索尼 (SONY) 2013 Q2 法說會逐字稿

Welcome to the Sony Corporation conference call for overseas investors for the second quarter ended September 30, 2013. My name is John, and I will be your operator for today's call.

歡迎參加索尼公司 2013 年 9 月 30 日結束的第二季海外投資者電話會議。我叫約翰，是今天電話會議的接線生。

At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Please note that the conference is being recorded.

目前，所有與會者均處於「僅收聽」模式。稍後我們將進行問答環節。請注意，會議正在錄音。

And I will now turn the call over to [Casey Keister]. Casey, you may begin.

現在我將把電話轉給凱西·凱斯特。凱西，你可以開始了。

Thank you very much for that introduction, John. And thank you all for joining us today, October 31, 2013, for a discussion of Sony's results for the second quarter, ended September 30, 2013. We hope you all have enjoyed John Mayer's Paradise Valley while you were on hold.

非常感謝你的介紹，約翰。也感謝大家今天（2013年10月31日）加入我們，討論索尼截至2013年9月30日的第二季業績。希望大家在等待期間喜歡約翰梅爾的《天堂谷》。

I'm Casey Keister, in the Investor Relations department here in Tokyo. And with me on the conference call tonight is Masaru Kato, CFO of Sony Corporation; Steven Kober, Executive Vice President and Chief Financial Officer of Sony Corporation of America, and Yoshinori Hashitani, VP Investor Relations at Sony Corporation.

我是凱西‧凱斯特 (Casey Keister)，就職於東京的投資者關係部門。今晚與我一起參加電話會議的還有索尼公司首席財務官加藤勝 (Masaru Kato)、索尼美國公司執行副總裁兼首席財務官史蒂文·科伯 (Steven Kober) 以及索尼公司投資者關係副總裁橋谷義典 (Yoshinori Hashitani)。

Thank you all very much for joining us. In just a few moments, we will review today's announcement, and then we'll be available to answer your questions. Please be aware that statements made during the following remarks and QA 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.

非常感謝各位的參與。我們稍後將審閱今天的公告，然後解答大家的問題。請注意，以下評論和問答環節中涉及索尼當前計劃、預估、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 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 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，以及該會議上播放的幻燈片和我們詳細的收益報告，都可以在我們的網站上供您訪問。

With that, I'm now going to turn to today's announcement.

好了，我現在要開始宣布今天的消息了。

First, I will begin by explaining the enhanced disclosure that we have undertaken this quarter, in an effort to better enable you to value our Entertainment businesses. We have enhanced our disclosure in three ways.

首先，我將介紹我們本季採取的強化資訊揭露措施，以便您更好地評估我們的娛樂業務。我們透過以下三個面向強化了資訊揭露。

First, we have established three categories in each of the Pictures and Music segments. These categories disclose sales to external customers.

首先，我們在影視和音樂部門分別設立了三個類別。這些類別揭露了對外部客戶的銷售額。

The three categories in the Pictures segment are Motion Pictures, Television Productions, and Media Networks. The three categories in the Music segment are Recorded Music, Music Publishing and Visual Media & Platform.

影視產業的三個類別分別是電影、電視製作和媒體網絡。音樂產業的三個類別分別是錄製音樂、音樂出版和視覺媒體及平台。

Second, we have disclosed the depreciation and amortization and the restructuring charges of each segment. This disclosure will be implemented for not only the Pictures and Music segments, but all of our other segments as well. We think this will enable you to calculate adjusted OIBDA.

其次，我們已揭露各部門的折舊、攤提和重組費用。此項揭露不僅適用於影視和音樂部門，也適用於我們所有其他部門。我們認為這將幫助您計算調整後的OIBDA。

Third, we have disclosed supplemental information regarding the Entertainment businesses on our website. This information contains items such as the box office revenue of films released during the quarter, and the list of upcoming films in the Pictures segment, as well as the top ten bestselling releases and number of songs in Music Publishing in the Music segment.

第三，我們在網站上揭露了有關娛樂業務的補充資訊。這些資訊包含本季上映電影的票房收入、影視業務板塊的即將上映的電影名單，以及音樂業務板塊的十大暢銷影片和音樂出版業務的歌曲數量。

Moreover, we have disclosed the US dollar sales and operating income of Sony Pictures Entertainment as consolidated by that entity in US dollars. In addition to this disclosure, Sony's CEO, Kazuo Hirai, and the management of our Entertainment businesses, will host an Entertainment Investor Day on November 21 in the US. We will also be holding a business briefing for investors in Tokyo on November 26, where the highlights of the US events will be discussed.

此外，我們已揭露索尼影視娛樂公司（以美元計價）的合併銷售額和營業收入。除此之外，索尼執行長平井一夫和娛樂業務管理層將於11月21日在美國舉辦娛樂投資者日活動。我們也將於11月26日在東京為投資者舉辦商業簡報會，討論美國業務的亮點。

I will now touch on the consolidated results for the quarter. Consolidated sales increased 11% year on year to JPY1.7755 trillion. The significant increase in sales was primarily due to an increase in unit sales of smartphones, and the favorable impact of exchange rates.

現在，我將介紹本季的合併業績。合併銷售額年增11%，達到1.7755兆日圓。銷售額的大幅成長主要得益於智慧型手機銷售的成長，以及匯率的利多影響。

However, sales decreased approximately 9% on a local currency basis. This was primarily due to the impact of a contraction in the AV/IT market and the slowdown of emerging market economies.

然而，以當地貨幣計算，銷售額卻下降了約9%。這主要受到AV/IT市場萎縮以及新興市場經濟體成長放緩的影響。

Consolidated operating income decreased JPY15.5 billion year on year, to JPY14.8 billion. The significant decrease was primarily due to a decline in the operating results of the Pictures, Imaging Products & Solutions, and Devices segments. I encourage you to refer to our earnings release for a further discussion of the actual results.

合併營業利潤年減155億日元，至148億日圓。大幅下降主要由於圖片、影像產品與解決方案以及設備部門的經營業績下滑。建議您參閱我們的財報，進一步了解實際業績。

Turning now to our forecast for the fiscal year ending March 31, 2014, we have revised downward our forecast for consolidated sales to JPY7.7 trillion. This reduction is due to a downward revision in the annual unit sales forecast for several electronics products.

現在回顧我們對截至2014年3月31日財年的預測，我們已將合併銷售額預測下調至7.7兆日圓。此次下調是由於我們下調了部分電子產品的年度銷售量預測。

Consolidated operating income is expected to be JPY170 billion, JPY60 billion below the August forecast. Although the operating income of the Financial Services segment in the second quarter exceeded our previous forecast, the operating income of all of our Electronic segments, excluding Game, and the Pictures segment, are expected to be below the previous forecast.

預計合併營業收入為1700億日元，較8月的預測低600億日元。儘管第二季金融服務部門的營業收入超出了我們先前的預期，但預計除遊戲部門外所有電子部門以及影視部門的營業收入均低於先前的預期。

Net income attributable to Sony Corporation's stockholders is expected to be JPY30 billion, JPY20 billion below the August forecast.

預計歸屬於索尼公司股東的淨收入為300億日元，比8月的預測低200億日圓。

I will now touch on each segment's forecast for the rest of the fiscal year.

現在我將談談本財年剩餘時間各部門的預測。

First is Imaging Products & Solutions. Fiscal year sales for this segment are expected to be below the August forecast, primarily due to a downward revision in the annual unit sales forecast for video cameras and digital cameras. However, on a year on year basis, sales are expected to be flat.

首先是影像產品與解決方案部門。預計該部門本財年的銷售額將低於8月的預測，主要原因是攝影機和數位相機的年度銷售預測被下調。不過，預計銷售額將年持平。

Operating income is expected to be below the August forecast, primarily due to the decreased sales. But on a year on year basis, operating income is expected to increase significantly.

預計營業收入將低於8月的預測，主要原因是銷售額下降。但與去年同期相比，預計營業收入將大幅成長。

We have downwardly revised our annual unit sales forecast for digital cameras and video cameras. But we have a highly differentiated lineup of products, and we are swiftly adapting to the changes in the market. We are continuing to focus on raising ASPs and improving profitability by enhancing our high end products such as the RX series of compact DSCs, and the world's first full-sized mirrorless camera, the Alpha 7 series.

我們已下調數位相機和攝影機的年度銷售預測。但我們擁有高度差異化的產品陣容，並且正在迅速適應市場變化。我們將繼續專注於提高平均售價，並透過增強高階產品（例如RX系列輕巧數位單眼相機和全球首款全片幅無反光鏡相機Alpha 7系列）來提升獲利能力。

In addition, the lens-style QX camera series, which we announced last month, is receiving critical acclaim. This entirely new concept makes possible high resolution rich images when combined with smartphones. This product is creating a new market in the digital imaging space.

此外，我們上個月發表的鏡頭式QX相機系列廣受好評。這項全新概念與智慧型手機結合，能夠拍攝出高解析度、色彩豐富的影像。這款產品正在數位影像領域開拓一個新市場。

Next is Game. The outlook for sales and operating income for the Game segment has not changed from the August forecast. Preparations for the introduction of the PlayStation 4 are progressing smoothly. The platform will go on sale in the US and Europe in November, and demand appears to be quite strong. We expect the PS4 to contribute to profitability at an early stage, due to lower hardware costs and diversification of its revenue streams through network services.

接下來是遊戲業務。遊戲部門的銷售和營業收入前景與8月的預測一致。 PlayStation 4的上市準備工作進展順利。該平台將於11月在美國和歐洲上市，市場需求似乎相當強勁。我們預計，由於硬體成本降低以及透過網路服務實現收入來源多元化，PS4將在早期階段為盈利做出貢獻。

Next is Mobile Products & Communications. Although the PC business is under pressure, the smartphone business is performing well, and this has led to a significant increase in overall segment sales, and a significant improvement in operating results this quarter.

接下來是行動產品與通訊業務。儘管個人電腦業務面臨壓力，但智慧型手機業務表現良好，帶動了該部門整體銷售額的大幅成長，也帶動了本季營運表現的顯著改善。

Sales for the fiscal year are expected to be below the August forecast, primarily due to a downward revision in the annual unit sales forecast for PCs. But on a year on year basis, segment sales are expected to increase significantly.

本財年銷售額預計將低於8月的預測，主要原因是個人電腦年度銷售預測下調。但與去年同期相比，預計該部門銷售額將大幅成長。

Segment operating income is expected to be lower than the August forecast, due to the lower sales of PCs. But on a year on year basis, operating results are expected to improve significantly, and we expect to record a profit.

由於個人電腦銷量下降，預計該部門營業利潤將低於8月的預測。但與去年同期相比，預計營業業績將大幅改善，並有望獲利。

Following on the heels of the highly successful Xperia Z, which went on sales in February, we have launched our new flagship smartphone, the Xperia Z1, in September.

繼 2 月上市並大獲成功的 Xperia Z 之後，我們於 9 月推出了新的旗艦智慧型手機 Xperia Z1。

Regarding PCs, the market is expected to contract significantly this fiscal year, and the annual unit sales forecast for Vaio has been revised downward from 6.2 million units to 5.8 million units. The operating environment in the PC business continues to be severe, and we recognize that it is imperative to work toward fundamentally reforming the structure of this business. And we have been working to develop a reform plan.

關於個人電腦業務，預計本財年市場將大幅萎縮，VAIO的年度銷售預測已從620萬台下調至580萬台。個人電腦業務的經營環境持續嚴峻，我們意識到必須從根本上改革該業務的結構。我們一直在努力製定改革計劃。

Next is Home Entertainment & Sound. Sales for the fiscal year are expected to be below the August forecast, due to a downward revision in the annual unit sales forecast of LCD TVs from 15 million to 14 million units. However, on a year on year basis, sales are expected to increase significantly. Operating income is expected to be lower than the August forecast, primarily due to the lower sales of TV. But on a year on year basis, operating income is expected to improve significantly.

接下來是家庭娛樂與音響業務。由於液晶電視年銷售預測從1,500萬台下調至1,400萬台，預計本財年銷售額將低於8月的預測。然而，預計銷售額將年增。預計營業利潤將低於8月的預測，主要原因是電視銷售下降。但預計營業利潤年增將大幅成長。

This fiscal year, our efforts to reform our profitability structure in TV have progressed, and we forecast a significant improvement in operating results for the year. However, primarily due to stagnation of emerging market economies, which we expected to drive growth, and the unfavorable impact of the depreciation of emerging market currencies, the outlook for the full year is more challenging than what we expected in August.

本財年，我們在電視業務獲利結構改革方面的努力取得了進展，我們預計全年營運表現將顯著改善。然而，主要由於我們預期將推動成長的新興市場經濟體的停滯，以及新興市場貨幣貶值的不利影響，全年前景比我們8月份的預期更具挑戰性。

Under these circumstances, we will continue to work to turn a profit through measures aimed at improving profitability, including continuous cost reductions, and a focus on expanding sales of high value added models such as 4K televisions during the year end selling season.

在此情況下，我們將繼續採取措施提高獲利能力，包括持續降低成本，並專注於在年末銷售季擴大4K電視等高附加價值機型的銷售，努力實現盈利。

Next is Devices. Sales for the fiscal year are expected to be below the August forecast, due to lower than expected sales of image sensors. We also expect sales to decrease year on year. Operating income is expected to be below the August forecast, due to the decrease in sales. And we expect operating income to decrease significantly year on year.

接下來是設備業務。由於影像感測器的銷售低於預期，預計本財年的銷售額將低於8月份的預測。我們也預計銷售額將年減。由於銷售額下降，預計營業收入也將低於8月的預測。我們預計營業收入將較去年同期大幅下降。

Next is Pictures. Sales for the fiscal year are expected to be below the August forecast, because results in the second quarter were below the August forecast. Nevertheless, year on year, we expect sales to increase significantly. Operating income is expected to be below the August forecast, due to lower than expected results this quarter, and we expect operating income to be essentially flat year on year.

接下來是影視業務。預計本財年銷售額將低於8月的預測，因為第二季的業績低於8月的預測。儘管如此，我們預計銷售額將年比將大幅成長。預計營業收入將低於8月份的預測，因為本季的業績低於預期，我們預計營業收入將比去年同期基本持平。

Although the box office results of some films were below expectations, and we recorded a loss in the quarter, Captain Phillips and Cloudy with a Chance of Meatballs 2 are performing to expectation.

雖然部分影片的票房表現低於預期，導致本季出現虧損，但《菲利普船長》和《美食從天而降2》的表現符合預期。

Moreover, Television Productions and Media Networks are steadily expanding, and we are working to improve profitability by continuing to focus on these growing businesses, and by reducing costs throughout the Pictures segment. Although we revised downward slightly our forecast for annual operating income, we do expect this business to contribute the same level of profit as last year.

此外，電視製作和媒體網路業務正在穩步擴張，我們正努力透過繼續專注於這些成長型業務並降低整個影視業務的成本來提高獲利能力。儘管我們略微下調了年度營業收入預測，但我們預計該業務的利潤貢獻將與去年持平。

There is no change to our forecast for the Music segment, and we expect Music to continue to contribute stable profit.

我們對音樂部門的預測沒有變化，我們預計音樂將繼續貢獻穩定的利潤。

In Financial Services, annual operating income is expected to be higher than we expected, due to better than expected investment performance at Sony Life in the second quarter.

在金融服務方面，由於索尼生命第二季的投資表現優於預期，因此預計年度營業收入將高於我們的預期。

To conclude, although we revised downward our forecast for consolidated sales and operating income due to the challenging environment in our PC, TV, Digital Still Camera, Camcorder and Device businesses, the news is not all bad. In the core business areas of Mobile, Game and Digital Imaging, the growth drivers for the Company, we have made steady progress, and we look forward to the strong performance of the products I have described.

總而言之，儘管由於個人電腦、電視、數位相機、攝影機和設備業務面臨的挑戰，我們下調了合併銷售額和營業利潤的預測，但並非全是壞消息。在公司成長動力——行動、遊戲和數位影像——這些核心業務領域，我們取得了穩步進展，我們期待我所描述的這些產品能夠繼續保持強勁表現。

As we approach the year-end selling season, which is the period in which we generate the most sales, we expect sales of our electronic products to increase. And although we have revised downward Electronic & Aggregate, we expect operating results in Electronics to improve significantly over last fiscal year, and we expect to record a profit.

隨著年末銷售旺季的臨近，也就是我們銷售額最高的時期，我們預期電子產品的銷售額將會成長。儘管我們下調了電子及組裝業務的業績，但我們預計電子業務的經營業績將較上一財年大幅改善，並有望實現盈利。

That concludes our review, and now we'd like to turn it over to you and answer any questions which you might have. John, would you please queue up the questions?

我們的審核到此結束，現在我們想把時間交給您，並回答您可能提出的任何問題。約翰，請您把問題排好隊好嗎？

Thank you, and I'll begin the question and answer session. (Operator instructions) Okay, and our first question is from Richard Kramer from Arete Research. Please go ahead.

謝謝大家，現在開始問答。 （操作員指示）好的，第一個問題來自 Arete Research 的 Richard Kramer。請提問。

Thanks very much. Two areas of questions, please. If we look at Cameras, TVs, and PCs, all of these categories, as you mentioned, are clearly under pressure, are struggling. When would you present to investors the reform plan in PCs that you just mentioned, and at what stage or under what conditions might you consider deeper structural changes in the other two businesses, Cameras and TVs, given that some of the pressures that you outlined don't seem to be easing into the end of the year?

非常感謝。請問兩個方面的問題。如果我們看一下相機、電視和個人電腦，正如您所說，所有這些類別都明顯面臨壓力，舉步維艱。您什麼時候會向投資人介紹您剛才提到的個人電腦業務的改革計畫？考慮到您提到的一些壓力似乎到年底仍不會緩解，您會在什麼階段或什麼條件下考慮對另外兩個業務——相機和電視——進行更深層次的結構性改革？

And then my second question is on the Game business. It seems like you're maintaining the expectations for end of year sales for the older platforms, as well as -- concurrent with the launch of the new platform. Are you confident that that's realistic, or can you outline some of the pricing actions you expect might be needed to sustain the growth of the older platforms while there's so much attention being drawn to the PS4 launch? Thanks.

我的第二個問題是關於遊戲業務的。看起來你們對年底舊平台的銷售預期保持不變，同時新平台的發布也一樣。你確信這個預期現實嗎？或者，在PS4發布備受關注的當下，你認為可能需要採取哪些定價措施來維持舊平台的成長？謝謝。

Okay, I'll start with the first question. On PCs, TVs and Cameras, now, on PC, we're in a phase of trying to restructure the business so that we have much better profitability.

好的，我先回答第一個問題。關於PC、電視和相機，目前在PC領域，我們正處於業務重組階段，以便獲得更好的獲利能力。

Now, the timeframe for the planning, I cannot give you a definitive date today when these plans will be announced. But it's not going to be like in six months or a year. It's a more, I would say, within this fiscal year, within several months, we will come up with a plan. And when the time is right, we will make proper announcements to the market as we feel appropriate.

現在，關於規劃的時間表，我今天無法給出確切的日期，但不會是六個月或一年後。我想說，我們更有可能在本財年，也就是幾個月內，就訂定出一個計畫。時機成熟時，我們會以我們認為合適的方式向市場發布正式公告。

Now, on the other categories, the Camcorders, this is not a simple restructuring program. Now, as we have stated all along, digital imaging is one of the core areas that we are concentrating on, for our future growth and profitability.

至於其他產品類別，例如攝影機，這並非一個簡單的重組計劃。正如我們一直以來所說，數位成像是我們未來成長和獲利的核心領域之一。

Now, this is a quite a broad range of business for us. Yes, indeed, the digital still cameras are declining. Some of the customers are shifting towards smartphones, which is a known fact. But our Digital Imaging business has coverage from not just consumer products, but non-consumer, broadcast equipment, (inaudible), medical application, etc., etc., etc.

現在，這對我們來說是一個相當廣泛的業務範圍。的確，數位相機的銷量正在下滑。一些客戶正在轉向智慧型手機，這是眾所周知的事實。但我們的數位成像業務不僅涵蓋消費性產品，還涵蓋非消費性產品、廣播設備、（聽不清楚）、醫療應用等等。

So the actions that we are taking is not a -- kind of a restructuring type of action plan, but rather, reforming the business, shifting the resources, engineered from consumer businesses to other areas. Also, within the same consumer business, more towards high end products like the Alpha 7 cameras that we introduced recently, RX cameras, and the lens-style cameras, the QX series that we announced. So it's more of shifting resources around so that we can pursue new growing revenue streams. That's the formula for the Camera area.

所以，我們正在採取的行動並非某種重組計劃，而是業務重組，將資源從消費業務轉移到其他領域。此外，在同一消費業務中，我們更傾向於高端產品，例如我們最近推出的 Alpha 7 相機、RX 系列相機，以及我們發布的 QX 系列鏡頭式相機。因此，這更像是資源的轉移，以便我們能夠尋求新的收入成長點。這就是相機領域的策略。

Now, on top of that, if it is necessary, we will reduce costs, fixed costs, overhead, where appropriate. But what I want to say, it's not a simple, straight line going down the path of restructuring.

現在，除此之外，如果有必要，我們會在適當的情況下削減成本、固定成本和間接費用。但我想說的是，重組並非一條簡單直接的路徑。

Now, Television, here I have to admit that our road to breakeven is becoming tougher, given the conditions that was explained five minutes ago. But the third quarter is the critical quarter for us, where we have the holiday season. So, until now, we see the results of the third quarter, I don't think it is appropriate to announce any new measures or act at this point, (inaudible).

現在，電視部門，我必須承認，考慮到五分鐘前解釋的情況，我們實現收支平衡的道路變得越來越艱難。但第三季度對我們來說是關鍵季度，因為我們正處於假期期間。所以，在我們公佈第三季業績之前，我認為現在還不宜宣布任何新措施或行動，（聽不清楚）。

On Gaming, on the other platforms like PS3 and others, I'm sorry to say, but I cannot touch upon pricing, because it has a lot of big impact on competitive moves, and etc. But in general, the home console market, we have increased our unit forecast, because we have added PS4 units onto PS3, the addition by 5 million. Now, what will happen -- yes, that's the reason for the upward revision.

關於遊戲，關於PS3等其他平台，很抱歉，我無法談論定價，因為它對競爭態勢等有很大影響。但總體而言，就家用遊戲機市場而言，我們上調了銷量預測，因為我們在PS3的基礎上增加了PS4的銷量，增加了500萬台。接下來會發生什麼事？是的，這就是上調銷量預測的原因。

And as far as PS3 is concerned, we are quite confident in that this platform still has a lot of -- what, size in it, as you can see from this year's catalog of new titles coming out. Very exciting titles from both first party and third party. I can name a few titles, but third party (multiple speakers) position to comment. But you know, what the kind of titles that I'm talking about.

就PS3而言，我們非常有信心，這個平台仍然有很多潛力股，從今年新推出的遊戲目錄就可以看出。第一方和第三方都有很多令人興奮的遊戲。我可以列舉幾個，但第三方（多位發言者）無法評論。不過，你知道我指的是哪種類型的遊戲。

On top of that, PS3, you know, has a life in more -- in the emerging countries. When -- as the platform matures, we have more software to address these emerging markets. And again, I cannot dwell on pricing in specific terms or timing, but in general, as the platform matures, the prices are reduced so that we can address more customers. That's the basic game plan.

除此之外，PS3 在新興國家更有發展潛力。隨著平台的成熟，我們會推出更多軟體來滿足這些新興市場的需求。再次強調，我無法透露具體的定價條款或時間，但總的來說，隨著平台的成熟，價格會降低，以便我們可以滿足更多客戶的需求。這就是我們的基本策略。

Okay, and then maybe one other very brief question. With the disposal of M3, or part of your stake in M3, should we anticipate that there are other asset sales that Sony is likely to make, just to shore up your cash balances relative to your debt profile?

好的，然後還有一個非常簡短的問題。在出售M3或部分M3股份之後，我們是否應該預期索尼可能會進行其他資產出售，以支撐相對於債務狀況的現金餘額？

Okay, I cannot -- again, I cannot be specific. But as a general statement, when we made the budget, we have some asset sales into profit plan. Now, having said that, I must say that the magnitude of these asset sales is not like the ones we had last year. Last year, we had facilities, land, businesses, portfolio of stock, etc., that amounted to more than JPY200 billion, in terms of operating profit.

好的，我無法——再說一遍，我無法具體說明。但總的來說，我們在製定預算時，有一些資產出售計劃是盈利的。話雖如此，我必須說，這些資產出售的規模與去年不同。去年，我們的設施、土地、業務、股票投資組合等，就營業利潤而言，總額超過2,000億日圓。

This year, I cannot give a number, but the magnitude is much, much smaller. Again, I cannot get too specific on what they are.

今年，我無法給出具體數字，但規模要小得多。同樣，我無法具體說明具體數字。

Okay, thank you.

好的，謝謝。

Our next question is from Daniel Ernst from Hudson Square Research.

我們的下一個問題來自 Hudson Square Research 的 Daniel Ernst。

Yes, good evening, good morning. Thanks for taking my call. Three questions, if I might. First, on the forecast for the PlayStation 4, essentially 5 million units. Can you comment on your confidence over hitting that target, and can you clarify, is that production target, or a sell-in to retail and distributors? As I recall, in the last cycle, there was a large delta in what you reported as production units, versus sell-in units, which impacted your gross margin. So I wondered, are we going to have a similar situation here?

是的，晚上好，早安。感謝您接聽我的電話。請容許我問三個問題。首先，關於PlayStation 4的預測，也就是500萬台。您能否談談您對實現這目標的信心？能否澄清一下，這是生產目標，還是指零售和經銷商的銷售量？我記得在上一個週期，您報告的生產量與實際銷售量之間存在很大的差異，這影響了您的毛利率。所以我想問，我們這次會不會也遇到類似的狀況？

And then second question, on the weakness that you noted in Image Sensors, can you parse that between image sensors sold into the video/still camera market versus image sensors sold into the smartphone market? Are the two diverging, i.e., DSC sales are going down, but image sales to smartphones continues to be strong, or not?

第二個問題，關於您提到的影像感測器的弱點，您能否分析一下視訊/靜態相機市場和智慧型手機市場的影像感測器銷售？這兩個市場是否有差異？例如，數位相機銷量下降，但智慧型手機的影像感測器銷量依然強勁，對嗎？

And then, third question, if I might. On the Television business, Television Production business, or TV Studio business, AMC, which has been a partner of yours for Breaking Bad, recently acquired, for $1 billion, Chellomedia from Liberty, in order to ensure distribution, higher market distribution overseas for their content, which I'm wondering, is there an opportunity for Sony to do things like that, and put more of their own content through their own TV networks? And you gave us an excellent list of all the ones you owned overseas, but I was wondering, is there an ability to grow that, and grow the margins substantially? Thanks.

然後，第三個問題，如果可以的話。關於電視業務、電視製作業務，或者說電視演播室業務，AMC（它曾是你們合作製作《絕命毒師》的合作夥伴）最近以10億美元的價格從Liberty手中收購了Chellomedia，以確保其內容在海外的發行，以及更高的市場發行量。我想知道，索尼是否有機會做類似的事，透過自己的電視網絡播放更多自家的內容？您給了我們一份很棒的清單，列出了你們在海外擁有的所有業務，但我想知道，你們是否有能力發展這些業務，並大幅提高利潤率？謝謝。

Okay. First question was PlayStation. The 5 million unit forecast is on a sell-in basis. Confidence level, well, I cannot give, you know, in terms of numbers, how confidence level we have at the moment. But when we listen to consumers, when we listen to our retail partners and third party, one measure of our confidence is in the pre-orders that we have received from consumers.

好的。第一個問題是 PlayStation。 500 萬台的預測是基於實際銷量的。至於信心水平，嗯，目前我無法給出具體的數字，我們對此有多大的信心。但當我們傾聽消費者、零售合作夥伴和第三方的聲音時，消費者的預訂量是衡量我們信心的一個指標。

And I can't give a number, but compared to past platforms, the pre-orders that we have received for this new platform is much, much higher. And people have not just listed their names, but in some -- under most cases, put down a certain amount of money for these pre-orders. So that is one -- well, piece of information that we have in mind when we look towards the launch of this (inaudible).

我無法給出具體數字，但與之前的平台相比，我們收到的這個新平台的預訂量要高得多。而且人們不僅列出了他們的名字，而且在某些情況下，大多數情況下，還會為這些預訂支付一定金額。所以，這是我們在展望這個（聽不清楚）平台的發佈時所考慮的一點。

The second would be that we have strong support on third parties. And sometimes, when we launch a new platform, the software catalog is not sufficient, or after the launch, sometimes you don't have good titles following the launch. But this year, on a comparative basis, I think we have a much more stronger lineup of software coming.

第二點是我們對第三方遊戲的支援非常強勁。有時，當我們推出新平台時，軟體庫不夠用，或是發布後，有時沒有好遊戲推出。但相較之下，我認為今年我們的軟體陣容會更加強大。

So those are the things that we are looking at. But I cannot give you a number as to how much upside there is.

這些都是我們正在考慮的事情。但我無法給出具體有多少上漲空間。

On the Image Sensor questions, the -- we have lowered somewhat the forecast for the Semiconductor business, and Image Sensors, what you said is correct, in that it is mainly due to the decline in the digital still cameras.

關於影像感測器的問題，我們稍微下調了對半導體業務和影像感測器的預測，您說的是正確的，因為這主要是由於數位相機銷量的下滑。

Now, this is an industry-wide phenomenon, so since we have a very nice market share in this area -- if the market goes down, our sales would be affected. On the smartphone side, this is still a growing market for us.

現在，這是一個全行業的現象，因為我們在這個領域擁有非常好的市場份額——如果市場下滑，我們的銷量就會受到影響。就智慧型手機而言，這對我們來說仍然是一個成長中的市場。

This is Steve Kober. Let me just address the third question, on AMC. It has not been our strategy to own channels. Rather, we produce programs in the United States. Globally, we have expanded our networks significantly over the past year, as you can see in the supplemental information we handed out. We've listed all the cable channels we own globally, and you can see the number of subscribers.

我是史蒂夫·科伯。我來回答第三個問題，關於AMC。我們的策略並非擁有自己的頻道。相反，我們在美國製作節目。在全球範圍內，我們在過去一年中顯著擴展了我們的網絡，正如您在我們分發的補充資訊中所看到的那樣。我們列出了我們在全球擁有的所有有線電視頻道，您可以看到訂閱用戶數量。

In the US, we are not a major channel owner. Our strategy has been to provide programming to all the various networks in the United States, even though we don't own them, and globally, we broadcast product from every studio. So that is not part of our strategy at the present time.

在美國，我們並不是主要的頻道擁有者。我們的策略一直是向美國所有電視網提供節目，儘管我們並不擁有這些電視網。在全球範圍內，我們播放來自所有工作室的節目。所以這目前不在我們的策略範圍內。

Our next question is from James Halford from Eco Research. Please go ahead.

下一個問題來自 Eco Research 的 James Halford。請提問。

Thank you very much. I've got two, if I may, please. First of all, the revision down of JPY60 billion, obviously, there was one, the Finance area, you revised up your numbers. So the revision down in the remaining four areas, IP&S, MP&C, Devices and Pictures, was little larger.

非常感謝。如果可以的話，我想問兩個問題。首先，下調了600億日元，顯然，財務領域上調了數據。其餘四個領域，分別為IP&S、MP&C、設備及圖片，下調幅度略大。

Can you give me some indication of where the largest cuts were made? It sort of sounds from your comments, within Pictures, for example, the decline -- or, the change, was perhaps relatively small. But if you could give me any help on that front, that would be kind.

您能告訴我哪些部門的裁員幅度最大嗎？從您的評論來看，例如在圖片部門，裁員幅度下降——或者說變化可能相對較小。如果您能在這方面提供一些幫助，我將不勝感激。

And secondly, I wondered, your Movies business, which obviously made a rather -- a very large loss this quarter -- I mean, historically, this has always been a rather volatile division. But you've got -- certainly not in recent years, had a level of loss of anything like this for scale. And I wondered if there was any -- if there had been any change over the last few years in the structure of your business at all, or whether it's just, if you like, it's a random event relating purely to the performance of films and timing, or whether something has changed in the nature of the business.

其次，我想知道，你們的電影業務，本季顯然虧損了相當大的部分——我的意思是，從歷史上看，這個部門一直是一個相當不穩定的部門。但你們——當然是近年來——從未出現過如此規模的虧損。我想知道，在過去幾年裡，你們的業務結構是否發生了任何變化？或者，如果您願意這麼說，這只是一個純粹與電影表現和時機相關的隨機事件，還是業務性質發生了變化？

The first question, the revision of profit, downward revision, JPY60 billion, the bulk of this comes from Electronics. And within the segments, the larger ones would be HE&S, Home Entertainment & Sound, and IPS, Image Product & Solutions. Okay?

第一個問題，利潤修正，向下修正為600億日元，其中大部分來自電子產品。在各部門中，規模較大的是HE&S（家庭娛樂與音響）和IPS（影像產品與解決方案）。好嗎？

On the Movie business, here it is quite unfortunate that we recorded a huge loss, but there are some logics to it, one of which is quite understandable in that some of the major films underperformed at the box office -- White House Down, Smurfs 2, we had higher expectations. This is -- this did not materialize. And the nature of the film business, production costs and advertising costs, which were quite huge, are recognized at the time of release.

就電影業務而言，我們很遺憾地錄得巨額虧損，但這也有一定的道理，其中一點很容易理解，因為一些主流電影的票房表現不佳——《白宮陷落》和《藍色小精靈2》，我們原本的預期更高。但這並沒有實現。考慮到電影業務的性質，製作成本和廣告成本相當高昂，這些成本在上映時就已確認。

Now, these are subsequently recouped by home entertainment sales and pay TV, etc., in the following quarters. But if the box office performance is below expectations, the shortage up front would be recognized. So that's one big reason that this quarter was huge.

現在，這些收入隨後會在接下來的幾季透過家庭娛樂銷售、付費電視等方式收回。但如果票房表現低於預期，前期的缺口就會被確認。所以這也是本季營收龐大的一個重要原因。

Now, the other reason is in the television programming area. The fall television season, we are looking for a very nice season, in that we have about 13 new series in the 2013 and 2014 television season. And heavy costs were incurred as we began filming the new episodes. So this is kind of timing issue, recognizing revenue later, but incurring production costs up front.

另一個原因是電視節目製作方面。秋季電視季，我們期待一個非常好的季度，因為在2013年和2014年電視季，我們大約有13部新劇集。而且，在開始拍攝新劇集時，我們投入了巨額成本。所以，這有點像時間問題，收入稍後確認，但製作成本卻提前發生。

So those are the major reasons that we had a huge loss for this quarter.

這些就是我們本季巨額虧損的主要原因。

So, is it a random thing? Well, you know, it's a hit-driven business, and we tried to make this not a volatile business. But from time to time, quarter to quarter, we did not succeed on every release. So this quarter was unfortunate that the big ones that we had hoped for did not perform, but this is not a kind of a structural change, or any kind of business model type by diversion from the past.

那麼，這是偶然事件嗎？嗯，你知道，這是一個靠熱門產品驅動的業務，我們努力讓它保持穩定。但時不時地，每個季度，我們並非每次發布都能成功。所以這個季度很遺憾，我們期待的熱門產品沒有表現良好，但這並非某種結構性變化，也不是任何一種與過去不同的商業模式。

Now --

現在 -

Thank you very much.

非常感謝。

Yes. And for the whole year, we have revised downward the operating profit from Pictures, but this would be at the same level of profit that we achieved last year. So -- now, I hope we do better, but it's not a total collapse of the business at all.

是的。我們下調了全年影視業務的營業利潤，但這與去年的利潤水準基本持平。所以，現在我希望我們能做得更好，但這絕不意味著業務的全面崩潰。

Thank you very much. And can I ask one separate question, please? In the TV area, you hoped very much to get your TV, lead your TV business into the black this year. And it now sounds as if that may be challenging, and you'll, sadly, you are making improvement, but it will still be in the red.

非常感謝。另外，我可以問一個問題嗎？在電視領域，您非常希望今年能讓您的電視業務轉虧為盈。但現在看來，這可能很有挑戰性，而且很遺憾，雖然您正在取得進步，但仍然會處於虧損狀態。

Do you think with your current business structure with the changes that you've made, that it's realistic to hope the TV business will move into the black next year? Or may it be necessary to take further action there?

您認為，以目前的業務結構和所做的調整，明年電視業務實現盈利現實嗎？或者說，是否有必要採取進一步的行動？

Okay. As I said, it is, for this year, it is becoming tougher to achieve our goals. But having said that, the critical Christmas season will be a very important factor.

好的。正如我所說，今年實現我們的目標確實變得更加困難。不過，關鍵的聖誕季節將會是一個非常重要的因素。

Now, if it is necessary -- Kazuo Hirai, our CEO, has always been saying that if we see signs that the current business model or the action plans that we are taking to reduce the losses will not result in achieving our objectives, he is willing to take further actions.

現在，如果有必要——我們的執行長平井一夫一直在說，如果我們看到跡象表明當前的商業模式或我們為減少損失而採取的行動計劃無法實現我們的目標，他願意採取進一步行動。

Now, are we at this point? Maybe we have to see how we do in the third quarter. But whatever we do, next year, we should be in a position to improve on what we are doing this year.

現在，我們到了這個地步了嗎？也許我們得看看第三季的表現。但無論我們做什麼，明年我們都應該能夠比今年做得更好。

But again, next year is still kind of far off. I would like to decline comment too specifically what we are trying to do next year. But here, over the years, the -- two years ago, our office was about JPY140 billion. Last year, about JPY70 billion. And this year, we're trying to achieve breakeven. I have to admit, it is becoming tougher, but it's on that trajectory.

不過，明年還很遙遠。我不太想評論我們明年的具體計劃。不過，這些年來，兩年前，我們辦公室的營業額約為1,400億日圓。去年約為700億日圓。今年，我們正努力實現損益平衡。我必須承認，這確實越來越難了，但我們正在朝著這個方向努力。

So I hope we do better this third quarter.

所以我希望我們第三季能有更好的表現。

Excellent, Kato-san. Thank you very much.

太棒了，加藤先生。非常感謝。

Thank you.

謝謝。

Our next question is from Kota Ezawa from Citigroup. Please go ahead.

下一個問題來自花旗集團的Kota Ezawa。請繼續。

Hi. Thank you for taking my question. One question on PlayStation. Maybe partially explained already, but on PlayStation 4, Kato-san mentioned in Tokyo briefing that PlayStation 4 has more network-related business opportunity. And I'd like to ask the question, Sony had a strategy to distribute linear content on PS4 when it launched, like Comcast or DirecTV type of broadcasting company. Or, just planning to distribute old content, like the business model of Netflix type of companies. If there are any strategy, basic strategy on PlayStation 4 related non-game content business. Thank you.

您好，感謝您回答我的問題。關於PlayStation，我可能已經部分解釋了，但關於PlayStation 4，加藤先生在東京的發表會上提到PlayStation 4擁有更多與網路相關的商業機會。我想問一下，索尼在PS4發佈時，有像康卡斯特或DirecTV這樣的廣播公司那樣的線性內容發行策略。或者，他們只是計劃發行一些老內容，就像Netflix之類的公司的商業模式。如果說有什麼策略的話，我想問一下與PlayStation 4相關的非遊戲內容業務的基本策略。謝謝。

Okay. Here, again, I don't have the list of what we have in plan. I'm not in a position to comment further on this one. [SNE], Sony Computer Entertainment, I think will provide necessary information as the time comes.

好的。我再說一遍，我目前還沒有我們計畫中的遊戲清單。我無法就此發表進一步評論。索尼電腦娛樂（SNE）方面，我認為到時候會提供必要的資訊。

But as a general statement, PlayStation 4 is a, I would say, aimed to address a wider audience than the past platform. So whatever type of content, whether it be linear or past business model, the download business model, whether it be pay-as-you-play service, or a subscription-type business model, we can do all sorts of things on this platform.

但總的來說，我想說，PlayStation 4 的目標受眾比之前的平台更廣。因此，無論內容類型如何，無論是線性模式還是過去的商業模式，無論是下載模式，無論是按次付費服務還是訂閱式商業模式，我們都可以在這個平台上做各種各樣的事情。

The key is that to, again, is to build an installed base. So once we have that, I think we are open to consider any type of business model onto this platform, so long as it makes sense for us and our business partners.

關鍵在於，再次強調，建立使用者基礎。一旦我們擁有了用戶基礎，我認為我們願意考慮在這個平台上引入任何類型的商業模式，只要它對我們和我們的業務合作夥伴都有意義。

Okay, thank you.

好的，謝謝。

Our next question is from Tim Lash from Third Point. Please go ahead.

下一個問題來自Third Point的Tim Lash。請提問。

Hi, good morning. Thanks for taking my question. With respect to Motion Pictures segment of the Pictures business, was it the sub-segment most responsible for the meaningful profit deterioration?

大家好，早安。感謝您回答我的問題。關於影視業務中的電影業務，它是導致利潤大幅下滑的主要原因嗎？

This is the -- in the film area.

這是——電影區。

Motion pictures, yes, film.

電影，是的，膠片。

Yes. Yes.

是的。是的。

Was it the major driver of the losses in the quarter?

這是本季虧損的主要原因嗎？

Yes. The other two categories are on a stable path for growth and profitability. So if you take just the second quarter, the motion pictures is the cause of the loss.

是的。其他兩個類別的成長和獲利都比較穩定。所以，如果只看第二季度，電影業務是造成虧損的原因。

Can you comment --

您能否評論一下—

For the reasons that I explained.

原因我已經解釋過了。

Correct. Could you comment at all on the profit potential or profit trajectory for the Media Networks business? Is it a higher margin business, relative to the rest of your segments?

正確。能否評價媒體網絡業務的獲利潛力或獲利軌跡？相對於其他業務部門，它的利潤率是否更高？

Basically, yes, but Tim, I would like to -- I think you are also coming to our Investor Day on November 21st. On that day, I think we have more time to explain the entirety of our business, rather than several minutes on this teleconference.

基本上是的，但提姆，我想──我想你也會參加我們11月21日的投資者日。那天，我想我們有更多時間來解釋我們的整體業務，而不是在電話會議上只花幾分鐘。

One follow up on Electronics --

關於電子產品的後續報導—

I hope --

我希望——

On Electronics, your Semiconductor business, your Devices business, is lower than forecast. You've sort of kept your CapEx in line. Any thought to adjusting your capital spending in that unit as the revenue forecasts come down?

在電子業務方面，你們的半導體業務，也就是設備業務，低於預期。你們的資本支出基本上維持在合理水準。隨著營收預測的下降，你們有沒有考慮調整該部門的資本支出？

Okay. Now, we have in the Semiconductor area, most of the CapEx is in its sensors. We do have other areas such as logic, LSIs, and gaming chipsets. But these areas do not carry big CapEx, and it is image sensors.

好的。目前，我們在半導體領域的大部分資本支出都花在了感測器上。我們還有其他領域，例如邏輯晶片、大規模積體電路 (LSI) 和遊戲晶片組。但這些領域的資本支出並不大，而影像感測器是其中之一。

Here in this image sensors, in the long term, we still see growth. But since we have already made a lot of investment, we do have the manufacturing base for growth in this area. So yes, we will continue to invest in image sensor as necessary, but it might not be in the kind of magnitude that we have been doing in the past several years.

從長遠來看，我們仍然看到影像感測器業務的成長。由於我們已經進行了大量投資，我們確實擁有該領域成長的製造基礎。所以，我們會根據需要繼續投資影像感測器，但投資規模可能不會像過去幾年那麼大。

Okay, great. Thank you.

好的，太好了。謝謝。

And as we are running out of time, I would like to turn the call back over to Casey for closing remarks.

由於時間不多了，我想將電話轉回給凱西，請他做最後發言。

Thank you very much, John. We'd like to thank all of you for joining us today to discuss the announcement. Please feel free to contact our London, New York, or Tokyo Investor Relations offices if you have any further questions.

非常感謝，約翰。感謝大家今天與我們共同討論這項公告。如果您還有其他問題，請隨時聯絡我們位於倫敦、紐約或東京的投資者關係辦公室。

Thank you all for joining us, and good night, from Tokyo.

感謝大家的收看，東京祝大家晚安。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位，女士們，先生們。今天的會議到此結束。感謝各位的參與。現在您可以斷開連線了。