索尼 (SONY) 2014 Q1 法說會逐字稿

Welcome to the Sony Corporation conference call for overseas investors for the first quarter ended June 30, 2014. My name is John and I'll be you operator for today's call. At this time all participants are in a listen-only mode. Later we will conduct a question and answer session. Please note that this conference is being recorded. I will now turn the call over to Mr. Casey Kuester. Mr. Kuester, you may begin.

歡迎參加索尼公司2014年6月30日止第一季海外投資者電話會議。我叫約翰，今天將擔任電話會議的主持人。目前所有與會者都處於收聽模式。稍後我們將進行問答環節。請注意，本次會議正在錄音。現在我將把電話交給凱西·庫斯特先生。庫斯特先生，您可以開始發言了。

Thank you very much for that introduction, John, and thank you all for joining us today, July 31, 2014 for a discussion of Sony's results for the first quarter ended June 30, 2014. We hope you have all enjoyed Jack White's hit album, Lazaretto, while you were on hold.

非常感謝您的介紹，約翰，也感謝大家今天（2014 年 7 月 31 日）加入我們，討論索尼截至 2014 年 6 月 30 日的第一季業績。我們希望大家在等待接聽期間都喜歡傑克懷特的熱門專輯《Lazaretto》。

I'm Casey Kuester in the Investor Relations Department here in Tokyo and with me on the conference call tonight is Kenichiro Yoshida, CFO of Sony Corporation; Hiroki Totoki, Senior Vice President; Kazuhiko Takeda; Vice President and Senior General Manager of Sony's Corporate Control Department; and Steven Kober, Executive Vice President and Chief Financial Officer, Sony Corporation of America. Thank you all very much for joining us. In just a few moments, we will review today's announcement and then will be available to answer your questions.

我是東京投資者關係部的凱西·庫斯特 (Casey Kuester)，今晚與我一起參加電話會議的還有索尼公司首席財務官吉田健一郎 (Kenichiro Yoshida)、高級副總裁十時宏樹 (Hiroki Totoki)、索尼公司企業管控部門副總裁兼高級總經理武田和彥 (Kazuhiko Takeda) 以及索尼美國公司執行副總裁兼首席財務官史蒂文·科伯 (Steven Kober)。非常感謝大家的參與。我們稍後將審閱今天的公告，然後回答大家的問題。

Please be aware that statements made during the following remarks and Q&A session with respect to Sony's plans, estimates, strategies, press release, and other statements that are not historical fact 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 us and, therefore, you should not place undue reliance on them. 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. 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.

請注意，以下評論和問答環節中有關索尼計劃、預估、戰略、新聞稿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層根據我們目前掌握的資訊所做的假設，因此，您不應過度依賴它們。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，請參閱今天的新聞稿，您可以通過訪問 sony.net/ir 獲取。此外，今天稍早舉行的投資者會議的網路直播回放、會議上演示的幻燈片以及我們詳細的收益報告均可在我們的網站上取得。

Before turning to Yoshida-san for some remarks, please allow me to briefly give you an overview of our results for the quarter and our forecast for the fiscal year. Consolidated sales, operating income, and net income were all up year on year. Sales increased 5.8% to JPY1,809.9 billion. Operating income increased 96.7% to JPY69.8 billion. And net income was 8.6 times that of the same quarter of the previous fiscal year at JPY26.8 billion. Most of our business segments demonstrated an improvement in operating results with the Game & Network Services segment exhibiting the biggest improvement.

在請吉田先生發言之前，請容許我簡要介紹一下我們本季的業績以及對本財年的預測。合併銷售額、營業利潤和淨利潤均較去年同期成長。銷售額成長5.8%，達到1.8099兆日圓。營業利潤成長96.7%，達到698億日圓。淨利是上一財年同期的8.6倍，達到268億日圓。我們大多數業務部門的經營業績均有所改善，其中以遊戲和網路服務部門的改善最為顯著。

The forecast for the current fiscal year that we announced in May for consolidated sales, operating income, and net loss remains unchanged. Although we have revised our operating income forecast for the Mobile Communications segment down to breakeven, we have upwardly revised our operating income forecast for the Devices and the Game & Network Services segments.

我們於5月份公佈的本財年合併銷售額、營業利潤及淨虧損預測維持不變。儘管我們已將行動通訊部門的營業利潤預測下調至損益平衡，但我們已上調了設備部門和遊戲及網路服務部門的營業利潤預測。

The Mobile Communications segment recorded a JPY2.7 billion loss in the quarter, primarily because an increase in marketing and R&D expenses did not yield the expected increase in unit sales, primarily in our mid-range. For the full year, we have lowered our forecast from 50 million units to 43 million units. However, going forward, we are going to continue to pursue cost reductions in order to offset the impact of this revision as much as possible.

行動通訊部門本季虧損27億日圓，主要原因是行銷和研發費用的增加未能帶來預期的銷售成長，尤其是中階產品。我們已將全年銷售預測從5,000萬台下調至4,300萬台。不過，未來我們將繼續努力降低成本，盡可能抵銷此次調整的影響。

The Game & Network Services segment posted nearly double the sales of the same quarter of the previous fiscal year and operating results improved JPY20.7 billion. In the Network Services area, more than half of the people who have bought a PS4 have subscribed to PlayStation Plus, our fee-based network service, and we see this trend continuing. We have upwardly revised the full-year operating income forecast for this segment by JPY5 billion, due to the strong sales of PS4 and PS4 hardware cost reductions.

遊戲及網路服務部門的銷售額較上一財年同期成長近一倍，營運業績成長207億日圓。在網路服務領域，超過一半的PS4用戶訂閱了我們的收費網路服務PlayStation Plus，並且我們預期這一趨勢將持續下去。由於PS4的強勁銷售和PS4硬體成本的降低，我們已將該部門的全年營運收入預測上調50億日圓。

In the Imaging Products & Solutions segment, although sales for the quarter decreased, operating income increased year on year, mainly due to reductions in SG&A. We revised downward the full-year forecast for sales by JPY10 billion, but operating income is expected to remain unchanged from our May forecast.

在影像產品與解決方案部門，儘管本季銷售額有所下降，但營業收入較去年同期成長，主要得益於銷售、行政及管理費用的減少。我們將全年銷售額預測下調了100億日元，但預計營業收入將與5月的預測持平。

In the Home Entertainment & Sound segment, the TV business recorded a profit for the quarter. Sales of that business were JPY205.0 billion and operating income was JPY7.9 billion. Although we have revised our unit sales forecast for TVs downward to 15.5 million units, we believe we can offset this impact through cost reductions.

家庭娛樂與音響部門的電視業務本季獲利。該業務銷售額為2050億日元，營業收入為79億日元。儘管我們已將電視銷售預測下調至1550萬台，但我們相信可以透過降低成本來抵銷這一影響。

We have revised the operating income forecast for the Devices segment upward, as demand for image sensors in smartphones, including from Chinese manufacturers, has increased from the second quarter. We have made no change to our forecast for the Pictures segment. We are continuing to invest in the Media Networks business within this segment, most recently by announcing the acquisition of CSC Media Group in the UK. CSC is a cable and satellite TV channel company with a diverse set of entertainment channels.

由於包括中國製造商在內的智慧型手機對影像感測器的需求自第二季以來有所增長，我們上調了設備部門的營業收入預測。我們對圖片部門的預測保持不變。我們將繼續投資該部門的媒體網路業務，最近宣布收購英國CSC媒體集團。 CSC是一家有線和衛星電視頻道公司，擁有多元化的娛樂頻道。

We have also made no change to our forecast for the Music segment. Although physical media sales and recorded music continued to shrink, we saw an increase in music publishing and visual media and platform sales during the quarter. Lastly, we made no change to the forecast for the Financial Services segment. We continue to see steady expansion of policy amount in-force at Sony Life.

我們對音樂業務的預測也未作任何調整。儘管實體媒體銷售額和錄製音樂銷售額持續萎縮，但本季音樂出版、視覺媒體及平台銷售額卻有所成長。最後，我們對金融服務業務的預測也未作任何調整。我們繼續看到索尼人壽的有效保單金額穩定成長。

With that, let me turn things over to Yoshida-san for a brief statement before we get into Q&A.

在我們進入問答環節之前，讓我先把話題交給吉田先生做簡短的發言。

Thank you, Casey. I wanted to take a few minutes to touch on four key points and make an announcement before we turn to Q&A.

謝謝凱西。在進入問答環節之前，我想花幾分鐘談談四個關鍵點，並宣布一件事。

First, although all of the consolidated metrics, sales, operating income and net income for first increased year on year, we continue to be cautious about the outlook for the fiscal year. If you subtract the operating income of the Pictures, Music, and the Financial Services segments from consolidated operating income as well as the gain we recorded from the sale of real estate this quarter, we actually generated a consolidated operating loss. This is due to electronics and corporate expenses. We continue to have a strong sense of urgency regarding the turnaround of electronics. And we plan to aggressively implement our restructuring plan. Headquarters and sales company restructuring is beginning in earnest and the bulk of the expenses will be incurred in the fourth quarter. There is no change to our forecast for JPY135 billion in cost for restructuring and as a business transformation initiative.

首先，儘管所有綜合指標、銷售額、營業收入和淨收入均首次較去年同期成長，但我們對本財年的前景仍持謹慎態度。如果從綜合營業收入中減去影視、音樂和金融服務部門的營業收入，以及本季出售房地產所獲得的收益，我們實際上產生了綜合營業虧損。這是由於電子和公司支出造成的。我們仍然對扭轉電子業務的局面抱有強烈的迫切感。我們計劃積極實施重組計劃。總部和銷售公司的重組工作正在認真啟動，大部分費用將在第四季度產生。我們預測的1,350億日圓重組成本和業務轉型計畫保持不變。

Second, as Casey explained, we have revised downward our full-year forecast for Mobile Communications. Based on the current quarter's financial performance and the downward revision in the full-year forecast, we have begun our review of the mid-range plan for this business in July. It is possible that this review might result in important impairment charges against goodwill and fixed assets. Going forward, we will deploy country-specific strategies, maintain strong relationships with carriers, and strengthen our positions a premier brand all in an effort to build a profitable business model. We have already begun to review our product lineup and the number of models in our portfolio. We will also prioritize profitability of our scale so as to reduce the risk associated with this business.

其次，正如Casey所解釋的，我們已下調行動通訊業務的全年預測。基於本季的財務業績以及全年預測的下調，我們已於7月開始審查該業務的中期計劃。此次審查可能會導致商譽和固定資產的重大減損損失。未來，我們將部署針對特定國家的策略，與營運商保持穩固的關係，並鞏固我們作為一流品牌的地位，以打造一個有利可圖的商業模式。我們已經開始審查我們的產品線和產品組合中的機型數量。我們也將優先考慮規模帶來的獲利能力，以降低該業務的風險。

Third, while we are happy that we recorded a profit in the TV business in the first quarter, we also recorded a profit in the first quarter of last fiscal year and then ended the year with a loss. So we continue to closely monitor this business. Changing scale is not a priority for us and I have requested the new TV company's management to avoid relying on stretch (ph) costs. We will work to improve our profitability by adapting to the environment of each market in which we do business.

第三，雖然我們很高興電視業務在第一季實現了盈利，但我們上財年第一季也實現了盈利，但年底卻出現了虧損。因此，我們將繼續密切關注這項業務。規模調整並非我們的優先事項，我已要求新電視公司的管理階層避免依賴過度成本。我們將努力適應每個業務市場的環境，從而提高獲利能力。

Fourth, I am happy to report that during the quarter, we paid off some bonds and a syndicated loan, reducing our debt level by JPY230 billion compared with the end of March. We will continue to strengthen our financial structure going forward.

第四，我很高興地報告，本季我們償還了部分債券和一筆銀團貸款，與3月底相比，我們的債務水準減少了2,300億日圓。未來我們將持續強化財務結構。

In conclusion, please let me inform you that we are planning to hold an Electronics Investor Day in Tokyo in late November. Thank you for your attention. Back to Casey.

最後，我想告訴大家，我們計劃在11月下旬在東京舉辦電子投資者日活動。感謝您的關注。回到Casey的話題。

Thank you, Yoshida-san. I am now going to turn things back over to John so we can start up the Q&A session. Thank you again for your attention. John, would you please queue up the questions?

謝謝吉田先生。現在我要把問題交還給約翰，開始問答環節。再次感謝您的關注。約翰，請您把問題排好隊好嗎？

We will now begin the question and answer session. (Operator Instructions). Daniel Ernst, Hudson Square.

我們現在開始問答環節。 （操作員指示）。丹尼爾恩斯特，哈德遜廣場。

Yes. Good morning and good evening. Thanks for taking my questions. I have three, if I might. First, on the Mobile segment, you discussed the review of the mid-range products and potentially taking some impairments in that category. I'm wondering, just thinking out of it, given that everyone is having problems with the mid- and low-end phone in profits including Samsung; is there an opportunity for Sony to do what you've done with the TV business and just move to the high end of the business as in not going for scale but in going for a higher-profit, lower-volume segment?

是的。早安，晚上好。感謝您回答我的問題。如果可以的話，我有三個問題。首先，關於行動領域，您談到了對中端產品的評估，並可能在該領域做出一些減記。考慮到包括三星在內的所有公司都面臨著中低階手機利潤問題，我只是在想，索尼是否有機會像您在電視業務上所做的那樣，直接進軍高端市場，不追求規模，而是瞄準利潤更高、銷量更低的細分市場？

Two, regarding the profits in the Game division, I know for the full year the forecast factored investments in upgrading the PlayStation Network as well as investments in content for the service your provide there. I wonder if you could give us an update on where we are on those costs and upgrades of the PlayStation Network.

第二，關於遊戲部門的利潤，我知道全年的預測已經將PlayStation Network的升級投資以及您在該部門提供的服務內容的投資納入考慮。請問能否更新一下PlayStation Network的成本和升級進度。

And then, third, on the Pictures segment, speaking to the recent announcement that the next Amazing Spider-Man, I guess 3, is moving from 2016 to 2018. I wonder if you could give us some color on why that move is being made, but also if you could talk about what that means for the Pictures slate and the number of tent poles that you have to support the group beyond Spider-Man and James Bond. Thanks

第三，關於影業的環節，我想談談最近宣布的下一部《超凡蜘蛛人》（我猜是第三部）將從2016年推遲到2018年上映的消息。您能否解釋為什麼會這樣安排，以及這對影業的片單意味著什麼，以及除了《蜘蛛人》和《詹姆斯龐德》之外，您還需要多少支柱影片來支撐這個系列？謝謝。

Thank you for the question. Let me answer the question. The first question about the Mobile, your question was if we are having problems in low end. And, you're right, we had the problem in low-end and mid-range products in the first quarter. Originally, Sony's Xperia smartphone is a high-end more luxury product. And actually this is the issue. We started to expand our product line to the middle end. During the course of reviewing the current mid-term plan, probably we re-evaluate the product line strategy; maybe you should more focus on the high-end side. That is my answer for the first question.

謝謝你的提問。我來回答一下。第一個關於行動業務的問題，你的問題是我們在低端產品方面是否遇到了問題。你說得對，第一季我們在中低階產品方面確實遇到了問題。索尼的Xperia智慧型手機最初是一款高階、更奢華的產品。實際上，這就是問題所在。我們開始將產品線擴展到中端。在審查目前中期計畫的過程中，我們可能會重新評估產品線策略；也許你應該更專注於高端市場。這就是我對第一個問題的回答。

And second question was the Game business. Yes, our focus included investment in networks. As you may know, currently almost 52 million unique users a month. Again, as you may know, PS4 has a so-called social function which doubles or triples the total traffic and sessions. So, that requires the network investment as well as server investment to handle that kind of tremendous sessions and traffic. And as for the progress of the investment, we have been investing, but we are forecasting quite significant increase in the latter half of the year during the year-end season in November and December. So, actually investment in the network side would be increased in the latter half of this fiscal year. And question number three, Spider-Man, I'm going to ask you to answer the question.

第二個問題是遊戲業務。是的，我們的重點包括網路投資。如您所知，目前每月有近5200萬獨立用戶。同樣，如您所知，PS4有一個所謂的社交功能，可以使總流量和會話數增加一倍或兩倍。因此，這需要網路投資以及伺服器投資來處理如此龐大的會話數和流量。至於投資的進展，我們一直在投資，但我們預計在下半年，也就是11月和12月的年末旺季，投資將大幅增加。所以，實際上，在本財年下半年，網路方面的投資將會增加。第三個問題，蜘蛛俠，我想請您回答這個問題。

Sure. The question was; with Spider-Man moving from 2016 to 2018, what does that mean and what other tent poles do we have? Amazing Spider-Man 3 took in over $706 million, which we're very pleased with. It was down a little bit from the last film so we've decided to delay the next one, but instead we're going to make Sinister Six, which is a spinoff from the Spider-Man series. So, we've announced that for 2016 and we look forward to that film taking its place for the time being. We also have other franchises that we've been very successful with, such as the Jump Street series. 22 Jump Street just had a terrific quarter. The Men in Black series performs well for us. And there are other franchises in the making. Thank you.

當然。問題是，《蜘蛛人》的檔期從2016年延後到2018年，這代表什麼？我們還有哪些支柱性作品？ 《超凡蜘蛛人3》的票房收入超過7.06億美元，我們對此非常滿意。比上一部略有下降，所以我們決定推遲下一部的檔期，轉而製作《邪惡六人組》，這是《蜘蛛人》系列的衍生作品。我們已經宣布了2016年的檔期，我們期待這部電影暫時取代它。我們還有其他一些非常成功的系列電影，像是《龍虎少年》系列。 《龍虎少年隊2》剛剛度過了一個非常棒的季度。 《黑衣人》系列對我們來說也表現不錯。還有其他系列電影正在製作中。謝謝。

Thank you for the color. And if I could just follow up on the PlayStation investment question. You mentioned that there will be a significant uptick in that spending in the second half. But shouldn't network investments precede when you expect the traffic to pick up with the holidays? Thanks.

謝謝你的解讀。請問能否跟進一下關於PlayStation投資的問題？你提到下半年這方面的支出會大幅增加。但是，當你預期假期流量會回升時，網路投資不應該先行嗎？謝謝。

Yes. We should prepare for the increased traffic definitely before the holiday season.

是的。我們絕對應該在假期前為交通擁堵做好準備。

Thank you.

謝謝。

Richard Kramer, Arete Research.

Arete Research 的 Richard Kramer。

Thanks very much. Three brief questions, if I may. On Mobile, the review you mentioned, does it go as deep as questioning whether Mobile should remain one of the three key focus areas for Electronics alongside Games and Imaging?

非常感謝。請容許我問三個簡短的問題。關於行動業務，您提到的評估是否深入探討了行動業務是否應該繼續成為電子產品與遊戲和影像業務並列的三大重點關注領域之一？

Second question, in Game, can you tell us the rough split or the precise split between PS3 and PS4 shipments so that we can understand how the new platform is performing?

第二個問題，在遊戲中，您能否告訴我們 PS3 和 PS4 出貨量的大致比例或精確比例，以便我們了解新平台的表現如何？

And third, just on the cash flow and balance sheet position for the Sony business, excluding Financial Services, it looks like there was some cash outflow there and I'm just wondering with restructuring charges coming over the course of the year; will Sony core businesses, excluding Financial Services, generate or consume cash in fiscal year 2014? Thanks.

第三，就索尼業務（不包括金融服務）的現金流量和資產負債表狀況而言，似乎有些現金流出。我只是想知道，考慮到今年的重組費用，索尼核心業務（不包括金融服務）在2014財年會產生還是消耗現金？謝謝。

Thank you very much for the question. Okay, yes, currently Mobile business is one of the three key business pillars in Electronics business and currently, yes, that is absolutely a core business of Electronics. One reason is smartphones evolved many functions of Sony's product lineup, DIs and Walkmans and some part of Games. So we have to face the deal with this smartphone business anyway.

非常感謝您的提問。好的，是的，目前行動業務是電子業務的三大支柱之一，而且目前，這絕對是電子業務的核心業務。原因之一是智慧型手機繼承了索尼產品線的諸多功能，包括數位單眼相機、Walkman以及部分遊戲。所以無論如何，我們都必須面對智慧型手機業務的挑戰。

However, of course the vision of the Company which President Hirai-san provide us, which is (inaudible) use experience, we've not changed but what is a core business in Electronics business is kind of a strategy issue and strategy may change in accordance with change in business environment. So, in the future, we may change this current strategy or the definition of core business. If that will occur, the timing will be the next corporate strategy meeting scheduled in May next year. Thank you very much.

當然，平井社長為我們提供的公司願景，也就是（聽不清楚）使用經驗，我們並沒有改變，但電子業務的核心業務是什麼，這是一個策略問題，策略可能會隨著商業環境的變化而變化。所以，未來我們可能會改變目前的策略，或是核心業務的定義。如果真的改變，時間將在明年5月舉行的下一次公司策略會議上。非常感謝。

And as for the second question. We can't provide the breakdown of our PS3 and PS4. Sorry.

關於第二個問題，我們無法提供 PS3 和 PS4 的具體數據。抱歉。

And as for the third question, Totoki-san will answer the question.

至於第三個問題，十時先生將回答這個問題。

Right, about the cash flow excluding Financial Services sector, fiscal year 2014 we estimate a breakeven cash flow even including the restructuring charges. Thank you.

好的，關於不包括金融服務部門的現金流，我們估計2014財年即使包含重組費用，現金流量也能達到損益兩平。謝謝。

Okay. Thank you very much.

好的。非常感謝。

Kota Ezawa, Citigroup.

花旗集團的 Kota Ezawa。

Hi. Thanks for taking question. Two quick questions for Yoshida-san. One is the question regarding handset future profit. You mentioned potential write-off the asset mobile handset. I'm curious what sort of the business trend in your mind for the future of Sony Mobile. I know it's too early to ask this question but I'd like to share your brief mind. Given that the goodwill write-off you mentioned in now possible in Sony Mobile, that means Sony Mobile will not be able to recoup cash or profit in the future once you lose this year with the possible restructuring. Is this correct to assume you're now thinking you will have a large-scale downward revision in handset business segment from the write-off and that will remain lower cash flow or lower profit situation next year and after? That's question number one.

你好，感謝您的提問。我想問吉田先生兩個簡短的問題。一個是關於手機業務未來利潤的問題。您提到了手機資產可能會被註銷。我很好奇您認為索尼移動未來的業務趨勢是什麼樣的。我知道現在問這個問題還為時過早，但我還是想簡單談談您的看法。鑑於您提到的索尼移動商譽減損的可能性已經存在，這意味著一旦今年因重組而蒙受損失，索尼移動將無法在未來收回現金或利潤。您現在認為，由於減值，手機業務部門的利潤將大幅下調，並且明年及以後的現金流或利潤仍將保持在較低水平，這種假設是否正確？這是第一個問題。

Go ahead and ask your questions all at once, if you'd be so kind.

如果您願意的話，請立即提出您的所有問題。

Okay. My second question is about the CFO mentioned about IR day. Now, what is the principal purpose for this IR day you're planning to do and what are you expecting for this event? Will that more like we can discuss about the business strategy in division management?

好的。我的第二個問題是關於CFO提到的投資者關係日。您計劃舉辦這次投資者關係日的主要目的是什麼？您對這次活動有什麼期待？我們能不能討論一下部門管理中的業務策略？

Thank you very much for the question. As for the Mobile, as I explained, we just started review of the mid-term plan so it's too early to tell about the possibility of the scale of write-off. We can't tell it's happen or not. And so we can't predict or mention any numbers at this moment.

非常感謝您的提問。關於行動業務，正如我解釋的那樣，我們才剛開始審查中期計劃，所以現在判斷核銷規模的可能性還為時過早。我們無法確定核銷是否會發生。因此，我們目前無法預測或提及任何數字。

And as for the second question, IR day, the main purpose is to push accountability to each business group. And to enhance accountability is good for this company. And each session has, say, one hour or 50 minutes and we are going have enough Q&A timeframe so you can have good communication with each business segment management. Thank you.

關於第二個問題，投資人關係日的主要目的是加強各業務部門的責任感。加強責任感對公司有利。每場會議約1小時或50分鐘，我們會安排充足的問答時間，以便您與各業務部門的管理層進行良好的溝通。謝謝。

Okay, could I follow up on the first question? The fact that you had called it in the presentation that might be the asset write-off in mobile handset business. If that's the case, this means then you're not going to make profit or cash flow with the business for the certain time in the future. Does that stand on those principles?

好的，我可以繼續回答第一個問題嗎？您在演示中提到了手機業務的資產減記。如果是這樣，這意味著您在未來的一段時間內將無法透過該業務獲利或產生現金流。這符合這些原則嗎？

This is Steven Kober. Let me just answer that from an accounting perspective. When you do an impairment review it's a complicated calculation looking at all future cash flows, residual values, and then it's present valued back to the date of the testing. That does not mean we will not make any profit or cash flow in the future. An impairment is just an impairment of the carrying value of the goodwill, but that takes into account certain growth rates, residual values, discount rates, tax rates. So if, in fact, they determine impairment is necessary, that will not signify that there will not be any future profits or cash flow.

我是史蒂文‧科伯。我先從會計的角度來回答這個問題。進行減損審查是一項複雜的計算，需要檢視所有未來現金流和殘值，然後將其計算回測試日的現值。這並不意味著我們將來不會有任何利潤或現金流。減損只是商譽帳面價值的減損，但它會考慮某些成長率、殘值、折現率和稅率。因此，即使他們確實認定有必要進行減值，這並不意味著未來不會有任何利潤或現金流。

Okay, got it. Thank you.

好的，明白了。謝謝。

(Operator Instructions). Eric Smith, Strategy Analytics.

（操作員指令）。 Eric Smith，Strategy Analytics。

Hi. Thank you for taking my call this morning and evening. My first question would be; one of your competitors has plans in place for the Chinese console business following the lifting of the ban there. Are you able to provide any color on your plans for the Chinese market for PlayStation?

您好。感謝您今天早上和晚上接聽我的電話。我的第一個問題是：你們的一家競爭對手在中國解禁後，已經制定了針對中國主機業務的計畫。能否透露一下你們對 PlayStation 中國市場的計畫？

And second, about the TV business, you've pivoted to the high-end market recently. So, to what extent could you say that ultra-high-definition TVs are a priority compared to regular high-end HD TVs? Thank you.

第二，關於電視業務，你們最近轉向了高端市場。那麼，與一般高階高清電視相比，超高清電視在多大程度上更受重視？謝謝。

Well, I recognize that we have one of our competitors has plans to gain business in China. But we also recently made a joint venture with Chinese partner and we are going to release a game business in China -- excuse me. As for the actual sales timing, we haven't decided yet. But we already established a joint venture with a Chinese partner.

嗯，我知道我們的一個競爭對手計劃在中國拓展業務。但我們最近也與中國合作夥伴成立了一家合資企業，打算在中國推出一款遊戲——抱歉。至於具體的發售時間，我們還沒決定。但我們已經與一家中國合作夥伴成立了合資企業。

And second question; yes, we intend to enhance our TV ASPs. In that sense we have priority in (inaudible) HD, so-called 4K TVs, compared to 3K TVs.

第二個問題：是的，我們打算提高電視機的平均售價。從這個意義上講，與3K電視相比，我們在高清電視（聽不清楚）方面擁有優先權，也就是所謂的4K電視。

Great, thank you. If I could follow up on the first question, are you at least able to say whether or not 2015 is in the works for a Chinese market entrance?

太好了，謝謝。如果我可以繼續第一個問題的話，您至少可以說說2015年我們會不會進入中國市場嗎？

We haven't announced that launch schedule yet. Thank you.

我們還沒有公佈具體的發佈時間表。謝謝。

Very good. Thank you so much.

非常好。非常感謝。

Larry Haverty; Gamco Investors, Inc.

拉里·哈弗蒂；Gamco Investors, Inc.

Yes. Thanks. In the Game division, a couple of questions. One, could you perhaps share with us the order of magnitude of the investment in the servers? And then second, would it be possible to break out the revenue of Network Services? You get companies like EA in the business; the stocks have responded very positively to them breaking out their digital revenues which has very, very high incremental margin and has tended to be valued very heavily by investors.

是的，謝謝。關於遊戲部門，我有幾個問題。第一，能否分享一下伺服器投資的規模？第二，能否單獨列出網路服務部門的收入？像EA這樣的公司在這個行業裡，他們的股票對數位收入的單獨公佈反應非常積極，因為數位收入的增量利潤率非常高，而且往往受到投資者的高度重視。

Well, as for the first question about the investment in network, that quite has a magnitude but, at the same time, the magnitude is almost the same level as the payment fee level. As you know, on Network Service we have to incur the payment cost such as the actual (inaudible) cash as whereas the mobile from payment. That kind of payment fee is almost equivalent to the total network cost; is my first answer.

嗯，關於第一個問題，關於網路投資，這確實是一個相當大的數字，但同時，這個數字幾乎與支付費用水平相當。如你所知，在網路服務上，我們必須承擔支付成本，例如實際（聽不清楚）現金，而行動支付則不然。這種支付費用幾乎相當於整個網路成本；這是我的第一個答案。

And, as for the second question, as for the network revenue, currently we are making 1.5 times revenue compared with the same period of last year.

至於第二個問題，就網路收入而言，目前我們的營收是去年同期的 1.5 倍。

Okay.

好的。

(inaudible) ratio.

（聽不清楚）比例。

The more information the better. Thank you.

資訊越多越好。謝謝。

(Operator Instructions). Richard Doherty, Envisioneering.

（操作員指令）。 Richard Doherty，Envisioneering。

Thank you and good morning and good evening. It seems that Sony seems to have a unique position in high-resolution audio, both through network distribution and your catalogs. And I wonder if you could expand a little bit on your ambitions for this category for being a success for Sony now and in the future.

謝謝大家，早安，晚上好。索尼似乎在高清音訊領域佔據著獨特的地位，無論是透過網路發行還是產品目錄。您能否稍微談談您對這領域的期望，以及索尼現在和未來在這方面的成功目標？

One moment, please.

請稍等一下。

Yes, we have a very high expectation for the so-called high-resolution audio. Last year we launched a high-resolution already Walkman, which costs approximately $700, approximately. And that remains very well and we are currently gradually expanding our lineup of the high-res products. Thank you very much.

是的，我們對所謂的高解析度音訊抱有很高的期望。去年我們已經推出了一款高解析度的Walkman，售價約700美元。目前，它的銷售量仍然很好，我們正在逐步擴大高解析度產品線。非常感謝。

Thank you.

謝謝。

Dan Malcolm, Viking Global.

維京全球的丹‧馬爾科姆 (Dan Malcolm)。

Hi. Just a question on the Mobile Communications division, two questions. The first is just, in terms of the amount goodwill or intangibles on the balance sheet that could potentially be written down, I guess. How much is assigned to the Mobile Communications division out of the JPY683 billion that you've got in goodwill and the JPY654 billion intangibles on the balance sheet in total?

您好。我有兩個關於行動通訊部門的問題。第一個問題是關於資產負債表上可能被減記的商譽或無形資產的金額。你們的商譽總額為6830億日元，資產負債表上的無形資產總額為6540億日元，其中有多少分配給了行動通訊部門？

And then the second question is, when you look at the Mobile Communications business overall now, if you think about the strategy and not having as much success kind of moving down market; what do you think the strategy looks like now going forward for Mobile Communications? And that is, what markets do you think you play in? Where do you take market share? And then how do you grow units over time in terms of high-end, low-end, and mid-range; North America, Europe, Asia, China, etc.? Thank you.

第二個問題是，縱觀目前行動通訊業務的整體策略，如果您考慮到在低端市場沒有取得太大成功，您認為行動通訊未來的策略是什麼樣的？也就是說，您認為您在哪些市場佈局？您的市佔率在哪裡？您如何在高端、低端和中端市場（北美、歐洲、亞洲、中國等）逐步實現銷售成長？謝謝。

One moment, please

請稍等

What I can tell you about the first question is the amount of the goodwill allocated to Mobile Communication business segment is JPY176 billion. That is the amount allocated in Mobile Communications.

關於第一個問題，我可以告訴你的是，分配給行動通訊業務部門的商譽金額為1760億日圓。這是分配給行動通訊業務的金額。

Okay, great.

好的，太好了。

Yes. As for the strategy of the Mobile, we tried to reduce the portion of middle-range product line and as whereas we tried to concentrate on the profitable countries and telecom carriers, such as we do in Japan. Thank you.

是的。至於行動業務的策略，我們試圖減少中階產品線的份額，同時專注於獲利能力強的國家和電信營運商，例如我們在日本的佈局。謝謝。

Understood. And so, just a follow-up to that then. I know your plans before had been to expand into the U.S. market and I know that part of the debate on that, obviously, was the cost of expanding into the U.S. market where marketing spend, co-marketing dollars with the carriers tend to be higher than in some of the other markets. Is the plan still to try to expand into the U.S. market? Or is the new strategy to forgo markets like the U.S. and just focus on markets like Japan?

明白了。那麼，接下來我想問一下。我知道您之前的計劃是進軍美國市場，而且我也知道，關於這個問題的部分爭論顯然集中在進軍美國市場的成本上，因為美國市場的營銷支出，以及與運營商的聯合營銷費用往往比其他一些市場更高。您的計劃是否仍是嘗試進軍美國市場？還是新的策略是放棄美國這樣的市場，只專注於日本這樣的市場？

We do still have a plan to expand into the U.S. market and that's in kind of an incremental way. And we are currently updating our ability to collaborate with our other divisions, such as the Game division. And currently, U.S. telecom carriers want to enhance their data upward. So far we are trying to provide is streaming music as well as streaming game functions, combined with Xperia smartphones. In such way we try to persuade what approach the telecom carriers in the United States. So, my answer is, yes, we still have plans to expand. Thank you.

我們確實仍有計劃以漸進的方式拓展美國市場。我們目前正在提升與其他部門（例如遊戲部門）的合作能力。目前，美國電信業者希望提升其數據服務。目前，我們正在嘗試結合Xperia智慧型手機提供串流音樂和串流遊戲功能。我們試圖透過這種方式說服美國電信業者採取相應的策略。所以，我的答案是，是的，我們仍有擴張計畫。謝謝。

Thank you.

謝謝。

We have no further questions at this time. I'd like to hand the call back over to Casey Kuester for closing remarks.

目前我們沒有其他問題。我想將發言權交還給凱西·庫斯特，請她做最後發言。

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. Thank you all for joining us and goodnight from Tokyo.

非常感謝，約翰。感謝大家今天加入我們，共同討論這項公告。如果您還有其他問題，請隨時聯絡我們在倫敦、紐約或東京的投資者關係辦公室。感謝大家的參與，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。