索尼 (SONY) 2022 Q3 法說會逐字稿

Ladies and gentlemen, it is now time to start Sony Group Corporation's FY '21 Third Quarter Earnings Announcement. I'm [Okada], Corporate Communications. I'll be serving as master of ceremonies today. The session is being held for journalists, analysts and institutional investors to whom we have sent out invitations in advance. This session will be live webcast through our Investor Relations website.

女士們先生們，現在是開始索尼集團公司 21 財年第三季度收益公告的時候了。我是[Okada]，企業傳播部。今天我將擔任司儀。本次會議面向記者、分析師和機構投資者，我們已提前向其發出邀請。本次會議將通過我們的投資者關係網站進行網絡直播。

First, we have with us Mr. Totoki, Executive Deputy President and CFO, to explain third quarter FY '21 consolidated results and the forecast for consolidated fiscal 2021 results. The duration is about 70 minutes. Mr. Totoki, the floor is yours.

首先，執行副總裁兼首席財務官 Totoki 先生與我們一起解釋 21 財年第三季度綜合業績和 2021 財年綜合業績預測。持續時間約為 70 分鐘。 Totoki 先生，發言權是你的。

Thank you. I will cover the topics written here today. FY '21 Q3 consolidated sales increased 13% compared to the same quarter of the previous fiscal year to JPY 3,031.3 billion, and consolidated operating income increased a significant JPY 113.3 billion year-on-year to JPY 465.2 billion. Both were record highs for the third quarter. Income before income taxes increased JPY 77.8 billion year-on-year to JPY 461.6 billion, and net income attributable to Sony Group Corporation shareholders increased JPY 35.4 billion to JPY 346.2 billion. .

謝謝你。我將介紹今天寫在這裡的主題。 21財年第三季度綜合銷售額與上一財年同期相比增長13%至30,313億日元，綜合營業收入同比大幅增長1,133億日元至4,652億日元。兩者均創下第三季度的歷史新高。所得稅前收入同比增加778億日元至4616億日元，歸屬於索尼集團股東的淨利潤增加354億日元至3462億日元。 .

Please see Pages 3 to 6 of the presentation materials for a depiction of each profit metric adjusted to exclude onetime items. This slide shows the results by segment for FY '21 Q3. Next, I will show the consolidated results forecast for FY '21. Consolidated sales are expected to remain unchanged from our previous forecast of JPY 9.9 trillion, while operating income is expected to increase JPY 160 billion to JPY 1.2 trillion. We have also upwardly revised our forecast for income before income tax to JPY 1,155 billion and the forecast for net income attributable to Sony Group Corporation shareholders to JPY 860 billion. Our forecast for consolidated operating cash flow, excluding the Financial Services segment, has increased JPY 50 billion to JPY 940 billion.

請參閱演示材料的第 3 頁至第 6 頁，了解調整後排除一次性項目的每個利潤指標的描述。這張幻燈片按部分顯示了 21 財年第三季度的結果。接下來，我將展示 21 財年的綜合業績預測。預計合併銷售額將與我們之前預測的 9.9 萬億日元保持不變，而營業收入預計將增加 1600 億日元至 1.2 萬億日元。我們還將所得稅前收入預測上調至 11,550 億日元，並將歸屬於索尼集團公司股東的淨利潤預測上調至 8,600 億日元。我們對不包括金融服務部門的合併經營現金流的預測已增加 500 億日元至 9400 億日元。

This slide shows our forecast by segment for FY '21. And I will now explain the situation in each of our business segment. First is Game & Network Services segment, FY '21 Q3 sales decreased to JPY 813.3 billion, 8% lower than the same quarter of the previous fiscal year in which we launched the PlayStation 5 and sold major titles in conjunction with the launch. Operating income increased JPY 12.1 billion year-on-year to JPY 92.9 billion, primarily due to a decrease in selling, general and administrative expenses and an improvement in PS5 hardware profitability, partially offset by a decrease in software sales. FY '21 sales are expected to decrease JPY 170 billion compared to our previous forecast to JPY 2,730 billion, and operating income is expected to increase JPY 20 billion compared to the previous forecast to JPY 345 billion. Total game play time play station users in December '21 was 20% lower than the same month of the previous year, which was immediately after the release of PS5. But game play time increased approximately 7% from December 2019. For a quarter in which there were only a few major titles released, we think this was solid performance.

這張幻燈片顯示了我們對 21 財年的分部預測。我現在將解釋我們每個業務部門的情況。首先是遊戲和網絡服務部門，21 財年第三季度銷售額下降至 8133 億日元，比上一財年同期推出 PlayStation 5 並與發布同時銷售主要遊戲的季度下降 8%。營業收入同比增長 121 億日元至 929 億日元，主要是由於銷售、一般和管理費用的減少以及 PS5 硬件盈利能力的提高，部分被軟件銷售額的下降所抵消。 21 財年的銷售額預計將比我們之前預測的 27,300 億日元減少 1700 億日元，營業收入預計將比之前預測的 3450 億日元增加 200 億日元。 21 年 12 月的總遊戲時間 Play Station 用戶比去年同月減少了 20%，這是在 PS5 發布之後。但與 2019 年 12 月相比，遊戲時間增加了約 7%。對於僅發布少數主要遊戲的季度，我們認為這是穩健的表現。

In the fourth quarter ending March 31, 2022, we expect user engagement to increase further because the major first-party titles, Horizon Forbidden West and Gran Turismo 7 will be released. The PC version of God of War released in January 2022 has received high acclaim among the PC gaming community obtaining a Metacritic metascore of 93. Unfortunately, due to limitations on the supply of components, especially semiconductors and increase in delivery times resulting from the disruption of the global distribution supply chain, we have revised our FY '21 unit sales forecast for PS5 hardware to 11.5 million units. Limitations on the supply of components are expected to continue going forward, but we are continuing to exert every effort to meet the strong demand for PS5.

在截至 2022 年 3 月 31 日的第四季度，我們預計用戶參與度將進一步增加，因為主要的第一方遊戲 Horizon Forbidden West 和 Gran Turismo 7 將發布。 2022 年 1 月發布的 PC 版《戰神》在 PC 遊戲社區中獲得了很高的評價，獲得了 Metacritic 的 93 分。不幸的是，由於組件（尤其是半導體）供應的限制以及交付時間的延長，全球分銷供應鏈，我們已將 PS5 硬件的 21 財年銷量預測修正為 1150 萬台。預計組件供應的限制將繼續向前發展，但我們將繼續盡一切努力滿足對 PS5 的強勁需求。

On January 31 in the U.S., Sony Interactive Entertainment entered into a definitive agreement to acquire Bungie, Inc., one of the world's leading independent game developers. With more than 900 creative people on staff, Bungie has a track record of creating blockbuster titles such as Halo and Destiny. As a long-time partner of Bungie, we have discussed various forms of collaboration with them in the past. Ultimately, we decided to pursue an acquisition because we gained confidence that we could grow even more by combining the corporate cultures of both companies as well as our strengths in the creative space. Once part of SIE, Bungie will operate as an independent studio and will continue to publish its content on platforms other than PlayStation.

1 月 31 日，索尼互動娛樂在美國簽訂了收購全球領先獨立遊戲開發商之一的 Bungie, Inc. 的最終協議。 Bungie 擁有 900 多名創意人員，在製作諸如 Halo 和 Destiny 等大片方面有著良好的記錄。作為 Bungie 的長期合作夥伴，我們過去曾與他們討論過各種形式的合作。最終，我們決定進行收購，因為我們相信通過結合兩家公司的企業文化以及我們在創意領域的優勢，我們可以實現更大的增長。一旦成為 SIE 的一部分，Bungie 將作為獨立工作室運營，並將繼續在 PlayStation 以外的平台上發布其內容。

The total consideration for the acquisition is USD 3.6 billion, and the completion of the acquisition is subject to certain closing conditions, including regulatory approvals. From calendar year 2014 to calendar year 2021, the size of the global game content market doubled, driven by add-on content revenue from live game services, which grew at an average annual rate of 15% during this period. We expect this trend to continue going forward. Bungie has capitalized on this opportunity from an early stage by incorporating live game services into its premier franchise, Destiny, and it has accumulated a wealth of experience and superb technology in the space. The strategic significance of this acquisition lies not only in obtaining the highly successful Destiny franchise as well as major new IP that Bungie is currently developing but also incorporating into the Sony Group, the expertise and technologies that Bungie has developed in the live game services space. We intend to utilize these strengths when developing game IP at the PlayStation Studios as we expand into the live game services area. Through close collaboration between Bungie and the PlayStation studios, we aim to launch more than 10 live service games by the fiscal year ending March 31, 2026.

此次收購的總對價為 36 億美元，收購的完成取決於一定的成交條件，包括監管部門的批准。從 2014 日曆年到 2021 日曆年，全球遊戲內容市場規模翻了一番，在此期間遊戲直播服務的附加內容收入以年均 15% 的速度增長。我們預計這一趨勢將繼續向前發展。 Bungie 從早期就抓住了這個機會，將現場遊戲服務整合到其首屈一指的特許經營權 Destiny 中，並在該領域積累了豐富的經驗和精湛的技術。此次收購的戰略意義不僅在於獲得非常成功的 Destiny 特許經營權以及 Bungie 目前正在開發的主要新 IP，還在於將 Bungie 在現場遊戲服務領域開發的專業知識和技術融入索尼集團。隨著我們擴展到現場遊戲服務領域，我們打算在 PlayStation Studios 開發遊戲 IP 時利用這些優勢。通過 Bungie 和 PlayStation 工作室之間的密切合作，我們的目標是在截至 2026 年 3 月 31 日的財政年度之前推出超過 10 款現場服務遊戲。

In addition, we view the deployment of our game IP on multiple platform as a major growth opportunity for Sony, as has been the evidence by the success of the PC version of the God of War and other first-party games. Through this acquisition, we intend to acquire new users and increase engagement on platforms other than PlayStation, which will enable us to significantly advance on our long-term growth strategy for further expanding ecosystem of our game business. Catalyzed by the acquisition of Bungie, we intend to accelerate the growth of our first-party game software revenue, aiming to more than double the current amount by FY '25.

此外，我們認為在多個平台上部署我們的遊戲 IP 是索尼的主要增長機會，PC 版戰神和其他第一方遊戲的成功證明了這一點。通過此次收購，我們打算在 PlayStation 以外的平台上獲得新用戶並增加參與度，這將使我們能夠顯著推進我們的長期增長戰略，以進一步擴大我們遊戲業務的生態系統。在收購 Bungie 的推動下，我們打算加速我們的第一方遊戲軟件收入的增長，目標是到 25 財年將當前收入翻一番以上。

Now I will use this conceptual diagram to explain at a higher level how this acquisition will be treated from an accounting perspective. Bungie is a private company, the majority of whose shares are owned by its employees. So the payment of the consideration is structured to incentivize the shareholders and other creative talent to continue working at Bungie after the acquisition closes. Approximately 1/3 of the USD 3.6 billion consideration for the acquisition consists primarily of deferred payments to employee shareholders conditional upon their continued employment and other retention incentives. These amounts will be paid over the course of several years after the acquisition closes and will be recorded as expenses for accounting purposes. We expect about 2/3 of these deferred payments and other retention incentives to be expensed in the first 2 years after the acquisition closes.

現在我將使用這個概念圖在更高的層次上解釋如何從會計的角度來處理這次收購。 Bungie 是一家私人公司，其大部分股份歸其員工所有。因此，支付對價的目的是激勵股東和其他創意人才在收購完成後繼續在 Bungie 工作。此次收購的 36 億美元對價中大約 1/3 主要包括向員工股東支付的延期付款，條件是他們繼續受僱和其他留用激勵措施。這些金額將在收購完成後的幾年內支付，並將記錄為用於會計目的的費用。我們預計這些延期付款和其他保留激勵措施中約有 2/3 將在收購完成後的前 2 年支出。

Next is Music segment. Although sales of Visual Media and Platform decreased, FY '21 Q3 sales increased 12% year-on-year to JPY 295.9 billion, primarily due to an increase in streaming revenue. Despite the impact of the increase in sales of recorded music, operating income decreased JPY 4.0 billion year-on-year to JPY 55.5 billion, primarily due to the impact of the decrease in sales of Visual Media and Platform. The contribution to the operating income of the quarter from Visual Media and Platform accounted for the mid-teens percentage of the operating income of the segment. FY '21 sales are expected to increase JPY 20 billion compared to our previous forecast to JPY 1,090 billion, and operating income is expected to increase JPY 5 billion compared to our previous forecast of JPY 205 billion. Streaming revenue in Q3 continued to grow at high rate, 29% year-on-year in recorded music and 27% year-on-year in Music Publishing. The recorded music business continued to generate major hits with an average of 36 songs ranking in Spotify's global top 100 songs during the quarter. Global superstars, Singer, Songwriter Adele's album 30 became a historic hit remaining #1 on the Billboard chart for a consecutive 8 weeks after its release in November.

接下來是音樂部分。儘管視覺媒體和平台的銷售額有所下降，但 21 財年第三季度銷售額同比增長 12% 至 2959 億日元，這主要是由於流媒體收入的增加。儘管受到錄製音樂銷售額增長的影響，營業收入同比下降 40 億日元至 555 億日元，主要是由於視覺媒體和平台銷售額下降的影響。視覺媒體和平台對本季度營業收入的貢獻佔該部門營業收入的中位數百分比。與我們之前預測的 10,900 億日元相比，21 財年的銷售額預計將增加 200 億日元，與我們之前預測的 2,050 億日元相比，營業收入預計將增加 50 億日元。第三季度流媒體收入繼續高速增長，錄製音樂同比增長 29%，音樂出版同比增長 27%。錄製的音樂業務繼續產生重要的熱門歌曲，本季度平均有 36 首歌曲在 Spotify 的全球前 100 首歌曲中排名。全球超級巨星、歌手、詞曲作者阿黛爾的專輯《30》在 11 月發行後連續 8 週在公告牌排行榜上成為歷史性的熱門歌曲。

Next is the Pictures segment. FY '21, Q3 sales increased significant, 141% year-on-year to JPY 461.2 billion, primarily due to the blockbuster hit, Spider-Man No Way Home in motion pictures and the licensing of the popular U.S. television series Seinfeld in television productions. Operating income increased a significant JPY 121.1 billion year-on-year to JPY 149.4 billion, primarily due to the impact of the increase in sales and the recording of JPY 70.2 billion gain from the transfer of GSN games, which closed on December 6, 2021. FY '21 sales are expected to increase JPY 40 billion compared to our previous forecast to JPY 1,222 billion (sic - see slide 15, "JPY 1,220 billion"), and operating income is expected to increase JPY 97 billion compared to our previous forecast to JPY 205 billion. Even when onetime items are excluded, operating income this fiscal year is expected to be the highest ever for the Pictures segment.

接下來是圖片部分。 21 財年第三季度銷售額顯著增長，同比增長 141% 至 4612 億日元，這主要是由於大片、電影中的蜘蛛俠無家可歸以及電視製作中廣受歡迎的美國電視劇《宋飛正傳》的授權.營業收入同比大幅增加 1,211 億日元至 1,494 億日元，這主要是由於銷售額增加的影響以及從 2021 年 12 月 6 日結束的 GSN 遊戲轉讓中錄得 702 億日元的收益. 預計 21 財年的銷售額將比我們之前的預測增加 400 億日元至 12,220 億日元（原文如此 - 參見幻燈片 15，“12,200 億日元”），與我們之前的預測相比，營業收入預計將增加 970 億日元2050 億日元。即使不包括一次性項目，本財年的營業收入預計也將是圖片部門有史以來的最高水平。

Spider-Man No Way Home was released across the U.S. on December 17, 2021 and went on to record the second highest ever opening box-office revenue nationwide. According to the most recent data, its cumulative worldwide box-office revenue is the sixth highest ever at approximately USD 1.7 billion, and it holds the record for highest grossing film in the history of Sony Pictures Entertainment. Other franchises such as Venom-Let There Be Carnage contributed significantly to our financial results, and we are looking forward to the release this month of Uncharted, which is a movie version of a popular PlayStation game title. Despite our success, we will continue to pursue our flexible release strategy going forward as we have done by postponing the U.S. release of Morbius, a new film from the Sony Pictures universe of Marvel characters from January to April of this calendar year. On December 22, 2021, Sony Pictures Networks India, a subsidiary of SPE, signed a definitive agreement on merge -- to merge SP&I with Zee Entertainment Enterprises. The merger represents an opportunity to further accelerate expansion and digitalization of our business by using the strength of both companies to strengthen our digital distribution service in rapidly growing Indian entertainment market. We expect that the transaction will close in the latter half of this fiscal year ending March 31, 2023, after obtaining approval of the Zee's shareholders and regulatory authorities. After the transaction closes, SPE will own a majority of the shares of the merged entity.

《蜘蛛俠：無路可歸》於 2021 年 12 月 17 日在美國上映，並繼續創下全國第二高的首映票房收入。根據最新數據，其全球累計票房收入約為 17 億美元，位居歷史第六高，並保持著索尼影業歷史上最高票房的紀錄。 Venom-Let There Be Carnage 等其他特許經營權對我們的財務業績做出了重大貢獻，我們期待本月發布的 Uncharted，這是一個流行的 PlayStation 遊戲標題的電影版本。儘管我們取得了成功，但我們將繼續推行靈活的發行策略，正如我們所做的那樣，將索尼影業的漫威角色新電影《莫比烏斯》推遲到今年 1 月至 4 月在美國上映。 2021 年 12 月 22 日，SPE 的子公司 Sony Pictures Networks India 簽署了關於合併的最終協議——將 SP&I 與 Zee Entertainment Enterprises 合併。通過利用兩家公司的實力加強我們在快速增長的印度娛樂市場中的數字發行服務，此次合併代表了進一步加速我們業務擴張和數字化的機會。我們預計，在獲得 Zee 股東和監管機構的批准後，該交易將在截至 2023 年 3 月 31 日的本財年下半年完成。交易完成後，SPE 將擁有合併後實體的大部分股份。

Then the next is the Electronics Products & Solutions segment despite the favorable impact on sales from foreign exchange rates, Q3 sales decreased 2% year-on-year to JPY 286.9 billion, primarily due to a decrease in unit sales of our products resulting from a decline in stay-at-home demand and the shortage in the supply of components. Despite the favorable impact of foreign exchange rates and an improvement in product mix, operating income decreased JPY 23.3 billion year-on-year to JPY 80 billion, primarily due to the impact of a decrease in sales. FY '21 sales are expected to increase JPY 80 billion compared to our previous forecast to JPY 2,360 billion, and operating income is expected to increase JPY 20 billion compared to our previous forecast to JPY 210 billion.

接下來是電子產品和解決方案部門，儘管匯率對銷售額產生了有利影響，但第三季度銷售額同比下降 2% 至 2869 億日元，主要是由於我們產品的單位銷售額下降，原因是居家需求下降和零部件供應短缺。儘管受到外匯匯率的有利影響和產品結構的改善，但營業收入同比下降 233 億日元至 800 億日元，主要是由於銷售額下降的影響。 21財年的銷售額預計將增加800億日元，而我們之前的預測為23600億日元，營業收入預計將增加200億日元，而我們之前的預測為2100億日元。

Operating income margin for this fiscal year is expected to exceed 8%. The efforts we have been making to improve our profitability are steadily bearing fruit. During quarter 3, the impact of the rapid decline in TV panel prices on consumer market prices for TV was more limited than we originally anticipated. And the shift to large-sized TVs increased primarily in the U.S., Europe and China. As a result, we are able to maintain the average selling price of our TVs at essentially the same level at the second quarter ended September 30, 2021. Nevertheless, we continue to be unable to fully meet market demand in multiple categories due to severe limitations on the supply of components. We expect the situation to continue to impact us in the fourth quarter ending March 31, 2022. We will continue to exert every effort to procure components as that will be one of the highest priorities for this segment next fiscal year.

本財年的營業利潤率預計將超過8%。我們為提高盈利能力所做的努力正在穩步取得成果。在第三季度，電視面板價格的快速下跌對電視消費市場價格的影響比我們最初預期的要有限。轉向大尺寸電視的趨勢主要在美國、歐洲和中國有所增加。因此，我們能夠將電視的平均售價維持在截至 2021 年 9 月 30 日的第二季度基本相同的水平。然而，由於嚴重的限制，我們仍然無法完全滿足多個類別的市場需求關於零部件供應。我們預計這種情況將在截至 2022 年 3 月 31 日的第四季度繼續影響我們。我們將繼續盡一切努力採購組件，因為這將是下一財年該部門的最高優先事項之一。

Next is the Imaging & Sensing Solutions segment. FY '21 Q3 sales increased a significant 22% year-on-year to JPY 324.8 billion, primarily due to an increase in sales of high-end image sensors for mobile products. Operating income increased JPY 13.3 billion year-to-year to JPY 64.7 billion, primarily due to the impact of the increase in sales. Our FY '21 sale is expected to decrease JPY 30 billion compared to our previous forecast of JPY 1,070 billion. The FY '21 operating income forecast remains unchanged from the previous forecast. Despite severe conditions in the smartphone market, such as weakness in the Chinese market and shortage of components, especially semiconductors, the effort we have made here to expand and diversify our mobile sensors' customer base as well as to recover our market share on a volume basis are having some success. However, it is taking longer than expected to introduce the high-performance, high-resolution custom sensors that we have been working on with Chinese smartphone makers. So the speed of profitability improvement resulting from an increase in added value products going into next fiscal year will be slightly lower than the originally planned.

接下來是成像和傳感解決方案部分。 21 財年第三季度銷售額同比大幅增長 22% 至 3248 億日元，這主要是由於移動產品的高端圖像傳感器的銷售額增加。營業收入同比增長 133 億日元至 647 億日元，主要是由於銷售額增加的影響。與我們之前預測的 10,700 億日元相比，我們 21 財年的銷售額預計將減少 300 億日元。 21財年的營業收入預測與之前的預測保持不變。儘管智能手機市場形勢嚴峻，例如中國市場疲軟和零部件短缺，尤其是半導體，但我們在此努力擴大和多樣化我們的移動傳感器客戶群，並大量恢復我們的市場份額基礎取得了一定的成功。然而，我們與中國智能手機製造商合作開發的高性能、高分辨率定制傳感器的推出時間比預期的要長。因此，進入下一財年的附加值產品增加帶來的盈利能力提升速度將略低於原計劃。

Recently, the trend toward the Chinese smartphone market purchasing larger-size segments for the high-end product is improving after having stagnated due to the contraction of our business with the certain Chinese customers. We expect the Chinese smartphone market to normalize in the second half of next fiscal year. Since we feel better about the possibility of sales growth and for the market share expansion next fiscal year, we will focus even more on increasing the added value of our products and strive to improve profitability. On January 25, 2022, Sony Semiconductor Solutions Corporation completed its initial investment in Japan Advanced Semiconductor Manufacturing Company Limited as a minority shareholder. Sony will support JASM by assisting with the start-up of this biologic wafer factory, which aims to begin mass production during calendar year 2024.

最近，由於我們與某些中國客戶的業務收縮，中國智能手機市場為高端產品購買大尺寸細分市場的趨勢在停滯不前後正在改善。我們預計中國智能手機市場將在下一財年下半年恢復正常。由於我們對下個財政年度銷售增長的可能性和市場份額的擴大感到更好，我們將更加專注於提高我們的產品附加值並努力提高盈利能力。 2022年1月25日，索尼半導體解決方案公司作為少數股東完成了對日本先進半導體製造有限公司的初始投資。索尼將通過協助啟動這家生物晶片工廠來支持 JASM，該工廠的目標是在 2024 日曆年開始大規模生產。

And lastly, the Financial Services segment. Fiscal year '21 Q3. Financial Services revenue increased 11% year-on-year to JPY 471.3 billion, primarily due to an increase in the net gains on investments in the separate account at Sony Life Insurance Company Limited. Operating income decreased JPY 4.7 billion year-on-year to JPY 35.2 billion, primarily due to deterioration in valuation on securities and at our venture capital business and at Sony Bank. New policy amount enforced at Sony Life during Q3 grew at a higher rate than our competitions, driven primarily by our priority focus area of selling insurance to corporations. FY '21 Financial Services revenue is expected to increase JPY 120 billion compared to our previous forecast to JPY 1,610 billion. Our FY '21 operating income forecast remains unchanged from the previous forecast.

最後是金融服務部門。 '21 財年第三季度。金融服務收入同比增長 11% 至 4,713 億日元，主要是由於索尼人壽保險公司獨立賬戶投資淨收益增加。營業收入同比減少 47 億日元至 352 億日元，主要是由於證券、我們的風險投資業務和索尼銀行的估值惡化。索尼人壽在第三季度執行的新保單金額的增長速度高於我們的競爭對手，這主要是由於我們向企業銷售保險的優先重點領域。 21 財年金融服務收入預計將增加 1200 億日元，而我們之前的預測為 16100 億日元。我們的 21 財年營業收入預測與之前的預測保持不變。

Now I'd like to update you on our strategic investments. The amount of capital allocated to strategic investments, including the acquisition of the Bungie which I explained earlier and repurchases of Sony stock from the beginning of the fiscal year until today and increasing acquisition and asset purchases that have closed as well as those that have been decided but not closed totals approximately JPY 850 billion. This slide shows the breakdown of the segments and areas in which we have allocated investment. The music segment portion of the chart does not include approximately JPY 100 billion we have invested in music categorial catalogs because the amount is included in operating cash flow under IFRS. We are making steady progress in accordance with our current midrange plan of making JPY 2 trillion on -- or more of strategic investment as we believe that we believe that the evolution of our business portfolio aimed at realizing long-term growth is progressing well. As I mentioned at the previous earnings announcement, we aim to accelerate the cycle whereby returns generated from previous investment are used to invest in growth, thereby realizing long-term growth.

現在，我想向您介紹我們的戰略投資。分配給戰略投資的資本金額，包括我之前解釋的收購 Bungie，從本財年開始到今天回購索尼股票，以及增加已完成和已決定的收購和資產購買但未關閉的總額約為 8500 億日元。這張幻燈片顯示了我們已分配投資的細分市場和領域的細分。圖表的音樂部分不包括我們在音樂類別目錄上投資的約 1000 億日元，因為該金額包含在 IFRS 下的經營現金流中。我們正在按照我們目前在戰略投資上進行 2 萬億日元或更多戰略投資的中期計劃穩步推進，因為我們相信我們旨在實現長期增長的業務組合的演變進展順利。正如我在之前的收益公告中提到的，我們的目標是加快循環，將之前的投資產生的回報用於投資增長，從而實現長期增長。

At CES 2022 last month, President Yoshida announced that we established Sony Mobility, Inc. in the spring of this year, and we will explore the possibility of introducing our VISION-S in the market. The VISION-S initiative aims to create new value and contribute to the evolution of the mobility by leveraging Sony's various technology and content and by adding new entertainment elements to a safe and secure moving space. Going forward, we will proceed our -- with our exploration under the assumption that we will collaborate and lie ourselves with multiple partners.

在上個月的 CES 2022 上，吉田社長宣布我們在今年春天成立了 Sony Mobility, Inc.，我們將探索將我們的 VISION-S 推向市場的可能性。 VISION-S 計劃旨在通過利用索尼的各種技術和內容以及為安全可靠的移動空間添加新的娛樂元素來創造新價值並為移動出行的發展做出貢獻。展望未來，我們將繼續我們的探索，假設我們將與多個合作夥伴合作並撒謊。

That is the conclusion of my remarks.

這就是我的發言的結論。

Thank you very much. It was Mr. Totoki, Executive Deputy President and the Chief Financial Officer. From 3:55, we have Q&A session for media. And from 4:20, Q&A by investors and analysts. We've set aside 20 minutes each for Q&As. Those journalists, investors, analysts who have already registered for questions in advance, please be connected to the designated telephone number in advance. And those of you who have not made a registration in advance, you can continue to listen to the Q&A session through Internet webcast. Please wait until the session is resumed.

非常感謝。是執行副總裁兼首席財務官 Totoki 先生。從3:55開始，我們有媒體問答環節。從 4:20 開始，投資者和分析師的問答環節。我們每人留出 20 分鐘的時間進行問答。已提前登記提問的記者、投資人、分析師，請提前撥打指定電話。沒有提前報名的，可以通過網絡直播繼續收聽問答環節。請等待會話恢復。

(Break)

（休息）

(Operator Instructions) Thank you very much for waiting. Now we are going to entertain questions from the media. Respondents are Mr. Hiroki Totoki, Executive Deputy President and Chief Financial Officer; and Naomi Matsuoka, Senior Vice President in charge of Corporate Planning, Control, Finance and IR. (Operator Instructions) The first question is Masuda-san from Nikkei, Shimbun Newspaper, Masuda-san, please. Masuda-san, can you hear me? Can you hear us?

（操作員說明）非常感謝您的等待。現在我們將接受媒體的提問。受訪者為常務副總裁兼首席財務官 Hiroki Totoki 先生； Naomi Matsuoka，負責公司規劃、控制、財務和 IR 的高級副總裁。 （操作員說明）第一個問題是日經新聞的增田先生，請增田先生。增田同學，你能聽見嗎？你能聽見我們嗎？

Yes, I can hear you. I have 2 questions. First question is you're thinking about strategic investment. The other day, you have made an acquisition. And I think that you have made announcements going forward, AV and semiconductors, you will be coming up with new strategies. And for each, the size of investment will become larger going forward. So as the management, you'll be -- you think that it is necessary to make large investment and investment deals you have the sitting (inaudible) of JPY 2 trillion. But is that going to be exceeding JPY 2 trillion or the acquisition in the orders of hundreds of billions of yen?

是的，我能聽到你的聲音。我有 2 個問題。第一個問題是您正在考慮戰略投資。前幾天，您進行了收購。而且我認為您已經發布了未來的公告，AV 和半導體，您將提出新的戰略。對於每一個，未來的投資規模都會變得更大。因此，作為管理層，您將 - 您認為有必要進行大型投資和投資交易，您擁有 2 萬億日元的坐席（聽不清）。但這究竟是要超過2萬億日元還是千億日元級的收購呢？

Thank you for your question. Our thinking behind the strategic investment was the question that you have raised. Currently, as you know, 3-year mid-range plan, strategic investment, we will be allocating JPY 2 trillion for strategic investment. And as I mentioned in my speech earlier, JPY 850 billion, and we made the decisions up until JPY 850 billion. And this framework, we don't think that we need to change in a major way this framework. And within this, we will be making forward-looking positive investment. So areas of investment, priority area is IP, DTC and technology, and this priority areas remain unchanged. That's all from me.

謝謝你的問題。我們在戰略投資背後的想法是您提出的問題。目前，如您所知，3年中期計劃，戰略投資，我們將撥出2萬億日元用於戰略投資。正如我在之前的演講中提到的那樣，8500 億日元，我們做出了 8500 億日元的決定。而這個框架，我們認為我們不需要在很大程度上改變這個框架。在此範圍內，我們將進行前瞻性的積極投資。所以投資領域，優先領域是IP、DTC和技術，這個優先領域保持不變。這都是我的。

So we'd like to entertain the next question from Asahi Suzuki-san, please?

那麼我們想請教鈴木旭的下一個問題，好嗎？

I'm Suzuki Asahi. I hope you can hear me.

我是鈴木旭。我希望你能聽到我的聲音。

Yes. Go ahead, please.

是的。請繼續。

I have 2 parts of the question. First is image sensor that the -- as to this picking chip that the Taiwan TSMC is the company that you expected to entrust you the supply according to some reports as this picking and the chip that like for iPhone and other applications and for the high level of the sophisticated cameras, do you intend to further ask them to manufacture on behalf of Sony because this copper-copper connection is different. But as to some of the fundamental technologies maintained by your company, Sony. But I think the chips are may be likely to be entrusted to the TSMC and so on to produce on behalf of you in conjunction. Do TSMC will have a new plant in Kumamoto, biologic wafer factory that has been the missing piece so that the Japanese government is likely to give subsidy to that new plant in Kumamoto. It's expected that this new -- the chip for the pigment and so forth is likely to be producing commits well.

我有兩個問題。首先是圖像傳感器——關於這個芯片，台灣台積電是你期望委託你供應的公司，根據一些報導，這個芯片和用於iPhone和其他應用程序的芯片以及用於高級別的芯片在精密相機中，您是否打算進一步要求他們代表索尼製造，因為這種銅銅連接方式不同。但至於你們公司所維護的一些基礎技術，索尼。但我認為芯片很可能會委託台積電等代為生產。台積電是否會在熊本建新廠，生物晶圓廠一直是缺的一塊，所以日本政府很可能會補貼熊本的新廠。預計這種新的——用於顏料等的芯片可能會很好地生產。

Now turning to electric vehicle that the President Yoshida announced about the mobility new area, and you have a new Sony mobility company is likely to be established in the spring. But you might have a higher the details do you have like the scale of this new company as well the exact timing to establish a new company because Mr. Totoki, as to the new mobility company, together with (inaudible), I understand that you have some chat with him about the Fitch trigger. You were the founder of Sony Bank and other new businesses in the past. So for the new company to be established, are you going to nurture this Sony Mobility Inc. to be a big company? As one of the pillars, I'd like to hear your view on the mid- to long term in terms of how to nurture Sony Mobility Inc. and so on.

現在轉向電動汽車，吉田社長宣布了移動新領域，而新的索尼移動公司很可能在春天成立。但是您可能會更詳細地了解這家新公司的規模以及成立新公司的確切時間，因為 Totoki 先生，關於新的移動公司，以及（聽不清），我了解您和他聊聊 Fitch 觸發器。您過去是索尼銀行和其他新業務的創始人。那麼對於新公司的成立，你是否打算把這家索尼移動公司培育成一家大公司呢？作為支柱之一，我想听聽您對中長期如何培育索尼移動公司等方面的看法。

Turn to the first question about this, the image sensor, but you are likely to entrust the production to thus TSMC. But the -- actually, it's not announced by us, but it's -- I don't have a direct answer to that. But anyway, as to the external production by possibly like TSMC, the logic is mostly to be produced outside. But it's core of the master the process. As to the master process to be stressed out, it's quite limited because as of now, that we do not intend to increase that image sensor chip that is master process. We do not intend to ask the outside company to produce much of that.

轉向關於此的第一個問題，圖像傳感器，但您可能會因此委託台積電生產。但是——實際上，這不是我們宣布的，而是——我沒有直接的答案。但無論如何，至於可能像台積電這樣的外產，邏輯多半是在外產。但它是主進程的核心。至於要強調的主進程，它是相當有限的，因為目前我們不打算增加作為主進程的圖像傳感器芯片。我們不打算要求外部公司生產大部分產品。

As to your second part of the question, Sony Mobility. When will that be built? It's the spring of 2022. That has been mentioned by our President and CEO, Yoshida. As to the exact timing when the company will be established, we have to scrutinize and consider the details of this new company. So after that is decided, that optimal timing, we'd like to publish that information.

至於問題的第二部分，索尼移動。那什麼時候建？現在是 2022 年的春天。我們的總裁兼首席執行官吉田已經提到了這一點。至於公司成立的具體時間，我們還要仔細考慮這家新公司的細節。因此，在確定了最佳時機之後，我們希望發布該信息。

Let me add to that. Sony Mobility, Inc. will be established, we will consider to be engaged in the mobility sector. Though as a thesis we announced, so we didn't exactly decide on the exact entry into that sector. As to the automobile industry, there are a lot of things we have to study about the automobile industry. So as to this establishment of Sony Mobility, Inc., which is the first step, and that will enable us to further deepen our study in consideration. That's what we mean by building a new company. Of course, for the long-term future, we might like to nurture this company as a hope to nurture as an important big company. But specifically, what would that be a specific business, the scale of the business and other things? Well, it's too premature to mention the details of this new company. Thank you.

讓我補充一下。 Sony Mobility, Inc. 將成立，我們將考慮涉足移動領域。雖然作為我們宣布的論文，所以我們並沒有完全決定確切進入該領域。對於汽車行業，汽車行業有很多值得我們研究的地方。所以這次索尼移動公司的成立是第一步，這將使我們進一步深入研究。這就是我們所說的建立一家新公司的意思。當然，為了長遠的未來，我們可能希望把這家公司培育成一個重要的大公司。但具體來說，具體的業務是什麼，業務的規模和其他事情？好吧，現在談論這家新公司的細節還為時過早。謝謝你。

Next question, we have Nishida-san, a freelance reporter.

下一個問題是自由記者西田先生。

This is Nishida speaking. Can you hear me?

這是西田說的。你能聽到我嗎？

Yes, we can. Please go ahead.

我們可以。請繼續。

I have 2 questions. Your first question is that the semiconductor devices shortage is the topic, PlayStation 5 and EP&S products have impact from the shortage. And are there any change in the product mix as a result? Or any change in the product line for -- to ensure the performance? And also that may have an impact on platform. So if you could expand more on the impact of the supply shortage on your performances.

我有 2 個問題。您的第一個問題是半導體設備短缺是話題，PlayStation 5 和 EP&S 產品受到短缺的影響。產品組合是否因此而發生變化？或者為了確保性能而改變產品線？這也可能對平台產生影響。因此，如果您可以更多地了解供應短缺對您的表現的影響。

And next, on the game business, your rival, Microsoft has announced a large-scale purchase. Is there any plan to have a purchase of a large publisher type supplier? And also, is there any impact on your game business who, because of that kind of published type acquisition by your competitor?

接下來，在遊戲業務上，你的競爭對手微軟宣布了大規模收購。是否有購買大型出版商類型供應商的計劃？而且，你的遊戲業務有沒有因為你的競爭對手的那種出版類型收購而受到影響？

First, about the semicon shortage. And two, that we do have a variety of impacts on our businesses. And largely, we have shortage of components. So we need to put a higher priority on the high value-add products. That is not something new to us, though, that the -- when the semicon shortage started, we made a lot of adjustments to change the product mix and allocate to different product lines. And regarding the PS5, in terms of a short-term profit promotion cost was saved or high logistics cost has been saved because of the decline in the units that leads to the decline in expenses, but we plan to -- we hope to ship as many units as we can. So we will exert our efforts.

首先，關於半導體短缺。第二，我們確實對我們的業務產生了各種影響。而且很大程度上，我們缺少組件。所以我們需要更加重視高附加值的產品。然而，這對我們來說並不是什麼新鮮事，當半導體短缺開始時，我們進行了很多調整以改變產品組合併分配到不同的產品線。而對於 PS5 來說，在短期內節省了利潤推廣成本或節省了高額的物流成本，因為單位下降導致費用下降，但我們計劃——我們希望以盡可能多的單位。所以我們會努力。

Now in terms of the impact on the long-term platform that the, right now, under the limited shipping capability, I think that's a short-term impact. We think we can catch up. And from PS4, the -- when we move from one console generation to the next, there was a large change drop in engagement and also sales and profit changes drastically -- so there was a very sharp cyclical phenomena that has softened recently. And obviously, we hope to see a quicker recovery, but we also see the situation is rather limited in terms of the impact.

現在就對長期平台的影響而言，目前在有限的運輸能力下，我認為這是一個短期影響。我們認為我們可以趕上。從 PS4 開始，當我們從一代主機升級到下一代主機時，參與度大幅下降，銷售和利潤也發生了巨大變化 - 所以最近出現了非常劇烈的周期性現象，但這種現像已經減弱。顯然，我們希望看到更快的複蘇，但我們也看到情況在影響方面相當有限。

Now in terms of the acquisition by our competitor, we are not in a position to make any comments. So it is difficult for us to say anything. But they have announced the intention to purchase, but that has not been completed yet. And what kind of business model change will take place is something we don't have a clear picture yet. So for the competitors' large-scale M&A, we do not want to speculate. And rather, we want to pursue and execute our strategy at the right timing, and we want to focus on that. That's it.

現在就競爭對手的收購而言，我們無法發表任何評論。所以我們很難說什麼。但他們已經宣布了購買意向，但尚未完成。而究竟會發生怎樣的商業模式變革，我們還沒有清晰的圖景。所以對於競爭對手的大規模併購，我們不想去揣測。相反，我們希望在正確的時機追求和執行我們的戰略，我們希望專注於此。而已。

We'd like to move on to the next question. Nikkei BP, [Nieda-san], please.

我們想繼續下一個問題。 Nikkei BP，[Nieda-san]，請。

Hello, can you hear me? .

你好，你能聽到我說話嗎？ .

Yes, we can, please.

是的，我們可以，拜託。

I have 2 questions. First is about VR. At CES the other day, new device, VR 2, was announced. On the other hand, environmentally, the competitors are increasing their units and investing a large amount of money, and the momentum is there. Currently, VR business, how -- what is your view about promoting VR business going forward? Second, mobile games. Currently, Sony Music is the main player. But SIE itself will be considering mobile games business. So what is the direction that you have in mind?

我有 2 個問題。首先是關於VR。前幾天在 CES 上，發布了新設備 VR 2。另一方面，在環保方面，競爭對手正在增加單位並投入大量資金，勢頭是有的。目前，VR業務，如何——您對未來推動VR業務有何看法？二是手機遊戲。目前，索尼音樂是主要玩家。但SIE本身也會考慮手機遊戲業務。那麼你心中的方向是什麼？

Your first question regarding VR, PS VR 2 access, we have already explained. Users have the sense of imaging. So set up itself will be simplified and headset will be evolving and we'll be evolving the headsets. And already, this is announced. Evolution of headset 4K HR display with a wider viewing angle, and the movement of the eye of the player is detected. Looking at certain direction, then it's possible to manipulate the -- so for the rendering the high resolution for center of the view and external then lower resolution. By that, high-quality image experience can be given to the users. Such technology is introduced. Also, the motor vibration ahead headset and haptic hedged feedback. This will be introduced as a technology as we already made a decision.

關於 VR、PS VR 2 訪問的第一個問題，我們已經解釋過了。用戶有影像感。因此，設置本身將被簡化，耳機將不斷發展，我們將不斷發展耳機。並且已經宣布了這一點。頭戴式 4K HR 顯示屏演進，視角更廣，可檢測玩家眼球運動。看著某個方向，那麼就可以操縱 - 所以對於渲染視圖中心的高分辨率和外部然後較低的分辨率。這樣，可以給用戶高質量的圖像體驗。引進了這樣的技術。此外，耳機前方的電機振動和触覺對沖反饋。由於我們已經做出決定，這將作為一項技術引入。

In relation to VR, already, further technological evolution, there's room for evolution, hardware and software. And with the evolution of technology, it is expected that the market is also going to expand. So Horizon Call of the Mountain, the first-party title is already announced simultaneously. So in this way, we have our technology and content that we have an ecosystem we leveraged, and we are going to enhance presence in this market.

就 VR 而言，已經是進一步的技術演進，硬件和軟件都有演進的空間。並且隨著技術的發展，預計市場也將擴大。所以地平線山的呼喚，第一方標題已經同步公佈。因此，通過這種方式，我們擁有了我們利用的生態系統的技術和內容，我們將加強在這個市場的影響力。

And then the second question, mobile games. Mobile game market itself is a growth area, and PlayStation IP can be used by more users, and this is a great opportunity for us. As for the timing, it's very hard to say exactly when. But PlayStation IP will be deployed for the IPs. So I believe that we can grow this steady. So these attempts and the specifics when the appropriate timing comes, then we are going to explain to you more clearly. Thank you.

然後是第二個問題，手機遊戲。手游市場本身就是一個增長領域，PlayStation IP可以被更多用戶使用，這對我們來說是一個很好的機會。至於時間，很難說具體是什麼時候。但是將為這些 IP 部署 PlayStation IP。所以我相信我們可以穩定增長。所以這些嘗試和具體的時間到了，我們會更清楚的給大家解釋。謝謝你。

Time is running short, so we'd like to entertain the last question for this session. Shimai-san from NHK, please?

時間不多了，所以我們想回答一下本次會議的最後一個問題。 NHK的Shimai-san，好嗎？

I'm Shimai of NHK. I have 2 parts of questions. The first is about your performance and achievement because the results are very good. Frankly, I'd like to ask your frank interpretation of that despite the COVID-19, you had achieved well. So taking into account this difficult environment, what kind of good measures you have implemented to achieve such good results? That's one question.

我是NHK的世邁。我有兩部分問題。首先是關於你的表現和成就，因為結果非常好。坦率地說，我想問你對這一點的坦率解釋，儘管有 COVID-19，但你取得了很好的成績。那麼考慮到這個困難的環境，你們採取了什麼樣的好措施來取得這麼好的成績呢？這是一個問題。

The second question is about EV. So in your future investment and in terms of JPY 2 trillion for the strategic investment, you didn't refer to EV. But this spring, new company will be established and then maybe the different consideration will be made. So in that strategic investment framework of JPY 2 trillion, that -- will that include EV? You intend to spend the money for EV or you rather than tapping into that the budget, that maybe the more the game will be the focus of spending money for strategic investments. What do you think of this now?

第二個問題是關於電動汽車的。因此，在您未來的投資以及 2 萬億日元的戰略投資中，您沒有提到 EV。但今年春天，新公司將成立，然後可能會有不同的考慮。那麼，在 2 萬億日元的戰略投資框架中，這是否包括電動汽車？你打算把錢花在 EV 或你身上，而不是利用預算，也許遊戲將更多地成為戰略投資的重點。你現在怎麼看？

Thank you for your question. As to this question, of course, as to the third quarter, the results, what is my impression, my comments. As you mentioned, despite the COVID-19 difficulty, the logistics adversely impacted and semiconductor and other device components supply was limited for a long time. In many areas, this problem lasted for a long time. To cope with that situation for each business segment, they would like to forecast what will happen next based upon that good forecast, they take proactive measures to prepare for the difficulty. So that is why I think that we achieved record high results that the sales and the profit in this third quarter. But not everything is rosy good because PS5 was a big demand. We couldn't supply enough to the increasing demand as the image sensor the profitability, the recovery did not progress as soon as we had expected. Those are the challenges we identified and we'd like to consider that for the future.

謝謝你的問題。對於這個問題，當然，至於第三季度，結果，我的印象，我的評論。正如您所提到的，儘管 COVID-19 遇到了困難，但物流受到了不利影響，半導體和其他設備組件的供應長期受到限制。在許多領域，這個問題持續了很長時間。為了應對每個業務部門的這種情況，他們希望根據這個良好的預測來預測接下來會發生什麼，他們會採取積極的措施來應對困難。所以這就是為什麼我認為我們在第三季度取得了創紀錄的銷售額和利潤。但並非一切都是美好的，因為 PS5 的需求量很大。由於圖像傳感器的盈利能力，我們無法為不斷增長的需求提供足夠的供應，復甦並沒有像我們預期的那樣迅速取得進展。這些是我們確定的挑戰，我們希望在未來考慮這些挑戰。

The second question, that is our investment idea toward EV. Well, about that EV, as has been mentioned earlier, we assume that we'd like to start with the asset-light condition with the possible partners to align with. As to our concept, for example, standalone, we might not have that big production facility or the developer own battery. That kind of capital-intensive activity is not likely to be considered in our business model. Without such a capital investment as an assumption, we would like to achieve the vision we have advocated. So that's how we are considering the EV business. So what's our vision towards EV? Let me repeat that the mobility environment space should be evolved into a more entertainment space. So the new kind of customer experience and values should be provided through that. Thank you.

第二個問題，就是我們對EV的投資理念。好吧，關於那個 EV，正如前面提到的，我們假設我們想從資產輕的條件開始，並與可能的合作夥伴保持一致。至於我們的概念，例如獨立的，我們可能沒有那麼大的生產設施或開發商自己的電池。我們的商業模式不太可能考慮這種資本密集型活動。如果沒有這樣的資本投資作為假設，我們希望實現我們所倡導的願景。這就是我們考慮電動汽車業務的方式。那麼我們對電動汽車的願景是什麼？讓我再說一遍，移動環境空間應該演變成一個更多的娛樂空間。因此，應該通過它提供新的客戶體驗和價值。謝謝你。

Now it is time to close the Q&A session for media people. We will be changing our responders so the Q&A session for analysts will start at 4:20.

現在是時候結束媒體人的問答環節了。我們將更改我們的響應者，以便分析師的問答環節將在 4:20 開始。

(Break)

（休息）

Thank you for waiting. Now we'd like to start the Q&A session for investors and analysts. My name is Hayakawa in charge of Financial Services and IR. I will be serving as the moderator. As responders, we have Mr. Hiroki Totoki, Executive Deputy President and CFO; and Ms. Naomi Matsuoka, SVP for Corporate Planning and Control and Finance and IR and also SVP, Accounting, Mr. Hirotoshi Korenaga. (Operator Instructions) We have from Morgan Stanley, Mr. Ono.

謝謝你的等待。現在我們想開始投資者和分析師的問答環節。我的名字是負責金融服務和 IR 的早川。我將擔任主持人。作為響應者，我們有執行副總裁兼首席財務官 Hiroki Totoki 先生； Naomi Matsuoka 女士，企業規劃和控制以及財務和 IR 高級副總裁兼會計高級副總裁 Hirotoshi Korenaga 先生。 （操作員說明）我們有來自摩根士丹利的小野先生。

And regarding the games, I have 2 questions. The first question is that the PlayStation 5, what is your forecast for the future from the second quarter, Totoki-san's speaking tone from the 14 million -- 14.8 million original target to -- that has been set back and especially at this time, reduced substantially. And what is your forecast for the next quarter? In May last year, Mr. Jim Ryan was saying that he hopes to shoot for the record high, and 22 million to 23 million, I believe, was the target. What is the -- your feel for the demand? And also, what is your prospect for your supply capability?

關於遊戲，我有兩個問題。第一個問題是 PlayStation 5，您對第二季度的未來有何預測，Totoki 先生的語氣從 1400 萬 - 1480 萬原來的目標到 - 已經退縮了，尤其是在這個時候，大幅減少。您對下一季度的預測是什麼？去年 5 月，吉姆瑞恩先生說他希望創造歷史新高，我相信 2200 萬到 2300 萬是目標。你對需求的感覺是什麼？此外，您的供應能力前景如何？

And the second question is that regarding your strategic investment, -- this time, you have invested in one of the -- for the investor in Bungie as the Games segment investment. Now the remaining budget, you have about JPY 110 billion or so to invest. And what is your criteria for investment decisions for them? For example, for game, when you invested in Epic Games, that was a small game house. And there was an investment for content IP that was your priority back then. But this time, you have a total ownership, and we will intend to retain the subscription or you want to improve your first-party development capability? Or what is your criteria for investment decision?

第二個問題是，關於您的戰略投資，這一次，您為 Bungie 的投資者投資了其中之一，作為遊戲部門的投資。現在剩下的預算，你有大約1100億日元左右可以投資。您對他們進行投資決策的標準是什麼？比如游戲，當你投資 Epic Games 時，那是一個小遊戲屋。內容 IP 的投資是您當時的首要任務。但這一次，你擁有全部所有權，我們打算保留訂閱還是你想提高你的第一方開發能力？或者您的投資決策標準是什麼？

Thank you for your questions. The first question was that the PS5 expectation for the next fiscal year. And in the past, the record was the 22.6 million the first presentation, I believe it was a single year unit. And that is what we were saying that we will try to copy again. But in terms of the next year, the market demand is very high that could allow us to make a record high sales. Now our partner companies supplying components -- we are working closely with them, collaborating, negotiating and working with them closely, and we hope we can make that happen. But in terms of -- there was -- we believe that the next year, I think it's safe to say that we will continue to have supply disruption in terms of the components globally because of the distribution problem and so on. So we can't say for sure what is exactly the demand for next year. But having a high target we have. And if we bring it down, we may ease ourselves to go for the lower target. And so I think it is good to maintain the high target. So in the consolidated performance report, we will have a more exact forecast for the fiscal year '22. And so that's the first answer to the first question.

謝謝你的提問。第一個問題是PS5對下一財年的預期。而在過去，記錄是2260萬首次呈現，我相信這是一個單年的單位。這就是我們所說的，我們將再次嘗試複製。但就明年而言，市場需求非常高，可以讓我們創下歷史新高的銷售額。現在我們的合作夥伴公司提供組件——我們正在與他們密切合作，與他們密切合作、談判和合作，我們希望我們能夠實現這一目標。但就 - 有 - 我們相信明年，我認為可以肯定地說，由於分銷問題等原因，我們將繼續在全球範圍內出現供應中斷。所以我們不能確定明年的需求究竟是什麼。但是我們有一個很高的目標。如果我們把它降下來，我們可能會放鬆自己去追求更低的目標。所以我認為保持高目標是好的。因此，在綜合業績報告中，我們將對 22 財年做出更準確的預測。這就是第一個問題的第一個答案。

The second question was about our concept of strategic investment and in the past, we were investing in IP, and that's what we've been saying. And we will -- and obviously, IPs have market prices as fair values. So we tend to look for the future upside potential with our involvement, and that is our criteria. For investment decision. I think that will improve our investment efficiency and also will generate a premium and how we can rationalize that premium. And in terms of the scale of the investment, we don't have a clear criteria in terms of the size of the investment but looking at our balance sheet and also financial capabilities. So capabilities and risk will be studied very closely to decide any investment. And also, you use an example, partial purchase or total purchase you mentioned. And we need to work with our partner. We cannot decide single handle ourselves if it is a good company, we would wish to purchase 100%. But if we are amine about 100% touches, we may have difficulty having a good alliance. So we will give considerations for long-term partnership and alliance, that's all.

第二個問題是關於我們的戰略投資概念，過去我們投資於知識產權，這就是我們一直在說的。我們將 - 顯然，IP 將市場價格作為公允價值。因此，我們傾向於通過參與來尋找未來的上行潛力，這是我們的標準。用於投資決策。我認為這將提高我們的投資效率，也將產生溢價以及我們如何使溢價合理化。就投資規模而言，我們對投資規模沒有明確的標準，但要看我們的資產負債表和財務能力。因此，將非常仔細地研究能力和風險來決定任何投資。此外，您還舉了一個例子，您提到的部分購買或全部購買。我們需要與我們的合作夥伴合作。如果它是一家好公司，我們不能自己決定單把，我們希望購買 100%。但如果我們是 100% 左右的 amine 接觸，我們可能很難建立一個良好的聯盟。所以我們會考慮長期的伙伴關係和聯盟，僅此而已。

We'd like to move. Katsura-san from SMBC Nikko.

我們想搬家。 SMBC Nikko 的 Katsura 先生。

I have 2 questions. First, about the impact of the shortage of components. Next is Vision S. The first one, impact of the shortage of components. In the supplemental materials, number -- Page 7, the inventory asset included, if you can respond, shortage of components and the cost increase and the impact of that, what kind of impact was there? EP&S and GNS as well. Can you please enlighten me and quantitatively explain 2Q EPS JPY 60 billion to JPY 70 billion of buffer of risk was incorporated? And this time, upped by the revision of JPY 20 billion for profit. So compared to second quarter, it turned out that it was better, slightly better. But on the other hand, situation is such that it is prolonged. So what is your thinking behind this? This is the first question. Second question. Earlier, the question by the media people talked about Sony Mobility. And asset-light is your posture. In the equity market, former TV business, there is a concern. As in the case of TV business, you will be suffering from long-term losses. So Sony Mobility Inc., what kind of risk return are you thinking about? And also, investment of the managerial resources situation in the past and going forward to the extent that you can share with us, please enlighten me.

我有 2 個問題。首先，關於元器件短缺的影響。接下來是Vision S。第一個，元器件短缺的影響。在補充材料中，編號——第7頁，包括庫存資產，如果你能應對，元件短缺和成本增加以及由此產生的影響，有什麼樣的影響？ EP&S 和 GNS 也是如此。能否請您賜教並量化解釋 2Q EPS 600 億至 700 億日元納入風險緩衝？而這一次，利潤上調了 200 億日元。因此，與第二季度相比，事實證明它更好，稍微好一點。但另一方面，情況是這樣的，它被延長了。那麼你在這背後的想法是什麼？這是第一個問題。第二個問題。此前，媒體人的提問談到了索尼移動。輕資產是你的姿勢。在股票市場，以前的電視業務，有一個擔憂。與電視業務一樣，您將遭受長期損失。那麼索尼移動公司，你在考慮什麼樣的風險回報？還有，過去和未來的管理資源投入情況，大家可以分享一下，請賜教。

Thank you very much. First, the shortage of components and the impact of the cost increase, including inventory level, and you asked me to explain. First of all, this fiscal year, at the end of third quarter, inventory level, I think it's good to talk about the inventory level. By category, if I may explain Game network service, with the holiday season, there's a decrease in inventory level. And PS shortage of components, which resulted in decrease in inventory. So there's not sufficient level of inventory. EP&S with the holiday season, the decrease of the completed products with the increase in TV panel, and this is the key. And ready in preparing for the shortage of materials, strategic stockpiling is being done.

非常感謝。一是元器件短缺和成本增加的影響，包括庫存水平，你讓我解釋一下。首先，本財年，第三季度末，庫存水平，我覺得談談庫存水平很好。按類別，如果我可以解釋一下游戲網絡服務，隨著假期的到來，庫存水平有所下降。而PS元件短缺，導致庫存減少。所以庫存水平不夠。 EP&S隨著假期，隨著電視面板的增加，成品減少，這是關鍵。並準備好應對物資短缺，戰略儲備正在進行中。

Next fiscal year also to a certain extent, we are anticipating shortage, especially in the first half, we can expect that for some of the products. So gradually, we are building up of inventory. Therefore, although there was a decrease in the inventory of the completed product because of the holiday season, but with the stockpiling of strategic stockpiling and the confusion of the supply chain, there is a delay of the delivery period. So these 2 factors are offsetting one another. The level of panel inventory is profit level. As you all know, in China, smartphone market recovery is lower, and there's an increase in the level of inventory in the market, which resulted in increase in the level of inventory. But the demand for gas for next fiscal year and production capacity considering that and building up the strategic inventory towards the end of the fiscal year, and this policy remains unchanged. Therefore, it's very difficult to say in a summary fashion. But next fiscal year, looking at the business for next fiscal year, as for the inventory, that is deemed to be necessary. As we move toward the end of this fiscal year, we are going to build up the level of inventory. That is a basic thinking. And then Vision-S risk return and investment of managerial resources, we are not at a stage where we can give you a clear-cut answer yet. And as has been repeatedly mentioned, asset light is what we have in mind.

下個財年也在一定程度上，我們在預料到缺貨，尤其是上半年，我們可以預料到一些產品會缺貨。因此，我們正在逐步建立庫存。因此，雖然由於假期的原因，成品庫存有所減少，但隨著戰略庫存的囤積和供應鏈的混亂，交貨期出現了延遲。所以這兩個因素相互抵消。面板庫存水平是利潤水平。眾所周知，在中國，智能手機市場復甦較低，市場庫存水平上升，導致庫存水平上升。但考慮到下一財年的天然氣需求和產能，以及在接近財年末建立戰略庫存，這一政策保持不變。因此，很難概括地說。但是下個財年，看下個財年的業務，至於庫存，那還是有必要的。隨著我們接近本財年末，我們將增加庫存水平。這是一個基本的想法。然後Vision-S的風險回報和管理資源的投入，我們還沒有到可以給你一個明確答案的階段。正如反复提到的那樣，輕資產是我們的想法。

So we are not thinking of making big investments into this area. More specifically, development of battery or development and having the manufacturing facility for the vehicles itself or sales infrastructure or maintenance infrastructure to be held by us, we are not thinking of doing this Basically, we top up on partnerships or similar relationship. And we are going to be as asset light as possible. And with the evolution of vehicles with our technological element, we are going to contribute. And as a long-term vision, the space of vehicles are to be turned into new entertainment space. That is our long-term vision. Therefore, for example, in the mid-range plan period, JPY 2 trillion strategic investment. Is that included in that? We are not thinking about investment at that scale, and this is not realistic. Please understand it that way.

所以我們沒有考慮在這個領域進行大筆投資。更具體地說，電池的開發或開發並擁有車輛本身的製造設施或由我們持有的銷售基礎設施或維護基礎設施，我們不考慮這樣做基本上，我們會建立合作夥伴關係或類似關係。我們將盡可能輕資產。隨著具有我們技術元素的車輛的發展，我們將做出貢獻。並且作為一個長遠的願景，將車輛空間轉變為新的娛樂空間。這是我們的長期願景。因此，例如，在中期計劃期間，2萬億日元的戰略投資。包括在裡面嗎？我們沒有考慮如此規模的投資，這是不現實的。請這樣理解。

We would like to entertain the next question, Nakane-san, please, of Mizuho Securities.

我們想回答瑞穗證券的下一個問題，請中根先生。

I have 1 question. Totoki-san, as the CFO mentioned, but I'd like to share your personal view. But in terms of North America, what is the final ultimate demand in North America in case of your company, the game, hardware, software and the music and pictures as well as the electronics and you cover everything hardware, software and content. Very comprehensive. So when you summarize all activities of that fiscal year. And then this is taking into account inflation as well as the change of the interest rates and so on. What is your view of the summary as well toward the first half of the next year, what is the overall perspective according to each segment, is not -- please tell us some of the highlights of that situation.

我有 1 個問題。 Totoki 先生，正如首席財務官所提到的，但我想分享您的個人觀點。但就北美而言，你的公司在北美最終的最終需求是什麼，遊戲、硬件、軟件以及音樂和圖片以及電子產品，你涵蓋了所有硬件、軟件和內容。非常全面。因此，當您匯總該財政年度的所有活動時。然後這是考慮到通貨膨脹以及利率的變化等等。您對明年上半年的總結以及對明年上半年的總體看法是什麼，根據每個部分的總體觀點是什麼，不是-請告訴我們當時情況的一些亮點。

About -- the question is about North American demand and the business outlook. Well, I'm quite concerned about its outlook in North America. As you say that the interest rate policy is the turning point to be changed and geopolitical risks are now increasing and the midterm election is scheduled to be held -- so all these are stable elements are likely to be inflation. And depending upon institution, maybe demand might be affected. And I'm getting the latest information and updating that understanding from different business segments. But for the time being, there's no clear trend of this deceleration in the North American market. That's my frank perspective right now. However, especially in terms of -- and I look at TV, during the latter half, of course, the Europe and Japan, compared to the previous year, this is sort of a sign of deceleration or slowdown a little bit, but has been expected. But in terms of North America, better than we had expected. I mean the strength seems to be maintained and the momentum is kept in the North America.

關於 - 問題是關於北美需求和業務前景。嗯，我很擔心它在北美的前景。正如你所說，利率政策是要改變的拐點，現在地緣政治風險正在增加，中期選舉即將舉行——所以這些都是穩定的因素，很可能是通脹。根據機構的不同，需求可能會受到影響。我正在獲取最新信息並更新來自不同業務部門的理解。但就目前而言，北美市場還沒有明顯的減速趨勢。這就是我現在的坦率觀點。但是，特別是在——我看電視方面，在下半年，當然，歐洲和日本，與去年相比，這有點減速或放緩的跡象，但一直預期的。但就北美而言，比我們預期的要好。我的意思是，北美地區似乎保持了實力，保持了勢頭。

What about entertainment? Generally speaking, entertainment is doing well in general. However, the COVID-19 impact that this theatrical release would be subject to impact. If the number of the infected patients increases that they have to revise this serial release, that's a flexible implementation of policy. So that is likely to have up and down. But the general demand or entertainment per se is not likely to go through major change according to my interpretation. So in terms of North America, things are going steady. It seems steady. Is it really true that you will never go through variation? Of course, I'm personally always concerned about that. Any potential, I'm always keeping an eye. So this is something -- some negative signs observed and detected, we'd like to take quick countermeasures and take action accordingly. Thank you.

娛樂呢？一般來說，娛樂總體上做得很好。但是，該影院上映的 COVID-19 影響將受到影響。如果感染患者的數量增加，他們必須修改這個系列版本，這是一種靈活的政策實施方式。所以很可能有漲有跌。但根據我的解釋，一般需求或娛樂本身不太可能發生重大變化。因此，就北美而言，事情進展順利。看起來很穩。你永遠不會經歷變異真的是真的嗎？當然，我個人一直很擔心這一點。任何潛力，我一直在關注。所以這是 - 觀察和檢測到一些負面跡象，我們想採取快速對策並採取相應的行動。謝謝你。

We are running out of time. So we'll make the next question -- next person to be the last, and we have Mr. Ayada-san of JP Securities -- JPMorgan.

我們的時間不多了。因此，我們將提出下一個問題——下一個人是最後一個，我們請來摩根大通證券的綾田先生。

I have 2 questions regarding Bungie. First question is that in the earlier slide, you explained how it will be treated in terms of accounting of the JPY 3.2 billion, 1/3 is about for retention purpose expenditure, about JPY 1.2 billion. And of the JPY 1.2 billion, 2/3 will be used up in the first 2 years. So that's about $0.4 billion or $400 million annually. And also intangible assets about 20%, about $700 million to $800 million. How do you plan to depreciate that in terms of the term period over which period as long as the best estimate you have will be fine? And I know it's still pending on the regulatory authorities' approval. And so if you have any prospect that would be appreciated. And also second question is about Mr. Totoki mentioned about in the future that the -- you can get the upside that will be the decision criteria. And what is the case for Bungie? And also for Bungie, what is the upside for them to work with -- to become a part of Sony and also upside for Sony to acquire. Is that simply increasing the users? Or what kind of KPIs you're expecting to get gains from this investment?

我有 2 個關於 Bungie 的問題。第一個問題是，在前面的幻燈片中，您解釋瞭如何處理 32 億日元的會計處理，1/3 大約是留存目的支出，約 12 億日元。而這12億日元中，2/3將在前2年用完。所以這大約是每年 4 億美元或 4 億美元。還有無形資產約20%，約7億至8億美元。只要您擁有的最佳估計就可以了，您打算如何按期限折舊？而且我知道它仍在等待監管機構的批准。因此，如果您有任何前景，將不勝感激。第二個問題是關於 Totoki 先生在未來提到的——你可以獲得作為決策標準的好處。 Bungie 的情況如何？對於 Bungie 來說，與他們合作的好處是什麼——成為索尼的一部分，也是索尼收購的好處。這只是增加用戶嗎？或者您期望從這項投資中獲得什麼樣的 KPI？

The first question, we explained that the 1/3 will be for -- it will be preferred payment for retention purpose. For specific numbers, we still need to scrutinize -- and this time, we're just giving you the rough image. So that is the extent, we hope you will understand. We will examine more closely. And if we have update, we will be sharing with you. And for the -- it will be included in the forecast for the next year. So we will be updating that number. Now in terms of the intangible asset, we are actually study examining that right now. So generally speaking, we look at about 10 years or so for depreciation. And -- but that depends on the contents of such intangible assets. So Mr. Korenaga, do you have any comment on that? Let me add some comments. What will be treated as expenses, will be treated in 2 years, and that will be of the investment. And there are a lot of conditions for that, though. And how it will be allocated for the first year and the second year, that may not be 50-50 and necessarily. And also, in terms of the depreciation of the intangible assets, will be allocating the purchase price to a variety of assets, and we will identify the price tags for each one of them and then decide the depreciation period down the road.

第一個問題，我們解釋說 1/3 將用於 - 這將是用於保留目的的首選付款。對於具體數字，我們仍然需要仔細研究——這一次，我們只是給你一個粗略的形象。這就是程度，我們希望您能理解。我們將更仔細地研究。如果我們有更新，我們將與您分享。而對於 - 它將包含在明年的預測中。因此，我們將更新該數字。現在就無形資產而言，我們實際上正在研究檢查它。所以一般來說，我們看大約10年左右的折舊。而且——但這取決於這些無形資產的內容。那麼，Korenaga 先生，您對此有何評論？讓我添加一些評論。將被視為費用的，將在 2 年內處理，這將是投資。不過，這有很多條件。以及如何分配第一年和第二年，不一定是 50-50。此外，在無形資產的折舊方面，將購買價格分配給各種資產，我們將確定每一項資產的價格標籤，然後確定未來的折舊年限。

Okay. And the second question was that the case of Bungie, what as I commented in my speech, they are platforms capabilities, rather ability to distribute to a variety of platforms and also live service, they have a capability to develop. And that's -- those are something we have lots to learn from them. And therefore, our studios will learn from Bungie and that is a very strong issue we have. And the Bungie side also is willing to work closely with us. And in the first year, we believe we'll put together a good plan and drive that. And I believe it will generate upside from that kind of work. Now from the other side, -- the Bungie, the personnel retention and recruiting, I think we can help them and support them, and we hope to be able to do so. And also, not just for gaming area, but the multi using of IP and merchandising of IPs like good title may be game title may be put into the pictures, movies. And Bungie want to nurture the IP they have in the multidimensional manners, and that's their hope. And for that, we believe we can help that. We have pictures and music and Bungie can use -- leverage our platform so that the IP can flourish and grow big, and that's all.

好的。第二個問題是，Bungie 的案例，正如我在演講中所說的，它們是平台能力，而不是分發到各種平台的能力，也是直播服務，他們有發展的能力。那就是 - 這些是我們可以向他們學習的很多東西。因此，我們的工作室將向 Bungie 學習，這是我們面臨的一個非常重要的問題。而 Bungie 方面也願意與我們密切合作。在第一年，我們相信我們會制定一個好的計劃並推動它。我相信它會從這種工作中產生好處。現在從另一方面來看，Bungie，人員保留和招聘，我認為我們可以幫助他們並支持他們，我們希望能夠這樣做。而且，不僅僅是遊戲領域，IP的多重使用和IP的商品化，比如好的標題，遊戲標題可能會被放入圖片、電影中。 Bungie 想要以多維方式培育他們擁有的 IP，這就是他們的希望。為此，我們相信我們可以提供幫助。我們有圖片和音樂，Bungie 可以使用——利用我們的平台，讓 IP 能夠蓬勃發展並發展壯大，僅此而已。

The time has come to close Sony Group Corporation's earnings announcement. I thank you very much for joining us today.

現在是結束索尼集團公司收益公告的時候了。我非常感謝你今天加入我們。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本成績單上的英文陳述由現場通話中的一名口譯員說出。]