很多新措施並走到了這一步。根據我們的產能，嗯，我說過我們是——我們的目標是全球 600 萬台，目前是 514 萬日元。但遺憾的是，由於半導體和大流行的情況，目前還不到 400 萬日元，但大約是我們目標 514 萬日元的 70%。

Well, this [1.4%] operating margin is low. So we have to think about first, how to secure (inaudible) semiconductors so as to improve our top line, but despite this very low utilization rate of plants, we have managed to come this far.

嗯，這個 [1.4%] 的營業利潤率很低。因此，我們必須首先考慮如何確保（聽不清）半導體的安全，以提高我們的收入，但儘管工廠的利用率非常低，但我們已經做到了這一點。

And about the price increase question that you asked, it will be coming up later. Over the past 2 years, we have -- we have had a cost increase impact of some JPY 700 billion over the past 2 years, and we had to take measures to cope with that. And so with these factors all combined have resulted in operating margin of 1.4%. We have to try to increase the margins. We understand.

關於您提出的漲價問題，稍後會提出。在過去 2 年裡，我們已經 - 在過去 2 年中我們受到了大約 7000 億日元的成本增加影響，我們不得不採取措施來應對這一問題。因此，所有這些因素加在一起導致了 1.4% 的營業利潤率。我們必須設法增加利潤。我們明白。

About the price increase of our automobile models, the way to think about it. Well, about the price increase, we avoid using the term price increase. Instead, as we explained, we try to -- try to price it and commemorate with the product value. And so -- what we are thinking here is that the car and the service, we have to focus on how our customers will appreciate the value. So this is the first factor that will be important. And we need to try to enable our customers to recognize the value of product or service. We need to offer such products and services that our customers would appreciate.

關於我們的車型漲價，怎麼想。那麼，關於價格上漲，我們避免使用價格上漲一詞。相反，正如我們所解釋的那樣，我們試圖 - 嘗試為其定價並紀念產品價值。所以——我們在這裡想的是汽車和服務，我們必須關注我們的客戶如何欣賞價值。所以這是第一個重要的因素。我們需要努力讓我們的客戶認識到產品或服務的價值。我們需要提供客戶會喜歡的產品和服務。

Now how are we going to increase the price? It really depends on the market. It depends on the model. So a number of factors are involved here. And in the field, we will be very careful and prudent in setting the prices.

現在我們要如何提高價格？這真的取決於市場。這取決於模型。因此，這裡涉及許多因素。在實地，我們在定價時會非常謹慎和謹慎。

About inflation -- was not because of inflation that we want to increase the price, but to our customers, in order to explain how we are prudent about increasing prices in regards to our automobiles. Well, there are cases in which we rather cut. Reduce the price. Well, rather, if we were to reduce it, it will lead to reducing the price of used cars. It's not just new customers but our existing customers who are already using our models. We would animate the asset value of these vehicles. And therefore, as that we are trying to keep incentives to the lowest in the industry. So including that, we have to try to protect the value of our customers' assets. This is something that we also need to take into consideration. And therefore, for our customers to not just by a new Honda but we also have to attach importance to our customers who are using our products. And with this in mind, we want to determine this pricing. These are the thoughts that we have in regards to the subject. Thank you.

關於通貨膨脹——不是因為通貨膨脹我們想提高價格，而是為了向我們的客戶解釋我們如何謹慎地提高汽車價格。好吧，有些情況下我們寧願削減。降低價格。好吧，相反，如果我們要減少它，它將導致降低二手車的價格。不僅僅是新客戶，還有已經在使用我們模型的現有客戶。我們將動畫化這些車輛的資產價值。因此，我們正在努力將激勵措施保持在行業最低水平。因此，包括在內，我們必須努力保護客戶資產的價值。這也是我們需要考慮的問題。因此，對於我們的客戶來說，不僅僅是一輛新的本田，我們還必須重視使用我們產品的客戶。考慮到這一點，我們想確定這個定價。這些是我們對這個主題的想法。謝謝。

From [Automotive News] (inaudible)

來自 [汽車新聞]（聽不清）

Hello. Yes, this is Automotive News. Can you hear me now?

你好。是的，這是汽車新聞。你能聽到我嗎？

Yes, please.

是的，請。

Yes. If I may ask a quick question in English, please. It's about your dealer strategy in the United States with the Sony Honda Mobility. It seems to be a somewhat sensitive issue with Honda dealers there. Your Honda dealers and accurate dealers seem to assume that they will have automatic rights (inaudible) to start selling Sony Honda EVs. But the Sony Honda Mobility Joint Venture doesn't seem to agree necessarily with that. What is Honda's position on maybe giving its own dealers an advantage or a priority in selling or, I should say, servicing or aftermarket business with Sony Honda Mobility?

是的。如果我可以用英語問一個簡短的問題，請。這是關於您在美國的索尼本田汽車經銷商策略。對於那裡的本田經銷商來說，這似乎是一個有點敏感的問題。您的本田經銷商和準確的經銷商似乎認為他們將自動有權（聽不清）開始銷售索尼本田電動汽車。但索尼本田移動合資企業似乎並不一定同意這一點。本田在與 Sony Honda Mobility 的銷售或我應該說的服務或售後市場業務中給予自己的經銷商優勢或優先權的立場是什麼？

(foreign language) Thank you very much, [Hans]. For Sony Honda Mobility, about the fusion of the Sony and Honda. Those are -- we come from different industries. So this is an unprecedented idea. This is a new mobility value that we alone cannot come up with. So it's something innovative. So we do have high expectations of this as we started up with the joint venture and then as the project proceeds.

（外語）非常感謝，[漢斯]。對於 Sony Honda Mobility，關於 Sony 和 Honda 的融合。這些是 - 我們來自不同的行業。所以這是一個前所未有的想法。這是我們無法單獨提出的新的移動價值。所以這是創新的東西。因此，我們確實對此抱有很高的期望，因為我們從合資企業開始，然後隨著項目的進行。

But I'm sorry to -- I have to say this, but see this, the Honda and Sony Mobility's vehicle business and Honda's business -- they can become competitors depending on the market where the joint venture dealers and our business work. So they would have to -- there are rules and policies, regulations about sales and competition. So we cannot talk about the Honda Sony Mobility's products and services, what will be made available. And as you've asked, what kind of sales strategy will be adopted. I'm sorry to say that we are unable to answer the question. So I hope you will appreciate our position on this.

但我很抱歉 - 我不得不這麼說，但看到這一點，本田和索尼移動的汽車業務和本田的業務 - 它們可以成為競爭對手，具體取決於合資經銷商和我們業務所在的市場。所以他們必須——有規則和政策，關於銷售和競爭的規定。所以我們不能談論本田索尼移動的產品和服務，將提供什麼。正如您所問，將採用什麼樣的銷售策略。很抱歉，我們無法回答這個問題。所以我希望你能理解我們在這方面的立場。

(inaudible)

（聽不清）

This is (inaudible) speaking. How do you do? Please, 2 questions. So about the 9-month and full year, the operating profit and you talked about the gains and losses and the selling price and cost, and you said -- I want to know are those are the material cost? So can you explain the details of how much increase and also give the breakdown. And another question is, I might be asking the same question every time by the suppliers. I think I'm looking at the performance, and they are also having difficulties. And so the suppliers, are they not requesting that you try to add on their additional cost on the pricing? So are you not receiving such request and are you satisfying their request?

這是（聽不清）說話。你好嗎？請，2個問題。那麼關於 9 個月和全年的營業利潤，你談到了損益、售價和成本，你說——我想知道那些是材料成本嗎？那麼你能解釋一下增加了多少的細節並給出了細目嗎？另一個問題是，我可能每次都被供應商問同樣的問題。我覺得我是看表演，他們也有難處。因此，供應商是否要求您嘗試在定價中增加他們的額外成本？那麼你沒有收到這樣的請求，你滿足他們的要求了嗎？

Mr. (inaudible), thank you very much. About the breakdown, I would like (inaudible) to respond to your question about that. But about the request that we're receiving from our suppliers to add on their cost to the pricing and for us to accept the increase in pricing.

先生（聽不清），非常感謝。關於故障，我想（聽不清）回答你的問題。但是關於我們從供應商那裡收到的要求將他們的成本增加到定價中並讓我們接受價格上漲的請求。

Well, true for ourselves as well, but I do think that there is a big impact in various ways. But recently, there's been the foreign exchange, raw material, energy price, the personnel costs increased and along with the semiconductor situation, we had to reduce our production. And therefore, we have to shoulder the fixed cost more than in the past. And -- and we are asking our suppliers to put in place the necessary fixed asset to meet our requirements. And therefore, I think that they are very much impacted having to reduce their production volume. We do recognize that this is their situation.

嗯，對我們自己也是如此，但我確實認為在各個方面都有很大的影響。但最近，外匯、原材料、能源價格、人員成本增加，加上半導體情況，我們不得不減產。因此，我們必須比過去承擔更多的固定成本。並且 - 我們要求我們的供應商提供必要的固定資產以滿足我們的要求。因此，我認為他們不得不減少產量，因此受到很大影響。我們確實認識到這是他們的情況。

Well, when it comes to foreign exchange or raw material impact, within the fiscal year, we are purchasing section and the suppliers work out and try to supplement the shortcomings, but this year, just for this year, the energy price or there's the inflation impact and production reduction impact, so all these included. We are trying to respond fully and try to support our suppliers and struggling with these challenges. And it's not just the Tier 1 suppliers, Tier 2, Tier 3 suppliers to the supply chain on the [whole], we are looking into how we can share the burden.

好吧，說到外匯或原材料的影響，在財政年度內，我們在採購部門和供應商一起努力彌補不足，但今年，就今年而言，能源價格或通貨膨脹影響和減產影響，所以所有這些都包括在內。我們正努力做出全面回應，努力支持我們的供應商並努力應對這些挑戰。不僅僅是[整個]供應鏈的一級供應商、二級供應商、三級供應商，我們正在研究如何分擔負擔。

Well, each will be negotiated. And so in our fourth quarter, I think that we were thinking that a much of the costs will be posted in the fourth quarter. We are doing a case by case. And in the third quarter, we have already settled it or decided with it in the third quarter. So in the third quarter, in our actual numbers, the cost increase is already reflected about half of the portion.

好吧，每個都將被協商。因此，在我們的第四季度，我認為我們認為大部分成本將在第四季度公佈。我們正在逐案處理。在第三季度，我們已經在第三季度解決或決定了。所以在第三季度，在我們的實際數字中，成本增加已經反映了大約一半的部分。

About the raw material prices included the suppliers' cost increase. Well, it's not really to respond to that [state]. But there is a cost increase of JPY 430 billion, of which suppliers also included having to try to deal with the supply situation.

原材料價格上漲包含供應商成本增加。好吧，這並不是真的要回應那種[狀態]。但增加了 4300 億日元的成本，其中還包括供應商不得不設法應對供應情況。

And the full year, we and our suppliers we are trying to reduce our cost and improve our earnings structure. We are both on site, both sides are working on this. And for this fiscal year, I think it will be difficult to ask them to try to work on this. So -- looking at the supply chain, we will talk with them and decide what needs to be done. That is the situation.

全年，我們和我們的供應商都在努力降低成本並改善我們的收入結構。我們都在現場，雙方都在努力。對於本財政年度，我認為很難要求他們嘗試解決這個問題。所以——看看供應鏈，我們將與他們交談並決定需要做什麼。情況就是這樣。

And as for how much? I'll hand it over to (inaudible)

至於多少錢？我會把它交給（聽不清）

(inaudible), thank you for the question about the full year. The slide that you saw earlier and also the selling price cost impact is minus JPY 93 billion. About the raw material steel, aluminum and also the precious metal and catalysts. These are the areas in which we're seeing quite a bit of impact. The breakdown precious metal from last year, especially recently, (inaudible) volume, the market is softening. That is how we see it.

（聽不清），感謝您提出有關全年的問題。您之前看到的幻燈片以及售價成本影響為負 930 億日元。關於原材料鋼、鋁以及貴金屬和催化劑。這些是我們看到相當大影響的領域。貴金屬從去年開始下跌，尤其是最近，（聽不清）成交量，市場正在走軟。這就是我們的看法。

And the semiconductor part is easy. And (inaudible) the car production increases and the situation might change. We do think that might happen, but just as of now, we think for the precious metal pricing is -- the market is softening. We [want] still aluminum ever since last year, we have seen quite a bit of increase in price, and this has had an impact on our business.

而且半導體部分很容易。而且（聽不清）汽車產量增加，情況可能會改變。我們確實認為這可能會發生，但就目前而言，我們認為貴金屬定價是——市場正在走軟。自去年以來，我們[想要]仍然是鋁，我們看到價格大幅上漲，這對我們的業務產生了影響。

About the full year, minus JPY 93 billion. And this explanation. But as Fujimura has already said, the overall cost is JPY 430 billion, and this is included and we are trying to make effort to reduce the cost and also to charge a price in line with the product value. So through such (inaudible) we tried to cover for this, but still, we have this JPY 93 billion.

關於全年，減去 930 億日元。還有這個解釋。但正如藤村所說，總成本為4300億日元，包括在內，我們正在努力降低成本，並根據產品價值收取價格。因此，通過這樣的（聽不清）我們試圖彌補這一點，但我們仍然有 930 億日元。

Now of the JPY 430 billion, the raw material cost increase and also, as I explained, the suppliers, we can negotiate and talk with our suppliers and try to shoulder some of their costs. So that will increase our costs and labor costs, logistics costs and inflationary impact are only included. Now there's JPY 430 billion. Well, raw material -- just looking about the raw materials, about JPY 200 billion would be the portion that accounts for the raw material part.

現在，在 4300 億日元中，原材料成本增加了，而且正如我解釋的那樣，供應商也增加了，我們可以與我們的供應商進行談判和交談，並嘗試承擔他們的一些成本。這樣會增加我們的成本和人工成本，物流成本和通貨膨脹的影響才算進去。現在有 4300 億日元。好吧，原材料 - 只看原材料，大約 2000 億日元將佔原材料部分的部分。

And about the 3 -- 9 months period, well, we -- I said the JPY 430 billion earlier, which JPY 250 billion plus has already been realized over these 9 months. And raw material impact is about JPY 150 billion plus. I hope I understand that, that is the case. That is all. Thank you.

關於 3 - 9 個月的時間，嗯，我們 - 我之前說過 4300 億日元，這 9 個月已經實現了 2500 億日元以上。原材料影響約為 1500 億日元以上。我希望我明白了，就是這樣。就這些。謝謝。

We'd like to take the next question from (inaudible) Mr. [Yokoyama], please.

我們想請（聽不清）[Yokoyama] 先生提出下一個問題。

This is Yokoyama I hope you can hear me. Yes, please. Okay. I have 2 questions as well. But your production planning, I would like to hear about the forecast. So of course, for this year, you have shown the volume, but you talked about the semiconductor. So for the next fiscal year, in what direction you'll be heading with the production plan, including your countermeasures and all that? So Toyota said that 10.6 million units and then that will be the guideline. And then so I'd like to hear what Honda's thinking about. And then about the deterioration in profitability for automobile business, this was asked earlier for if the unit volume goes up, I guess, the profitability deterioration might -- might get worsened. I just would like to know what your prospects are for next business year onwards?

我是橫山，希望你能聽到我的聲音。是的，請。好的。我也有兩個問題。但是你的生產計劃，我想听聽預測。所以當然，對於今年，你展示了數量，但你談到了半導體。那麼對於下一個財政年度，您將朝著什麼方向制定生產計劃，包括您的對策等等？所以豐田說 1060 萬輛，然後這將是指導方針。然後我想听聽本田的想法。然後關於汽車業務盈利能力的惡化，這是早些時候被問到的，如果單位數量增加，我猜，盈利能力惡化可能 - 可能會惡化。我只想知道您對下一個業務年度的前景如何？

Okay. Thank you very much, Mr. Yokoyama. About our production plans, our forecast. Well, I hope that we can -- we head towards this capacity of 5.4 million units, but I guess that would be difficult, I would say. So we talked about the 3 quarter results. So the impact of a COVID in China, so that consists of -- it is still very difficult to split up into the impact from pandemic and semiconductor. But I'd say the [210,000] unit reduction, I'd say, more than half of the majority would have been pandemic. So I would say for this fiscal year, that will be the 4 million units or so. And then the 4 million will be the bottom.

好的。非常感謝，橫山先生。關於我們的生產計劃，我們的預測。好吧，我希望我們能夠——我們朝著 540 萬台的產能邁進，但我想這會很困難，我會說。所以我們談到了第三季度的結果。因此，COVID 對中國的影響包括——仍然很難將其分為大流行病和半導體的影響。但我想說 [210,000] 單位減少，我想說，大多數人中有一半以上是大流行病。所以我會說本財政年度，這將是 400 萬台左右。然後400萬將是底部。

So how much will we can build on top of it?

那麼我們可以在此基礎上建造多少？

That's the plan we have for the next business year. That's what we are thinking of.

這是我們下一個業務年度的計劃。這就是我們正在考慮的。

So exactly what kind of numbers we can build up for that?

那麼我們可以為此建立什麼樣的數字呢？

In May, we will talk about the forecast for next fiscal year. So by then, we should be able to tell you something more. And in terms of actions or countermeasures, we have been making a lot of -- taking a lot of actions. So development of alternative components and parts and then for alternative parts. Concerning semiconductor, we -- one thing we have been relying on analog semiconductors to keep the costs reasonable. But even if those are more interchangeable, we would go for -- even for higher cost and then build -- we want to build as many cars as possible. So we want to develop alternative parts while using relying on that type of parts. And then we will try to coordinate with suppliers as well. That's what we have been doing.

五月份，我們將討論下一財年的預測。所以到那時，我們應該能夠告訴你更多的東西。在行動或反措施方面，我們已經採取了很多——採取了很多行動。因此，開發替代組件和零件，然後開發替代零件。關於半導體，我們 - 我們一直依靠模擬半導體來保持成本合理的一件事。但即使這些更容易互換，我們也會去——即使是為了更高的成本然後建造——我們想要建造盡可能多的汽車。因此，我們希望在使用時依賴於該類型的零件來開發替代零件。然後我們也會嘗試與供應商進行協調。這就是我們一直在做的。

And then at the early stage, we are communicating our production plan to the suppliers so that they can expect to secure certain parts volume. That's something we have been doing already, but we would like to reinforce that kind of efforts together to try to work out the production plan for the next fiscal year onwards.

然後在早期階段，我們正在與供應商溝通我們的生產計劃，以便他們可以期望獲得一定的零件數量。這是我們已經在做的事情，但我們希望共同加強這種努力，努力製定下一個財政年度的生產計劃。

And concerning this, as the volume goes up, well, what is going to happen? I mean, profitability, how much that's going to go up by?

關於這一點，隨著音量的增加，會發生什麼？我的意思是，盈利能力會提高多少？

As I said, we consider 4 million units at the bottom, and then we are thinking how much on top of it we can build up. So this is only assumptions. So at this point in time, I would we prefer to refrain from speaking of it. I hope we can show you something more solid in May. Thank you.

正如我所說，我們在底部考慮了 400 萬個單位，然後我們在考慮我們可以在其之上建立多少。所以這只是假設。所以在這個時候，我希望我們不要談論它。我希望我們能在五月向您展示更紮實的東西。謝謝。

I apologize, but due to the time limit, the next question will be the last. Last question, Nikkei, (inaudible), please.

很抱歉，由於時間關係，下一個問題將是最後一個。最後一個問題，日經指數，（聽不清），請。

This is Nikkei (inaudible) Can you hear me? Thank you. I also would like to ask about the semiconductor situation. Well, it might be a bit redundant, but once again, the first question is, well, I think you said that you [costly] communicate with semiconductor manufacturers. But what specifically are you going to talk about? What do you think will be effective? Are there any exchanges that you can share with us? And second, about the future outlook. Well, the last announcement in this announcement, you again have repeated the shortage of semiconductors. November, I think the shortage content -- the amount of content might be different. And things might be improving in some places or the types of shows semiconductors are in short supply might be changing. And can you explain about that? And what solutions that you have in mind to try to resolve this situation?

這是日經指數（聽不清）你能聽到我說話嗎？謝謝。我也想問一下半導體的情況。好吧，這可能有點多餘，但再次強調，第一個問題是，好吧，我想你說過你 [昂貴] 與半導體製造商溝通。但是你具體要談什麼？你認為什麼會有效？有什麼交流可以分享給我們嗎？其次，關於未來的展望。那麼，這個公告的最後一個公告，你又重複了半導體的短缺。 11 月，我認為短缺的內容——內容的數量可能會有所不同。某些地方的情況可能正在改善，或者半導體供不應求的展覽類型可能正在發生變化。你能解釋一下嗎？您有什麼解決方案來嘗試解決這種情況？

Mr. (inaudible) Thank you very much. We -- you want us to give you some more specifics. Well, we -- when it comes to components delivery, we have been talking with the Tier 1 manufacturers. We've lifted them to work on the situation. But when it comes to semiconductors, Tier 1 suppliers, they have to procure the components and assemble and deliver to us. And this process with the lead time that is required for that.

先生（聽不清）非常感謝。我們 - 您希望我們為您提供更多細節。好吧，我們——在組件交付方面，我們一直在與一級製造商交談。我們已經提拔他們來處理這種情況。但是當涉及到半導體時，一級供應商必須採購組件並組裝並交付給我們。這個過程需要提前期。

In the case of semiconductors production manufacturing, the lead time is long -- very long. And therefore, even -- we cannot just impose our requirements on Tier 1 manufacturers. We have to show understanding towards their situation. So is that possible to just make demands. And so whether it's going to be several months, year, a year or 2 years, I really cannot give you a definite answer. But given the nature of the semiconductor, the lead time that is required, we -- by thinking about what sort of information we should be providing them with.

在半導體生產製造的情況下，交貨時間很長——非常長。因此，我們甚至不能將我們的要求強加給一級製造商。我們必須對他們的處境表示理解。那麼是不是可以提出要求。所以是幾個月、一年、一年還是兩年，我真的不能給你一個明確的答案。但是考慮到半導體的性質，所需的交貨時間，我們 - 通過考慮我們應該為他們提供什麼樣的信息。

And analog semiconductors -- well, in terms of our shortage, we do have a shortage of such semiconductors. And the manufacturers though would find it difficult -- well, the -- I don't think that they will decide on their own to invest on such capacity. So we have to share our troubles and to talk about what can be done. So through that, we can build up a relationship with our suppliers. So I think that, that is the sort of exchange that we have, and we hope to be effective.

還有模擬半導體——好吧，就我們的短缺而言，我們確實缺乏這種半導體。製造商雖然會發現很難 - 好吧 - 我認為他們不會自行決定投資這種能力。所以我們必須分擔我們的煩惱並討論可以做些什麼。因此，通過這一點，我們可以與供應商建立關係。所以我認為，這就是我們所擁有的那種交流，我們希望是有效的。

Now about the outlook, when we announced from November, well, ever since that time, excluding China, I have -- it's minus [4 million], so -- 40,000 rather, sorry. So it -- well compared to the plan, in Japan and Asia is plus where and others, it's minus but on the third quarter for North America, finally, compared to the second quarter of the previous year, we are -- we saw a positive. Well -- and in January, we have seen a positive increase and the market growth was greater than that of Honda. So I think that we are starting to see some good signs.

現在關於前景，當我們從 11 月宣佈時，嗯，從那時起，不包括中國，我有 - 它是負 [400 萬]，所以 - 40,000，抱歉。所以它 - 與計劃相比，在日本和亞洲，在其他地方，它是負的，但在北美的第三季度，最終，與去年第二季度相比，我們 - 我們看到了積極的。好吧 - 在 1 月份，我們看到了積極的增長，市場增長大於本田。所以我認為我們開始看到一些好的跡象。

So how can we resolve -- going forward, the measures that I explained will have to be taken one by one. I think that is the other thing that we could do. But to fully resolve, I think it will take some more time. I think it will start to improve in the second half of FY '24, I think that we will start to see a better procurement of semiconductor (inaudible) time.

那麼，我們如何解決——今後，我解釋的措施必須一項一項地採取。我認為這是我們可以做的另一件事。但要完全解決，我認為還需要一些時間。我認為它將在 24 財年下半年開始改善，我認為我們將開始看到更好的半導體（聽不清）採購時間。

So thank you very much. With this, I would like to close the financial results briefing. We do have some information about the financial results on the website, so please refer to it. Thank you very much for participating. Thank you very much.

非常感謝。至此，我想結束財務業績簡報會。我們在網站上確實有一些關於財務結果的信息，所以請參考。非常感謝您的參與。非常感謝。