索尼 (SONY) 2010 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the consolidated financial results for fiscal year ended March 31, 2011. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes.

女士們，先生們，大家好！歡迎收看截至2011年3月31日的財年合併財務表現報告。 （操作員指示）。溫馨提示：本次會議正在錄音，以便回放。

I will now turn the presentation over to your host for today, to Sam Levenson, Senior Vice President of Investor Relations at Sony Corporation of America. You may proceed.

現在，我將演講交給今天的主持人，索尼美國公司投資者關係高級副總裁薩姆·萊文森 (Sam Levenson)。請繼續。

Thank you very much for that introduction, Francis, and thank you all for joining us today, May 26, 2011 for the discussion of Sony's fiscal year results. I hope that you are all enjoying Adele's latest hit while you are on hold.

法蘭西斯，非常感謝您的介紹，也感謝大家今天（2011年5月26日）加入我們，討論索尼的財年業績。希望大家在等待期間能欣賞阿黛爾的最新熱門歌曲。

I am Sam Levenson, Senior Vice President of Investor Relations at Sony Corporation of America and with me on the conference call tonight is Mark Kato, CFO of Sony Corporation; Robert Wiesenthal, Group Executive Corporate Development M&A for Sony Corporation and EVP and CFO of Sony Corporation of America. And Yoshinori Hashitani, VP and Senior General Manager Investor Relations Division of Sony. Thank you all very much for joining us.

我是索尼美國公司投資者關係高級副總裁薩姆·萊文森 (Sam Levenson)。今晚與我一起參加電話會議的還有索尼公司首席財務官馬克·加藤 (Mark Kato)、索尼公司企業發展併購集團高管、索尼美國公司執行副總裁兼首席財務官羅伯特·維森塔爾 (Robert Wiesenthal)。以及索尼副總裁兼投資者關係部高級總經理橋谷義典 (Yoshinori Hashitani)。非常感謝各位的參與。

In just a few moments, we will review today's announcements. Then we will be available to answer your questions.

我們很快就會審核今天的公告。之後我們會解答大家的問題。

Please be aware that statements made during the following remarks and Q&A session with respect to Sony's current plans, estimates, strategies, press release, and other statements that are not historical facts are forward-looking statements about the future performance of Sony. These statements are based on management's assumptions in light of the information currently available to it and therefore you should not place undue reliance on them.

請注意，以下評論和問答環節中關於索尼當前計劃、估計、戰略、新聞稿以及其他非歷史事實的陳述，均為對索尼未來業績的前瞻性陳述。這些陳述是基於管理階層根據目前掌握的資訊所做的假設，因此您不應過度依賴這些陳述。

Sony cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements. For additional information as to risks and uncertainties as well as other factors that could cause actual results to differ, please refer to today's press release, which can be accessed by visiting www.Sony.net/IR.

索尼提醒您，若干重要因素可能導致實際結果與前瞻性陳述中討論的結果有重大差異。有關風險、不確定性以及其他可能導致實際結果出現差異的因素的更多信息，請參閱今日的新聞稿，該新聞稿可通過訪問 www.Sony.net/IR 獲取。

Let me remind you that a webcast replay of the investor meeting held earlier today along with the slides presented at that meeting and our detailed earnings release are available on our website for your access.

讓我提醒您，今天早些時候舉行的投資者會議的網路直播重播以及該會議上演示的幻燈片和我們的詳細收益報告均可在我們的網站上訪問。

With that, I am now going to turn to today's announcements. As we announced in our preliminary earnings results release on Monday, our operating profit for the fiscal year ended March 31, 2011 came in on forecast at approximately JPY200 billion or over 6 times what we recorded in the previous fiscal year.

好了，現在我要開始今天的公告了。正如我們週一發布的初步業績報告所宣布的那樣，截至2011年3月31日的財年，我們的營業利潤達到了預期，約為2000億日元，是上一財年的6倍多。

We achieved that result despite an approximate JPY100 billion negative impact from foreign exchange combined with the initial effects of the earthquake. Excluding the impact of foreign exchange rates, operating income was 9.5 times that of the previous fiscal year. Every reportable segment recorded operating profit for the year.

儘管外匯匯率以及地震初期的影響造成了約1000億日圓的負面影響，我們仍然取得了這一業績。剔除匯率影響，營業收入是上一財年的9.5倍。所有可報告部門均實現了本年度營業利潤。

In addition, the game business and Sony Ericsson each concluded the year in the black. At this time the television business is the only remaining key business unit where we still need to solve for operating losses.

此外，遊戲業務和索尼愛立信均在年底實現盈利。目前，電視業務是我們唯一仍需彌補營運虧損的關鍵業務部門。

As I will discuss in more detail later, the losses of the TV business were stable year-over-year despite significant price erosion and unfavorable exchange rates.

正如我稍後將詳細討論的那樣，儘管價格大幅下滑且匯率不利，但電視業務的虧損同比保持穩定。

As we announced on Monday of this week, we recorded a loss for net income attributable to Sony's Corporation shareholders due to the recording of approximately JPY360 billion in valuation allowances against deferred tax assets. However, this valuation allowance is non-cash charge and has no impact on our cash flow.

正如我們本週一宣布的那樣，由於提列了約3600億日元的遞延所得稅資產評估準備，我們歸屬於索尼公司股東的淨利潤出現了虧損。然而，該評估準備為非現金支出，不會對我們的現金流產生影響。

Now let's review the fiscal year results on a segment by segment basis, beginning with Consumer, Professional & Devices. CPD segment sales increased 2% and sales to outside customers increased 4%. This was primarily due to higher LCD sales resulting from significantly higher unit sales and higher semiconductor sales resulting from favorable performance of small to midsized LCD panels and image sensors partially offset by lower component sales resulting from a decrease in storage media and optical disk drive sales.

現在，我們逐一部門回顧本財年的業績，先從消費、專業及設備部門開始。消費性電子部門銷售額成長2%，外部客戶銷售額成長4%。這主要得益於液晶顯示器銷售額的提升，這得益於單位銷售額的大幅增長；以及中小型液晶面板和圖像感測器的良好表現，帶動半導體銷售額的增長，但存儲介質和光盤驅動器銷售額的下降，部分抵消了組件銷售額的下降。

Operating income in CPD of JPY2.9 billion was recorded, a significant improvement compared to a loss of JPY53.2 billion in the previous fiscal year. This improvement was driven primarily by an increase in gross profit due to higher sales, a decrease in loss on sale disposal or impairment of assets and a decrease in restructuring charges. These factors were partially offset by unfavorable foreign exchange rates and an increase in SG&A as a result of an increase in advertising and promotion expense.

CPD 的營業收入錄得 29 億日圓，較上一財年的 532 億日圓虧損顯著改善。這項改善主要得益於銷售額成長帶來的毛利成長、資產處置損失或減損損失的減少以及重組費用的減少。不利的匯率因素以及廣告和促銷費用增加所導致的銷售、行政及管理費用 (SG&A) 增加部分抵銷了上述因素的影響。

Excluding these restructuring charges, product categories with an improvement in operating results included semiconductors, reflecting an increase in sales of image sensors, and professional solutions, reflecting an increase in sales of products such as digital cinema projectors.

不計入這些重組費用，經營業績改善的產品類別包括半導體（反映影像感測器銷售額的成長）和專業解決方案（反映數位影院放映機等產品銷售額的成長）。

Product categories with a deterioration in operating results included LCD televisions, reflecting a decline in the unit selling prices and unfavorable foreign exchange rates despite rising unit sales.

經營業績惡化的產品類別包括液晶電視，儘管銷量上升，但單位銷售價格下降和不利的外匯匯率導致其經營業績惡化。

Television business sales increased 16% to JPY1.161 trillion due to a significant increase in LCD TV unit sales despite price declines and unfavorable foreign exchange rates. For the fiscal year, LCD TV unit sales increased 44% to 22.4 million units. This significant increase in unit sales came mostly from Japan and other areas including developing countries.

儘管價格下跌且匯率不利，液晶電視銷量仍大幅成長，電視業務銷售額成長16%，達到1.161兆日圓。本財年，液晶電視銷量成長44%，達2,240萬台。銷售量的大幅成長主要來自日本及包括發展中國家在內的其他地區。

Excluding restructuring charges, JPY75 billion in operating loss was recorded, which is down slightly year-on-year. This was due to significant price declines and the significant impact of unfavorable exchange rates despite the increase in unit sales as I talked about a moment ago, along with a reduction in raw material costs and the benefits of restructuring.

扣除重組費用後，營業虧損為750億日圓，較去年同期略有下降。這主要是因為價格大幅下跌，以及儘管我剛才提到單位銷售額有所增長，但匯率仍然大幅下跌，原材料成本下降以及重組帶來的收益也帶來了顯著影響。

Turning next to network products and services segment. NPS sales increased 0.4%. This was due primarily to an increase in PC sales as unit -- increased unit sales and market share in all regions more than offset unfavorable exchange rates.

接下來是網路產品和服務部門。 NPS銷售額成長了0.4%。這主要得益於PC銷售的成長——所有地區的單位銷售額和市場份額的成長都抵消了不利的匯率影響。

Operating income in NPS of JPY35.6 billion was recorded, a JPY119 billion improvement when compared with the operating loss recorded in the previous fiscal year. This improvement was mainly due to a significant improvement in the cost of sales ratio coupled with an increase in gross profit resulting from higher sales, partially offset by unfavorable exchange rates.

淨營運利潤（NPS）為356億日圓，較上一財年的營運虧損增加1,190億日圓。這一成長主要得益於銷售成本率的顯著改善，以及銷售額成長帶來的毛利成長，但部分抵銷了不利的匯率影響。

Excluding restructuring charges, the category which favorably impacted the change in segment operating results was the game business, reflecting significant PS3 hardware cost reductions and higher unit sales of PS3 software.

不計重組費用，對分部經營業績變化產生正面影響的類別是遊戲業務，反映了 PS3 硬體成本的大幅降低和 PS3 軟體單位銷售量的提高。

Game sales decreased 5% year on year to JPY798 billion. This was primarily due to the impact of unfavorable exchange rates.

遊戲銷售額年減5%至7,980億日圓，主要受不利匯率的影響。

Operating income improved JPY103.5 billion year-on-year to JPY46.5 billion. This significant improvement was primarily due to PS3 hardware cost reductions, higher unit sales of PS3 software resulting from hit titles such as Gran Turismo 5, and contribution from game accessories such as PlayStation Move despite the negative impact of exchange rates.

營業收入較去年同期成長1,035億日元，達到465億日圓。這項顯著成長主要得益於PS3硬體成本的降低、《GT賽車5》等熱門遊戲帶來的PS3軟體銷售成長，以及PlayStation Move等遊戲配件在匯率不利影響下仍取得的貢獻。

As we go forward, we are steadily working on NGP, the next-generation portable device, which we will introduce later this year.

在我們前進的過程中，我們正在穩步開發下一代便攜式設備 NGP，我們將於今年稍後推出它。

Next is the Pictures segment. Sales decreased 15% in yen and 8% on a US dollar basis. Operating income decreased 10% in yen and was almost flat year-on-year on a US dollar basis. The decrease in sales was mainly due to unfavorable exchange rates and a significant decline with international theatrical and worldwide home entertainment revenues, partially offset by an increase in television revenues. Operating income decreased primarily due to the appreciation of the yen against the dollar.

其次是影視業務。以日圓計算，銷售額下降15%，以美元計算下降8%。營業收入以日圓計算下降10%，以美元計算則與去年同期基本持平。銷售額下降主要由於匯率不利以及國際影院和全球家庭娛樂收入大幅下降，但電視收入的成長部分抵消了這一影響。營業收入下降主要由於日圓兌美元升值。

Sales in the music segment decreased 10% and operating income increased 7%. Sales decreased because of the negative impact of the appreciation of the yen against the dollar, the especially strong performance of Michael Jackson products in the previous fiscal year, and the continued contraction of the physical music market.

音樂部門銷售額下降10%，營業利潤成長7%。銷售額下降的原因包括日圓兌美元升值的負面影響、麥可傑克森產品在上一財年的強勁表現以及實體音樂市場的持續萎縮。

Despite the decrease in sales, operating income increased due to a decrease in marketing, restructuring, and overhead costs.

儘管銷售額下降，但由於行銷、重組和管理費用的減少，營業收入增加。

Next is the Financial Services segment. Although policy amount in force at Sony Life continue to grow steadily, Financial Services revenue decreased approximately 5% due to deterioration in net gains from investments at Sony life. The stable amount of operating income, JPY118.8 billion, was recorded but this was 27% lower than the previous fiscal year primarily due to lower net valuation gains from investments as the previous year benefited from the significant recovery of the Japanese stock market.

接下來是金融服務部門。儘管索尼人壽的有效保單金額持續穩定成長，但由於索尼人壽投資淨收益的下降，金融服務收入下降了約5%。營業收入錄得穩定的1,188億日圓，但較上一財年下降了27%，主要是由於上一財年受益於日本股市的大幅復甦，導致投資淨估值收益下降。

Sales at our equity affiliate, Sony Ericsson, declined 7%. This decrease was due to a decline in unit shipments as a result of a focus on high-end smartphones and a reduction in the size of the product portfolio.

我們的股權關聯公司索尼愛立信的銷售額下降了7%。這一下降是由於公司專注於高階智慧型手機以及縮減產品組合規模導致出貨量下降。

Fee income before taxes of EUR133 million was recorded for the current year, a EUR787 million improvement when compared with a loss before taxes of EUR654 million in the previous year. This significant improvement was mainly due to the positive impact of a rise in the average selling price, a favorable product mix, and an improved cost structure as well as the benefit of lower restructuring charges and the reversal of warranty reserves.

本年度稅前費用收入為1.33億歐元，較前一年稅前虧損6.54億歐元成長7.87億歐元。這一顯著成長主要得益於平均售價上漲、產品組合優化、成本結構改善，以及重組費用降低和保固準備金衝回的正面影響。

As a result, Sony recorded equity and net income at Sony Ericsson of JPY4.2 billion for the current fiscal year compared to a loss of JPY34.5 billion in the previous fiscal year.

結果，索尼愛立信本財年的股權和淨收入為 42 億日圓，而上一財年的虧損為 345 億日圓。

Next, I would like to briefly outline our forecast for the fiscal year ended March 2012. For the current fiscal year, our assumptions for foreign current exchange rates are approximately JPY83 to the US dollar and approximately JPY115 to the euro.

接下來，我想簡單概述我們對截至2012年3月的財政年度的預測。本財政年度，我們假設的外匯現行匯率約為1美元兌83日圓，1歐元兌115日圓。

We are pleased to note that even after taking into account the impact of the earthquake, we are expecting sales to grow 4% year-on-year and operating income to be basically flat year-over-year. The forecasted earthquake impact is JPY440 billion on sales and JPY150 billion on operating income.

我們很高興地註意到，即使計入地震影響，我們預計銷售額仍將年增4%，營業收入將基本與去年持平。預計地震對銷售額的影響為4400億日元，對營業收入的影響為1500億日元。

In addition, our forecast includes an estimated JPY14 billion of currently known costs associated with the unauthorized access of our networks. In order to reduce this impact, we are implementing various initiatives, all of which are incorporated into our operating forecast of JPY200 billion.

此外，我們的預測還包含了目前已知的與未經授權存取我們網路相關的約140億日圓成本。為了減少這項影響，我們正在實施各種舉措，所有這些舉措都已納入我們2000億日圓的營運預測中。

Almost all of the JPY150 billion impact is expected to be incurred in electronics and we expect nearly every product category to be impacted. Categories with the largest impact are TV, digital cameras, and components.

預計1500億日圓的衝擊幾乎全部發生在電子產品領域，我們預計幾乎所有產品類別都會受到影響。受影響最大的類別是電視、數位相機和零件。

The timing of the impact on our results will depend on the product category. In the television business, the impact will be comparably small in the first quarter because we have parts and inventory, but it will be felt in the second and third quarters.

對我們業績的影響時間取決於產品類別。對於電視業務，由於我們擁有零件和庫存，第一季的影響相對較小，但第二季和第三季將感受到影響。

In the digital camera business, we expect a large impact in the first quarter and a mitigation of that impact in the second quarter. The impact on components will be mainly in the first half of the fiscal year but some impact will remain in the third quarter.

對於數位相機業務，我們預計第一季將受到較大影響，第二季將有所緩解。零件方面的影響將主要集中在財年上半年，但第三季仍將有一定影響。

Overall, the impact will diminish as we go through the year with the impact being the largest in the first and second quarters and some remaining in the third quarter in categories such as TVs and components.

總體而言，隨著時間的推移，影響將會逐漸減小，第一季和第二季的影響最大，在電視和零件等類別中，第三季的影響仍會有一些。

Restructuring charges recorded within operating expenses are expected to be JPY25 billion compared to JPY67.1 billion recorded last year.

預計營業費用中的重組費用為 250 億日元，而去年為 671 億日圓。

Equity and net income of affiliated companies for the March 2012 fiscal year is expected to be approximately JPY15 billion as compared with JPY14.1 billion in the previous year. Income before income taxes is anticipated to decrease mainly due to gains on sales of investment securities and net foreign exchange gains recorded in the March 2011 year.

2012年3月財年，預計關聯公司權益及淨利約150億日元，而上一財年為141億日圓。預計稅前利潤將下降，主要原因是2011年3月財年錄得投資證券出售收益及淨外匯收益。

Net income attributable to Sony Corporation stockholders for the March 2012 fiscal year is expected to be approximately JPY80 billion compared to the loss recorded in the previous fiscal year.

2012年3月財年歸屬於索尼公司股東的淨收入預計約為800億日元，而上一財年則出現虧損。

For more detailed information on our forecast by business segment, please see today's earnings release.

有關我們按業務部門劃分的預測的更多詳細信息，請參閱今天的收益報告。

So before we turn to questions, I would like to offer just a very brief summary. For the year just ended, operating profit increased about JPY170 billion. This despite a JPY100 billion impact from foreign exchange as well as the initial impact of the earthquake. This significant increase in earnings was driven by improvements in Network Products & Services, Consumer, Professional & Devices, and from Sony Ericsson.

在開始提問之前，我想做一個非常簡短的總結。在剛結束的財年，儘管外匯和地震的初期影響帶來了1000億日圓的衝擊，但營業利潤仍增加了約1700億日圓。獲利的顯著成長得益於網路產品與服務、消費、專業及設備業務以及索尼愛立信業務的改進。

If we look back over the last two fiscal years, our operating profit has improved by JPY428 billion, again despite foreign currency headwinds. For the current fiscal year ended March 2012, we believe we can effectively mitigate the enormous effect of the earthquake that is anticipated over the first three quarters and complete the year without any decrease in our operating profit.

回顧過去兩個財年，儘管面臨外匯逆風，我們的營業利潤仍增加了4,280億日圓。就截至2012年3月的本財年而言，我們相信我們能夠有效緩解預計前三個季度地震帶來的巨大影響，並實現全年營業利潤的平穩增長。

In addition, at this time we believe that we will record a modest sales increase year-over-year, positive cash flow, and positive net income attributable to shareholders.

此外，目前我們相信，我們的銷售額將比去年小幅成長，現金流為正，歸屬於股東的淨利為正。

At this time I would like to open up the lines for questions. Operator, if you would make a poll please.

現在我想開放提問環節。接線員，請問您是否願意進行投票？

(Operator Instructions) Mark Harding, Maxim Group.

（操作員指示）馬克·哈丁，馬克西姆集團。

Thanks for taking my question. A couple of -- firstly looking back at 2010, could you help me understand some of the moving parts as it relates to TV pricing? Perhaps the mix of low-end versus advanced TVs and then BRIC versus developed countries?

感謝您回答我的問題。首先，回顧2010年，您能否幫我理解電視定價的一些變化因素？例如低階電視和高階電視的對比，以及金磚四國和已開發國家的對比？

Okay, compared to the plan that we originally had in our budget, we did experience some mix in the TV category. I will give you some examples. We expected to do about 10% of our output in 3-D TVs. This turned out to be a little bit less. The bulk of our high-end product in LED backlit TVs, this proportion was slightly lower than we had expected.

好的，與我們最初預算中的計劃相比，我們在電視產品類別上確實經歷了一些變化。我舉幾個例子。我們預計3D電視的產量將佔總產量的10%左右。結果這個數字略低。我們的高階產品大部分是LED背光電視，這個比例也略低於我們的預期。

And in terms of inch size, I think the lower inch size -- around 32 inches -- a more affordable price product, a proportion of those rose a little bit compared to our original projections. Is that okay with you?

就英吋尺寸而言，我認為較小英吋尺寸（大約32英吋）的產品價格更實惠，其比例與我們最初的預測相比略有上升。您覺得可以嗎？

That's perfect. And then looking at the TV guidance, it looks pretty strong at 20%. I think the industry is looking for about 13% and given the headwinds at the end of the eco-points program, what gives you that level of confidence that 20% is achievable?

太棒了。然後看看電視的預期，20% 的增幅看起來相當強勁。我認為產業預期的增幅在 13% 左右，考慮到生態積分計畫末期的阻力，是什麼讓您有如此大的信心認為 20% 是可以實現的？

Various things, I guess. As you said, if you look at the Japanese domestic market, the eco-point subsidy has ended. So we are going to expect a decline in the Japanese market. When we turn to North America and European markets again here, maybe flat or even a decline in the market may be seen. But what is driving the unit numbers here is the so-called emerging markets including BRIC countries, where we are expecting a lot of growth. And we intend to follow that growth in those areas and we are investing in marketing to make sure that we do catch our fair share of the market.

我想，原因有很多。正如您所說，看看日本國內市場，環保積分補貼已經結束。因此，我們預計日本市場將會下滑。再看看北美和歐洲市場，我們可能會看到市場持平甚至下滑。但推動銷售成長的是包括金磚國家在內的新興市場，我們預期這些國家將大幅成長。我們打算在這些地區保持成長勢頭，並正在增加行銷投入，以確保我們獲得應有的市場份額。

Okay, fair enough. I guess just lastly, when you look at your overall revenue guidance with the backdrop of the impact of the earthquake, if you exclude out the JPY440 billion in earthquake-related hit to sales, it looks like revenue growth would be about 10%. That seems very high.

好的，說得對。最後，我想說的是，考慮到地震的影響，如果剔除地震造成的4400億日元銷售額損失，您的整體收入預期看起來應該在10%左右。這似乎很高。

I was wondering if you could also sort of comment on what gives you that level of confidence?

我想知道您是否可以評論一下是什麼讓您如此自信？

Okay, I think you have the same question related to operating profit as well. We have said that the impact of the earthquake in terms of revenue is JPY440 billion and operating profit JPY150 billion. Now adding back those numbers to the fiscal 2010 projections that we have described is not the right math.

好的，我想您也對營業利潤有同樣的疑問。我們之前說過，地震對收入的影響為4,400億日元，營業利潤的影響為1,500億日圓。現在，將這些數字加到我們之前描述的2010財年預測中，計算結果並不準確。

The impact of the earthquake is basically the decrease in sales caused by the earthquake, meaning that the supply chain is severely damaged and from the supply side, we will not be able to meet the initial projections that we had. This is the impact of the earthquake.

地震的影響基本上是地震導致的銷售下降，這意味著供應鏈遭到嚴重破壞，從供應方面來看，我們將無法達到最初的預期。這就是地震的影響。

Now do we stand still there? No. We are implementing various initiatives such as if the supply is limited, we will review our pricing strategy, for example. We will review our product lineup. We will realign products so that we can build those products based on the limited key components that we have.

現在我們就停滯不前了嗎？不會。我們正在實施各種舉措，例如，如果供應有限，我們將重新評估定價策略。我們將重新審視我們的產品線。我們將重新調整產品線，以便能夠基於現有有限的關鍵零件來生產這些產品。

On top of that, we will be reviewing our marketing spend because if you don't have enough quantity to sell, nobody is going to spend that kind of marketing money we had in the budget in the first place.

除此之外，我們還將審查我們的行銷支出，因為如果沒有足夠的銷售量，那麼沒有人會花我們預算中的那麼多行銷資金。

So all those adjustments or initiatives are incorporated in the final operating profit or the sales numbers that we have given to you, so it's not correct to add back those numbers onto the forecast that we have given you. So in concept, the actual numbers would be slightly less if there were no earthquake at all.

所有這些調整或舉措都已計入我們提供給您的最終營業利潤或銷售額數據中，因此將這些數字加到我們給您的預測中是不準確的。因此，理論上，如果沒有地震，實際數字會略低一些。

Okay, okay, I appreciate that. Thank you.

好的，好的，我很感激。謝謝。

Daniel Ernst, Hudson Square Research.

丹尼爾‧恩斯特（Daniel Ernst），哈德遜廣場研究公司（Hudson Square Research）。

Yes, thanks for taking my call. Three questions, if I might. First, could you walk us through some of the mechanics in the JPY150 billion impact? Obviously a large part of that is just coming from reduced sales. But what part of that is coming from higher procurement costs if you have to go outside of your own supply -- internal supply chain for products and margin implications? If you could sort of walk us through the mechanics of and composition of that JPY150 billion?

是的，感謝您接聽我的電話。請問三個問題。首先，您能否解釋一下這1500億日圓影響的具體機制？顯然，這其中很大一部分是銷售額的下降。但是，如果必須從自身供應鏈之外採購產品，其中哪些部分是來自更高的採購成本？內部供應鏈對利潤的影響如何？能否請您解釋一下這1500億日圓的影響機制和組成？

And then looking at the forecast for the Network Product Group, which has significant reduction planned for operating income because of the reduced sales of high-margin PS2 and PSP sales, can you tell us does your forecast or can your forecast withstand a reduction in the PS3 selling price?

然後看看網路產品集團的預測，由於高利潤率 PS2 和 PSP 銷售額的下降，該集團計劃大幅削減營業收入，您能否告訴我們您的預測是否能夠承受 PS3 售價的下降？

And then last question, excluding the impact from the earthquake, what is the outlook for the LCD business margins? Thanks.

最後一個問題，排除地震的影響，LCD業務的利潤率前景如何？謝謝。

The JPY150 billion impact of the earthquake, this is again reduction in sales due to the supply constraints, so it does not include impact of costs for example, not [at all] for us not achieving the cost down targets that we had planned. Those are a different set of numbers which are included in the JPY200 billion operating profit numbers. But I'm sorry, we do not disclose category or in detail how the improvements have been incorporated.

地震造成的1500億日圓影響，同樣是由於供應限制導致的銷售額下降，因此它不包括成本的影響，例如，我們未能實現原定的成本削減目標。這些數字是另一組，包含在2000億日圓的營業利潤數字中。但很抱歉，我們不會透露具體類別，也不會透露這些改進措施是如何納入考慮的。

Talking about NPS declining operating profit projected for the coming -- for the new current fiscal year, yes, you are correct in that PS2, now in its 12th year of profit contribution, will decline, although it's a nice piece of business, yes. The same is true with our portable PSP, which we introduced in 2004. So it is in its seventh year.

說到預計新財年（也就是新的財年）的淨推薦值（NPS）營業利潤會下降，是的，你說得對，PS2 的利潤貢獻已經是第12年了，雖然它是個不錯的業務，但肯定會下降。我們2004年推出的便攜式 PSP 也是如此，現在已經是第七年了。

Now on top of that, we have made some adjustments due to the impact of the intrusion into our network system. We have said that with -- assuming some -- I would say expenses would be incurred. Given information we have so far, we estimate that the impact will be about JPY14 billion. Now those are included in the numbers.

除此之外，由於網路系統遭受入侵的影響，我們也做了一些調整。我們之前說過，假設會有一些費用，我估計會產生一些費用。根據目前掌握的信息，我們估計影響約為140億日圓。這些費用已經包含在數字中了。

Now as far as PlayStation 3 is concerned, profit contribution is expected to rise because we expect more good sales on the software side. I cannot talk about pricing about PS3. I'm sorry.

就PlayStation 3而言，預計利潤貢獻將會上升，因為我們預期軟體方面的銷售量會更好。抱歉，我無法談論PS3的定價。

And we weren't quick enough to write down your third question. What was that again?

我們還來不及記下你的第三個問題。那是什麼問題？

The third question was if you were to exclude the impact from the earthquake, what was -- what is the outlook? What are the going forward trends for margins in the TV business? Operating margins?

第三個問題是，如果排除地震的影響，前景如何？電視業務的利潤率未來趨勢如何？營業利益率又如何？

Now, TV business, when we started planning for the new fiscal year, again we had objective target of reaching breakeven. Now as you know, we have not been profitable for the last seven years, but again, we aimed for breakeven.

至於電視業務，當我們開始規劃新財年時，我們再次設定了損益平衡的目標。如你所知，過去七年我們一直沒有獲利，但我們再次設定了損益兩平的目標。

But with this unfortunate happening earthquake, our target to meet that number has become very difficult. But compared to year-on-year, the losses expected would be [squeezed] for a considerable extent. I cannot give you any numbers, but the improvement in the TV business will come in the form of reduced losses, which is not an ideal situation, but we are seeing progress. We hope to see progress here.

但這場不幸的地震，讓我們實現這個目標變得非常困難。不過，與去年同期相比，預期的虧損將大幅減少。我無法給出任何具體數字，但電視業務的改善將以虧損減少的形式反映出來，這並非理想情況，但我們正在看到進展。我們希望看到這方面的進展。

Understood, thank you.

明白了，謝謝。

(Operator Instructions). Yuji Fujimori, Barclays Capital.

（操作員指令）。 Yuji Fujimori，巴克萊資本。

Thank you very much for taking my question. I want to ask about the inventory situation, two things. One is it looks like the March end inventory was larger than expected mainly due to the earthquake impact. And if you can quantify the impact, could you let us know?

非常感謝您回答我的問題。我想問一下庫存狀況，有兩個問題。首先，3月底的庫存似乎比預期高，主要是因為地震的影響。您能否量化一下這種影響？

And secondly, if you have any outlook for the inventory situation in the end of Q1 or Q2, that would be appreciated. Also just following up a question, I could understand Kato's explanation about the operating profit impact from the earthquake, but then I couldn't fully understand the revenue impact.

其次，如果您對第一季末或第二季末的庫存情況有任何展望，我們將不勝感激。另外，順便問一下，我理解加藤關於地震對營業利潤影響的解釋，但對收入的影響我不太清楚。

So even after factoring into the earthquake impact, you are expecting 4% revenue growth this year. And due to the price competition in the TV space or very modest volume loss for business with cameras, I think 4% growth seems to be a little bit stressed. So are there any new product contributions such as tablets, [any GP] in your forecast, or the price increase impact could be much larger than I am expecting?

所以，即使考慮到地震的影響，您預計今年的收入仍將成長4%。由於電視領域的價格競爭，或者相機業務的銷售損失非常小，我認為4%的成長似乎有些壓力。您的預測中是否包含平板電腦等新產品的貢獻，或者[任何GP]，或者價格上漲的影響可能比我預期的要大得多？

So could you make up the following supplementary comment on the topline growth of 4% this year?

那麼，您能否對今年 4% 的營收成長率做出以下補充評論？

I will try to answer your questions as much as I can. Now, on the inventory situation, I said that compared to initial expectations, level of inventory March ended slightly higher. Now this is sort of a general comment. It differs category by category. I said overall this higher-than-expected inventory is not an unmanageable situation or a negative impact to our business going forward.

我會盡力回答您的問題。關於庫存情況，我之前說過，與最初的預期相比，3月份的庫存水準略有上升。這只是一個概括性的評論，具體情況因產品類別而異。總的來說，高於預期的庫存並非難以控制，也不會對我們未來的業務造成負面影響。

But if you -- if we break down the inventory, for example, TV business inventory was a little bit high because in Japan March was the last month of the eco-points subsidy and not just us but many manufacturers expecting the last minute rush to the stores for televisions which did happen but not to the extent that we had projected. And that was the major reason for inventory buildup. This is nothing related to earthquake itself.

但是，如果我們細分一下庫存，比如說，電視業務的庫存有點高，因為在日本，3月是環保積分補貼的最後一個月，不僅是我們，很多製造商都預料到最後一刻會出現搶購電視的現象，雖然確實發生了，但沒有達到我們預期的程度。這是庫存積壓的主要原因。這與地震本身無關。

Now, the other side of it which is related to the earthquake is that we could not ship product to some areas. But I cannot give you category by category breakdown on inventory, and sorry.

現在，由於地震，我們無法將產品運送到某些地區。抱歉，我無法提供庫存的分類明細。

Inventory level after end of the first quarter, second quarter, here on paper we do have projections because we have calculated impact of the earthquake, but whether those projections are correct, I think we need to see how it actually evolves. But one thing we can say or give light to the situation is that in some categories where we do foresee shortage for quite some period, we will be allocating the purchase product that we have.

第一季和第二季結束後的庫存水平，我們確實有一些紙面預測，因為我們已經計算了地震的影響，但這些預測是否準確，我認為我們需要觀察實際情況如何發展。不過，我們可以說，或者說，對於一些我們預計在相當長一段時間內會出現短缺的品類，我們將對現有採購產品進行分配。

So we will not be selling everything when we have a purchase order for it. Those come into play. Secondly, we are trying to get hold on the parts to build the products, but as you know, if we are missing one single part, we will not be able to assemble the final product. So that will have another impact on how well we do in securing our key devices.

所以，當我們收到採購訂單時，我們不會把所有產品都賣掉。這些因素都會影響到我們。其次，我們正在努力獲取生產產品的零件，但如你所知，只要缺少一個零件，我們就無法組裝最終產品。所以，這會對我們關鍵設備的安全保障能力產生另一個影響。

Other factors, well the -- not just the direct impact of the earthquake onto parts supply, but things like power outages that are expected, they maybe not in the first quarter but in the summer season, the government has given guidelines to reduce electricity consumption by 15%. Those things come into play.

其他因素，嗯，不僅是地震對零件供應的直接影響，還有預期會出現的停電等因素。停電可能不會在第一季發生，而是在夏季。政府已經發布了減少15%用電量的指導方針。這些因素都會發揮作用。

So I know I'm not answering your questions, but what I am trying to say is that all those factors would affect how our inventory will be at the end of each quarter, but I don't think it will be in a situation -- we have tons of inventory. I think we will be scrambling for more product to meet demand of our customers.

我知道我沒有回答你的問題，但我想說的是，所有這些因素都會影響我們每個季度末的庫存情況，但我認為我們庫存量很大的情況下不會出現這種情況。我認為我們會努力增加產品以滿足客戶的需求。

Third question, yes, the logic I explained for operating profit regarding impact of earthquake and pre-earthquake projections, I think applies to revenue as well. Now, given that we know shortages in some areas of key components, we will redesign products. We will change the lineup of products or the mix of the product. So that would ultimately determine the revenue line. And the 4% growth is a result of those planning by the different business divisions if I -- (multiple speakers)

第三個問題，是的，我之前解釋的關於地震影響和震前預測的營業利潤邏輯，我認為也適用於收入。鑑於我們了解到某些地區關鍵零件短缺，我們將重新設計產品。我們將調整產品陣容或產品組合。這最終將決定收入。 4%的成長是不同業務部門規劃的結果，如果我…（多位發言者）

Thank you very much for the color. The one, sorry, additional question is at the Japanese briefing meeting, Kato-san commented the panel, an LCD panel production yield program has resulted in the new product introduction in Q4. So that kind of impact was financially meaningfully big for the inventory pileup or the TV loss?

非常感謝您的評論。抱歉，還有一個問題，在日本的簡報會上，加藤先生在小組討論中表示，液晶面板產量提升計劃促成了第四季度新產品的推出。那麼，這種影響對庫存積壓或電視業務的損失在財務上是否有重大影響？

Okay, Fujimori-san, before we go to this LCD thing, let me add a little also some comments to the third question on the revenue side.

好的，藤森先生，在我們討論 LCD 問題之前，請允許我先對收入方面的第三個問題補充一些評論。

If you take product category by category and see where the growth comes from, for one thing, it's TV. As we explained, projecting higher units at 27 million. Now unit price might go down but compared to 22.4 million output for the past fiscal year, we have seen quite an increase in units. So the TV is one driver.

如果逐一產品類別分析成長來源，首先是電視。正如我們之前解釋的，預計銷量將上升至2700萬台。現在單價可能會下降，但與上一財年的2,240萬台產量相比，我們看到銷量大幅成長。所以電視是其中一個驅動力。

Second, we are aiming for higher quantities in PC. Digital cameras, especially in the single lens reflex category, and game software, those are by category explanation of the breakdown of the increase on the revenue side.

其次，我們的目標是提高PC、數位相機（尤其是單眼相機）和遊戲軟體的銷售量，這些是按類別解釋收入成長的細分。

Now on LCD, I think the impact of -- on inventory of the lower-than-expected yield on LCD production, it's a mix. It works both ways because if the yield were high and if we could sell, okay, but what we did was with the uncertainty of the new panels coming in, we had to go to second sources to make sure that we could build something.

現在就LCD面板而言，我認為良率低於預期對庫存的影響是複雜的。這是雙向的，因為如果良率高，我們也能賣出去，但考慮到新面板到貨的不確定性，我們不得不尋找其他供應商，以確保我們能夠生產。

So in a sense you could say that we held inventory of parts. Not, maybe not double, but some excess inventory so that if one source did not deliver what we had accepted, we could build with other sources.

所以從某種意義上來說，你可以說我們持有零件庫存。庫存量可能不多，甚至可能不翻倍，但有一些剩餘，這樣如果一個供應商沒有交付我們接受的零件，我們就可以與其他供應商合作生產。

So the answer to your question is yes, but the amount of inventory involved in that category, I don't think that is a major component of the unexpected rise in the area -- (inaudible).

所以對你的問題來說答案是肯定的，但是涉及該類別的庫存數量，我不認為這是該地區意外增長的主要因素——（聽不清楚）。

Francis, we have time for one more question, if you have one.

法蘭西斯，如果您還有問題的話，我們還有時間再回答一個問題。

(Operator Instructions).

（操作員指令）。

Having received no questions then, Francis, we're going to end the call here. Thank you all for participating and just a reminder that the contact information for the IR offices in Tokyo, London, and New York are in the press release, so please feel free to reach out to us with any other questions. Thank you so much for joining us.

法蘭西斯，既然還沒有人提問，這次電話會議就到此結束。感謝各位的參與，溫馨提醒：東京、倫敦和紐約投資者關係辦公室的聯絡方式已在新聞稿中公佈，如有任何其他問題，請隨時與我們聯繫。非常感謝大家的參與。

Ladies and gentlemen, thank you all for your participation in today's conference call. This concludes the presentation and you may now disconnect.

女士們，先生們，感謝各位參加今天的電話會議。演示到此結束，您可以掛斷電話了。