索尼 (SONY) 2020 Q1 法說會逐字稿

Ladies and gentlemen, it's time to begin our earnings announcement session for the first quarter of fiscal 2019.

女士們先生們，現在是我們 2019 財年第一季度收益公佈會議的時候了。

I'd like to introduce our speakers, Senior Executive Vice President and Chief Financial Officer, Hiroki Totoki; Senior Vice President and Senior General Manager of Finance Department and Corporate Planning, Naomi Matsuoka; and VP, Senior General Manager, Global Accounting Division, Hirotoshi Korenaga.

我想介紹一下我們的演講者，高級執行副總裁兼首席財務官 Hiroki Totoki；高級副總裁兼財務部和企業規劃高級總經理 Naomi Matsuoka； Hirotoshi Korenaga 是全球會計部門副總裁兼高級總經理。

Today, Mr. Totoki will make the presentations, and then it will be followed by question and answers.

今天，Totoki先生將進行演講，然後是問答環節。

And all together, we plan to spend 45 minutes.

我們總共計劃花費 45 分鐘。

Mr. Totoki, please.

十時先生，有請。

Today, I would like to explain 2 topics in the next 15 minutes.

今天，我想在接下來的 15 分鐘內解釋 2 個主題。

Fiscal '19 Q1 consolidated sales decreased 1% year-on-year to JPY 1,925.7 billion, and operating income increased JPY 35.9 billion year-on-year to JPY 230.9 billion.

19財年第一季度合併銷售額同比下降1%至19,257億日元，營業收入同比增加359億日元至2,309億日元。

Operating income reached a record high for the first quarter.

第一季度營業收入創歷史新高。

Net income attributable to Sony Corporation's stockholders decreased JPY 74.3 billion year-on-year to JPY 152.1 billion.

歸屬於索尼公司股東的淨利潤為1,521億日元，同比減少743億日元。

As shown on this slide, certain extraordinary items were recorded in both the current quarter and the same quarter of the previous fiscal year.

如這張幻燈片所示，本季度和上一財年同一季度均記錄了某些非常項目。

Excluding these extraordinary items and the estimated impact on these items on the tax expenses, net income would have increased JPY 5.6 billion from the JPY 140.8 billion of the previous year to JPY 146.4 billion.

剔除這些非常項目以及這些項目對稅收費用的估計影響，淨利潤將從上一年的 1,408 億日元增加到 1,464 億日元，增加 56 億日元。

Please refer to Page 6 of our earnings presentation for the calculation impact on tax expenses.

請參閱我們的收益報告第 6 頁，了解對稅務費用的計算影響。

This slide shows the results by segment.

該幻燈片按部分顯示結果。

And from this quarter, we have changed the name of the Semiconductors segment to Imaging & Sensing Solutions.

從本季度開始，我們將半導體部門的名稱更改為成像和傳感解決方案。

I will explain the background and reasoning behind this change when I explain the results of this segment.

當我解釋這一部分的結果時，我將解釋這一變化背後的背景和原因。

This change has not resulted in any reclassification businesses across segments.

這一變化並未導致跨部門的業務重新分類。

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 were -- are expected to decrease JPY 200 billion compared with the previous forecast to JPY 8.600 trillion as a result of the reduction in the forecast for G&NS and EP&S segments.

由於 G&NS 和 EP&S 領域預測的減少，預計合併銷售額將比之前的 8.600 萬億日元減少 2000 億日元。

There is no change to the forecast for operating income, income before income taxes and net income attributable to shareholders.

營業收入、稅前收入和歸屬於股東的淨利潤的預測沒有變化。

There is also no change to our forecast for operating cash flow excluding the Financial Services segment.

我們對不包括金融服務部門的經營現金流量的預測也沒有變化。

We have changed the assumed ForEx assumption from the second quarter, JPY 108 to the U.S. dollars and JPY 123 to EUR 1. We plan to issue an interim dividend of JPY 20 per share this fiscal year compared to JPY 15 per share for the interim dividend previous year.

我們改變了第二季度的外匯假設，即 108 日元兌換為 1 美元，123 日元兌換為 1 歐元。我們計劃本財年派發每股 20 日元的中期股息，而中期股息為每股 15 日元前一年。

Dividend amount for the full year is currently undecided, but there is no change to our policy of continuing to increase our dividend in a stable manner over the long term.

全年股息金額目前尚未確定，但長期持續穩定增加股息的政策沒有變化。

This shows a segment forecast.

這顯示了分段預測。

And we are monitoring developments and are paying close attention to the geopolitical risks such as trade issues.

我們正在關注事態發展，密切關注貿易問題等地緣政治風險。

And we are looking into various mitigation measures in far advanced timing not to be delayed.

我們正在儘早研究各種緩解措施，刻不容緩。

We have incorporated into our forecast the impact of additional tariffs and export restriction that have already been implemented or the implementation be decided.

我們已經將已經實施或決定實施的額外關稅和出口限制的影響納入我們的預測。

We have not incorporated the impact of the items we have -- which we have yet to be implemented such as List 4 of Section 301 of the U.S. Trade Act.

我們尚未納入我們尚未實施的項目的影響，例如美國貿易法第 301 條的清單 4。

Going forward, we will aim to reduce the impact on our business by quickly taking any action as necessary.

展望未來，我們將致力於通過迅速採取必要的行動來減少對我們業務的影響。

Now let me talk about business segment.

現在我來談談業務板塊。

First, Game & Network Services.

首先，遊戲和網絡服務。

First, although PlayStation 4 hardware sales and network service sales including sales of PlayStation Plus increased year-on-year, overall segment sales decreased 3% to JPY 457.5 billion due to decrease in game software sales.

首先，儘管PlayStation 4硬件銷售額和包括PlayStation Plus銷售額在內的網絡服務銷售額同比增長，但由於遊戲軟件銷售額下降，整體部門銷售額下降3%至4,575億日元。

Operating income decreased JPY 9.6 billion year-on-year to JPY 73.8 billion.

營業收入同比減少96億日元至738億日元。

This decrease was primarily due to the decrease in contribution from the first-party game software compared with the same quarter the previous year in which God of War was a major hit.

這一下降主要是由於第一方遊戲軟件的貢獻較上年同期（《戰神》大熱）有所下降。

We have revised downward our forecast for fiscal '19 sales by JPY 100 billion to JPY 2.200 trillion.

我們已將 19 財年銷售額預測下調 1000 億日元至 2.200 萬億日元。

We have not changed the operating income forecast, and that's JPY 280 billion.

我們沒有改變營業收入預測，即 2800 億日元。

PS4 hardware unit sales in the first quarter was slightly below our expectation because of the news regarding our next-generation consoles.

由於有關我們下一代遊戲機的消息，第一季度 PS4 硬件銷量略低於我們的預期。

And we have reduced the annual sales forecast by 1 million units to 15 million units.

我們將年銷量預測下調了100萬台至1500萬台。

3.2 million units were sold during the current quarter, essentially unchanged year-on-year.

本季度銷量為 320 萬台，同比基本持平。

And we have reached the 100 million cumulative units on a shipment basis.

我們的累計出貨量已經達到1億台。

The fact that we plan to sell 15 million units in this fiscal year, the seventh year since launch, demonstrates that PS4 platform is still garnering support from many users.

我們計劃在本財年（自推出以來的第七年）銷售 1500 萬台，這表明 PS4 平台仍然獲得了許多用戶的支持。

We have revised downward our forecast for game software sales to be flat year-on-year due to a decrease in third-party game software especially free-to-play games.

由於第三方遊戲軟件（尤其是免費遊戲）的減少，我們下調了遊戲軟件銷售的預測，同比持平。

We expect Network Services sales to be above the previous fiscal year.

我們預計網絡服務銷售額將高於上一財年。

The goals for this segment this fiscal year are preparing for the launch of the next-generation platform as well as maintaining and expanding the community we have built among users.

本財年該部門的目標是準備推出下一代平台，以及維護和擴大我們在用戶中建立的社區。

As of the first quarter, we are on track to achieve these goals.

截至第一季度，我們有望實現這些目標。

Next, explaining about the Music segment.

接下來，解釋一下音樂部分。

The first quarter sales increased 11% year-on-year to JPY 202.3 billion.

第一季度銷售額同比增長11%至2023億日元。

This significant increase was mainly due to higher sales for Music Publishing resulting from the consolidation of EMI Music Publishing as well as higher streaming revenues partially offset though by lower Visual Media and Platforms sales mainly caused by lower sales of Fate/Grand Order, a game application for mobile devices.

這一顯著增長主要是由於 EMI 音樂出版合併導致音樂出版銷售額增加，以及流媒體收入增加，但部分抵消了視覺媒體和平台銷售額下降（主要是遊戲應用程序《命運/冠位指定》銷售額下降）對於移動設備。

Streaming revenues in the Recorded Music business grew 27% from last year mainly due to expansion of the market and contribution from releases such as Lil Nas X's Old Town Road, which is expected to be one of the biggest hit songs of the year.

錄製音樂業務的流媒體收入比去年增長了 27%，這主要是由於市場的擴張以及 Lil Nas X 的《Old Town Road》等歌曲的貢獻，該歌曲預計將成為今年最熱門的歌曲之一。

Operating income increased JPY 6.2 billion year-on-year to JPY 38.3 billion.

營業收入同比增加62億日元至383億日元。

We have made no changes to our April forecast for sales and operating income full year.

我們沒有改變 4 月份全年銷售和營業收入的預測。

Next, about Pictures segment.

接下來，關於圖片部分。

The first quarter sales increased 6% from last year to JPY 186.1 billion.

第一季度銷售額較去年同期增長 6%，達到 1,861 億日元。

An operating profit of JPY 0.4 billion was recorded compared to a loss of JPY 7.6 billion in the same quarter of the previous year.

營業利潤為 4 億日元，而去年同期為虧損 76 億日元。

Primarily due to the timing of motion picture releases, this segment has recorded a loss in the first quarter repeatedly in the past, but this quarter, it recorded profit for the first time in 5 years.

主要由於電影上映時間的原因，該部門過去曾多次在第一季度錄得虧損，但本季度卻錄得5年來首次盈利。

Although marketing expenses were incurred for Spider-Man: Far From Home, which was released at the end of June, our profitability continues to improve due to our channel portfolio review in Media Networks and other efforts.

儘管6月底上映的《蜘蛛俠：英雄遠征》產生了營銷費用，但由於我們在媒體網絡的渠道組合審查和其他努力，我們的盈利能力持續改善。

We have made no change to our April forecast for sales and operating income.

我們沒有改變四月份的銷售和營業收入預測。

Spider-Man: Far From Home has exceeded USD 1 billion of revenue at the global box office, surpassing Jumanji: Welcome to the Jungle to become Sony Pictures Entertainment's highest-grossing, wholly-owned film of all time.

《蜘蛛俠：英雄遠征》全球票房收入突破 10 億美元，超越勇敢者遊戲：決戰叢林，成為索尼影視娛樂公司有史以來票房最高的全資電影。

Due to the timing of its release, the film will not contribute significantly to our financial results until the second quarter and beyond.

由於上映時間的原因，這部電影要到第二季度及以後才會對我們的財務業績產生重大貢獻。

Next is EP&S segment.

接下來是 EP&S 部分。

From this quarter, this segment includes what were the Home Entertainment & Sound, Imaging Products & Solutions and Mobile Communications segments.

從本季度開始，該細分市場包括家庭娛樂和音響、成像產品和解決方案以及移動通信細分市場。

But we continue to disclose the same product category sales that we disclosed in the past in our supplemental information.

但我們繼續披露我們過去在補充信息中披露的相同產品類別的銷售情況。

Primarily due to a decrease in unit sales of TVs and smartphones, sales decreased 15% to JPY 483.9 billion compared to the previous year, and operating income decreased JPY 7.6 billion year-on-year to JPY 25.1 billion due to the decrease in sales and the negative impact of foreign exchange rates partially offset by a reduction in the operating expenses in Mobile Communications.

主要由於電視和智能手機銷量下降，銷售額比上年下降15%至4,839億日元，營業收入同比下降76億日元至251億日元。移動通信業務運營費用的減少部分抵消了匯率的負面影響。

Due to a reduction in the unit sales forecast for TVs and smartphones, our sales forecast has been changed to JPY 2.160 trillion, but we have made no changes to our April forecast for operating income despite the decrease in sales due to a reduction in operating expenses.

由於電視和智能手機的銷量預測下調，我們的銷售預測已更改為 2.160 萬億日元，但儘管營業費用減少導致銷售額下降，但我們對 4 月份營業收入的預測沒有變化。

Next, I will touch on the TV business.

接下來我要談談電視業務。

Primarily due to the intensified price competition and lower demand compared to the prior year when we benefited from the World Cup mainly in Europe and Latin America, TV unit sales in the current quarter decreased about 23% year-on-year.

主要是由於價格競爭加劇，以及與去年受益世界杯（主要在歐洲和拉丁美洲）相比需求下降，本季度電視機銷量同比下降約23%。

Thanks to the actions we have taken such as launch of new products and price reductions, sales have recovered since June, but we continue to pay close attention to changes in the market for panels and trends of competitor pricing.

由於我們採取了新產品推出和降價等措施，自6月份以來銷量有所回升，但我們仍繼續密切關注面板市場的變化以及競爭對手的定價趨勢。

And here, I'm showing the new key products we have announced or put on sales -- put on sale recently.

在這裡，我將展示我們已經宣布或開始銷售的新關鍵產品——最近開始銷售。

All of them have received positive feedback from a lot of our customers.

所有這些都得到了我們許多客戶的積極反饋。

Next is the Imaging & Sensing Solutions segment.

接下來是成像和傳感解決方案部分。

The first quarter sales increased 14% year-on-year to JPY 230.7 billion, and operating income increased JPY 20.4 billion to JPY 49.5 billion mainly due to a significant increase in image sensors sales for mobile devices.

第一季度銷售額同比增長14%至2307億日元，營業收入增長204億日元至495億日元，主要是由於移動設備圖像傳感器銷售額大幅增長。

Demand for our image sensors continues to be strong, and our market share of image sensors for midrange and high-end models of major smartphone makers remained high due to adoption of multiple sensors per camera and growing demand for high value-added sensors made using large die-sizes.

對我們的圖像傳感器的需求持續強勁，由於每個攝像頭採用多個傳感器以及對使用大尺寸製造的高附加值傳感器的需求不斷增長，我們在主要智能手機製造商的中端和高端型號的圖像傳感器的市場份額仍然很高。芯片尺寸。

And we are currently utilizing 100% of our internal capacity.

目前我們的內部產能利用率為 100%。

However, concerns about the impact of trade issues in the second half of the fiscal year remain.

然而，對本財年下半年貿易問題影響的擔憂依然存在。

We have already been conservative when forecasting the impact of these issues.

我們在預測這些問題的影響時已經很保守了。

But because we want to evaluate the risk over the course of the first half of the fiscal year, we have as yet made no changes to our April forecast.

但由於我們想要評估本財年上半年的風險，因此我們尚未對 4 月份的預測做出任何改變。

Now I would like to explain the background and reasoning behind the change in name of the segment.

現在我想解釋一下板塊名稱變更的背景和原因。

The portion of Semiconductors segment revenue that comes from image sensors has been increasing every year and is expected to be approximately 85% of the segment this fiscal year and is expected to increase even more going forward.

半導體部門收入中來自圖像傳感器的部分每年都在增加，預計本財年將佔該部門的 85% 左右，並且預計未來還會增加更多。

Image sensors are hybrids between analog and digital semiconductors and, in terms of technology and business model, differ from logic-LSI and memory, which most people think of what they hear the word semiconductors.

圖像傳感器是模擬和數字半導體的混合體，在技術和商業模式方面與邏輯LSI和存儲器不同，大多數人聽到半導體這個詞時都會想到它們。

Compared with logic-LSI and memory, which require frequent capacity upgrades to maintain competitiveness due to quickly evolving process miniaturization, image sensors do not require regular large capital investments because products can be differentiated through improvements in functionality and the addition of new features without having to upgrade production capacity.

與由於快速發展的工藝小型化而需要頻繁升級容量以保持競爭力的邏輯LSI和存儲器相比，圖像傳感器不需要定期進行大量資本投資，因為產品可以通過功能改進和添加新功能來實現差異化，而無需提升產能。

Moreover, since the image sensors business is focused on custom products that are differentiated through features and functionality and because we have expanded our customer base the last several years and obtained a large share of market, we have established a business model that experiences less impact from fluctuations in the market known as a silicon cycle.

此外，由於圖像傳感器業務專注於通過特性和功能實現差異化的定制產品，並且由於我們在過去幾年擴大了客戶群並獲得了很大的市場份額，因此我們建立了一種業務模式，該模式受到的影響較小市場的波動稱為矽週期。

Over the last 10 years, we have achieved an extremely high level of compound annual sales growth at 17%, primarily from smartphone applications, and we have made significant investments to increase capacity as a result.

在過去 10 年裡，我們實現了 17% 的極高水平復合年銷售增長率，主要來自智能手機應用程序，因此我們進行了大量投資來提高產能。

However, we expect the investment requirements of this business to decrease significantly as the acute increase in demand transitions to a milder growth trajectory.

然而，我們預計，隨著需求的急劇增長轉向溫和的增長軌跡，該業務的投資需求將大幅下降。

The strategy for future growth in the I&SS segment is to develop AI sensors which make our sensors more intelligent by combining artificial intelligence with the sensors themselves.

I&SS領域未來增長的策略是開發人工智能傳感器，通過將人工智能與傳感器本身相結合，使我們的傳感器更加智能。

Developments of these sensors will require us to leverage not only the strength of the hardware technology in the I&SS segment such as stacking of sensors on logic and copper-to-copper connections but also the AI technology and diverse application technology in other parts of Sony.

這些傳感器的開發不僅需要我們利用 I&SS 領域的硬件技術優勢（例如邏輯堆疊傳感器和銅對銅連接），還需要利用索尼其他部門的人工智能技術和多樣化應用技術。

So our efforts in this area would span the entire Sony Group.

因此，我們在這一領域的努力將涵蓋整個索尼集團。

We think that AI and sensing will be used across a wide range of applications such as autonomous driving, IoT, games and immersive entertainment.

我們認為人工智能和傳感將廣泛應用於自動駕駛、物聯網、遊戲和沈浸式娛樂等領域。

As such, we think there is a possibility that image sensors will evolve from the hardware they are today to solutions and platforms as visual data and sensing information is processed in a sophisticated manner inside sensors.

因此，我們認為圖像傳感器有可能從現在的硬件發展成為解決方案和平台，因為視覺數據和傳感信息在傳感器內部以復雜的方式進行處理。

The image sensor business is important because it is one of the pillars of the growth strategy of Sony Group.

圖像傳感器業務很重要，因為它是索尼集團增長戰略的支柱之一。

We changed the name of the segment this time to assist your understanding of the characteristics and future strategy of this business which I just explained.

我們這次更改了這個板塊的名稱，是為了幫助大家了解我剛才介紹的這個業務的特點和未來的戰略。

Next, I would like to explain about the Financial Services segment.

接下來我想解釋一下金融服務板塊。

In the first quarter, Financial Service revenue was essentially flat year-on-year at JPY 336.9 billion, and operating income increased JPY 5.5 billion year-on-year to JPY 46.1 billion.

第一季度，金融服務收入同比基本持平，為3369億日元，營業收入同比增加55億日元至461億日元。

We have made no changes to our April forecast for our Financial Services revenue and operating income.

我們沒有改變 4 月份金融服務收入和營業收入的預測。

Next, I will discuss the new structure of the Board of Directors at Sony Financial Holdings, SFH.

接下來，我將討論索尼金融控股公司（SFH）的新董事會結構。

The new Board of Directors, which was formed at the Ordinary General Meeting of Shareholders this past June, is primarily comprised of external directors and members of management from Sony Corporation.

新董事會於今年六月的普通股東大會上成立，主要由索尼公司的外部董事和管理層成員組成。

Sony believes that this new structure will strengthen the governance of SFH and promote even greater focus on increasing shareholder value.

索尼相信，這一新結構將加強 SFH 的治理，並促進更加註重增加股東價值。

The presidents of Sony Life, Sony Assurance and Sony Bank, who each concurrently served on the Board of Directors of SFH in the past, would dedicate themselves to managing each of their business going forward and will concentrate on growing their businesses and strengthening their competitiveness.

索尼人壽、索尼保險和索尼銀行的總裁曾同時擔任上法控股的董事會成員，未來他們將致力於管理各自的業務，並集中精力發展業務並增強競爭力。

Sony will deepen its collaboration with the management team of SFH and proactively worked to increase the value of our financial services business even more so than in the past.

索尼將深化與SFH管理團隊的合作，並積極致力於比過去更加提高我們的金融服務業務的價值。

In conclusion, I'd like to explain the efforts we're making to increase corporate value.

最後，我想解釋一下我們為提高企業價值所做的努力。

In our first midrange plan, which began in the fiscal year ended March 31, 2013, we restructured our businesses and strengthened our profitability and cash generation.

在我們於截至 2013 年 3 月 31 日的財政年度開始的第一個中期計劃中，我們重組了業務並增強了盈利能力和現金生成能力。

This resulted in cash -- in each of our business attaining high level of competitiveness and a steady level of profit and cash flow.

這為我們的每項業務帶來了現金，從而獲得了高水平的競爭力以及穩定的利潤和現金流水平。

As President Yoshida explained at the Corporate Strategy Meeting in May, Sony now needs to take steps to grow its various businesses while creating synergy across our businesses.

正如吉田社長在五月份的企業戰略會議上所解釋的那樣，索尼現在需要採取措施發展各種業務，同時在我們的業務之間創造協同效應。

Sony will aim to do this by leveraging the diversity in each of our business in the entertainment, electronics and DTC services, which includes financial services arenas.

索尼的目標是通過利用娛樂、電子和 DTC 服務（包括金融服務領域）各項業務的多樣性來實現這一目標。

Technology is what supports the growth of these businesses and create synergy across businesses.

技術是支持這些業務增長並在業務之間創造協同效應的動力。

This is what makes Sony unique and strong.

這就是索尼獨特而強大的原因。

We aim to increase our corporate value in a sustained manner over the long term by further growing Sony as a creative entertainment company with a solid foundation in technology.

我們的目標是通過進一步將索尼發展成為一家擁有堅實技術基礎的創意娛樂公司，長期持續地提高我們的企業價值。

Lastly, I would again show the results forecast for each of our segments.

最後，我將再次展示我們每個細分市場的結果預測。

This concludes my remarks.

我的發言到此結束。

Now the floor is open to your questions.

現在請大家提問。

When you have questions, please wait for the microphone and identify yourself by stating your name and affiliation.

當您有疑問時，請等待麥克風響起並通過說明您的姓名和所屬單位來表明自己的身份。

When questions are asked in English, there will be a consecutive interpretation into Japanese, and answers will be given in Japanese.

當用英語提問時，會有日語交替傳譯，並用日語回答。

Please confine the number of questions to 2 per person.

請將問題數量限制在每人 2 個以內。

Ono of Morgan Stanley.

摩根士丹利的小野。

Two questions.

兩個問題。

The first point, concerning Imaging & Sensing Solution, Semiconductor, you have recorded a high growth this time.

第一點，關於成像和傳感解決方案，半導體，你們這次錄得了高增長。

Especially in image sensors, the sales increased by more than 20%.

尤其是圖像傳感器，銷售額增長超過20%。

My question is that in terms of volume and price, how is the actual picture, and what's the background to this?

我的問題是，從數量和價格來看，實際情況如何，背景是什麼？

And the second point, on year-on-year basis, the Game compared to the strong first-party sales, the decline in sales, but you have achieved good results, so to say.

而第二點，同比來看，遊戲相比強勁的第一方銷量，銷量有所下降，但是可以說取得了不錯的成績。

And you have been talking about the increase in the development costs for the next-generation console in slightly excess of 3 -- JPY 30 billion.

您一直在談論下一代遊戲機的開發成本略高於3——300億日元。

And how is it incorporated in the first quarter results?

它是如何納入第一季度業績的？

And when you compare the first half and second half, what would be the impact?

對比上半年和下半年，會產生什麼影響？

The first, on I&SS, true on a year-on-year basis, for the first quarter, the results were very good.

第一個是 I&SS，與去年同期相比，第一季度的結果非常好。

And when analyzing in terms of unit price and volume, for unit price, improvement of the product mix, and so all in all, we have maintained a good unit price.

而且從單價和銷量上來分析，無論是單價還是產品結構的改善等等，我們都保持了很好的單價。

And especially 0.8 micron and 45 mega, the volume -- demand is good and improving.

尤其是 0.8 微米和 45 兆微米，需求量良好且不斷增長。

And about the volume, especially the volume to the Chinese customers increased.

關於銷量，尤其是對中國客戶的銷量有所增加。

And the background is that in a market, the multi-sensor camera is increasing.

而背景是，在市場上，多傳感器相機正在不斷增加。

And also, the customers' smartphone production shifted to a flagship model with multiple number of cameras.

此外，客戶的智能手機生產轉向具有多個攝像頭的旗艦型號。

And also partly as a countermeasure against the U.S. export restriction, there may be advanced procurement.

另外，可能還會有提前採購，這在一定程度上也是為了應對美國的出口限制。

Next, on Game, on year-on-year basis, on our part, we take a rather positive look.

接下來，在遊戲方面，就我們而言，與去年同期相比，我們持相當積極的態度。

That is decline in the sales of software.

這就是軟件銷量的下降。

In the course of first quarter last year, there was a major hit of God of War and Detroit, the first party.

去年第一季度，《戰神》和《底特律》第一方大熱。

And this time, title is weaker, and so we thought there may be a decrease, and so it is as expected.

而這一次，標題變弱了，所以我們認為可能會減少，所以這是預期的。

And about the impact of development expense, very difficult -- we do not talk about first half and second half, but the things are going as we expected for the time being.

至於開發費用的影響，非常困難——我們不談論上半年和下半年，但事情暫時按照我們的預期進行。

And also concerning hardware, for a full year, we said the 16 million and revised downward to 15 million.

還有關於硬件，我們說全年為 1600 萬，然後向下修正為 1500 萬。

But the first quarter, 3.2 million unit, the same as the first quarter of the previous fiscal year.

但第一季度為320萬台，與上一財年第一季度持平。

And we view -- we watched the trend of computers in the industry, and we thought there may be some downward trend, but the situation was maintained.

我們認為，我們觀察了計算機行業的趨勢，我們認為可能會出現一些下降趨勢，但這種情況仍然存在。

And we have provided some information about next-generation console, so we do not force the sales expansion of the current console but achieve profit and make a shift -- a smooth shift.

而且我們已經提供了一些關於下一代遊戲機的信息，所以我們不會強迫當前遊戲機的銷量擴大，而是實現利潤並進行轉變——平滑的轉變。

And we will maintain the profitability forecast.

我們將維持盈利預測。

Ezawa, Citigroup Securities.

江澤，花旗集團證券。

Two questions, please.

請教兩個問題。

Firstly, the others segment's profitability, JPY 400 million, it is not significantly negative.

首先，其他部門的盈利能力為4億日元，並不是顯著負值。

In other word, it's improving [compared] over the last year.

換句話說，與去年相比，它正在改善。

Why?

為什麼？

So for the full year, negative JPY 6 billion, you haven't change that.

因此，全年負 60 億日元，你沒有改變這一點。

Why is that?

這是為什麼？

Will there be any specific reason in the second quarter for this large negative figure?

二季度出現如此大的負數，有什麼具體原因嗎？

And the second question, the request from investors concerning changing independent structure, in other word, suggesting a spinning-off of the Semiconductors or divesting of the Financial Services, I think you've received such proposals from investors.

第二個問題，投資者關於改變獨立結構的要求，換句話說，建議分拆半導體或剝離金融服務，我想你已經收到了投資者的這樣的建議。

Now -- and today, in remarks by Mr. Totoki, I would say that what you said today included answers to those questions, but can you formally and clearly make some remarks in response to those requests by investors?

現在，今天，在富時先生的講話中，我想說，你今天所說的內容包括了對這些問題的回答，但是你能否正式、明確地針對投資者的這些要求發表一些言論？

First of all, the others segment, because of the license agreement, patent royalty revenues were there.

首先，其他部分，由於許可協議，專利使用費收入是存在的。

But because we have parties to speak off, we like to refrain from disclosing details.

但因為我們有要討論的話題，所以我們不想透露細節。

But please understand that there was a royalty payment.

但請理解，有特許權使用費。

But offsetting that, your question was whether there'll be a negative factor in the second half.

但抵消這一點，你的問題是下半年是否會出現負面因素。

Nothing planned, but we are still in the first quarter.

沒有任何計劃，但我們仍處於第一季度。

So all in all, instead of getting changes, we decided to maintain the current full year forecasts without any changes.

因此，總而言之，我們決定維持當前的全年預測不變，而不是做出任何改變。

Now the second question concerning our business portfolio, let me state my conclusions first.

現在第二個問題是關於我們的業務組合，讓我先說一下我的結論。

Whether my speech today included the answers to those proposals, not specifically.

我今天的講話是否包括對這些建議的回答，但沒有具體說明。

Our view and policy on our business was, shall I say, restated today with my remarks, now it's true that there has been proposals from investors.

我應該說，今天我的言論重申了我們對業務的看法和政策，現在確實有投資者提出了建議。

Whatever proposals we receive, we examine them very carefully and in depth sincerely.

無論我們收到什麼建議，我們都會非常仔細、真誠地進行審查。

That's the position basically of the management team as well as the Board of the company.

這基本上是公司管理團隊和董事會的立場。

And it's true that we have received concrete proposals, so we are conducting in-depth examinations and thinking about those proposals currently.

我們確實收到了具體的建議，所以目前我們正在對這些建議進行深入的研究和思考。

But beyond that, please allow me to refrain from making other comments.

但除此之外，請允許我不要發表其他評論。

Okazaki from Nomura Securities.

野村證券的岡崎。

My question is about the fixed cost for Semiconductors.

我的問題是關於半導體的固定成本。

You said that the revenue would increase, but so would the fixed costs, therefore, the profit would not increase.

你說收入會增加，但固定成本會增加，所以利潤不會增加。

But the first quarter saw the increase of operating profit, so has there been any different pattern in terms of the fixed costs?

但第一季度營業利潤有所增加，那麼固定成本方面是否有什麼不同的規律呢？

Another is the EP&S.

另一個是 EP&S。

Mobile Communications improved, but TV apparently has deteriorated.

移動通信有所改善，但電視顯然已經惡化。

You have mentioned this slightly, but can you talk about the background excluding Mobile Communication?

您稍微提到了這一點，但是您能談談不包括移動通信的背景嗎？

Thank you.

謝謝。

As far as the sensors is concerned, I think your question is about fixed costs, how we recognize fixed cost.

就傳感器而言，我認為你的問題是關於固定成本，我們如何認識固定成本。

There has been increase in operating profit of JPY 20 billion, a major increase.

營業利潤大幅增加200億日元。

This is due primarily to the increase of volume.

這主要是由於成交量的增加。

But there has been fluctuations, changes in the inventory, therefore, there has been the operating cost fluctuations.

但庫存出現了波動、變化，因此，出現了經營成本的波動。

Depreciation and increase of R&D costs have been recognized.

折舊和研發成本的增加已得到確認。

This is as planned.

這是按計劃進行的。

But beyond that, I think we have enjoyed the increase of revenue.

但除此之外，我認為我們還享受到了收入的增長。

EP&S, as for the Mobile Communication, the first quarter, yes, the bottom line has improved.

EP&S，至於移動通信，第一季度的利潤有所改善。

If you do the reverse calculation, you would note that TV was a poor performer.

如果你進行相反的計算，你會發現電視的表現很差。

But if you look at the overall direction, TV first quarter, both the top line and bottom line declined.

但如果從整體方向來看，電視第一季度的營收和利潤均有所下降。

This is because the volume has declined.

這是因為成交量下降了。

It was 2.6 million during the previous year.

上一年為260萬。

The first quarter, there was a 23% reduction, 2 million.

第一季度減少了23%，即200萬。

And also, there was a ForEx negative impact.

此外，還對外匯產生了負面影響。

Audio/Visuals, there has been some decline in the sales revenues, but operating profit remained flat versus the last year.

音像業務方面，銷售收入有所下降，但營業利潤與去年持平。

The sales mix has changed slightly.

銷售組合略有變化。

Headphones did quite well.

耳機表現相當不錯。

Digital imaging, both the revenue and the operating profit declined not in any significant way.

數字成像方面，收入和營業利潤均未出現大幅下降。

Digital cameras, consumer camcorders saw some declines.

數碼相機、消費類攝像機出現了一些下降。

Operating profit, the product mix has improved, but it was affected by the foreign exchange market and the decline in the volume.

營業利潤、產品結構有所改善，但受到外匯市場影響，成交量下降。

But as far as Digital Imaging is concerned, we believe that we'll be able to launch some very attractive strong products, and we have hopes and expectations on those products.

但就數字影像而言，我們相信我們能夠推出一些非常有吸引力的強產品，我們對這些產品充滿希望和期待。

Professional Solutions, it has been affected by the deterioration of the market environment in China.

專業解決方案公司受到中國市場環境惡化的影響。

So that's how we see the overall situation.

這就是我們對整體情況的看法。

[Katada of Nikko].

[日光的片田]。

Semiconductors segment and also cash flow.

半導體部門和現金流。

The first quarter, the full capacity operation.

一季度，滿負荷運轉。

And what is the state of operation in the second quarter and your plan?

第二季度的經營情況和計劃是怎樣的？

That's the first point.

這是第一點。

And the second point, in connection with that, the operating cash flow -- or excuse me, the CapEx -- concerning CapEx, you mentioned that there'll be increased investment which is included in MRP.

第二點，與此相關的是，運營現金流——或者對不起，資本支出——關於資本支出，您提到將會增加投資，其中包括在 MRP 中。

And the report goes that you have already looked into the land or real estate.

報告稱您已經調查了土地或房地產。

What is the update of the progress of midterm investment including cash flow side?

包括現金流方面的中期投資進展如何？

Thank you.

謝謝。

About the image sensors capacity and the input, Mr. Korenaga?

Korenaga 先生，關於圖像傳感器的容量和輸入？

The capacity installed and the input, the first quarter, 100,000 production capacity, and the actual input operation was 100,000 full operation.

裝機及投入情況，第一季度產能10萬輛，實際投入運營10萬輛滿負荷運行。

And the second quarter, about the capacity, 105,000.

第二季度的產能約為105,000。

That's our forecast in accordance with our original plan.

這是我們根據原計劃進行的預測。

And then the actual production, in 105,000 so full capacity operation.

然後實際生產，在10.5萬輛這樣滿負荷運轉。

Next, about the CapEx and including the new building and any changes or update, from fiscal '18 to '20, the cumulative investment in existing building is JPY 600 billion and no change.

接下來，關於資本支出，包括新建築以及任何變化或更新，從 18 財年到 20 財年，現有建築的累計投資為 6000 億日元，沒有變化。

And for new building, decision has not been taken yet.

對於新建築，尚未做出決定。

But in the course of this year, looking at the demand for fiscal 2021 onward, we like to take the decision.

但今年，考慮到 2021 財年以後的需求，我們願意做出決定。

And in terms of the capacity, the end of fiscal 2020 on outlook basis, we like to increase to about 130,000.

就產能而言，根據展望，到 2020 財年末，我們希望增加到 13 萬左右。

And this plan remains unchanged.

並且這個計劃保持不變。

About the cash flow, the operating cash flow forecast for the current fiscal year is JPY 760 billion, and this forecast remains unchanged.

關於現金流，本財年的經營現金流預測為7600億日元，這一預測保持不變。

And so there's no plan of changing the cash flow picture.

因此，沒有改變現金流狀況的計劃。

Nishimura, Crédit Suisse Securities.

西村，瑞士信貸證券。

Firstly, about Game business, in your presentation earlier, you talked about weakness of the third-party software particularly free-to-play titles.

首先，關於遊戲業務，在您之前的演講中，您談到了第三方軟件尤其是免費遊戲的弱點。

Can you give us more details what is the current situation?

您能否詳細介紹一下目前的情況？

Also, are we going to address these risks toward the second half of the year?

另外，我們會在下半年解決這些風險嗎？

And my second question is about Sony Financials, Financial Services.

我的第二個問題是關於索尼金融、金融服務的。

Thank you for your explanation earlier, and you have been more deeply involved in the management of the Financial Services operations more so than before.

感謝您之前的解釋，您比以前更深入地參與了金融服務業務的管理。

A while ago, I think you said that you might pursue synergy with the Sony Corporation.

不久前，我想你說過你可能會尋求與索尼公司的協同效應。

And as a matter of fact, the results have not been visible so far, but what is the current situation and current view by more deeply being engaged in the management of the operations?

事實上，目前效果尚未顯現，但更深層次地參與運營管理的現狀和看法如何？

How are you going to contribute to the growth of the business segment?

您將如何為業務部門的增長做出貢獻？

Your first point, you're right, as you say, as far as the first quarter is concerned, the first party for the games were basically -- the results were basically as we expected, and we have not changed our assumptions going forward.

你的第一點，你是對的，正如你所說，就第一季度而言，第一方的比賽基本上是——結果基本上符合我們的預期，我們沒有改變我們未來的假設。

But for the add-on and free-to-play titles, there's a -- it was significant if you compare to our expectations.

但對於附加遊戲和免費遊戲來說，如果與我們的預期相比，這一點非常重要。

Particularly free-to-play titles, the revenues are significantly lower, therefore, we've downward -- revised downward our forecast.

特別是免費遊戲的收入明顯較低，因此，我們下調了我們的預測。

And also another point is about PS Plus.

還有一點是關於PS Plus的。

I think you are highly interested in PS Plus sales compared to March end, and the number of subscribers is down a bit.

我認為與 3 月底相比，您對 PS Plus 的銷量非常感興趣，並且訂戶數量有所下降。

But basically, it's been expected.

但基本上，這是預料之中的。

And so for the full year, we expect the segment to grow moderately.

因此，對於全年而言，我們預計該細分市場將適度增長。

So having all these factors all together, we've come up with the current forecast.

因此，綜合所有這些因素，我們得出了當前的預測。

Risks toward the second half, no outstanding risks observable and incorporated in our forecast, not yet.

下半年的風險，尚未觀察到並納入我們的預測的突出風險。

But to observe geopolitical risk as well as actual sales situation, we do so very carefully.

但為了觀察地緣政治風險以及實際銷售情況，我們會非常謹慎。

But Sony Financial Holdings, SFH, yes, it's formed and first in association with the Sony Corporation, but the companies under SFH holding structure, by us getting more deeply involved in operations of these companies, we should be able to contribute to the improvement to the value of these 3 companies.

但是索尼金融控股，SFH，是的，它是與索尼公司聯合成立的，但是SFH控股結構下的公司，通過我們更深入地參與這些公司的運營，我們應該能夠為改善這3家公司的價值。

That's our thinking now.

這就是我們現在的想法。

But as to the concrete details of our engagement, I'd like to refrain from commenting on that.

但至於我們合作的具體細節，我不想發表評論。

But to our participation in the Board structure, we'd like to be more engaged in their operations.

但就我們參與董事會結構而言，我們希望更多地參與他們的運營。

Nakane from Mizuho Securities.

瑞穗證券的中根。

I have 2 questions.

我有 2 個問題。

What has been the impact of earthquakes on Semiconductor, the earthquake in June, the sales, the inventory and operating margin?

地震對半導體、六月份的地震、銷售、庫存和營業利潤率有何影響？

And also, you have the geographic breakdown of the sales on supplement Page 4. And I'm looking at this hard -- if you break it into hardware and nonhardware, United States, Europe and Asia, has there been any changes since February and March?

而且，你在補充頁 4 上可以看到銷售的地理細分。我正在認真研究這個問題 - 如果你將其分為硬件和非硬件，美國，歐洲和亞洲，自 2 月以來有任何變化嗎？行進？

Have you learned or have you come to be aware of something different as compared to February and March?

與二月和三月相比，您是否了解到或意識到一些不同的事情？

And is there anything that we should be aware of?

還有什麼是我們應該注意的嗎？

Are you talking about the demand trend by regions?

您是說各地區的需求趨勢嗎？

You talked about hardware, software services.

您談到了硬件、軟件服務。

You're one of the rare companies that cover both aspects.

你們是少數同時涵蓋這兩個方面的公司之一。

So you're talking about the overall Sony?

所以你說的是索尼的整體？

Yes.

是的。

Can you separate the hardware and nonhardware?

你能把硬件和非硬件分開嗎？

Yes.

是的。

Thank you.

謝謝。

Let me start with the -- whether there has been any impact of earthquake.

讓我從地震是否有影響開始。

I think you are referring to the Yamagata earthquake.

我認為你指的是山形地震。

Human, physical, there has not been any significant adverse impact.

人體、身體並沒有出現任何明顯的不良影響。

Yamagata stopped the operation for their security and safety, but it has been resumed.

出於安全考慮，山形停止了作業，但現已恢復。

And there has been the product in process, but the impact has been minimal even if we had stopped the operation for a short period of time.

而且產品一直在生產中，但即使我們短時間停止生產，影響也很小。

Now about geographical breakdown, let me go one by one.

下面我就地域劃分一一說一下。

It's the United States that have increased year-on-year.

同比增長的是美國。

Music and Pictures increased their revenue.

音樂和圖片增加了他們的收入。

China Semiconductor has registered increase of sales.

中國半導體的銷售額有所增長。

Now to the contrary, Asia Pacific, Europe and others, Electronic Products & Services have seen the decline.

現在相反，亞太地區、歐洲和其他地區的電子產品和服務出現了下降。

In emerging market, other than China, Asia Pacific and other areas reduction surpassed that of the increase of China, therefore, in net basis, it was a negative.

新興市場中，除中國以外，亞太地區等地區的減少幅度均超過了中國的增幅，因此，按淨值計算，為負數。

The emerging market sales, the first quarter was JPY 500.2 billion, which is a minus of 28.29% mainly due to the ForEx.

新興市場銷售額，第一季度為5002億日元，負28.29%，主要受外匯影響。

Sugiyama of Goldman Sachs.

高盛的杉山。

Two questions.

兩個問題。

What is the details of the change of forecast in Game business?

遊戲業務預測變化的具體情況如何？

And the sales was revised downward by JPY 100 billion.

銷售額下調1000億日元。

That is affected by the hardware sales.

這受到硬件銷售的影響。

But what about the exchange rate change and a reduction in sales, but the profit remains unchanged.

但匯率變化、銷售額減少，但利潤不變。

Are there any change in profitability or the expense and cost?

盈利能力或費用和成本是否有任何變化？

Second point on Pictures.

關於圖片的第二點。

The marketing expense of Spider-Man, including that, the positive turnaround was made, and also the film cost increased.

《蜘蛛俠》的營銷費用，其中包括扭虧為盈，而且電影成本也增加了。

The Motion Pictures production cost has increased according to supplemental information based -- is it based on the success of Spider-Man, or has it been planned previously?

根據補充信息，電影製作成本有所增加——是基於《蜘蛛俠》的成功，還是之前就計劃好的？

Especially in Pictures business, are there any changes, or is there any upside potential for the profit?

尤其是影視業務，有沒有什麼變化，或者利潤有沒有上升的空間？

First, concerning Game, ForEx impact is there, and the sales unit declined, and free-to-play declined and that would hit -- should hit the profit.

首先，就遊戲而言，外匯影響是存在的，銷售量下降，免費遊戲下降，這將會影響利潤。

That may be the appropriate question.

這可能是適當的問題。

But to those changes, the management sensitivity is to cover that by better operation, and there is flexibility of organization to incorporate that.

但對於這些變化，管理層的敏感性是通過更好的運營來應對這些變化，並且組織可以靈活地納入這些變化。

More specifically, when we think of the weaker demand for hardware, then the change in promotion and also to reduce the OpEx to achieve a bit the profit.

更具體地說，當我們想到硬件需求疲軟時，那麼促銷方式的改變也會減少OpEx以實現一點利潤。

And so for the profit forecast, including a partial reduction of expense, we've come up with what we have shown to you.

因此，對於利潤預測，包括部分費用減少，我們已經向您展示了我們所展示的內容。

And about the Pictures segment, upside potential whether there is there, in terms of risks and opportunities, we think opportunities are larger, but we have only passed the first quarter.

至於影視板塊，有沒有上升的潛力，從風險和機會來看，我們認為機會比較大，但是我們才過了第一季度。

And if -- when we have a release of major tentpole titles going forward, and just the first quarter is ended, so rather than changing the sales forecast, we think we should maintain that now.

如果——當我們發布主要的主打遊戲時，並且第一季度剛剛結束，那麼我們認為我們現在應該維持這一預測，而不是改變銷售預測。

And whether there has been any change in sales and profit?

銷售額和利潤是否有變化？

As you know, last year, in the Media Network, there was a substantial restructuring spending, JPY 11 billion.

如您所知，去年媒體網絡進行了巨額重組支出，達 110 億日元。

So this time, we are feeling the results of it in terms of the performance.

所以這一次，我們從性能上感受一下它的結果。

And the performance in India was better than we expected.

印度的表現比我們預期的要好。

In addition to that, the entity like Funimation, which is the distribution of animation, we see the increase in subscribers, and we enjoyed the growth.

除此之外，像 Funimation 這樣的動畫發行實體，我們看到訂戶數量有所增加，並且我們很享受這種增長。

So all these combined reflecting on the results we forecasted.

所以所有這些結合起來反映了我們預測的結果。

We are short of time, so the next one will have to be the last question.

我們時間有限，所以下一個問題只能是最後一個問題。

Hirakawa, Merrill Lynch.

平川，美林。

I have 2 questions, please.

我有 2 個問題，請問。

Firstly, image sensors -- about image sensors.

首先是圖像傳感器——關於圖像傳感器。

Earlier, you're talking about smartphone makers in China, so the environment is fluid.

早些時候，您談論的是中國的智能手機製造商，因此環境是不穩定的。

Compared to the beginning of the year and currently, image sensors demand for smartphones, will it change your view?

與年初和目前相比，智能手機圖像傳感器的需求是否會改變您的看法？

And also will there be any factors that will change your views going forward?

未來是否會有任何因素改變您的觀點？

Secondly, so a microscopic sort of question.

其次，這是一個微觀問題。

Mr. Totoki, you talked about Level 4 if the tariff is actually introduced.

Totoki 先生，您談到瞭如果關稅真的實行的話，就屬於 4 級水平。

What will be the impact on your results or your thought on that currently?

這會對你的結果或你目前的想法產生什麼影響？

I'd like to get your view on that.

我想听聽你對此的看法。

First of all, about our sensor business and compared to our original top of the year expectations.

首先，關於我們的傳感器業務以及與我們最初的年度最佳預期的比較。

How do stand currently or at the beginning of the year?

目前或年初情況如何？

The smartphone market in China will become more larger in size and also will use multiple lenses.

中國的智能手機市場規模將變得更大，並且將採用多鏡頭。

That was the expectation.

這就是我們的期望。

But at that time, looking at the demand for fiscal year '19, we were very conservative.

但當時，從19財年的需求來看，我們非常保守。

But the actual demand for the first quarter is very strong, and we believe the strength will continue in the second quarter.

但第一季度的實際需求非常強勁，我們相信第二季度的強勁勢頭將持續。

And also pinning my point, there'll be some advance of carry forward of the business, and so that's why we've kept our full year forecast intact without any change.

同樣強調我的觀點的是，業務結轉將會有一些提前，這就是為什麼我們保持全年預測不變，沒有任何變化。

And also use of multiple lenses in each camera and also larger die-size, the demand for that is faster and much larger, much more significant than we'd expected.

而且每個相機中都使用多個鏡頭以及更大的芯片尺寸，對此的需求更快、更大，比我們預期的要重要得多。

So the demand is very strong, and that situation remains unchanged.

所以需求非常旺盛，這種情況也沒有改變。

And the trade friction between United States and China, possible introduction of Level 4 tariffs, Ms. Matsuoka will answer that question.

還有中美之間的貿易摩擦，可能征收四級關稅，松岡女士將回答這個問題。

Well, supposing, hypothetically, the Level 4 tariffs actually decided, so this is based on the assumption that it will take place, up to the -- it'd be up to the timing of that as well as the specific conditions attached.

好吧，假設，第四級關稅實際上已經決定了，所以這是基於它將發生的假設，取決於它的時間以及附加的具體條件。

But supposing -- and we are not currently assuming that, but if this is actually invoked, what will be the impact?

但是假設——我們目前還沒有假設這一點，但如果實際上調用了這一點，會產生什麼影響？

What we are foreseeing is that in Game & Network Services, hardware business will be affected.

我們預計，遊戲和網絡服務中的硬件業務將受到影響。

Also in EP&S, the camera business or audio/video devices and projectors will probably suffer.

同樣在 EP&S 領域，相機業務或音頻/視頻設備和投影儀也可能會受到影響。

But higher tariffs on these products will actually impact distribution and employment, and consumers in the United States will be a negative for the U.S. economy as such.

但對這些產品徵收更高的關稅實際上會影響分配和就業，而美國的消費者也會對美國經濟產生負面影響。

So our subsidiary are working with the industry associations and government associations, approaching the government.

所以我們子公司正在和行業協會、政府協會合作，跟政府接觸。

We have sent the opinion leaders to the government.

我們已經向政府派出了意見領袖。

And as of now, we are, of course, contemplating actions based on the potential list for Level 4 and for all the products affected, for instance, the changing of the production sites or passing through of the prices to the market or changing the continuous sales structure.

當然，到目前為止，我們正在考慮根據 4 級潛在清單和所有受影響的產品採取行動，例如，改變生產地點或將價格傳遞到市場或改變連續的價格。銷售結構。

So we are considering risk ahead of the current actions if this happens.

因此，如果發生這種情況，我們會在採取當前行動之前考慮風險。

And once the decision is made to introduce Level 4, all the contributing actions will be put to force to mitigate the negative impact.

一旦決定引入 4 級，所有有貢獻的行動都將付諸實施，以減輕負面影響。

So if it happens, the impact on operating profit, we should be able to contain that to 2-digit oku yen.

因此，如果發生這種情況，對營業利潤的影響，我們應該能夠將其控制在兩位數的奧日元。

With that, we'd like to conclude our session for today, and thank you very much for your participation.

我們今天的會議到此結束，非常感謝您的參與。

[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。]