索尼 (SONY) 2019 Q4 法說會逐字稿

[Interpreted] Thank you for waiting.

[翻譯]謝謝您的等待。

At this point, we'd like to begin this earnings announcement session for the fourth quarter of fiscal '18.

現在，我們想開始 18 財年第四季的收益公佈會議。

I'd like to introduce our speakers: Executive Vice President and Chief Financial Officer, Hiroki Totoki; corporate executives, Senior General Manager of Finance Department, Atsuko Murakami; and VP, Senior General Manager of the Global Accounting Division, Hirotoshi Korenaga.

我想介紹一下我們的演講者：執行副總裁兼財務長 Hiroki Totoki；企業主管、財務部高級總經理村上敦子；副總裁兼全球會計部資深總經理 Hirotoshi Korenaga。

Mr. Totoki will present the financial results of fiscal fourth quarter and also give you the outlook for the fiscal '19.

Totoki 先生將介紹第四財季的財務業績，並對 19 財年進行展望。

And 20 minutes will be spent for speech to be followed by 15 minutes Q&A.

演講時間為20分鐘，問答時間為15分鐘。

Altogether, we will spend 45 minutes.

總共，我們將花費 45 分鐘。

Mr. Totoki?

十時先生？

[Interpreted] I will talk about these 2 topics.

[解讀]我就講這兩個主題。

The fiscal '18 consolidated sales increased 1% year-on-year to JPY 8,665.7 billion and operating income increased JPY 159.4 billion to JPY 894.2 billion.

18財年合併銷售額年增1%，達86,657億日元，營業收入增加1,594億日元，達8,942億日元。

As is shown in this slide, adjusted operating income excluding extraordinary items increased JPY 99.7 billion to JPY 809.3 billion.

如本投影片所示，扣除非經常性項目後的調整後營業收入增加了 997 億日圓，達到 8,093 億日圓。

Income before income tax has exceeded JPY 1 trillion for the first time in our history, reaching JPY 1,011.6 billion.

所得稅前收入史上首次突破 1 兆日圓，達到 10,116 億日圓。

Net income attributable to our shareholders increased to JPY 425.5 billion to JPY 916.3 billion.

歸屬於股東的淨利潤增至 4,255 億日圓至 9,163 億日圓。

Consolidated operating cash flow excluding Financial Services segment for the fiscal year was JPY 753.4 billion.

本財年不包括金融服務部門的合併經營現金流量為 7,534 億日圓。

We have begun to disclose cash flow by segment from this earnings announcement.

我們已開始從本收益公告中按部門揭露現金流量。

Excluding the Music segment, in which we acquired EMI Music Publishing in fiscal '18, all the business segment generated positive net cash flow.

除了音樂部門（我們在 18 財年收購 EMI 音樂出版公司）外，所有業務部門都產生正的淨現金流。

And the Game & Network Services segment and the total of the 3 segments included in the Electronics Product & Solutions segment, which was created on April 1, made significant contributions.

遊戲和網路服務部門以及4月1日創建的電子產品和解決方案部門中包含的3個部門的總和做出了重大貢獻。

This slide shows these results by segment.

這張投影片按部分顯示了這些結果。

Now next is the consolidated results forecast for fiscal '19.

接下來是 19 財年的綜合業績預測。

Consolidated sales is expected to increase slightly year-on-year to JPY 8,800 billion.

預計合併銷售額將年比小幅成長至8.8兆日圓。

Operating income is expected to decrease JPY 84.2 billion to JPY 810 billion.

營業收入預計將減少 842 億日元，至 8,100 億日元。

But adjusted operating income in the previous fiscal year was JPY 809.3 billion.

但上一財年調整後營業收入為8093億日圓。

And assuming no extraordinary item in the current fiscal year, adjusted operating income is expected to be flat year-on-year.

假設本財年沒有特殊項目，調整後的營業收入預計將比去年同期持平。

Net income attributable to Sony shareholders is expected to decrease JPY 416.3 billion to JPY 500 billion.

歸屬於索尼股東的淨利潤預計將減少 4,163 億日元，至 5,000 億日元。

Consolidated operating cash flow excluding Financial Services segment is expected to be JPY 760 billion.

不包括金融服務部門的綜合營運現金流預計為 7,600 億日圓。

And FY '19 forecast for each segment is shown here, is in that year-on-year increase in loss in All Other, Corporate and elimination is primarily due to an increase in expense for future growth including AI and robotics.

這裡顯示了 19 財年對每個部門的預測，所有其他部門、企業部門和消除部門的虧損同比增加，主要是由於包括人工智慧和機器人在內的未來成長費用的增加。

Now I will explain situation in each business segment.

下面我就各個業務板塊的情況進行說明。

First, the Game & Network Services, and the sales were JPY 2,310.9 billion.

首先是遊戲和網路服務，銷售額為23,109億日圓。

Although, PlayStation 4 hardware sales decreased, overall sales increased 90% year-on-year, mainly due to an increase in game software and network services revenue.

儘管PlayStation 4硬體銷量下降，但整體銷量年增90%，主要得益於遊戲軟體和網路服務收入的成長。

Operating income increased JPY 133.6 billion to JPY 311.1 billion due to the impact of the increase in sales.

受銷售額增加的影響，營業收入增加1,336億日圓至3,111億日圓。

Sales in fiscal '18 are expected to be JPY 2,300 billion.

18財年的銷售額預計為2.3兆日圓。

Despite a decrease in unit sales of PS4 hardware and the impact of foreign exchange rates, sales are expected to be essentially flat due to an expected increase in game software sales.

儘管PS4硬體的單位銷售量有所下降以及匯率的影響，但由於遊戲軟體銷售的預期成長，預計銷量將基本持平。

Operating income is expected to decrease JPY 31.1 billion to JPY 280 billion.

營業收入預計將減少 311 億日圓至 2,800 億日圓。

Despite PS4 hardware cost reductions, we expect operating income to decrease due to the increase in development expense for the next generation console and low contribution from the first-party game software title, like God of War last year.

儘管 PS4 硬體成本下降，但由於下一代遊戲機的開發費用增加以及去年《戰神》等第一方遊戲軟體的貢獻較低，我們預計營業收入將下降。

Now I'd like to introduce the initiative SIE is implementing in gaming space, which is attracting much of the attention.

現在我想介紹一下SIE在遊戲領域實施的舉措，這項舉措備受關注。

SIE currently operates PS Now in this area.

SIE 目前在該地區運營 PS Now。

And today, I will explain the current status of this service and at the corporate strategy meeting in IR day next month, we will discuss our vision and strategy in this space.

今天，我將解釋這項服務的現狀，並在下個月 IR 日的公司策略會議上，我們將討論我們在這一領域的願景和策略。

SIE is committed to the vision of making PlayStation the best place to play by delivering users the best content in the best manner possible.

SIE 致力於以盡可能最好的方式為用戶提供最好的內容，讓 PlayStation 成為最佳的遊戲場所。

Game streaming is one important way to achieve that.

遊戲串流媒體是實現這一目標的重要途徑之一。

SIE made a deliberate strategic move back in 2012 when it purchased Gaikai, because SIE anticipated that the future would involve game streaming.

SIE 在 2012 年收購 Gaikai 時就採取了深思熟慮的策略舉措，因為 SIE 預計未來將涉及遊戲串流媒體。

At that time, Gaikai was a potential competitor, because it was operating game streaming service and SIE decided to acquire it in order to capture technology and their intellectual property.

當時，Gaikai 是一個潛在的競爭對手，因為它正在經營遊戲串流服務，SIE 決定收購它，以獲取技術和智慧財產權。

Five years have passed since PS Now is launched in the United States in 2014.

自 2014 年 PS Now 在美國推出以來，已經過了五年。

This is a subscription model and charges $19.99 per month.

這是訂閱模式，每月收費 19.99 美元。

This year, we added 9 countries in Northern and Southern Europe, bringing the total number to 19 countries.

今年，我們增加了北歐和南歐的 9 個國家，總數達到 19 個國家。

The average annual increase in paid subscribers has exceeded 40% since the service was launched.

自服務推出以來，付費用戶年均成長超過40%。

And the number of users has increased around the same amount every year, reaching approximately 700,000 today.

用戶數量每年都以大約相同的數量增長，如今已達到約 70 萬。

We have leveraged our strong relationship with the publishers to provide over 750 PlayStation 3 and PlayStation 4 titles to our subscribers.

我們利用與發行商的牢固關係，為訂閱者提供了超過 750 款 PlayStation 3 和 PlayStation 4 遊戲。

And this number is more than 3x that of the second largest game subscription service provider.

而這個數字是第二大遊戲訂閱服務商的3倍以上。

Now PS Now is also an all-you-can-play subscription service.

Now PS Now 也是一項無限暢玩的訂閱服務。

For users who want to enjoy gameplay without worrying about the network connections, SIE released download feature in September 2018 for PS4 titles.

對於想要享受遊戲而不用擔心網路連線的用戶，SIE 於 2018 年 9 月發布了 PS4 遊戲的下載功能。

Since the launch of this download service, gameplay time per user has grown significantly to the point of where the gameplay time on downloaded PS4 title is double that of streamed titles, contributing to higher user engagement and the retention of the PS Now service.

自從推出此下載服務以來，每位用戶的遊戲時間顯著增長，下載的 PS4 遊戲的遊戲時間是串流遊戲的兩倍，這有助於提高用戶參與度和 PS Now 服務的保留率。

In this way, SIE has accumulated wealth of expertise in the game streaming space and plan to leverage this expertise to provide ultimate game user's experience for both consoles and game streaming space.

透過這種方式，SIE在遊戲串流媒體領域積累了豐富的專業知識，並計劃利用這些專業知識為遊戲機和遊戲串流媒體領域提供終極的遊戲用戶體驗。

Next is Music segment.

接下來是音樂部分。

The sales increased 1% to JPY 807.5 billion and this increase is due to an increase in streaming of music and impact of consolidating EMI, substantially offset though by a decrease in physical sales in recorded music due to the impact of new accounting standard.

銷售額成長1%，達到8,075 億日元，這一增長歸因於音樂串流媒體的增加和EMI 合併的影響，但由於新會計準則的影響導致錄製音樂的實體銷售額下降，這一增長被大幅抵消。

Operating income increased JPY 104.7 billion to JPY 232.5 billion and operating income this year included JPY 105.3 billion of net extraordinary item related to the acquisitions of EMI.

營業收入增加 1,047 億日圓，達到 2,325 億日圓，今年的營業收入包括與收購 EMI 相關的 1,053 億日圓非經常性淨項目。

And in the last fiscal year, we also had a gain on the sales of real estate.

在上一個財年，我們在房地產銷售方面也取得了成長。

Operating income generated from mobile game applications accounted for an additional of 20% of operating income of this segment and was essentially flat year-on-year.

行動遊戲應用程式產生的營業收入佔該分部營業收入的比重增加20%，年比基本持平。

Sales in fiscal '19 are expected to increase 3% to JPY 830 billion.

19 財年銷售額預計將成長 3%，達到 8,300 億日圓。

We expect sales to increase mainly due to the impact of full year consolidation of EMI and an increase in streaming revenues, partially offset though by a decrease in sales from mobile game applications and physical and digital download sales in recorded music.

我們預計銷售額將成長，主要是由於 EMI 全年合併和串流媒體收入成長的影響，但部分被行動遊戲應用程式銷售額以及錄製音樂的實體和數位下載銷售額的下降所抵消。

Operating income is expected to decrease JPY 97.5 billion to JPY 135 billion.

營業收入預計將減少 975 億日元，至 1,350 億日圓。

This decrease is due to the absence of the gain from the acquisition of EMI recorded in the previous fiscal year.

這一下降是由於上一財年沒有記錄收購 EMI 的收益。

Next, about Pictures segment.

接下來，關於圖片部分。

The sales decreased 2% to JPY 986.9 billion.

銷售額下降2%至9,869億日圓。

Despite the strong performance of Venom and Hotel Transylvania in fiscal '18, theatrical revenues decreased compared to the previous fiscal year when we had Jumanji and Spider-Man as well as due to decrease in Media Network sales.

儘管《猛毒》和《精靈旅社》在18 財年表現強勁，但與上一財年（當時我們有《勇敢者遊戲》和《蜘蛛人》）相比，影院收入有所下降，而且由於媒體網絡銷售額的下降。

Operating income increased JPY 13.5 billion to JPY 54.6 billion.

營業收入增加 135 億日元，達到 546 億日圓。

This significant increase was due to an improvement in the profitability of Motion Pictures, partially offset by the recording of JPY 12.8 billion in expenses relating to the portfolio review for Media Networks.

這一顯著增長是由於電影盈利能力的提高，但部分被與媒體網絡投資組合審查相關的 128 億日元支出所抵消。

Sales in fiscal '19 are expected to increase 9% to JPY 1,080 billion.

19 財年銷售額預計將成長 9%，達到 10,800 億日圓。

The increase is due to the expected increase in sales of Motion Pictures driven by sequels to major releases and from Television Productions.

這一增長是由於主要發行的續集和電視製作所推動的電影銷售的預期增長。

Operating income is expected to increase JPY 10.4 billion to JPY 65 billion.

營業收入預計將增加 104 億日元，達到 650 億日圓。

This increase is due to the absence of JPY 12.8 billion in expenses recorded in fiscal '18 for the portfolio review of Media Networks and also because of expected benefit of the review to be felt in fiscal '19 results.

這一增長是由於 18 財年記錄的媒體網絡投資組合審查費用中沒有記錄 128 億日元，也是因為審查的預期收益將在 19 財年業績中體現。

Next is about Home Entertainment & Sound segment.

接下來是家庭娛樂和音響部分。

The sales for the year decreased 6% year-on-year to JPY 1,155.4 billion.

全年銷售額年減6%至11,554億日圓。

This decrease is due to decrease in unit sales of televisions resulting from a strategic decision to focus on profitability and also negative impact of foreign exchange.

這一下降是由於關注盈利能力的策略決策導致電視機銷量下降以及外匯的負面影響。

Operating income increased JPY 3.8 billion to JPY 89.7 billion.

營業收入增加 38 億日元，達到 897 億日圓。

Despite the negative impact of foreign exchange and the decrease in sales, we were able to increase profit due to the shift to high value-added models.

儘管受到外匯的負面影響和銷售額的下降，但由於轉向高附加價值模式，我們仍能夠增加利潤。

Next is Imaging Products & Solutions segment.

接下來是成像產品和解決方案部分。

The sales for the year increased 2% to JPY 670.5 billion, due mainly to an increase in sales of high value-added products, including mirrorless single-lens cameras and interchangeable lenses.

全年銷售額成長2%至6,705億日元，主要是由於無反光鏡單鏡頭相機和可互換鏡頭等高附加價值產品的銷售額增加。

Operating income increased JPY 9.1 billion to JPY 84 billion.

營業收入增加 91 億日元，達到 840 億日圓。

This increase was due mainly to the increase in sales of value-added products and reduction in operating cost.

這一成長主要是由於增值產品銷售的增加和營運成本的降低。

Next is Mobile Communication segment.

接下來是行動通訊部分。

The fiscal '18 sales decreased 31% to JPY 498 billion due to a decrease in unit sales of smartphones.

由於智慧型手機銷量下降，18 財年銷售額下降 31% 至 4,980 億日圓。

Operating loss increased JPY 69.5 billion to JPY 97.1 billion despite a reduction in operating expenses and a decrease in impairment charges against long-lived assets, loss increased due to the aforementioned decrease in sales.

儘管營業費用減少且長期資產減損費用減少，但營業虧損仍增加 695 億日圓至 971 億日圓，但由於上述銷售額下降，虧損增加。

And our plan to reduce operating expenses by about 50% compared with the fiscal year ended March of 2018, in an effort to turn a profit in fiscal year ending in March 31, 2021 or fiscal '20 . This plan is progressing according to the plan.

我們計劃與截至 2018 年 3 月的財年相比減少約 50% 的營運費用，以努力在截至 2021 年 3 月 31 日的財年或 20 財年實現盈利。這個計劃正在按照計劃進行。

We have accelerated our plan to cease production at our Beijing factory.

我們加快了北京工廠的停產計畫。

And we have excited -- exited several regions such as the Middle East and Central and South America.

我們很高興退出了中東和中南美洲等幾個地區。

We believe we can turn a profit in fiscal '20 by launching products like Xperia 1, which we announced recently, differentiated by Sony's technologies in important regions of East Asia, including Japan and Europe.

我們相信，透過推出 Xperia 1 等產品，我們可以在 20 財年實現盈利，我們最近宣布了 Xperia 1，該產品憑藉索尼在東亞重要地區（包括日本和歐洲）的技術而脫穎而出。

Now turning to fiscal '19 forecast for Electronics Products & Solutions segment, which we formed in April to create new value and improve management efficiency in the 3 electronics business segments.

現在轉向電子產品和解決方案部門的 19 財年預測，該部門是我們在 4 月成立的，旨在創造新價值並提高 3 個電子業務部門的管理效率。

We expect sales to decrease 3% to JPY 2,240 billion and operating income to increase JPY 44.5 billion to JPY 121 billion.

我們預計銷售額將下降 3%，至 22,400 億日元，營業收入將增加 445 億日元，至 1,210 億日元。

Sales to outside customers of the Mobile Communications business within this segment are expected to decrease 16% to JPY 410 billion.

該部門行動通訊業務對外部客戶的銷售額預計將下降 16%，至 4,100 億日圓。

And operating loss is expected to shrink from JPY 50.1 billion to JPY 47 billion.

營業虧損預計將從 501 億日圓縮減至 470 億日圓。

We will continue to disclose the financial results of the Mobile Communications business for the time being.

我們暫時將繼續揭露行動通訊業務的財務表現。

Next is Semiconductors segment.

接下來是半導體部門。

The sales for the year increased 3% to JPY 879.3 billion.

全年銷售額成長 3%，達到 8,793 億日圓。

And image sensors sales increased 10% year-on-year, primarily due to an increase in demand from mobile devices.

影像感測器銷售額較去年同期成長10%，主要是由於行動裝置的需求增加。

Operating income decreased JPY 20.1 billion to JPY 143.9 billion.

營業收入減少 201 億日圓至 1,439 億日圓。

And as you see on this slide, the operating income of the previous fiscal year included some extraordinary items and adjusted operating income increased, therefore, JPY 23.5 billion.

正如您在這張投影片中所看到的，上一財年的營業收入包括一些非常項目，調整後的營業收入增加了，因此為 235 億日圓。

This increase in adjusted operating income was due mainly to an increase in sales of our image sensors, partially offset though by an increase in research and development and depreciation costs.

調整後營業收入的成長主要是由於我們的影像感測器銷售額的成長，但部分被研發和折舊成本的成長所抵銷。

Sales in fiscal '19 are expected to increase 13% to JPY 990 billion.

19 財年銷售額預計將成長 13%，達到 9,900 億日圓。

The increase is due to expected increase in image sensors sales for mobile devices.

這一增長是由於行動裝置影像感測器銷量的預期成長。

On the other hand, operating income is expected to be JPY 145 billion, essentially flat from last year.

另一方面，營業收入預計為1,450億日元，與去年基本持平。

And this is due to continued increase in depreciation expenses and R&D expenses.

這是由於折舊費用和研發費用持續增加所致。

In October of last year, I explained our plan to invest about JPY 600 billion in the 3 years through fiscal '20 and to increase image sensor production capacity to about 130,000 wafers per month on a 300-millimeter wafer basis.

去年10月，我解釋了我們計劃在20財年的3年內投資約6000億日元，並將影像感測器產能以300毫米晶圓為基礎增加至每月約13萬片晶圓。

As of today, there is no major change to this plan, but we will pay close attention to trends in demand and make decisions regarding the execution of the investment in stages.

截至目前，該計劃沒有重大變化，但我們將密切關注需求趨勢，並分階段做出投資執行決策。

Already as we look out to fiscal year ending March 31, 2022, and beyond, we expect demand for smartphones to continue to increase due to the trend to a larger sensors and multi-lens cameras.

展望截至 2022 年 3 月 31 日及以後的財年，我們預期由於更大感光元件和多鏡頭相機的趨勢，智慧型手機的需求將持續增加。

We are currently deciding whether to construct a new building to meet this increased demand.

我們目前正在決定是否建造一座新建築來滿足這一增加的需求。

And if we decide to construct a new building in fiscal '19, capital expenditure through -- to fiscal '20 might increase by about JPY 100 billion, and demand for image sensors is expected to increase at a relatively slower pace from fiscal year ending March 31, 2023, and we expect the amount of our capital expenditures to decrease.

如果我們決定在19 財年建造一座新大樓，那麼到20 財年的資本支出可能會增加約1000 億日元，並且與截至3 月份的財年相比，圖像感測器的需求預計將以相對較慢的速度成長2023 年 3 月 31 日，我們預期資本支出金額將會減少。

As we consider investments going forward, we are continuing to prioritize capital efficiency and are working to increase ROIC.

當我們考慮未來的投資時，我們將繼續優先考慮資本效率，並努力提高投資報酬率。

And we'll provide more details on this point at the IR Day meeting next month.

我們將在下個月的投資者關係日會議上提供有關這一點的更多詳細資訊。

Next, I would explain the Financial Services segment.

接下來，我將解釋金融服務部門。

In fiscal year '18, Financial Services revenue increased 4% to JPY 1,282.5 billion.

2018 財年，金融服務收入成長 4%，達到 12,825 億日圓。

This increase was due to higher insurance premium revenue by Sony Life.

這一增長是由於索尼人壽保險保費收入增加所致。

Operating income decreased JPY 17.5 billion year-on-year to JPY 161.5 billion.

營業收入較去年減少175億日圓至1615億日圓。

This decline was primarily due to the absence of a gain on the sale of real estate held for investment purposes recorded in the previous fiscal year as well as a loss on the valuation of investment securities recorded in the current fiscal year.

這一下降主要是由於上一財年沒有記錄的以投資為目的的房地產出售收益以及本財年記錄的投資證券估值損失。

Financial Services revenue is expected to increase 4% to JPY 1,330 billion and operating income is expected to increase JPY 8.5 billion to JPY 170 billion.

金融服務收入預計將成長 4%，達到 13,300 億日元，營業收入預計將成長 85 億日元，達到 1,700 億日元。

These increases are mainly due to an increase in insurance premium revenue at Sony Life.

這些增長主要是由於索尼人壽的保費收入增加。

Today, Sony Financial Holdings announced a new management team and the new candidates for its Board of Directors.

今天，索尼金融控股宣布了新的管理團隊和新的董事會候選人。

The changes are meant to strengthen the Sony Financial Holdings governance function as a holding company and to further grow its business under SFH umbrella.

這些變化旨在加強索尼金融控股作為控股公司的治理職能，並進一步發展其在 SFH 旗下的業務。

Sony fully supports these changes.

索尼完全支持這些改變。

By increasing the number of outside directors and directors from Sony, we aim to strengthen management of the company from the perspective of a shareholder and contribute to an increase in the corporate value of SFH as a listed company.

透過增加外部董事和索尼董事的數量，我們的目標是從股東的角度加強公司的管理，並為提高SFH作為上市公司的企業價值做出貢獻。

In fiscal year '18, we recorded a second year historically high operating income, income before income taxes and net income attributable to stockholders.

在 18 財年，我們的營業收入、所得稅前收入和歸屬於股東的淨收入連續第二年創下歷史新高。

We expect to maintain high level of profit in fiscal year '19.

我們預計 19 財年將維持高利潤水準。

Moreover, we were able to record a third-year profit in the fourth fiscal quarter.

此外，我們在第四財季實現了第三年的獲利。

I think that our ability to generate stable profit is a result of our efforts to increase a proportion of recurring revenue and strengthen our profit foundation.

我認為我們能夠產生穩定的利潤，是我們努力提高經常性收入比例、夯實利潤基礎的結果。

This concludes my explanation of our financial performance.

我對我們財務表現的解釋到此結束。

I would now like to explain our decision to cease providing mid-range operating income guidance by segment going forward and our decision to withdraw the fiscal year '20 operating income targets for each segment that we announced in May of last year.

我現在想解釋一下我們決定停止提供未來各部門的中期營業收入指導，以及我們決定撤銷去年 5 月宣布的每個部門的 20 財年營業收入目標。

We are managing Sony Corporation from a long-term perspective and have established a cumulative 3-year consolidated operating cash flow excluding the Financial Services segment and ROE as our key performance indicators for the period of the mid-range plan which lasts through fiscal year '20.

我們從長遠角度管理索尼公司，並建立了不包括金融服務部門的累計 3 年綜合運營現金流量和 ROE 作為我們持續整個財年的中期計劃期間的關鍵績效指標。20.

We also announced operating income targets for each business segment in fiscal year '20, the final year of our mid-range plan, because we thought that these targets would enhance investor understanding of the direction of the businesses.

我們也宣布了20財年（中期計畫的最後一年）每個業務部門的營業收入目標，因為我們認為這些目標將增強投資者對業務方向的理解。

However, because the operating income targets by segment are only an estimate of a single point in the future, and we are also concerned that they cannot accurately reflect our long-term trends and direction of our businesses.

不過，由於分部門的營業收入目標只是對未來單點的估計，我們也擔心它們無法準確反映我們業務的長期趨勢和方向。

Moreover, despite only 1 year having passed since we announced the targets last year, the operating environment for each of our businesses has significantly changed and the gap has risen between the actual state of certain segments and the targets that we announce for those segments.

而且，儘管我們去年公佈目標才過去一年的時間，但我們各項業務的經營環境已經發生了很大變化，某些板塊的實際情況與我們公佈的目標之間的差距有所擴大。

Consequently, we are restoring the targets and we will cease providing guidance for operating income by segment for the final year of our mid-range plan.

因此，我們正在恢復目標，並將停止為中期計劃的最後一年按部門提供營業收入指導。

We will continue to update you on the status of cumulative 3-year consolidated operating cash flow excluding the Financial Services segment which is one of our mid-range targets.

我們將繼續向您通報累計 3 年合併經營現金流量的最新情況，不包括我們的中期目標之一的金融服務部門。

We would also continue to disclose our operating income forecast by segment for each fiscal year.

我們也將繼續揭露每個財年按部門劃分的營業收入預測。

We ask for your kindness and understanding as we focus on managing Sony for the long-term and we are in a conversation with capital markets towards the long-term.

我們請求您的善意和理解，因為我們專注於長期管理索尼，我們正在與資本市場進行長期對話。

In conclusion, I would like to explain the current status of our consolidated operating cash flow excluding the Financial Services and capital allocation policy.

最後，我想解釋一下我們不包括金融服務和資本配置政策的合併經營現金流的現狀。

At this point in time, we expect 3-year cumulative operating cash flow to exceed JPY 2,200 billion.

目前，我們預計3年累計經營現金流將超過2.2兆日圓。

As for the use of the cash that is generated, we plan to continue to prioritize growth investment that contribute to the increased corporate value.

至於所產生的現金的用途，我們計劃繼續優先考慮有助於增加企業價值的成長投資。

Most fiscally, we plan to spend approximately JPY 1,100 billion on capital expenditure primarily for image sensors.

在財政方面，我們計劃花費約 11,000 億日元用於主要用於影像感測器的資本支出。

And we decide to construct the new building in the semiconductor segment that I mentioned earlier.

我們決定在我之前提到的半導體領域建造新大樓。

This amount might increase to JPY 1,200 billion.

這一金額可能會增加至 1.2 兆日圓。

Strengthening our content IP and supplementing technology not found in the Sony Group will continue to be the focus of our strategic investments.

加強我們的內容IP並補充索尼集團沒有的技術將繼續成為我們戰略投資的重點。

In this way, we will also be an option depending upon the status of our free cash flow and the stock price.

這樣，我們也將成為一個選擇，這取決於我們的自由現金流狀況和股價。

We plan to continue to increase the amount of dividends in a steady manner over the long-term.

我們計劃長期持續穩定增加股利金額。

Last year, we mentioned strengthening our balance sheet as one of our goals of our capital allocation strategy.

去年，我們提到強化資產負債表是我們資本配置策略的目標之一。

But due to our improved financial results, we now think that we have recovered to the point where we'll have sufficient financial strength.

但由於我們的財務表現有所改善，我們現在認為我們已經恢復到擁有足夠財務實力的程度。

Going forward, we would aim to increase our corporate value through growth investments while maintaining a healthy balance sheet.

展望未來，我們的目標是透過成長投資提高企業價值，同時維持健康的資產負債表。

Thank you.

謝謝。

Now we'll move on to Q&A session.

現在我們將進入問答環節。

Those of you with questions, please wait for the microphone and please identify yourself by stating your name and affiliation before asking the question.

如果您有疑問，請等待麥克風響起，並在提問前說明您的姓名和所屬單位以表明您的身份。

When the questions are asked in English, the interpreter will interpret the question into Japanese and the answers will be in Japanese.

當用英語提出問題時，口譯員會將問題翻譯成日語，並用日語回答。

And please, 2 questions per person.

每人 2 個問題。

Any questions, please?

請問還有什麼問題嗎？

[Interpreted] Nishimura of Credit Suisse Securities.

[解讀]瑞士信貸證券的西村。

Thank you.

謝謝。

Two questions.

兩個問題。

First, your perception or view about the plan.

首先，您對該計劃的看法或看法。

Usually, at the beginning of the year as a risk, you set a buffer for the overall company.

通常，在年初，作為一種風險，你會為整個公司設定一個緩衝。

But what is your forecast here?

但你的預測是什麼？

Looking at the numbers, you have not incorporated a buffer in the current plan.

從數字來看，您尚未在當前計劃中納入緩衝區。

So what's your policy about this?

那麼你們對此有何政策？

And the second point about semiconductors and increase in development expenditure.

第二點是關於半導體和開發支出的增加。

If possible, on a quantitative basis, how much for a total increase of JPY 20 billion?

如果可以的話，從數量上來說，總共增加200億日元是多少？

So what about the semiconductors and also, the content and substance of it?

那麼半導體及其內容和物質又如何呢？

[Interpreted] About the risk buffers, we incorporate that in the performance forecast.

【解讀】關於風險緩衝，我們將其納入業績預測中。

But for fiscal '19 forecast, we have not incorporated the risk buffers in the semiconductors development expense.

但對於 19 財年的預測，我們尚未將風險緩衝納入半導體開發費用中。

In terms of change from fiscal '18, if I may put it that way -- in terms of change from fiscal '18, if we were to indicate that, we do not disclose it on a quantitative basis.

就 18 財年以來的變化而言，如果我可以這樣說的話，就 18 財年以來的變化而言，如果我們要表明這一點，我們不會在數量的基礎上披露它。

But as R&D expenditure, well, I should be very careful about how we respond to this.

但作為研發支出，我應該非常小心我們該如何應對這個問題。

But compared to the previous year, if there are any changes, I would say no major changes, which means that I earlier mentioned from fiscal '17 to '18, excluding the extraordinary items, I talked about increase in profit.

但與前一年相比，如果有任何變化，我會說沒有重大變化，這意味著我之前提到的從'17財年到'18財年，排除非常項目，我談到了利潤的增長。

And at this time, that will be flat on year-on-year.

目前，這一數字將與去年同期持平。

So that, I think, may give you some clue.

所以，我想，這可能會給你一些線索。

Next question, please?

請下一個問題？

[Interpreted]Ezawa, Citigroup Securities.

[解讀]Ezawa，花旗證券。

Two questions please.

請教兩個問題。

Firstly, about gaming business, on the streaming or cloud gaming, I think, once you commented that Sony found it threatening that cloud gaming was appearing.

首先，關於遊戲業務，關於串流媒體或雲端遊戲，我想，一旦你評論說索尼發現它對雲端遊戲的出現構成威脅。

But today, you said Sony was indeed in cloud gaming.

但今天，你說索尼確實在做雲端遊戲。

So the improvement of the environment for the cloud gaming, is it a threat for Sony or is it a plus cannibalization against the existing business may be one sort of a threat?

那麼雲端遊戲環境的改善，對索尼來說是一種威脅還是對現有業務的蠶食可能是一種威脅呢？

So what is your view?

那你的看法是什麼呢？

And secondly, operating income by segment, no longer you will not be announcing the last year figure of the 3-year plans.

其次，按部門劃分的營業收入，不再公佈三年計畫的最後一年的數字。

But in the stock market, people may understand this because your outlook is now probably less favorable than before, that's probably why you decided to cease announcement of this figure.

但在股票市場上，人們可能會理解這一點，因為你的前景現在可能不如以前有利，這可能是你決定停止公佈這個數字的原因。

I'm sure it's not that, but can you explain this reason?

我確信不是這樣的，但是你能解釋一下這個原因嗎？

[Interpreted] First of all, whether the cloud gaming is an opportunity or a threat, and I talked about the acquisition of Gaikai in 2012.

【解讀】首先雲端遊戲到底是機會還是威脅，我講過2012年收購蓋凱的事。

And if I express it in terms of quantitative explanation, I think there may be a threat, but we have to turn the threat into an opportunity.

如果我用定量的解釋來表達的話，我認為可能會有威脅，但我們必須把威脅變成機會。

This serves to all kinds of business.

這適用於各種業務。

The change in threat must be captured accurately and to make sure that business opportunities can be created, so that we can grow in that particular business, which as a matter, of course, something that we had followed.

必須準確捕捉威脅的變化，並確保能夠創造商機，以便我們能夠在特定業務中成長，這當然是我們所遵循的。

And unless that opportunity becomes truly opportunities and everybody finds that to be an opportunity, then there will be competition.

除非這個機會成為真正的機會，每個人都發現這是一個機會，否則就會存在競爭。

There will be another set of threats.

還會有另一組威脅。

But for us, the game streaming, I don't know how long it'll take, but the growth of the game is not a surprise for us, because there has been the streaming game service from early 2000.

但對我們來說，遊戲串流媒體，我不知道需要多長時間，但是遊戲的成長對我們來說並不意外，因為從2000年初就已經有了串流遊戲服務。

So many players have been rising to the challenge of this business.

許多參與者都在迎接這項業務的挑戰。

So for us, it's not a new story at all.

所以對我們來說，這根本不是什麼新故事。

And it's important, therefore, for us to indicate to you our solid strategy and vision.

因此，對我們來說，向您展示我們可靠的策略和願景非常重要。

But we will be presenting our strategy and vision in this -- for this business at corporate strategy meeting and on the IR day.

但我們將在公司策略會議和投資者關係日上展示我們的策略和願景。

And ceasing of the announcement of the targets we withdrew the number that we already announced.

並停止宣布目標，我們撤回了已經宣布的數字。

We did it at this time, because the consolidated operating income for fiscal '18 last year, we're talking about JPY 670 billion.

我們之所以這麼做，是因為去年 18 財年的綜合營業收入約為 6,700 億日圓。

At that time, the steeper gains from EMI acquisitions were not included.

當時，收購 EMI 帶來的更陡峭的收益並未包括在內。

So -- but that was a one-time factor, but still the guidance we gave you 1 year ago for this year's operating income was JPY 770 billion.

所以——但這是一個一次性因素，但我們一年前給你們的今年營業收入的指導仍然是 7700 億日元。

But once we closed the year, the operating income actually recorded was almost JPY 900 billion.

但當我們結束這一年時，實際記錄的營業收入接近 9,000 億日圓。

So compared to the [ARP] guidance we gave you, we had upside improvement for fiscal '18 results.

因此，與我們給您的 [ARP] 指導相比，我們 18 財年的表現有上行改善。

Looking at this by segment, for Game & Network Services, for instance, including free-to-play software including first-party and third-party games compared to its expectations, there was a much larger growth we enjoyed.

以細分市場來看，例如，對於遊戲和網路服務，包括免費軟體（包括第一方和第三方遊戲），與預期相比，我們獲得了更大的成長。

And the second point is about the Music business.

第二點是關於音樂業務。

The EMI catalog was acquired by us and it's the larger acquisition we made.

EMI 目錄被我們收購了，這是我們進行的較大的收購。

So that changed the assumption.

所以這改變了假設。

And also for Mobile Communications, the size of the smartphone business is now smaller.

對於行動通訊來說，智慧型手機業務的規模現在也更小了。

We decided to shrink that business, which -- that has changed the directions of business.

我們決定縮減該業務，這改變了業務的方向。

And so for semiconductors, rather than the profitability, but the substance of the demand has changed, because initially -- earlier, we were looking at the growth of the market globally of the smartphones.

對半導體來說，不是獲利能力發生了變化，而是需求的實質發生了變化，因為最初——早些時候，我們關注的是全球智慧型手機市場的成長。

But today, on top of that, image sensors themselves going to smartphones are getting larger and also, smartphones are using multi-lens cameras.

但如今，最重要的是，智慧型手機的影像感測器本身變得越來越大，而且智慧型手機正在使用多鏡頭相機。

So the number of components are increasing.

因此組件的數量不斷增加。

So the nature of the growth of the market has changed.

因此，市場成長的性質已經發生了變化。

If you look into breakdown of the market.

如果你研究一下市場的細分。

So in just short period of 1 year, the demand composition has changed significantly.

所以在短短一年的時間裡，需求組成發生了很大的變化。

Needless for me to say, therefore, compared to 1 year ago, it's not because the target in our fiscal '20 is down that we've decide to suspend announcing of these numbers, no.

因此，不用我說，與一年前相比，我們決定暫停公佈這些數字並不是因為我們 20 財年的目標下降了，不是。

[Interpreted] Nakane from Mizuho Securities.

【解讀】瑞穗證券的中根。

I have 2 questions.

我有 2 個問題。

The first question is about games.

第一個問題是關於遊戲的。

I'm trying to organize my thoughts about your assumptions, hardware, software, network if we divide into those categories, what you have said is that hardware sales will go down and the profit will go down, will be negative.

我正在嘗試整理我對你的假設的想法，如果我們將硬體、軟體、網路分為這些類別，你所說的是硬體銷量將會下降，利潤將會下降，將會是負值。

Software, overall, is a positive growth.

整體而言，軟體呈正成長。

But first party will decline.

但第一方會拒絕。

Therefore, in terms of operating income, it will go down.

因此，從營業收入來看，會下降。

Network, is it positive or are you saying that you'll be conservative, so you're not assuming a big growth?

Network，這是積極的還是你說你會保守，所以你不會假設有很大的成長？

So could you advise us on what might happen?

那麼您能否就可能發生的情況向我們提出建議？

If the software should contribute to the increase of revenue, what will be the reason?

如果軟體應該有助於增加收入，原因是什麼？

How are you going to achieve its growth?

您將如何實現其成長？

And are you incorporating the reduction of SG&A?

您是否將 SG&A 的減少納入考慮範圍？

My other question is how you're going to incorporate it in your results, the reduction operated in your results, the reduction of SG&A?

我的另一個問題是你將如何將其納入你的結果中，你的結果中的減少，SG&A 的減少？

That's the first question.

這是第一個問題。

The second is about the cash flow.

第二個是關於現金流。

Thank you very much for giving us segment-specific cash flow numbers.

非常感謝您向我們提供特定部門的現金流量數據。

Next year is almost flat and you said you will not disclose by segment.

明年幾乎持平，您說過不會按細分市場披露。

But if you could advise how to look it.

但如果你能建議如何看待它。

And I think the games decline would be offset by other contributions.

我認為遊戲的下滑將被其他貢獻所抵消。

But I think how much buffer do you have?

但我想你有多少緩衝？

And you talk about EP&S, but Mobile and Home Entertainment & Sound, how would it change into the next year?

你談論的是 EP&S，但移動和家庭娛樂和聲音，明年會發生什麼變化？

The revenue and profit, how are the changes?

收入和利潤變化如何？

[Interpreted] So your question is about fiscal year '18 and '19.

[解釋] 所以你的問題是關於 18 和 19 財年的。

The sales revenue compared to '18 is a reduction of JPY 10.9 billion.

與18年相比，銷售收入減少了109億日圓。

There are 2 drivers.

有2名司機。

First is the sales of the PS4 hardware.

首先是PS4硬體的銷售量。

This will come down JPY 80 million for -- a little less than JPY 80 million, would go down to JPY 60 million in the new fiscal year.

這將減少 8,000 萬日元，略低於 8,000 萬日元，在新財年將減少至 6,000 萬日元。

Also, there will be ForEx implications and we have incorporated the negative impact of FX.

此外，還會產生外匯影響，我們已經考慮了外匯的負面影響。

But game software growth would offset some of the impact that I have talked about.

但遊戲軟體的成長將抵消我所談到的一些影響。

Where would it come?

它會到哪裡呢？

How do we achieve the increase of revenue of software?

如何實現軟體收入的增加？

Third-party players, they will have an appealing line-up in the coming fiscal year.

第三方參與者，他們將在下一財年擁有有吸引力的陣容。

There was Spider-Man and God of War was released by third-parties, so that helped.

《蜘蛛人》和《戰神》是由第三方發布的，所以這很有幫助。

And PS Plus would be increased steadily.

而PS Plus將會穩定增加。

So by combining those positive factors, we believe that the revenue would be flat.

因此，綜合這些正面因素，我們認為收入將持平。

Now profit, the operating income, the first party, of course.

現在利潤，營業收入，當然是第一方。

The margin for the first-party software is higher.

第一方軟體的利潤較高。

So in that context, it may push down some of the revenue and profit -- operating profit.

因此，在這種情況下，它可能會降低部分收入和利潤——營業利潤。

And there are some implications of the foreign exchange market.

外匯市場也有一些影響。

But what is offsetting is the cost improvement of the PS4 hardware.

但抵銷的是PS4硬體的成本提升。

So that remains the developmental cost, the increase of such costs for the next generation.

因此，這仍然是開發成本，即下一代成本的增加。

So if you compare with the last year in terms of operating income, I think the difference can be explained by the increase of the development cost for the next generation.

因此，如果與去年的營業收入進行比較，我認為差異可以用下一代開發成本的增加來解釋。

Do we incorporate the reduction of SG&A?

我們是否將 SG&A 的減少納入考量？

[Interpreted] We have not incorporated in any significant way, but the mix has changed.

[解釋]我們沒有以任何重大方式合併，但組合已經改變。

The SG&A for the next generation is bound to increase.

下一代的SG&A 必然會增加。

Therefore, for the existing business, the PlayStation 4 SG&A would be more efficient and effective, so that we will be better prepared to develop the new generation.

因此，對於現有業務而言，PlayStation 4 SG&A 將會更加高效和有效，以便我們為開發新一代做好更好的準備。

Cash flow by segment, this is a new effort.

按板塊現金流，這是一個新的努力。

This year, now compared to the last fiscal year and FY '19, if you make comparisons, declines, as you guessed is Game & Network Services, operating income will decrease and so will the cash flow.

今年，與上一財年和 19 財年相比，如果您進行比較，正如您所猜測的那樣，遊戲和網路服務會下降，營業收入將會減少，現金流也會減少。

EP&S, the operating cash flow is expected to decline.

EP&S，經營現金流預計下降。

[Interpreted] What is the reason?

[解讀]這是什麼原因呢？

[Interpreted] First, the operating cash flow and operating income, if you look at the difference, the EP&S, HE&S and IP&S, if you combine those 3 together, it will be JPY 76.6 billion, whereas the cash flow is JPY 153.8 billion.

【解讀】首先是營業現金流和營業收入，如果你看差異的話，EP&S、HE&S和IP&S，如果你把這三個加在一起，那就是766億日元，而現金流是1538億日元。

Why is there such a big difference between the operating cash flow and the operating income there is a reduction of the inventory.

為什麼營業現金流量與營業收入相差這麼大，存貨減少了。

And also there could be a valuation type of decline without the cash-out.

在沒有套現的情況下，估值也可能會下降。

But in 20 9 out -- some of the cash-out will be deferred.

但到了 20 月 9 日，部分兌現將會延後。

There have been some losses.

出現了一些損失。

Therefore, this is a reason for this large gap between the 2 numbers.

因此，這就是兩個數字之間存在如此大差距的原因。

Now in the meantime in 2019 compared to the operating income, there are no positive factors that we're assuming.

同時，與 2019 年營業收入相比，我們假設沒有正面因素。

As a result, the EP&S cash flow compared to '17 and '18 will be negative.

因此，與 17 年和 18 年相比，EP&S 現金流將為負值。

Now where are we generating positive numbers?

現在我們在哪裡產生正數？

Music is one.

音樂就是其中之一。

Except for the EMI implications revaluation, we are -- they are increasing the revenue.

除了 EMI 影響重估之外，我們——他們正在增加收入。

And also, there's increasing amortization depreciation and therefore the Music will see an increase of the cash flow.

此外，攤銷折舊不斷增加，因此音樂公司的現金流將會增加。

Semiconductor, operating income will be flat, but depreciation would increase.

半導體方面，營業收入將持平，但折舊將增加。

As a result, the cash flow would be positive.

因此，現金流將為正值。

Therefore, Game, EP&S will be in the negative.

因此，Game、EP&S 將為負數。

Music, Semiconductor would be in the positive.

音樂、半導體將是正面的。

Now we do not anticipate a significant buffer.

現在我們預計不會有顯著的緩衝。

There are not particularly significant factors that would push up the numbers compared to last year.

與去年相比，沒有特別重要的因素會推高這個數字。

[Interpreted] Next question?

[解讀]下一個問題？

[Interpreted] Okazaki of Nomura Securities.

[解讀]野村證券岡崎。

The first point concerning the 3 hardware, electronics segment, what is the purpose of integration?

第一點關於3硬體、電子板塊，整合的目的又是什麼？

And 5G development was taken up to push up the smartphone business.

而5G的發展則帶動了智慧型手機業務的發展。

But this time by integrating without the section TV or camera, what is your view about development of next-generation hardware?

但這次整合沒有部分電視或攝影機，您對下一代硬體的開發有何看法？

And then the management efficiency, by consolidating the 3 business segment, are you expecting the cost reduction?

然後是管理效率，透過整合3個業務板塊，你期望成本降低嗎？

The second point has to do with semiconductors.

第二點與半導體有關。

You are talking about investment in a new building.

您正在談論對新建築的投資。

And in the course of coming half a year or the past half year, any differences?

未來半年和過去半年有什麼不同嗎？

Originally, you said that the existing building will be sufficient, but any changes in automotive application or the building application of image sensors is another aspect.

本來你說現有的建築就足夠了，但汽車應用或影像感測器的建築應用的任何變化是另一個方面。

And is that another reason for putting up a new building?

這是建造新建築的另一個原因嗎？

[Interpreted] So about the purpose of integration and creating EP&S, the one is making the various functions as platform to achieve higher efficiency, especially for communication or communication technology.

【解讀】那麼整合創建EP&S的目的，一是把各種功能當作一個平台，以達到更高的效率，特別是對於通訊或通訊技術來說。

The technology is incorporated in all the devices and making the platform so that we can improve the efficiency.

該技術被融入所有的設備中並形成平台，這樣我們就可以提高效率。

And that would give us the upside for us and lead to cost reduction.

這將為我們帶來好處並降低成本。

So we decided to integrate the 3 businesses.

所以我們決定整合這三個業務。

And some of the products which may not belong to any of the 3 businesses or by integrating these 3, it will become easier for us to address the B2B market, and we thought there was a good timing to consolidate or integrate these 3 businesses.

有些產品可能不屬於這三個業務中的任何一個，或透過整合這三個業務，我們將更容易應對 B2B 市場，我們認為現在是整合或整合這三個業務的好時機。

And concerning the semiconductor so far about the new building, we did not talk about it explicitly.

到目前為止，關於新大樓的半導體，我們還沒有明確談論它。

But internally among us, we had a constant review and study of it including simulation.

但在我們內部，我們不斷地回顧和研究，包括模擬。

And last time at the earnings announcement for the third quarter, in terms of difference between that time and now, we have been very cautious about looking at the outlook.

上次發布第三季財報時，就當時和現在的差異而言，我們對前景的看法一直非常謹慎。

But now, we feel that demand is very strong and it's becoming more and more certain.

但現在，我們感覺需求非常強勁，而且越來越確定。

Therefore, in terms of wafer number for the fourth quarter, it'll not be at full rate operation, but starting the first quarter, the operation will be full operation.

因此，從第四季的晶圓數量來看，不會是滿速運轉，但從第一季開始，將會是滿速運轉。

That reflects a strong demand, and we can confirm that.

這反映了強勁的需求，我們可以證實這一點。

[Interpreted] Next question, please?

[翻譯]請問下一個問題？

[Interpreted] Ayada, Deutsche Securities.

[解讀]阿亞達，德意志證券。

Two points please.

請提兩點。

First point is about the semiconductors.

第一點是關於半導體的。

you are thinking about this year for this business.

您正在考慮今年的這項業務。

Mr. Totoki earlier, thank you for hesitating making remarks about this, but this year, sales is about 110 billion increase.

謝謝Totoki先生早些時候對此猶豫不決的言論，但今年的銷售額大約增加了1100億。

So marginal profit will be increased about JPY 50 billion, thanks to that.

因此，邊際利潤將增加約 500 億日圓。

But offsetting that, the cost of depreciation and R&D cost and foreign exchange, which of these factors will be the large impact in the order of the impact.

但相抵後，折舊成本、研發成本和外匯成本，這些因素中影響較大的因素依影響順序排列。

Can you tell some more?

你能多說一些嗎？

And also about the capacity, sales increased by 13%.

產能方面，銷售額也成長了 13%。

So the current capacity of 100,000 per month for this year's plan, is that enough?

那麼目前的產能每月10萬個對於今年的計畫來說是否足夠呢？

How does it stand?

情況如何？

In terms of operating income, it's going to be flat.

就營業收入而言，將持平。

But there's a positive factors actually it's the MSS for mobile applications in terms of volume and in terms of pricing the same impact will be felt upside.

但實際上有一個積極的因素，即行動應用程式的 MSS 在數量和定價方面也會產生同樣的影響。

But then there are some minus negative factors as well in the order of the impact on the depreciation cost followed by R&D expenditures, and also the impact on the cost of business due to the inventory fluctuations.

但也存在一些負面因素，依折舊成本的影響，其次是研發支出，以及庫存波動對業務成本的影響。

The ForEx impact is about JPY 5 billion.

外匯影響約 50 億日圓。

So that's very large.

所以這是非常大的。

And about the capacity, currently the production capacity is about 100,000.

而關於產能，目前產能約10萬輛。

But at the end of 2019, it will be 107,000 on the output basis.

但到2019年底，產量將達到10.7萬輛。

Thank you.

謝謝。

My second question is rather more technical.

我的第二個問題更具技術性。

There's been change in country to Middle East leasing these assets, so handling the operating lease is now different.

中東租賃這些資產的國家發生了變化，因此現在處理經營租賃的方式有所不同。

What are the impact of that on the balance sheet?

這對資產負債表有何影響？

And also ROIC by segment will be affected also I think, but how has this affected your ROIC by segment?

我認為各個細分市場的投資報酬率也會受到影響，但這對您各個細分市場的投資報酬率有何影響？

[Interpreted] In total, the accounting change, the impact of that, both assets and liabilities will now be on the balance sheet.

[解讀] 總的來說，會計變更及其影響，資產和負債現在都將出現在資產負債表上。

Currently, the real estate basically between JPY 300 billion and JPY 350 billion is the impact.

目前，房地產受到的影響基本上在3000億日元到3500億日元之間。

But with regard to details of the facilities, we don't have the concrete detailed figures.

但關於設施細節，我們沒有具體的詳細數據。

So maybe at the end of the first quarter, we should have these figures available, but that's the general level of impact.

因此，也許在第一季末，我們應該可以獲得這些數據，但這只是影響的總體水準。

[Interpreted] In the first quarter, yes, we will disclose the numbers regarding cash impact.

[解讀]第一季度，是的，我們將揭露有關現金影響的數字。

But as of now between 300 and 350 in real estate, that's the level of impact.

但截至目前，房地產領域的影響程度在 300 到 350 之間。

Please understand that.

請理解這一點。

And in terms of ROIC by segment, ROIC will be negatively impacted.

就各細分市場的投資報酬率而言，投資報酬率將受到負面影響。

But the ROIC that we had disclosed this time did not incorporate this impact yet.

但我們這次披露的ROIC還沒有考慮到這個影響。

So for the first quarter, we should be able to make the impact of this more visible.

因此，在第一季度，我們應該能夠使這一影響更加明顯。

And as this happens, we will be revising our disclosed figures.

當這種情況發生時，我們將修改我們揭露的數據。

[Interpreted] We are running very short of time, so I'm afraid the next question would have to be the last question.

[解釋]我們的時間很短，所以恐怕下一個問題就只能是最後一個問題了。

[Interpreted] SMBC Nikko, Katsura.

[解釋]SMBC Nikko，Katsura。

I have one question on the semiconductor for the sake of confirmation, FY risk is being talked much in the market.

我有一個關於半導體的問題想確認一下，財政年度風險在市場上被談論得很多。

So have you incorporated that implication?

那你有沒有融入這個意義呢？

How do you look at the risks in coming up with semiconductor projections?

您如何看待半導體預測的風險？

Also, JPY 100 billion of investment if you're indeed going to make such an investment, there are market concerns.

另外，1000億日圓的投資如果確實要進行這樣的投資，也會有市場的擔憂。

[Interpreted] The cash flow that has been generated by entertainment will be used by semiconductor.

【解讀】娛樂產生的現金流將被半導體使用。

That is the view or concern of the market and when we will give the details during the strategy meeting and IR day, so I can only give you sort of a brief explanation.

這是市場的看法或擔憂，我們將在策略會議和投資者關係日期間提供詳細信息，所以我只能給你一個簡短的解釋。

And I think we should draw a distinction between next fiscal year and thereafter.

我認為我們應該區分下一財年和此後的財年。

The increase of capacity by constructing new building is to satisfy the demand for 2021 and beyond.

透過建造新建築增加產能是為了滿足2021年及以後的需求。

So please note that the new building will be constructed to satisfy the needs beyond 2021.

因此請注意，新大樓的建設將滿足 2021 年以後的需求。

Now for 2019, in the first half, I think we are all right.

現在2019年，上半年，我認為我們還不錯。

In other words, we have the enough capacity.

換句話說，我們有足夠的能力。

We'll have to run at a full rate.

我們必須全速奔跑。

But about the risks in the second half, yes, we will have to be discrete and cautious.

但對於下半年的風險，是的，我們必須保持謹慎和謹慎。

I think we cannot avoid being cautious.

我認為我們不能不保持謹慎。

But having said so, our customers are diverse.

但話雖如此，我們的客戶是多元化的。

Compared to several years ago, our transaction have diversified.

與幾年前相比，我們的交易已經多元化。

And I think that is a positive development for us and that would positively impact our performance.

我認為這對我們來說是一個積極的發展，將對我們的業績產生積極影響。

I'm not singling out any particular customer rather than associating the decline with any particular customer.

我並不是單獨挑出任何特定客戶，而是將拒絕與任何特定客戶聯繫起來。

But shall I say that we are doing businesses with the entirety of the market.

但我應該說，我們正在與整個市場開展業務。

And I believe that such a relationship is preferable and will continue and sustain.

我相信這樣的關係是更好的，並且將會持續和維持。

And the gaming network is generating cash.

遊戲網路正在產生現金。

And you said that, that cash is being used by semiconductor.

你說過，這些現金正在被半導體使用。

Now as a way of thought, we talked about the EP&S cash flow.

現在作為一種思考方式，我們討論了 EP&S 現金流。

Some of these 3 segments, they will continue to generate a stable cash flow into the future.

這三個部分中的一些部分將在未來繼續產生穩定的現金流。

And ROIC is at a high level.

而且ROIC處於高水準。

The cash coming out from this should be able to cover the semiconductor investment.

由此產生的現金應該能夠涵蓋半導體投資。

Of course, there will be cash flow coming out from semiconductor business, but semiconductor plus the EPS cash flow should be able to cover the investment towards fiscal year 2022.

當然，半導體業務也會產生現金流，但半導體業務加上每股盈餘現金流應該可以涵蓋2022財年的投資。

That is my view at this point of time.

這是我目前的觀點。

Should the environment change drastically, of course, we will have to address those changes.

當然，如果環境發生巨大變化，我們就必須應對這些變化。

But right now, having looked at different factors, we believe that what we believe would be true and feasible.

但現在，在考慮了不同的因素後，我們相信我們所相信的是真實可行的。

[Interpreted] Thank you very much.

[解釋]非常感謝。

This will conclude our briefing.

我們的通報到此結束。

We would like to thank for your kind attendance.

我們衷心感謝您的盛情出席。

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

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]