索尼 (SONY) 2020 Q4 法說會逐字稿

It is now time for us to start the Sony Corporation Consolidated Financial Results Briefing for Fiscal Year 2019.

現在是我們開始索尼公司 2019 財年綜合財務業績簡報的時候了。

I am acting as the moderator.

我擔任主持人。

My name is Kato from the Corporate Communications department.

我叫加藤，來自企業傳播部。

This briefing is being held for the media analysts and institutional investors who have been informed in advance.

本次吹風會是為提前獲悉情況的媒體分析師和機構投資者舉辦的。

And the audio and presentation will be posted on our company's website.

音訊和簡報將發佈在我們公司的網站上。

Today, first of all, we will hear from Hiroki Totoki, who is our CFO and Senior Executive Vice President.

今天，首先我們將聽取我們的財務長兼高級執行副總裁 Hiroki Totoki 的演講。

He will be explaining the consolidated financial results for fiscal year 2019 and the forecast for fiscal year 2020 using the briefing materials that are posted on our website.

他將使用我們網站上發布的簡報資料解釋 2019 財年的綜合財務業績和 2020 財年的預測。

And then after that there will be a Q&A period.

之後會有問答環節。

We expect that it will take about 60 minutes in total.

我們預計總共需要大約 60 分鐘。

This time, we are going to accept questions any time by e-mail.

這次，我們將隨時透過電子郵件接受問題。

Those of you who have a question, please send them in according to the method that we have informed you in advance, and it will be up to two questions per person.

有問題的請按照我們提前告知的方式發送，每人最多兩個問題。

And our time is limited therefore, it may be that we may not be able to answer all your questions.

由於我們的時間有限，因此我們可能無法回答您所有的問題。

Now Mr. Totoki, please.

現在請十時先生發言。

Thank you very much.

非常感謝。

We are holding this results briefing via webcast in order to prevent the spread of the new coronavirus infection.

為了防止新型冠狀病毒感染的擴大，我們透過網路直播的方式舉辦本次結果發布會。

We apologize for any inconvenience and ask for your understanding.

對於給您帶來的任何不便，我們深表歉意，並請求您的理解。

As we continue to conduct business at Sony, we are prioritizing the safety of all our stakeholders, including our employees and their families as well as our customers.

當我們繼續在索尼開展業務時，我們優先考慮所有利害關係人的安全，包括我們的員工及其家人以及我們的客戶。

Today, I will explain the consolidated results for the fiscal year ended March 31, 2020, and the recent impact of the coronavirus.

今天，我將解釋截至 2020 年 3 月 31 日的財政年度的綜合業績，以及冠狀病毒的近期影響。

At the corporate strategy meeting that we will be holding on May 19, our President, Mr. Yoshida, will explain our strategy for managing Sony with a longer-term view.

在我們將於 5 月 19 日舉行的企業策略會議上，我們的總裁吉田先生將解釋我們以更長遠的眼光管理索尼的策略。

For fiscal year 2019, consolidated sales decreased 5% compared to the previous year to JPY 8,259.9 trillion and operating income decreased JPY 48.8 billion year-on-year to JPY 845.5 billion.

2019財年，合併銷售額較上年下降5%至8,259.9兆日元，營業收入較上年減少488億日圓至8,455億日圓。

Net income attributable to Sony Corporation stockholders decreased JPY 334.1 billion to JPY 582.2 billion.

歸屬於索尼公司股東的淨利潤減少 3,341 億日圓至 5,822 億日圓。

Excluding extraordinary items, operating income would have increased JPY 4.6 billion year-on-year to JPY 814 billion and net income attributable to Sony's shareholders would have decreased JPY 28.2 billion year-on-year to JPY 550.3 billion.

剔除非經常性項目，營業收入將年增46億日元，達到8,140億日元，歸屬於索尼股東的淨利將年減282億日元，達到5,503億日元。

The extraordinary items that impacted net income are shown here.

此處顯示了影響淨利潤的特殊項目。

The operating cash flow excluding the Financial Services segment for the fiscal '19 was an inflow of JPY 762.9 billion, slightly higher than the previous fiscal year.

19財年不包括金融服務部門的營運現金流流入為7,629億日圓，略高於上一財年。

And investing cash flow excluding the Financial Services was an outflow of JPY 363.1 billion.

不包括金融服務業的投資現金流量為 3,631 億日圓。

Cash flow for each business segment is shown on this slide.

這張投影片顯示了每個業務部門的現金流。

The free cash flow was positive in all segments.

所有部門的自由現金流均為正值。

The fiscal '19 results for each business segment are shown on this slide.

此投影片顯示了每個業務部門 19 財年的業績。

Now I will discuss the estimated impact of the spread of the disease -- of the virus on the operating income of each segment for fiscal '19.

現在我將討論疾病傳播對 19 財年各部門營業收入的估計影響。

At the last earnings results briefing when speaking about the JPY 40 billion upward revision in the operating income forecast for fiscal '19, I explained that the impact of the coronavirus might be large enough to eliminate this upward potential revision amount.

在上次獲利結果簡報中，當談到將 19 財年營業收入預測上調 400 億日圓時，我解釋說，冠狀病毒的影響可能大到足以消除這一潛在的上調金額。

We estimate that the actual impact exceeded the amount of the upward revision.

我們估計實際影響超過了向上修正的金額。

But due to other factors which improved profitability, overall operating income was within the range that I mentioned.

但由於其他因素提高了獲利能力，整體營業收入在我提到的範圍內。

The speed at which the impact of the coronavirus had and will appear in our results differs by business.

冠狀病毒的影響已經和將會出現在我們的業績中的速度因業務而異。

The Electronics Products & Solutions, or EP&S, segment is seeing the impact the earliest and we expect the impact to expand to other segments going forward.

電子產品和解決方案（EP&S）部門最早受到影響，我們預計這種影響未來將擴大到其他部門。

The impact on the results of the Pictures segment will take some time to become conspicuous, but it might last a long time.

對影視業務績效的影響需要一段時間才能顯現出來，但可能會持續很長時間。

While most business segments will endure a negative impact, some of our segments, such as Game & Network Services, will see a positive impact on their results.

雖然大多數業務部門將遭受負面影響，但我們的部分部門（例如遊戲和網路服務）將對其業績產生正面影響。

And later, I will explain in as much detail as possible the recent impact on each of our businesses and the risks that we currently see for fiscal year 2020.

稍後，我將盡可能詳細地解釋近期對我們每項業務的影響以及我們目前看到的 2020 財年的風險。

I will now talk about the Game & Network Services segment for the fiscal '19.

我現在將討論 19 財年的遊戲和網路服務部門。

The sales decreased 14% to JPY 1,977.6 trillion mainly due to a decrease in PlayStation 4 hardware sales and game software sales as well as the negative impact of foreign exchange rates.

銷售額下降14%至1977.6兆日元，主要是由於PlayStation 4硬體銷量和遊戲軟體銷量下降以及匯率的負面影響。

Operating income decreased JPY 72.7 billion year-on-year to JPY 238.4 billion mainly due to the decrease in game software sales and the negative impact of the foreign exchange.

營業收入年減727億日圓至2,384億日元，主要是因為遊戲軟體銷售減少以及外匯負面影響。

Partially though offset by an increase in sales from network services, including PlayStation Plus and the benefit of cost reductions.

但部分被 PlayStation Plus 等網路服務銷售額的成長以及成本降低的好處所抵銷。

Compared with the previous fiscal year, when we had major hit titles such as God of War and Marvel's Spider-man, the contribution from first-party software free-to-play titles decreased.

與上一財年相比，當我們擁有《戰神》和《漫威蜘蛛人》等熱門遊戲時，第一方軟體免費遊戲的貢獻有所下降。

Now I will discuss the impact that the virus is having on the Game & Network Services segment.

現在我將討論該病毒對遊戲和網路服務領域的影響。

Although production of PS4 hardware has been slightly impacted by issues with the supply chain for certain components, we are meeting demand in the short-term with inventory and sales are trending well.

儘管 PS4 硬體的生產受到某些組件供應鏈問題的輕微影響，但我們在短期內滿足了需求，庫存和銷售趨勢良好。

Recently, Network Services revenue has increased significantly as game play hours on the PlayStation Network have reached 1.5x that of the Christmas season and sales of game downloaded from network as well as network subscriber numbers have increased significantly since March.

最近，網路服務收入顯著成長，PlayStation Network上的遊戲長達到聖誕節期間的1.5倍，並且自3月份以來從網路下載的遊戲銷量以及網路訂戶數量大幅增加。

As for PlayStation 5, there have been some challenges with the part of the testing process and the qualification of production lines primarily due to employees working from home, having to work from home and restrictions on international travel.

至於PlayStation 5，部分測試流程和生產線資格方面遇到了一些挑戰，主要是由於員工在家工作、必須在家工作以及國際旅行的限制。

But we are addressing these issues and preparations are on track for the launch of the console during the holiday season of this calendar year.

但我們正在解決這些問題，並且準備工作正在按計劃在今年的假期期間推出控制台。

At this point in time, no major issues have arisen in the game software development pipelines of either our in-house games or those of our partners.

目前，我們的內部遊戲或合作夥伴的遊戲軟體開發流程尚未出現重大問題。

The next is the Music segment.

接下來是音樂部分。

For the year 2019, sales increased 5% to JPY 849.9 billion from the previous year.

2019年銷售額較上年增長5%至8,499億日圓。

And this increase was mainly due to a higher sales for music publishing resulting from the consolidation of EMI Music Publishing, a wholly owned subsidiary and higher streaming revenues in recorded music partially offset by lower sales of Fate/Grand Order, a game application for mobile.

這一增長主要是由於全資子公司百代音樂出版公司的合併導致音樂出版銷售額的增加，以及錄製音樂串流媒體收入的增加，但部分被手機遊戲應用程式《Fate/Grand Order》銷售額的下降所抵消。

Operating income decreased JPY 90.1 billion to JPY 142.3 billion, mainly due to the absence of a remeasurement gain resulting from the consolidation of EMI in the previous fiscal year but partially offset by the impact of the increased sales.

營業收入減少 901 億日元，至 1,423 億日元，主要是由於沒有上一財年合併 EMI 帶來的重新計量收益，但部分被銷售額增加的影響所抵消。

Including the extraordinary items associated with the consolidation of EMI as a full subsidiary, operating income would have increased JPY 15.2 billion year-on-year.

包括與 EMI 合併為全資子公司相關的特殊項目在內，營業收入將年增 152 億日圓。

The profit contribution from game applications for mobile was in the mid-teens as a percentage of the operating income of this segment.

行動遊戲應用程式的利潤貢獻佔該部門營業收入的百分比在十幾歲左右。

Now we will discuss the impact that the coronavirus is having on the Music segment.

現在我們將討論冠狀病毒對音樂領域的影響。

The release of new music is being delayed mainly because some artists are unable to record songs and music videos.

新音樂的發布被推遲，主要是因為一些藝術家無法錄製歌曲和音樂錄影帶。

The impact of the delays in new music is limited at this time in countries like the U.S., where a proportion of music that is streamed is high.

目前，在美國等串流音樂比例很高的國家，新音樂延遲的影響有限。

But in countries like Japan and Germany, where proportion of music that is streamed is relatively low, sales of CDs and other packaged media sales are decreasing due to restriction on outings.

但在日本和德國等串流音樂比例相對較低的國家，由於外出限制，CD 和其他包裝媒體的銷售量正在下降。

Ticket revenues, merchandise revenue and video revenues are decreasing, especially in Japan, where over 400 events have been postponed or canceled since February through the end of May.

門票收入、商品收入和視頻收入都在下降，尤其是在日本，自 2 月到 5 月底，超過 400 場活動被推遲或取消。

Due to a global reduction in advertising spending, revenues from advertising-supported streaming services is decreasing, and revenue from the licensing of music and TV commercials is decreasing.

由於全球廣告支出減少，廣告支援的串流服務收入正在減少，音樂和電視廣告授權收入也在減少。

A delay in production of motion pictures and TV shows is also causing a decline in music licensing revenue.

電影和電視節目製作的延遲也導致音樂授權收入下降。

Next is the Pictures segment.

接下來是圖片部分。

FY '19 sales increased 3% year-on-year to JPY 1,011.9 trillion due to an increase in motion pictures and television production revenue.

由於電影和電視製作收入的增加，2019 財年銷售額年增 3% 至 1,011.9 兆日圓。

Motion pictures released this fiscal year included Spider-Man: Far from Home and Jumanji: The Next Level.

本財年上映的電影包括《蜘蛛人：返校日》和《勇者遊戲：再戰巔峰》。

These franchise films, which leveraged Sony's IP, performed better than expected.

這些利用索尼知識產權的系列電影表現優於預期。

Operating income increased JPY 13.6 billion year-on-year to JPY 68.2 billion mainly due to the benefit of a channel portfolio review in media and networks conducted in the previous fiscal year, and improved profitability of catalog product in motion pictures, partially offset by program development costs and production costs on newly released shows in television productions.

營業收入年增 136 億日元至 682 億日元，主要是由於上一財年進行的媒體和網絡渠道組合審查以及電影目錄產品盈利能力的提高（部分被節目抵消）電視製作中新發布節目的開發成本和製作成本。

Now I will discuss the impact of the coronavirus on Pictures segment.

現在我將討論冠狀病毒對圖片領域的影響。

Box office revenue has been significantly impacted mainly due to the closure of movie theaters around the world.

票房收入受到重大影響，主要是由於世界各地電影院關閉。

At Sony, we are unable to release films that have been completed like Peter Rabbit 2: The Runaway.

在索尼，我們無法發行《彼得兔 2：逃亡》這樣已經完成的電影。

Due to restrictions on outings, the production schedule of new motion pictures and TV shows around the world, especially in the U.S., has significantly delayed.

由於外出限制，全球尤其是美國新電影和電視劇的製作進度大幅延後。

As a result, in Motion Pictures, theatrical revenue and revenue generated after theatrical release including the rental and sales of videos are expected to decrease.

因此，在電影領域，院線收入和院線上映後產生的收入（包括影片的租賃和銷售）預計將減少。

On the other hand, digital revenue from Bad Boys For Life and Bloodshot which we released in theaters prior to the spread of the coronavirus disease has been strong.

另一方面，我們在冠狀病毒疾病傳播之前在影院上映的《絕地戰警：終生》和《血衛》的數位收入一直很強勁。

Revenue for television production is also being impacted due to delay in the delivery of shows to TV networks and digital distribution services.

由於電視網絡和數位發行服務的節目交付延遲，電視製作的收入也受到影響。

Due to the global reduction in advertising spending, advertising revenue in media networks is decreasing significantly, especially in India.

由於全球廣告支出的減少，媒體網路的廣告收入正在大幅下降，尤其是在印度。

Next is the EP&S segment.

接下來是 EP&S 部分。

FY '19 sales decreased 14% year-on-year to JPY 1,991.3 trillion, mainly due to a decrease in unit sales of smartphones and TVs and negative impact of exchange rates.

19財年銷售額年減14%至1,991.3兆日圓，主要是因為智慧型手機和電視銷售下降以及匯率的負面影響。

Operating income increased JPY 10.8 billion year-on-year to JPY 87.3 billion mainly due to operating cost reductions in mobile communications partially offset by the impact of the decrease in sales.

營業收入較去年增加108億日圓至873億日元，主要是由於行動通訊營業成本的下降被銷售額下降的影響部分抵銷。

Of all businesses, we expect the EP&S segment to be impacted the most from the coronavirus.

在所有業務中，我們預期 EP&S 領域受到冠狀病毒的影響最大。

First, I will explain the supply side which includes manufacturing and procurement.

首先我會解釋一下供給側，包括製造和採購。

Of the 4 major manufacturing sites for our TV business, we ceased production in stages from mid-March at the factory we own in Malaysia and at the factories we outsourced to in Mexico and Slovakia pursuant to local government policy.

在我們電視業務的4個主要生產基地中，我們從3月中旬開始分階段停止生產，包括我們在馬來西亞擁有的工廠以及我們根據當地政府政策外包給墨西哥和斯洛伐克的工廠。

These 3 factories have returned to partial production, but a portion of supply continues to be unable to meet demand.

這3家工廠已恢復部分生產，但部分供應仍無法滿足需求。

In the camera and smartphone businesses, the factories we own in China and Thailand are currently operating as usual.

在相機和智慧型手機業務方面，我們在中國和泰國擁有的工廠目前一切正常。

Some of our partners in Malaysia and the Philippines who supply components to several of our businesses have reduced their operations, causing a delay in the production of some of our products due to component shortages.

我們在馬來西亞和菲律賓的一些為我們幾家企業供應零件的合作夥伴已經減少了運營，導致我們的一些產品因零件短缺而生產延遲。

On the demand side, due to the closure and shutdown of retail stores globally, retail sales have decreased significantly.

需求方面，由於全球零售店關門停業，零售額大幅下降。

The severity of the impact on a geographical basis is changing frequently but deterioration of market conditions in Europe is currently the most severe.

從地理來看，影響的嚴重程度經常變化，但目前歐洲市場狀況的惡化最為嚴重。

Our television business is being significantly impacted in areas like India and Vietnam where our scale is significant as well as in Europe.

我們的電視業務在印度和越南等規模龐大的地區以及歐洲受到了重大影響。

And sale and profit from digital cameras are being significantly impacted by a substantial slowdown in demand around the world.

數位相機的銷售和利潤正受到全球需求大幅放緩的嚴重影響。

We are concerned that this might continue for a long time.

我們擔心這種情況可能會持續很長時間。

Next is the Imaging & Sensing Solutions segment.

接下來是成像和感測解決方案部分。

FY '19 sales increased 22% year-on-year to JPY 1,070.6 trillion, mainly due to an increase in image sensors unit sales for mobile devices and an improvement in product mix.

2019 財年銷售額較去年同期成長 22% 至 1,070.6 兆日圓，主要由於行動裝置影像感測器單位銷售額的成長以及產品組合的改善。

Operating income increased a significant JPY 91.7 billion year-on-year to JPY 235.6 billion mainly due to the impact of the increase in sales, partially offset by an increase in depreciation expenses and research and development cost as well as the negative impact of the foreign exchange rates.

營業收入較去年大幅增加917億日圓至2,356億日圓，主要是由於銷售額增加的影響，部分被折舊費用和研發成本的增加以及國外的負面影響所抵銷。匯率。

Due to several positive factors occurring simultaneously such as strong demand, acceleration of the shift to large-sized high value-added products and our introduction of a highly competitive new product which fit those specification, the image sensor business produced results that significantly exceeded our expectations at the beginning of the fiscal year.

由於需求旺盛、向大尺寸高附加價值產品的加速轉移以及我們推出符合該規格的極具競爭力的新產品等多個積極因素同時出現，圖像感測器業務取得了大幅超出我們預期的業績在財政年度開始時。

Now I will discuss the impact of coronavirus on the I&SS segment.

現在我將討論冠狀病毒對 I&SS 細分市場的影響。

As of today, there has been no major impact from the coronavirus on our manufacturing facilities in Japan which are operating as usual.

截至今天，冠狀病毒尚未對我們在日本的生產設施造成重大影響，這些設施照常運作。

Moreover, we understand that the factory operations and supply chains of our major mobile customers have been recovering.

此外，我們了解到我們主要移動客戶的工廠營運和供應鏈已經恢復。

On the other hand, we believe that the decrease in shipments of our image sensors was relatively minor compared to the impact the coronavirus had on the manufacturing and sales of our mobile customers in the fourth quarter ended March 31, 2020.

另一方面，我們認為，與截至 2020 年 3 月 31 日的第四季度冠狀病毒對我們行動客戶的製造和銷售的影響相比，我們的影像感測器出貨量的下降相對較小。

So there is a possibility that inventory in the supply chain of these customers has increased.

所以這些客戶的供應鏈庫存有可能會增加。

In addition, we are monitoring how much the final outlet for our products, the smartphone market, may decelerate going forward.

此外，我們正在監測我們產品的最終出口——智慧型手機市場，未來可能會減速多少。

Now I would like to discuss the current state of our I&SS business.

現在我想討論一下我們 I&SS 業務的現狀。

Considering the deceleration of the smartphone market due to the impact of the coronavirus, there is a possibility that image sensor sales this fiscal year will be flat year-on-year.

考慮到智慧型手機市場因冠狀病毒的影響而減速，本財年影像感測器銷售額有可能比去年同期持平。

At this point in time, there is no change to our view that image sensors will drive improvements in the functionality of cameras which are a major differentiating factor for smartphones or our view as to the expansion of demand over the mid to long term.

目前，我們的觀點並沒有改變，即影像感測器將推動相機功能的改進，這是智慧型手機的主要差異化因素，我們對中長期需求擴張的看法也沒有改變。

Thus, we have already decided to invest more than 80% of the cumulative capital expenditure we planned to make over the three years of our mid-range plan.

因此，我們決定將中期計畫三年內計畫累計資本支出的80%以上進行投資。

However, given the uncertain operating environment, we will postpone as long as possible decisions regarding the remaining capital expenditures so we can make appropriate and timely decisions after gathering more market information.

然而，鑑於經營環境的不確定性，我們將盡可能推遲有關剩餘資本支出的決定，以便在收集更多市場資訊後做出適當和及時的決定。

In addition, we will be disciplined in our prioritization of research and development spending, but we plan to maintain the current level of spending as we manage Sony for the mid to long term.

此外，我們將嚴格控制研發支出的優先順序，但在中長期管理索尼時，我們計劃維持當前的支出水準。

Lastly is the Financial Services segment.

最後是金融服務部門。

FY '19 financial services revenue increased 2% year-on-year to JPY 1,307.7 trillion primarily due to higher insurance premium revenue mainly from single premium insurance, partially offset by a deterioration in net gains and losses on variable insurance investments in the separate, both at

2019 財年金融服務收入年增 2%，至 1,307.7 兆日圓，主要是由於保費收入增加（主要來自躉交保費保險），但部分被單獨的可變保險投資淨損益惡化所抵銷。在

Sony Life..

索尼生命..

Operating income decreased JPY 31.9 billion year-on-year to JPY 129.6 billion, primarily due to an increase in the provision of policy reserves related to variable insurance at Sony Life, reflecting a deterioration in market conditions towards the end of the fiscal year.

營業收入年減319億日圓至1,296億日元，主要是由於索尼人壽增加了與可變保險相關的保單準備金計提，反映了臨近財年末市場狀況的惡化。

And valuation losses on certain securities held by Sony Bank resulting from a decline in prices mainly due to growing concerns about credit risk.

索尼銀行持有的某些證券因價格下跌而造成估值損失，這主要是由於對信用風險的擔憂日益加劇。

Now I will explain the impact of the coronavirus on the Financial Services segment.

現在我將解釋冠狀病毒對金融服務領域的影響。

Pursuant to the announcement of a state of emergency by the Japanese government, we have stopped all in-person sales activity of the life planners at Sony Life.

根據日本政府宣布進入緊急狀態，我們已停止索尼人壽壽險規劃師的所有現場銷售活動。

If these conditions persist for a long period of time, there's a possibility that the profitability of Sony Life could be significantly negatively impacted primarily because the acquisition of new insurance policies would decrease and expenses for provisions to account for this would increase.

如果這些情況持續很長一段時間，索尼人壽的獲利能力可能會受到重大負面影響，主要是因為購買新保單的數量將會減少，而為此準備的費用將會增加。

So I'll discuss the consolidated results outlook for fiscal year '20.

因此，我將討論 20 財年的綜合業績展望。

Since we cannot reasonably predict the impact of the threat of the coronavirus disease including when it will diminish, our consolidated results forecast for FY '20 is undetermined at this time.

由於我們無法合理預測冠狀病毒疾病威脅的影響，包括其何時會減弱，因此我們對 20 財年的綜合績效預測目前尚未確定。

We plan to issue a consolidated results forecast for fiscal year '20 when we announce the earnings for the first quarter in early August.

我們計劃在 8 月初宣布第一季財報時發布 20 財年的綜合業績預測。

The best we can do is make certain hypotheses regarding the trajectory of the coronavirus disease and estimate FY '20 operating income for each of our segments based on the assumptions you see here.

我們能做的最好的事情就是對冠狀病毒疾病的發展軌跡做出某些假設，並根據您在此處看到的假設估計我們每個部門 20 財年的營業收入。

The estimated results are expressed as a percentage range of actual FY '19 operating income.

估計結果以 2019 財年實際營業收入的百分比範圍表示。

Based on these assumptions, we estimate that consolidated operating income would decrease at least 30% compared to the FY '19 result.

基於這些假設，我們估計綜合營業收入與 2019 財年的結果相比將減少至少 30%。

These figures are merely an estimate based on certain assumptions and we are continuing to work to improve our profit level.

這些數字只是基於某些假設的估計，我們正在繼續努力提高我們的利潤水平。

Now I will discuss operating cash flow, excluding the Financial Service segment and capital allocation through the end of fiscal year '19.

現在我將討論截至 19 財年末的營運現金流，不包括金融服務部門和資本配置。

We generated approximately JPY 1.5 trillion of cumulative operating cash flow over the last 2 fiscal years.

在過去 2 個財年中，我們產生了約 1.5 兆日圓的累積營運現金流。

Approximately JPY 0.2 trillion in cash flow was generated from the sale of businesses and assets.

出售業務和資產產生了約 2 兆日圓的現金流。

We prioritize using this cash to make growth investments such as increasing image sensor manufacturing capacity and acquiring EMI.

我們優先使用這筆現金進行成長投資，例如提高影像感測器製造能力和收購 EMI。

In addition, as a strategic investment, we repurchased a total of JPY 300 billion of Sony stock.

此外，作為策略性投資，我們回購了總計3,000億日圓的索尼股票。

We will update you on our forecast for FY '20 operating cash flow to include the impact of the coronavirus when we announced earnings for the first quarter.

當我們宣布第一季收益時，我們將向您更新 20 財年營運現金流的預測，其中包括冠狀病毒的影響。

Lastly, I would like to explain the state of our balance sheet.

最後，我想解釋一下我們的資產負債表狀況。

In order to reliably procure capital, even when the financial markets are in turmoil, Sony has managed its balance sheet with a high degree of financial discipline while closely monitoring our credit ratings.

為了可靠地獲得資本，即使在金融市場動盪的情況下，索尼也以高度的財務紀律管理其資產負債表，同時密切監控我們的信用評級。

As of the end of March 2020, we maintained our strong financial underpinnings with a 42.8% equity ratio excluding the Financial Services segment.

截至 2020 年 3 月底，我們維持了強大的財務基礎，不包括金融服務部門，股本比率為 42.8%。

No debt is coming due in FY '20 and we had approximately JPY 960 billion of cash on hand as of the end of March 2020 for consolidated Sony excluding the Financial Services segment.

20 財年沒有到期債務，截至 2020 年 3 月末，合併後的索尼（不包括金融服務部門）手頭上有約 9,600 億日圓現金。

In addition, we have a total of approximately JPY 570 billion in committed lines of credit from major banking institutions inside and outside of Japan and approximately JPY 1 trillion commercial paper facility and uncommitted lending facilities from several banks.

此外，我們還擁有來自日本國內外主要銀行機構的總計約5700億日元的承諾信貸額度，以及來自多家銀行的約1萬億日元的商業票據融資和未承諾的貸款融資。

As of today, none of these facilities were being utilized.

截至今天，這些設施都沒有被使用。

Thus, we believe that we have sufficient liquidity to continue to conduct business in a smooth manner, even if the economic environment were to deteriorate conspicuously going forward.

因此，我們相信，即使未來經濟環境明顯惡化，我們也有足夠的流動性繼續平穩地開展業務。

There is no change to our policy of steadily increasing our dividend over the long term.

我們長期穩定增加股利的政策並沒有改變。

Moreover, we believe we are in a position to proactively consider strategic investments aimed at growth opportunities in the post-corona world.

此外，我們相信我們能夠積極考慮旨在後電暈世界成長機會的策略投資。

This concludes my remarks.

我的發言到此結束。

Thank you very much.

非常感謝。

So consolidated finance results -- financial results briefing and the forecast for fiscal year 2020 were explained.

因此，我們解釋了綜合財務表現——財務業績簡報和 2020 財年的預測。

Now let us go on to the Q&A session.

現在讓我們進入問答環節。

In the first half, 20 minutes, there will be questions from the media.

上半場20分鐘，會有媒體提問。

And in the latter half, 20 minutes, there will be questions from analysts and our institutional investors.

後半段，20分鐘，會有分析師和我們機構投資人的提問。

Questions can be asked at any time using e-mail.

可以隨時使用電子郵件提出問題。

So can we follow the method that has been informed to in advance.

那麼我們是否可以按照事先告知的方法進行呢？

And the questions that we have received will be read as submitted.

我們收到的問題將以提交的方式閱讀。

If the question is in English, then the interpreter will translate into Japanese, and we will reply in Japanese.

如果問題是英語，那麼口譯員會翻譯成日語，我們會用日語回答。

So now we would like to entertain questions from the media.

下面我們就來回答一下媒體的提問。

We have Mr. Totoki, Senior Executive Vice President, Chief Financial Officer; and Naomi Matsuoka, the Senior Vice President and General Manager, Finance Department, Finance Department and Corporate Planning & Control Department; and Mami Imada, Senior General Manager, Corporate Communications, to answer your questions.

我們有Totoki先生，高級執行副總裁、財務長；資深副總裁兼財務部總經理松岡直美（Naomi Matsuoka）；企業傳播部資深總經理今田麻美 (Mami Imada) 將回答您的問題。

The first question was received from [Mr.

第一個問題是從[先生]收到的。

Shimizu] of Nikkei.

日經清水]。

About novel coronavirus, the Game, Pictures and Music businesses, how do you think the consumer demand will change because of the various impact and creative entertainment on the strength of technology of Sony?

關於新冠病毒、遊戲、圖片和音樂業務，您認為由於索尼技術實力的各種影響和創意娛樂，消費者的需求會發生怎樣的變化？

You are an entertainment company.

你們是一家娛樂公司。

How are you going to overcome the difficulties such as delay in productions?

您將如何克服製作延遲等困難？

The second question is about PlayStation 5. What is your forecast for the demand of PlayStation 5 and actual number of deliveries?

第二個問題是關於PlayStation 5的。您對PlayStation 5的需求和實際交付數量的預測是多少？

Will there be any quantitative impact due to the COVID-19?

COVID-19 會產生定量影響嗎？

Thank you, and this is Mr. Totoki speaking.

謝謝，我是富時先生。

I will answer two questions.

我來回答兩個問題。

Firstly, the demand on digital entertainment actually has been increasing.

首先，數位娛樂的需求實際上一直在增加。

That's the behavior of the consumer currently.

這就是當前消費者的行為。

And I think this trend is likely to continue for some time and also the creative entertainment on the strength of Sony's technology.

而且我認為這種趨勢可能會持續一段時間，而且創意娛樂也將依賴索尼的技術優勢。

As far as we're concerned, times being as such, I believe we have to support the entertainment business earlier in April.

就我們而言，就目前情況而言，我相信我們必須在四月初支持娛樂業。

We created a relief fund amounting to JPY 100 million to fight against the impact of the virus for pictures and music because of the [sales issue] with live entertainment or the delay and suspension of the productions, they are affecting the lives of the creators and our partners.

我們設立了1億日圓的救助基金，以應對病毒對圖片和音樂的影響，因為現場娛樂的[銷售問題]或製作的延遲和暫停，正在影響創作者的生活和我們的伙伴。

And with the creation of this fund, we've decided to help support their well-being going forward.

隨著基金的設立，我們決定幫助支持他們未來的福祉。

And also about the PlayStation 5, as I mentioned in the speech, the production is proceeding basically according to our schedule.

還有關於 PlayStation 5，正如我在演講中提到的，製作基本上是按照我們的時間表進行的。

In the meantime, the actual delivery and actual demand, I'd like to refrain from commenting on that as of this time.

同時，對於實際交付和實際需求，我目前不想對此發表評論。

So that's the extent of what I can say at this particular moment.

這就是我在這個特定時刻能說的內容。

Thank you.

謝謝。

Next from NHK, [Inomata-san].

接下來來自 NHK，[豬俁桑]。

New coronavirus, what kind of effect would it have on the performance in terms of monetary value?

新冠病毒，對貨幣價值的表現會產生什麼樣的影響？

You mentioned the impact so far, but what's the forecast of the impact on this fiscal year as much as you can?

您到目前為止提到了影響，但您對本財政年度的影響的預測是多少？

Second question, the impact of the coronavirus in order to contain or minimize the effect in order to protect the employees, many companies are changing the way to manage business work lifestyle.

第二個問題，為了遏製或盡量減少冠狀病毒的影響，為了保護員工，許多公司正在改變管理業務工作生活方式的方式。

And there may be 4-day work week and other new ideas, but does Sony have new ideas initiatives as a new way to -- for work?

可能會有每週工作 4 天和其他新想法，但索尼是否有新想法舉措作為一種新的工作方式？

Allow me to answer these two questions.

請容許我回答這兩個問題。

First, this -- the impact of the coronavirus are in monetary value to the performance.

首先，冠狀病毒對績效的影響體現在貨幣價值上。

FY '19, for FY '19, the outbreak of the coronavirus and others, it's difficult to delineate these two.

19 財年，對於 19 財年，冠狀病毒的爆發和其他，很難界定這兩者。

But for the consolidated results, JPY 68 billion negative impact was felt.

但對於綜合業績而言，卻感受到了 680 億日圓的負面影響。

For this fiscal year, the impact on this fiscal year, it's so difficult to project or forecast any impact.

對於本財年，對於本財年的影響，很難預測或預測任何影響。

But including that, we came up with the estimate.

但包括這一點，我們得出了估計。

As I showed you earlier, I would like to take a look at that again.

正如我之前向您展示的那樣，我想再次看看這一點。

Your second question, the impact of the coronavirus, how to minimize it?

你的第二個問題，冠狀病毒的影響，如何盡量減少？

Any new measures to minimize the impact?

有什麼新措施可以盡量減少影響？

I would like to invite Imada-san to answer.

我想請今田先生來回答。

The measures for the new work style, I do not have any specific measures precisely for that.

對於新作風的措施，我沒有具體的措施。

But we prioritize the safety of the employees.

但我們優先考慮員工的安全。

The telework is one way to do that.

遠距辦公是實現這一目標的一種方式。

And the work from home, regardless of where you stay, they can work.

而且在家工作，無論你住在哪裡，他們都可以工作。

And through this measure, new way of work is being promoted.

透過這項舉措，新的工作方式正在被推廣。

And I'm sure it will proceed.

我確信它會繼續下去。

At this moment, pursuant to the government policy, we try to put highest priority to the safety and the health of the employees.

此時此刻，根據政府政策，我們盡力將員工的安全和健康放在第一位。

Thank you.

謝謝。

Let's go on.

我們繼續。

From Reuters, Yamazaki-san.

來自路透社，山崎先生。

We have a question.

我們有一個問題。

First a question about PS5.

首先是關於PS5的問題。

The impact -- if there is an impact on the supply chain, I'd like to know what it is.

影響－如果對供應鏈有影響，我想知道影響是什麼。

Second, about -- not limited to games, after this coronavirus, do you have a plan to review the supply chain?

第二，關於－不限於遊戲，這次冠狀病毒之後，你們有計劃審查供應鏈嗎？

That's the two questions.

這就是兩個問題。

First question about PS5, the supply chain, impact on supply chain.

第一個問題是關於PS5，供應鏈，對供應鏈的影響。

Basically, we have work from home and the restrictions on international travel, those are constraints.

基本上，我們在家工作，國際旅行受到限制，這些都是限制。

So some testing process and the qualification of production lines may be constrained.

因此一些測試過程和生產線的資格可能會受到限制。

But necessary measures are being taken for this.

但我們正在為此採取必要的措施。

So towards the end of the year, we believe that we can prepare without problem for the launch.

所以到了年底，我們相信我們可以毫無問題地準備發布。

And review of the supply chain, do we have any plans for the review?

還有供應鏈的審查，我們有什麼審查計畫嗎？

From before, for the manufacturing sites, there has been consideration of various business risks and we have made study.

以前，對於生產基地，我們已經考慮了各種商業風險，並進行了研究。

And so for this expansion of new coronavirus, this is a global issue.

所以對於新冠病毒的擴張來說，這是一個全球性問題。

And so changing the production sites at this present time is not being considered.

因此目前尚未考慮改變生產地點。

Thank you.

謝謝。

Thank you.

謝謝。

Let us continue with the next question.

讓我們繼續下一個問題。

Let me read this next question.

讓我讀下一個問題。

[Nishida-san], a freelancer, asked this question.

自由工作者[西田先生]提出了這個問題。

Firstly about Game, Pictures and Music, the Contents business and also the Electronics business, has there been an impact in terms of the delivery and the supply is delayed due to the COVID-19?

首先，關於遊戲、圖片和音樂、內容業務以及電子業務，由於COVID-19，交付和供應延遲是否受到影響？

And also, do you think the impact of COVID is limited?

另外，您認為新冠疫情的影響有限嗎？

What would the outlook of impact after next year?

明年之後的影響前景如何？

Second question is about the Game business.

第二個問題是關於遊戲業務的。

Hardware sales, are they according to your plans or will there be impact of the COVID-19?

硬體銷售是否按照您的計劃進行，或者是否會受到 COVID-19 的影響？

Is it larger or less than last year?

與去年相比是大還是小？

And under the current situation, it's even lower than your expectations.

而且在目前的情況下，甚至比你的預期還要低。

Mr. Totoki speaking.

十時先生發言。

Regarding your first question, in most of our businesses, the impact of COVID-19, what is the delay situation that we are suffering?

關於你的第一個問題，在我們的大多數業務中，受到COVID-19的影響，我們遭受的延誤情況如何？

And also after this year, what will be the outlook?

今年之後，前景又會如何呢？

Will there be an impact?

會有影響嗎？

Speaking about the Game business, for instance, for the first-party and third-party games in terms of game development, currently, there are no problems that are manifest as of now.

就遊戲業務來說，例如第一方遊戲和第三方遊戲在遊戲開發方面，目前來說，目前還沒有出現明顯的問題。

But still, development activity is underway with a lot of restrictions.

但開發活動仍在進行中，但受到許多限制。

So efficiency may be lower, which means that there [may be a risk] (corrected by company after the call) of delay in scheduling.

所以效率可能會較低，這意味著調度[可能存在]（由公司在通話後糾正）延遲的風險。

There's a risk as such, and we have to monitor that risk very carefully.

有這樣的風險，我們必須非常仔細地監控該風險。

About the Contents business, Pictures and Music, they have suspended all shooting activities.

關於內容業務、圖片和音樂，他們暫停了所有拍攝活動。

And therefore, the contents production in pictures or music, particularly music where the digital contents -- producing them now is very difficult.

因此，圖片或音樂的內容製作，特別是數位內容的音樂，現在製作它們是非常困難的。

So that's what we're already observing.

這就是我們已經觀察到的情況。

And during this year, as I said before, we will continue to feel some impact going forward.

正如我之前所說，今年我們將繼續感受到一些影響。

As far as the Game business is concerned, hardware sales.

就遊戲業務而言，硬體銷售。

As far as the unit sales of hardware is concerned, the PS4, the existing model, the sales are smooth going, I would say.

就硬體的單位銷售而言，PS4，現有型號，銷售進展順利，我想說。

Doing very well, particularly, the year just ended in the fourth quarter of last fiscal year, the results were basically exactly as we'd expected.

做得很好，特別是上個財年第四季剛結束的時候，結果基本上和我們預期的一樣。

And more recently, demand is rather very strong, we are informed.

據我們所知，最近需求非常強勁。

Thank you.

謝謝。

Well, the time is running out.

好吧，時間已經不多了。

So this concludes the Q&A session for media people.

媒體問答環節到此結束。

In order to change the participants, we will take a break -- short break before we start the sessions for analysts and institutional investors.

為了更換參與者，我們將休息一下——在開始分析師和機構投資者會議之前短暫休息。

(Break)

（休息）

Thank you for your patience.

感謝您的耐心等待。

From now for about 20 minutes, we will entertain questions from analysts and institutional investors.

從現在開始，我們將用約20分鐘的時間回答分析師和機構投資者的提問。

The respondents are Hiroki Totoki, Senior Executive Vice President and CFO; we also have Naomi Matsuoka, Senior General Manager of Finance Department and Corporate Planning & Control Department; and we have Hirotoshi Korenaga who is VP, Senior General Manager of Global Accounting Division.

受訪者為資深執行副總裁兼財務長 Hiroki Totoki；我們還有財務部和企業計劃與控制部高級總經理松岡直美；我們還有 Hirotoshi Korenaga，他是副總裁、全球會計部門資深總經理。

Now first question, please.

現在請回答第一個問題。

From Morgan Stanley MUFG Securities.

來自摩根士丹利三菱日聯證券。

At the time of the Lehman shock, for 6 quarters, more than JPY 100 billion of restructuring expenses was planned.

雷曼危機發生時，有6個季度規劃了超過1000億日圓的重組費用。

Are you going to take any measures from the first quarter of FY '20 or are you going to wait out until the coronavirus outbreak subsides?

您是否打算從 20 財年第一季開始採取任何措施，還是要等到冠狀病毒爆發平息？

Now the risk of EPS going negative and the review of the business portfolio as a possibility, is there any possibility of a positioning change?

現在每股收益為負的風險以及業務組合審查的可能性，是否有可能改變定位？

Now after Lehman, this time, it's so different from Lehman shock.

現在雷曼危機之後，這一次，與雷曼衝擊有很大不同。

Number of people and effects to cost now is so different from where it was at the time of the Lehman shock.

現在的人員數量和造成的損失與雷曼兄弟衝擊時的情況有很大不同。

In any case, under these circumstances, the demand itself has declined than originally expected.

無論如何，在這種情況下，需求本身已經比最初預期的下降了。

So we reviewed the marketing expenses and then the overhead reduction for the indirect costs and cost control, while we will not wait out until the coronavirus subsides to do this in order to secure the level of profitability.

因此，我們審查了行銷費用，然後削減了間接成本和成本控制的間接費用，同時我們不會等到冠狀病毒消退才這樣做，以確保獲利水準。

Next question.

下一個問題。

From Merrill Lynch, Hirakawa-san.

來自美林證券，平川先生。

First question, Sony's next-generation game console marketing, compared to Microsoft, software lineup introduction is a bit inferior.

第一個問題，索尼的下一代遊戲機行銷方面，相較於微軟，軟體陣容的介紹稍顯遜色。

Some people say it's lacking.

有人說缺乏。

So towards the launch of PS5, do you think that you have a passing grade?

那麼對於PS5的推出，你認為自己的成績合格嗎？

And if it is a passing grade, then what is going well?

如果成績合格，那麼什麼進展順利呢？

Also, the -- towards the launch at the end of the year, going forward, what is the theme for your advertising activity?

另外，在年底推出之前，你們的廣告活動的主題是什麼？

Second question, for Pictures, Media Networks, the portfolio review expense will be the same as previous fiscal year.

第二個問題，對於影視、媒體網絡，投資組合審查費用將與上一財年相同。

That is for fiscal year '20.

這是 20 財年的情況。

Yes, so PS5 right now, we have to think strategically right now.

是的，所以現在 PS5，我們現在必須進行策略思考。

Therefore, unfortunately, I cannot really make a comment.

因此，不幸的是，我無法真正發表評論。

Is it a passing grade or not?

是及格還是不及格？

Well, on that point, I think results will be everything.

嗯，在這一點上，我認為結果決定一切。

So after the launch, it will become clear.

那麼上線之後，一切就都清楚了。

And so we are going to do our utmost -- make our utmost effort.

因此，我們將盡最大努力。

Now about Pictures and Media Networks, the portfolio review expense on a continuous basis, this is going to be studied.

現在關於圖片和媒體網絡，持續進行投資組合審查費用，這將被研究。

At the present time, we haven't made major decisions.

目前，我們還沒有做出重大決定。

Thank you.

謝謝。

Next question.

下一個問題。

Mr. Nakane at Mizuho Securities asks this question.

瑞穗證券的中根先生提出了這個問題。

Firstly, the sales and the operating income forecast for March '21 year, I think you've agreed to the budget as of end of February.

首先，21年3月的銷售和營業收入預測，我認為您已經同意截至2月底的預算。

At that time, what was your forecast by different businesses segment?

當時您對不同業務區的預測是怎樣的？

And also, the second question is post-corona or to be with corona in Game and Music and Pictures, what do you think will be the business environment?

另外，第二個問題是後電暈或電暈後的遊戲、音樂和圖片領域，您認為商業環境會如何？

Will there be a structural change in the business environment?

營商環境是否會發生結構性變化？

And with that effect, how will that affect the profitability of Sony and other peer companies?

那麼，這將如何影響索尼和其他同行公司的獲利能力？

What will be the strategy of Sony to deal with such a change?

索尼將採取什麼策略來應對這樣的變化？

Thank you, Mr. Totoki speaking.

謝謝十時先生的發言。

So year ending March 21st, what would be our forecast on sales was the first question.

因此，截至 3 月 21 日的一年，我們的銷售預測是第一個問題。

And we created a budget in February and what was viewed at that time, I think, was the question.

我們在二月制定了預算，我認為當時的看法是問題所在。

And currently, everything has changed.

而現在，一切都改變了。

Assumptions have changed.

假設已經改變。

So discussing what might have been the situation without impact of the virus would be -- discussing that will be very difficult, but impossible.

因此，討論在沒有病毒影響的情況下可能發生的情況將是非常困難的，但也是不可能的。

But as far as we're concerned, this year -- based on the results for this year, we will make efforts to go one step further in the year after that and that's always a practice in creating the budget based on the results of the current year trying to do better.

但就我們而言，今年——基於今年的結果，我們將努力在後一年更進一步，這一直是根據今年的結果制定預算的做法。今年努力做得更好。

And also about the change in the business environment, how is a business environment going to change?

還有營商環境的變化，營商環境會發生什麼樣的變化？

I think people are discussing a lot of things.

我認為人們正在討論很多事情。

But at least, people will stay home, spend more time or less spending this time outdoors, and a lot of activities are done in the remote network basis.

但至少，人們會待在家裡，花更多的時間或更少的時間在戶外，而且很多活動都是在遠端網路的基礎上完成的。

So that will be for part of the change.

這將是改變的一部分。

And so as we're concerned, we have a lot of businesses related to networking and remote operations.

因此，就我們而言，我們有很多與網路和遠端操作相關的業務。

With PlayStation Network, for instance, it's a large online community, so I'd like to step this business up.

例如，PlayStation Network 是一個大型線上社區，所以我想推動這項業務。

And there's a possibility and I think there's room for the growth of this particular business.

這是有可能的，而且我認為這個特定業務有成長的空間。

And the use of 5G, for instance, production of video content, for instance, instead of [physical] contents, it can be done online.

例如，利用5G，影片內容的製作可以在線上完成，而不是[實體]內容。

And also in medical business field, we have real-time technologies, but there's a lot of fields where our technologies will be useful.

在醫療業務領域，我們也有即時技術，但我們的技術在許多領域都可以發揮作用。

So those areas and opportunities that we'll be focusing going forward.

因此，我們未來將重點關注這些領域和機會。

And speaking of pictures, theatrical release is always very important.

說到電影，院線上映總是非常重要的。

And because of the coronavirus negative impact, we are currently suffering.

由於冠狀病毒的負面影響，我們目前正在遭受痛苦。

But once the situation settles and if we restart the theatrical operations, the people may not come to theaters to view pictures.

但一旦局勢穩定下來，如果我們重新開始影院運營，人們可能就不會來影院看電影了。

So it may take some time.

所以可能需要一些時間。

If that happens, then we have to discuss with the business concerns to create a new way of releasing Sony Pictures.

如果發生這種情況，那麼我們必須與業務部門討論，創造一種新的索尼影業發行方式。

And also we can use online and remote technologies for the live performances going forward.

我們還可以使用線上和遠端技術進行現場表演。

Thank you.

謝謝。

Next question.

下一個問題。

From JPMorgan, Mr. Ayada.

來自摩根大通的綾田先生。

First question.

第一個問題。

For I&SS, about the inventory of supply chain.

對於I&SS，關於供應鏈的庫存。

For smartphones, depending on the customers, some models do not sell well.

對於智慧型手機，根據客戶的不同，有些型號的銷售量不好。

But depending on the future trend, the evaluation loss, which happened in the past of PS inventory, are you thinking about that?

但根據未來的趨勢，過去PS庫存發生的評估損失，您是否考慮過？

And then the image sensors price trend, larger size, multisensor trend, what is your opinion or view on this trend?

那麼影像感測器的價格趨勢、更大尺寸、多感測器趨勢，您對這個趨勢有何看法或看法？

Allow me to answer for the inventory.

請容許我回答庫存問題。

In December last year, the end of December last year, the inventory was in tight situation in the fourth quarter.

去年12月份，去年12月底，第四季庫存處於緊張狀態。

Because of the outbreak of the coronavirus, sales decreased.

由於冠狀病毒的爆發，銷量有所下降。

And then compared to that, inventory size increased as of the end of March.

與此相比，截至 3 月底的庫存規模有所增加。

The inventory level is approaching the appropriate level.

庫存水準正在接近適當水準。

In the FY '20, this inventory will be shipped out.

在 20 財年，該庫存將被運出。

So we are not planning any evaluation loss.

所以我們不打算有任何評估損失。

That's the first point.

這是第一點。

At this point in time, on the business negotiation level, from -- as a bird's eye view, the impact of the outbreak of the coronavirus are threefold.

目前，在商務談判層面，從鳥瞰角度來看，新冠肺炎疫情的影響是三重的。

One, smartphone markets deceleration and the negative impact on the sales -- unit sales.

第一，智慧型手機市場減速以及對銷售（銷售）的負面影響。

And in the supply chain, the inventory is increasing over -- across the supply chain.

在供應鏈中，整個供應鏈的庫存都在增加。

The sales volume itself compared to the FY '19, if it increases, the increase percentage -- the speed of the increase will be slower than FY '19.

銷售本身與FY '19相比，如果增加的話，增加的百分比－增加的速度會比FY '19慢。

Basically, the market itself is decelerating.

基本上，市場本身正在減速。

From the high-end smartphones to mid to low, there's a shift from high end to mid to low.

智慧型手機從高階到中低階，是從高階到中低階的轉變。

That can be triggered because of the decelerating market.

這可能是由於市場減速而引發的。

And then the image sensors product mix may deteriorate compared to FY '19.

然後，與 19 財年相比，影像感測器產品組合可能會惡化。

In FY '19, the larger-sized demand increased sharply.

19財年，較大尺寸的需求急劇增加。

This speed may slow down.

這個速度可能會減慢。

This is a big possibility.

這是一個很大的可能性。

For more details, 0.58 microns product, we are in the second year of producing it.

更詳細的說，0.58微米的產品，我們已經是第二年生產了。

So the mass production started 2 years ago, and the market will proceed accordingly.

所以2年前就開始量產了，市場也會跟著進行。

Going on to the next question, SMBC Nikko Securities, Katsura-san.

繼續下一個問題，SMBC Nikko Securities，Katsura-san。

First question, semiconductor inventory and the utilization and production capacity, this kind of results and your forecast plan, if you could let me know.

第一個問題，半導體庫存以及利用率和產能，這樣的結果和你的預測計劃，如果你能告訴我。

Second question, cash position, present status and under the present environment, what is your stance on the view of allocation?

第二個問題，現金狀況，目前的狀況，在目前的環境下，您對配置的看法是什麼立場？

Yes, image sensor capacity on an installed basis, if I can answer in that way, fourth quarter of FY '19, in the master process, 123,000 per month.

是的，以已安裝的圖像感測器容量計算，如果我可以這樣回答的話，2019 財年第四季度，在主流程中，每月 123,000 個。

And 124,000 was the previous assumption.

124,000 是之前的假設。

So it's a bit of a drop.

所以有點下降。

But with the process mix there is some fluctuation and it's not that the installation is delayed.

但由於製程混合存在一些波動，並不是安裝被延遲。

And for fiscal '20, at the end of first quarter, 133,000 per month.

20 財年第一季末，每月 133,000 人。

So over 3 months, capacity will go up gradually.

所以在3個月的時間裡，產能會逐漸上升。

And in the fourth quarter of last year, 3-month simple average, 122,000 full operation.

而去年第四季度，3個月簡單平均，滿載運轉12.2萬。

And the first quarter of fiscal year '20, 3-month average, 127,000.

20 財年第一季的 3 個月平均值為 127,000 人。

So for mobile and for digital, there is slight production adjustment for the digital camera.

因此，對於行動裝置和數位設備，數位相機的生產會略有調整。

I would say that's about it.

我想說就是這樣。

And if I may talk a little more, at the end of fiscal '20, master process output will be 138,000.

如果我可以多說一點的話，到 20 財年末，主流程產量將達到 138,000 個。

It is going to be -- -- the output will be increased.

產量將會增加。

And basically, there is no change to that plan.

基本上，該計劃沒有改變。

And for the cash position and allocation that you asked about, first of all, for fiscal '20 as of the end of the previous year, March, it is JPY 962.3 million.

對於您詢問的現金狀況和分配，首先，截至上一年 3 月底的 20 財年，現金狀況和分配為 9.623 億日圓。

And the commitment line, JPY 570 billion, and this commitment line of JPY 570 billion is not used.

還有承諾額度，5700億日元，這個5700億日元的承諾額度沒有使用。

And in addition to that, commercial paper facility, JPY 1 trillion, and bank uncommitted line is JPY 230 billion.

除此之外，商業票據融資為 1 兆日圓，銀行未承諾額度為 2,300 億日圓。

So we haven't used any of this.

所以我們沒有使用過這些。

And therefore, if you have that kind of allowance, even if the environment of the economy worsens, we believe that we can continue to be liquid.

因此，如果你有這樣的津貼，即使經濟環境惡化，我們相信我們可以繼續保持流動性。

As for allocation stance, naturally as we have been saying from before, strategic investment, M&A and stock repurchase.

至於配置立場，自然是我們之前講的，策略投資、併購和股票回購。

Well, we are going to have an optimal utilization and our stance has not changed as for convertible bonds.

嗯，我們將有一個最佳的利用，我們對可轉換債券的立場沒有改變。

Right now, we are not thinking so proactively.

現在，我們還沒有那麼主動地思考。

Thank you.

謝謝。

Thank you.

謝謝。

We'll proceed to the next question.

我們將繼續下一個問題。

Nishimura-san from Crédit Suisse.

來自瑞士信貸銀行的西村先生。

Firstly, I ask this question.

首先，我問這個問題。

For fiscal '20, operating income estimates, the impact of the virus on each of the segments and also other impacts, can you separate the various impacts?

對於 20 財年，營業收入估計、病毒對每個細分市場的影響以及其他影響，您能區分各種影響嗎？

So a direction in terms of increase or decrease in fixed costs, can you also refer to that as well?

那麼固定成本增減的方向，也可以參考一下嗎？

Second question would be about image sensors.

第二個問題是關於影像感測器。

They're getting larger so that unit price is increasing.

它們變得越來越大，因此單價也在增加。

And also because of multilenses, volume is increasing, that has been the trend.

而且由於多鏡頭的出現，體積不斷增加，這已經是趨勢。

Will there be a change in that trend?

這種趨勢會改變嗎？

Not so decline in end result and demand of smartphones will be changed in your plans to increase your production capacity?

那麼智慧型手機的最終結果和需求下降是否會改變你們增加產能的計畫？

Firstly, our estimates for the operating income for the fiscal '20, the coronavirus impact and other type of impact, we have not estimated those separating the two.

首先，我們對 20 財年營業收入、冠狀病毒影響和其他類型影響的估計，我們沒有估計將兩者分開的影響。

And whatever I would say is -- but for the impact of corona, not separating the two, corona versus noncorona, so allow me now to make a reference to that.

無論我要說什麼，但對於新冠的影響，不要將兩者分開，即新冠與非新冠，所以現在請允許我提及這一點。

But when time comes for us to announce the results of the first quarter, we will be able to give you more solid pictures.

但當我們公佈第一季業績時，我們將能夠為大家提供更紮實的圖片。

So please bear with that.

所以請耐心等待。

About the image sensors production, the future direction was your question.

關於影像感測器的生產，未來的方向是您的問題。

Logically speaking, our midterm direction is not likely to change going forward, logically speaking.

從邏輯上講，我們的中期方向未來不太可能改變。

But having said that, looking at the demand for smartphones currently, yes, there's an impact of the virus so that smartphone demand is somewhat lower now.

但話雖如此，從目前對智慧型手機的需求來看，是的，受到病毒的影響，所以現在智慧型手機的需求有所下降。

That's a matter of fact.

這是事實。

So as I've been explaining, the impact will be felt from the declining demand and also the negative impact due to product mix changes.

正如我一直在解釋的那樣，需求下降會帶來影響，產品結構變化也會帶來負面影響。

For fiscal '20, yes, these are situations that we have to serve very carefully.

對於 20 財年，是的，我們必須非常謹慎地應對這些情況。

And with that, we will be impacted that on our schedule, we plan to increase our production capacity.

隨之而來的是，我們的計劃將受到影響，我們計劃增加我們的產能。

Well, as I said in the speech, for 3 years now, 80% of the investment plan has been decided already.

那麼，正如我在演講中所說的，三年來，80%的投資計畫已經決定了。

The remaining 20-or-so percent, we have the option of deferring the remaining investments.

剩下的20%左右，我們可以選擇延後剩餘的投資。

So we'll look at the current demand and we'll make investments at appropriate timing.

所以我們會關注當前的需求，並在適當的時機進行投資。

Thank you.

謝謝。

Now it is time to close the briefing session.

現在是通報會結束的時候了。

Thank you very much for your attendance.

非常感謝您的出席。

[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。]