索尼 (SONY) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us today despite short notice. We would like to start the press conference for the announcement of changes to Sony Group's management structures -- structure. And today, I will be the master of ceremony.

女士們，先生們，感謝你們在接到通知後今天加入我們。我們要開始新聞發布會，宣布索尼集團管理結構的變化——結構。而今天，我將主持儀式。

My name is [Ishii], from corporate communication department. Nice to meet you.

我叫[石井]，來自企業傳播部。很高興見到你。

Now I would like to introduce to you who are on the stage: Mr. Kenichiro Yoshida, currently director, representative corporative executive officer, Chairman, President and Chief Executive Officer, who will assume director, representative corporate executive officer, Chairman and CEO as of April 1 this year. And Mr. Hiroki Totoki, director, representative corporate executive officer, Executive Deputy President and Chief Financial Officer, will become director, representative corporate executive officer, President and Chief Operating Officer and Chief Financial Officer.

下面給大家介紹一下在台上的各位：吉田憲一郎先生，現任董事、代表執行官、會長、總裁兼首席執行官，他將擔任董事、代表執行官、董事長兼首席執行官。今年4月1日。董事、代表公司執行官、執行副總裁兼首席財務官 Hiroki Totoki 先生將成為董事、代表公司執行官、總裁兼首席運營官和首席財務官。

The speeches will be made in the order of Mr. Yoshida and then Mr. Totoki, and we will take questions afterwards. After the Q&A session, we will have about 5 minutes for photo session. Overall we plan to have about 40 minutes for this first conference and then followed by the briefing on the Q3 results.

發言順序為吉田先生，然後是Totoki先生，之後進行提問。問答環節結束後，我們將有大約 5 分鐘的拍照時間。總體而言，我們計劃在第一次會議上花大約 40 分鐘的時間，然後介紹第三季度的結果。

Mr. Yoshida, please take the podium.

吉田先生，請上講台。

Thank you all for coming today despite the short notice.

謝謝大家儘管通知時間很短，但今天還是來了。

I would like to explain the executive changes announced today. Effective on April 1, Hiroki Totoki, currently Executive Deputy President and CFO, will be appointed President, COO and CFO. And I will become Chairman and CEO. These changes are intended to strengthen of group management structure. From April onwards, we will describe for the further evolution and growth of Sony under this new management structure.

我想解釋一下今天宣布的行政變動。自 4 月 1 日起，現任執行副總裁兼首席財務官 Hiroki Totoki 將被任命為總裁、首席運營官和首席財務官。我將成為董事長兼首席執行官。這些變動旨在加強集團管理架構。從四月開始，我們將描述索尼在這一新管理架構下的進一步發展和成長。

First, I'd like to touch on the background of these management changes. Sony is engaged in the diverse businesses based on our purpose to fill the world with emotion through the power of creativity and technology. Furthermore, in April 2021, we transitioned our organization to a new group architecture and established Sony Group Corporation, which is aligned with all our businesses in an equidistant manner.

首先，我想談談這些管理層變動的背景。索尼基於我們的目標從事多元化業務，即通過創造力和技術的力量讓世界充滿情感。此外，在 2021 年 4 月，我們將組織結構轉變為新的集團架構，並成立了與我們所有業務等距排列的索尼集團公司。

Our approach to business management is one where the vectors of each business are connected by the social significance of creating and delivering of Kando but also emphasizes the autonomy of individual businesses, organizations and employees. On the other hand, in order to enhance the group's overall value, so the long-term perspectives, it's vital -- thoroughly implement capital allocation, collaboration between businesses and business portfolio management. And to do this, I concluded that we should strengthen our management structure; and proposed to the nominating committee and the Board of Directors to promote Mr. Totoki, who has deep understanding of each business operation, to President and appoint him as COO. This proposal was approved today. He will also continue as CFO. This is because the CFO also needs to have a deep understanding of the business, and we believe that this role is closely related to the duties of the COO.

我們的企業管理方法是通過創造和交付 Kando 的社會意義將每個企業的向量聯繫起來，但也強調個體企業、組織和員工的自主權。另一方面，為了提升集團的整體價值，所以從長遠的角度來看，至關重要的是——徹底實施資本配置、業務之間的協作和業務組合管理。為此，我得出結論，我們應該加強我們的管理結構；並向提名委員會和董事會提議提拔對各項業務運作有深刻理解的Totoki先生為總裁，並任命他為首席運營官。該提案今天獲得批准。他還將繼續擔任首席財務官。這是因為CFO也需要對業務有深刻的理解，我們認為這個角色與COO的職責密切相關。

For approximately 5 years since I became CEO in April 2018, he has been a driving force in the implementation of growth strategy for the group, particularly from a -- financial perspectives in his role as CFO. His greatest contribution has been in supporting our investment for growth, primarily in 2 major areas. One is content IP. While we have made acquisitions in the DTC domain such as anime distribution company Crunchyroll, we have focused particularly on strengthening our content IP. This started from the acquisition of EMI music publication in May 2018 just after I was appointed CEO. He led this acquisition, including the negotiation of terms. The other is semiconductors. [I regard] CMOS image sensors as creation semiconductors that generate Kando. He supported our investment in this area while managing risks through in-depth discussions with the business side regarding demand, the competitive environment and the development road maps.

自從我於 2018 年 4 月成為首席執行官以來的大約 5 年時間裡，他一直是集團實施增長戰略的推動力，特別是從他作為首席財務官的財務角度來看。他最大的貢獻是支持我們的增長投資，主要是在兩個主要領域。一是內容IP。雖然我們在 DTC 領域進行了收購，例如動漫發行公司 Crunchyroll，但我們特別注重加強我們的內容 IP。這要從 2018 年 5 月我被任命為 CEO 後收購 EMI 音樂出版物開始。他領導了此次收購，包括條款談判。另一個是半導體。 [我認為] CMOS 圖像傳感器是產生 Kando 的創造半導體。他支持我們在這方面的投資，同時通過與業務方就需求、競爭環境和發展路線圖進行深入討論來管理風險。

His other contributions included setting the JPY 2 trillion framework for strategic investment in the current mid-range plan. This investment framework established by him has led to an improvement in the growth mindset of the entire group. Furthermore, there is also the repurchase of our shares which we have positioned as a part of our strategic investment. While constantly taking investment opportunities and the financial conditions into account, he had supported the repurchase of approximately JPY 500 billion of Sony shares since fiscal 2018. I have worked with Mr. Totoki since 2005, when I became President of Sony. I have also learned quite a lot from him with his strategic perspectives encompassing the broader external environment. Furthermore, he has the experience of planning and founding Sony Bank himself and operating it as a representative director. He has accumulated a wide range of experience, including directly leading a large organization as the Head of Sony Mobile for more than 3 years starting in 2014. Going forward, I'm confident that he will make an even greater contribution to enhancing our corporate values as President, COO and CFO.

他的其他貢獻包括在當前的中期計劃中製定了 2 萬億日元的戰略投資框架。他建立的這個投資框架導致了整個集團成長型思維的改善。此外，還有回購我們的股份，我們將其定位為戰略投資的一部分。在不斷考慮投資機會和財務狀況的同時，自 2018 財年以來，他支持回購約 5000 億日元的索尼股票。我從 2005 年開始與 Totoki 先生共事，當時我成為索尼總裁。我也從他那裡學到了很多東西，他的戰略眼光涵蓋了更廣泛的外部環境。此外，他還擁有親自策劃和創立索尼銀行並作為代表董事運營的經驗。他積累了廣泛的經驗，包括從 2014 年開始直接領導一家大型組織，擔任索尼移動的負責人超過 3 年。展望未來，我相信他將為提升我們的企業價值做出更大的貢獻作為總裁、首席運營官和首席財務官。

As part of efforts -- strengthen our management structure, we have all decided to appoint Toshimoto Mitomo as Executive Deputy President and CSO. Mr. Mitomo possesses extensive experience in the intellectual property field, technological expertise and strategic perspectives. Most recently, he has overseen areas, including new business development and corporate venture capital; and is leading discussions across the group in areas such as virtual production and metaverse.

作為努力的一部分——加強我們的管理結構，我們都決定任命 Toshimoto Mitomo 為執行副總裁兼 CSO。三友先生在知識產權領域、技術專長和戰略眼光方面擁有豐富的經驗。最近，他負責監督新業務開發和企業風險投資等領域；並在虛擬製作和元宇宙等領域領導整個集團的討論。

At Sony, we operate our business in the Kando value chain of creating and delivering Kando, and he helps an important role in expanding and deepening the scope of this business. I look forward to Mr. Mitomo, in collaboration with Hiroaki Kitano who was appointed CTO last year, further contributing to Sony's evolution as a creative entertainment company with a solid foundation of technologies.

在索尼，我們在創造和交付 Kando 的 Kando 價值鏈中開展業務，他在擴大和深化該業務範圍方面發揮了重要作用。我期待著 Mitomo 先生與去年被任命為 CTO 的 Hiroaki Kitano 合作，進一步為索尼作為一家擁有堅實技術基礎的創意娛樂公司的發展做出貢獻。

Sony's purpose is to fill world with emotion, and its corporate direction of getting closer to people will remain unchanged. Our approximately 110,000 employees who share this purpose are a driving force of the Sony Group's diverse businesses. The management team will work together as one along with our employees to create values from long-term perspectives based on our purpose.

索尼的宗旨是讓世界充滿情感，走近人的企業方向不會改變。我們約有 110,000 名員工秉承這一宗旨，是索尼集團多元化業務的推動力。管理團隊將與我們的員工一起努力，以我們的目標為基礎，從長遠的角度創造價值。

That is all from me. Thank you.

這就是我的全部。謝謝。

Next, I would like to invite Mr. Totoki.

接下來，我想請Totoki先生。

I am Hiroki Totoki; and will be assuming the role of President, COO and CFO of Sony Group. Thank you for your attendance.

我是遠木裕樹；並將擔任索尼集團總裁、首席運營官和首席財務官。感謝您的出席。

I'm grateful to Mr. Yoshida and the Board of Directors for their trust in recommending and appointing me; and at the same time, feel a great sense of responsibility.

感謝吉田先生和董事會的信任，對我的推薦和任命；同時，感受到極大的責任感。

To introduce myself: I joined Sony in 1987. And after working in finance, including an overseas assignment in London, I left Sony in 2002 to take on the role of Representative Director of Sony Bank, a company that I led in establishing. While it was on a small scale, the experience of launching and managing a new business with a spirit of start-up formed the foundations of my current value perspectives in management. Then in 2005, I moved to our ISP business So-net, where I took on a wide range of roles, including CFO, under Mr. Yoshida's leadership. In December 2013, I returned to Sony. And following roles, including CEO of Sony Mobile and Corporate Executive Officer and CSO of Sony, I was appointed to my current position of CFO in 2018 when Mr. Yoshida became CEO of Sony. Since then, as a member of the management team led by Mr. Yoshida, I have dedicated myself to enhancing the corporate value of the Sony Group.

自我介紹：我於 1987 年加入索尼。在從事金融工作後，包括在倫敦的海外任務，我於 2002 年離開索尼，擔任索尼銀行的代表董事，這是我領導成立的一家公司。雖然規模很小，但以創業精神開展和管理新業務的經驗構成了我目前在管理方面的價值觀的基礎。然後在 2005 年，我轉到了我們的 ISP 業務 So-net，在 Yoshida 先生的領導下，我擔任了包括 CFO 在內的各種職務。 2013年12月，我回到索尼。在索尼移動首席執行官和索尼公司執行官兼首席戰略官等職位之後，我在 2018 年吉田先生成為索尼首席執行官時被任命為首席財務官。從那時起，作為吉田先生領導的管理團隊的一員，我致力於提升索尼集團的企業價值。

This fiscal year is the second year of our current fourth mid-range plan. Thanks to the efforts of management at each of our businesses and from each and every employee, we are forecasting strong results this fiscal year, including record sales and more than JPY 1 trillion in operating income. On the other hand, looking at our current business environment, there is increasing instability due to factors such as the uncertain global economic outlook, geopolitical risks, energy issues and the natural environment.

本財年是我們目前第四個中期計劃的第二年。得益於我們每項業務的管理層和每位員工的努力，我們預計本財年將取得強勁業績，包括創紀錄的銷售額和超過 1 萬億日元的營業收入。另一方面，從目前的營商環境來看，全球經濟前景不明朗、地緣政治風險、能源問題、自然環境等因素，不穩定性增加。

In addition, I feel an acute sense of urgency that there is a fine line between whether we can channel the rapid evolution of technology with AI, as a leading example, into further business growth; or conversely whether our business will be disrupted by it. As business environment and technology continues to undergo great change, I believe the key to increasing the resilience of the overall Sony Group is evolving our diversity. Diversity in our business and talent is part of Sony's DNA, but we must further evolve this diversity. Our goal is to bring together people with various attributes, experience and expertise from inside and outside the company to co-create the future by unleashing their ideas and creativity and to continue to grow both as individuals and as a company.

此外，我有一種強烈的緊迫感，即我們能否將以人工智能為代表的技術的快速發展轉化為進一步的業務增長，兩者之間存在微妙的界限；或者相反，我們的業務是否會因此中斷。隨著商業環境和技術不斷發生巨大變化，我認為提高整個索尼集團彈性的關鍵是發展我們的多樣性。業務和人才的多元化是索尼 DNA 的一部分，但我們必須進一步發展這種多元化。我們的目標是將公司內外具有不同特質、經驗和專業知識的人聚集在一起，通過釋放他們的想法和創造力來共同創造未來，並繼續作為個人和公司發展。

By leveraging the Sony Group's diversity and continuing to evolve and grow, I would like to create a positive spiral that begins with Sony being chosen by customers, which then energize our employees, enables us to attract more new talent, increases our corporate value and ultimately enable us to give back to society. Working together with Mr. Yoshida, the Sony Group's management team and our employees around the world, I intend to continue to develop [through] my efforts to the further evolution and growth of our business based upon our purpose. I look forward to your continued support.

通過利用索尼集團的多樣性並不斷發展壯大，我想創造一個積極的循環，從客戶選擇索尼開始，然後激勵我們的員工，使我們能夠吸引更多新人才，增加我們的企業價值，並最終使我們能夠回饋社會。與吉田先生、索尼集團的管理團隊和我們在世界各地的員工一起工作，我打算繼續 [通過] 我的努力，根據我們的目標進一步發展和發展我們的業務。我期待著您的繼續支持。

From now, we would like to take questions. And time for a -- questions and answer is about 25 minutes. And due to time constraint, we will not separate the sessions. We would like to take questions from the investors and analysts. (Operator Instructions) And to those who have questions in this venue, please raise your hands. (Operator Instructions) And in this venue, our staff will bring you the microphone. (Operator Instructions) So please raise your hand, should you have a question. Then the far right, the second row from the front, on the right.

從現在開始，我們願意接受提問。問答時間大約為 25 分鐘。由於時間關係，我們不會分開會議。我們想回答投資者和分析師的問題。 （操作員說明）對於在本會場有疑問的人，請舉手。 （操作員說明）在這個場地，我們的工作人員會為您帶來麥克風。 （操作員說明）因此，如果您有問題，請舉手。然後是最右邊，從前數第二排，在右邊。

Shimai from NHK. I'll have a question to Mr. Totoki, the new CEO (sic) [COO]. In your soft introduction, you were talking about the Sony Bank and talked about the venture spirit. And so we'll be continuing your position as the CFO and you become a CEO this time. And as a CFO, you have -- and so in your position as the president, what business would you like to develop? And what is your wish for your new position?

來自 NHK 的石邁。我將向新任 CEO (sic) [COO] Totoki 先生提個問題。在你的軟介紹中，你談到了索尼銀行，談到了創業精神。因此，我們將繼續擔任首席財務官一職，這次您將成為首席執行官。作為首席財務官，您有——作為總裁，您希望發展什麼業務？您對新職位的期望是什麼？

Thank you for the question. And so the management and also the group business will be continued. And with the current mid-range plan, we have some plans for the actions. We will thoroughly put those actions into place, and basically we would like to strengthen all aspects of our business. That's my basic thinking.

感謝你的提問。因此，管理層和集團業務將繼續進行。根據目前的中期計劃，我們有一些行動計劃。我們將徹底落實這些行動，基本上我們想加強我們業務的各個方面。這是我的基本想法。

Next question, please, person in the middle row, the third row from the front, on the right side from this side.

下一個問題，請中間一排，從前數第三排，這一邊右邊的人。

[Honda]. I'm a freelance journalist. I have 2 questions and to Mr. Yoshida, as Mr. Yoshida has presented -- and it is great to have the support by a person who is quite knowledgeable about the finance. And at the same times, I recognize that the CFO has certain unique authority. And do you think that there are any conflicts or problems for -- a CEO is also a CFO? And it appears to me that this is rather sudden that this announcement was made. So why now? That's my second question.

[本田]。我是一名自由撰稿人。正如吉田先生所提出的那樣，我有 2 個問題要問吉田先生——很高興得到一位對財務非常了解的人的支持。同時，我認識到 CFO 具有某些獨特的權限。你認為首席執行官兼任首席財務官是否存在任何衝突或問題？在我看來，發布此公告相當突然。那為什麼是現在？這是我的第二個問題。

Let me then answer to your question. About the first question, whether the double hatting of a CEO and CFO will be a problem, well, this is COO, Mr. Totoki's position. He is going to be a group COO, not the CEO, a COO. And so it will be a little bit different from giving the direct construction to the frontline. So this is the COO position who understands the operation very well. To double hat as a CFO, when we think about the group structure of our company, I think this is reasonable and efficient. And in this group, in each part of the group, we are going to confirm the standing of each parts of the business to lead the way for further growth. I think it makes sense. And the second question was why now. And Sony is now practicing this mid-range business plan or the plan, and we are right in the middle of the fourth mid-range plan. And the -- we have business-planning people, but the actual management itself is being done with a long-term perspective. At the moment when we look at the external landscape, the changes are accelerating. As Mr. Totoki also mentioned, the technology is changing rapidly. And also there's heightened geopolitical risks, and so as I mentioned, capital allocation and also the business-to-business collaboration and also the portfolio management of the businesses need to be strengthened. That's all.

那麼讓我來回答你的問題。關於第一個問題，CEO和CFO兼任會不會是個問題，嗯，這是COO，Totoki先生的職位。他將成為集團首席運營官，而不是首席執行官，首席運營官。因此，這與將直接建設交給前線會有些不同。所以這是非常懂運營的COO職位。兼任CFO，當我們思考我們公司的集團架構時，我認為這是合理且高效的。在這個小組中，在小組的每個部分，我們將確認業務每個部分的地位，以引領進一步發展。我認為這是有道理的。第二個問題是為什麼現在。而索尼現在正在實踐這個中檔商業計劃或計劃，而我們正處於第四個中檔計劃的中間。而且 - 我們有業務規劃人員，但實際管理本身是從長遠角度進行的。眼下我們放眼外部景觀，變化正在加速。正如 Totoki 先生也提到的，技術正在迅速變化。而且地緣政治風險也有所增加，正如我提到的，資本配置、企業對企業的合作以及企業的投資組合管理都需要加強。就這樣。

And I would like to move on to the next question and the second row from the front on this side.

我想繼續下一個問題，從這一邊的前排第二行開始。

My name is [Nakagaki] from TV TOKYO. I have a question to ask of Yoshida-san. And these management changes, the -- will lead to a 2 top, the structures, Yoshida-san and Totoki-san. And both of you will [form up] financial sectors, financial areas, so what's going to be the impact?

我是東京電視台的【中垣】。我有一個問題要問吉田先生。而這些管理上的變化，將導致 2 個高層，結構，Yoshida-san 和 Totoki-san。你們倆都會 [形成] 金融部門，金融領域，那麼會產生什麼影響？

And the 2-top structures of the management. And the purpose of these management changes is just to strengthen our management structure and architecture, so -- and we assign a new COO. And the capital allocation and business portfolio management and the business structure management is to be [the operated], for sure. That's the purpose. And as a CFO -- experience. That's quite right. And I myself has been serving for So-net, the Internet provider, serving as the president for 9 years. So I think that the variety of experience is quite important for us to serve for the company. And he has ever worked for the start of the Sony Bank and he has been serving as the President of Sony Mobile as well, so I do believe that he can take [the leverage] of his experience.

以及管理層的 2 層結構。這些管理變革的目的只是為了加強我們的管理結構和架構，所以——我們指派了一位新的首席運營官。資本配置和業務組合管理以及業務結構管理肯定會被[運營]。這就是目的。作為首席財務官——經驗。說的很對。而我本人也一直在So-net這家互聯網公司任職，擔任了9年的總裁。所以我認為，豐富的經驗對於我們為公司服務是非常重要的。他曾為索尼銀行的創立工作過，也曾擔任索尼移動的總裁，所以我相信他可以利用他的經驗。

Now next question, the person in the middle, second row from the -- line from the top, from the front.

現在下一個問題，中間的人，第二行從頂部開始，從前面開始。

The presidents, each president, had a slogan, a mission. Hirai-san is focusing up on manufacturing and Kando. Yoshida-san is to become closer to people. Totoki-san, what is the slogan that you have in mind?

總統，每一位總統，都有一個口號，一個使命。 Hirai-san 專注於製造業和 Kando。吉田先生是為了變得更親近人。 Totoki-san，你想到的口號是什麼？

Thank you for your question. I am focusing upon growth, business and company. If growth is stagnant in various ways, one tends to fall into negative spiral. Therefore, I am focusing upon growth and realized growth. As I said in my speech, we are to be chosen by customers and energize people; and positive spiral is to be created. So in short, it is growth.

謝謝你的問題。我專注於增長、業務和公司。如果增長以各種方式停滯不前，人們往往會陷入惡性循環。因此，我專注於成長和實現的成長。正如我在演講中所說，我們要被客戶選擇，為人們提供活力；並且將創建正螺旋。所以簡而言之，就是增長。

Next question, please; the person in the middle row second from the front, to the left side from this side.

請下一個問題；中間一排的人，從這邊往左數第二排。

[Furukawa] from Nikkei. And I would like to ask a question about the necessity of COO, this as in the comment by [Mr. Sumi] about the necessity of the COO. There was a discussion in the Board. And in the past, in the -- Mr. Idei's era, there was the CEO and the COO as separate. And there was the split between the CEO and COO under Mr. Howard Spring (sic) [Howard Stringer]. And whether they functioned or not is another question, but so in order to maintain the forces, the -- I think it may be a difficult question to answer, but when you have the CEO and COO, there are some views that it may be better to be separated in terms of the functions. What do you think?

[古河]來自日經。我想問一個關於 COO 的必要性的問題，正如 [Mr. Sumi]關於COO的必要性。董事會進行了討論。過去，在出井先生的時代，首席執行官和首席運營官是分開的。在 Howard Spring（原文如此）[Howard Stringer] 先生的領導下，CEO 和 COO 之間出現了分歧。他們是否發揮作用是另一個問題，但為了維持這些力量，我認為這可能是一個很難回答的問題，但當你有 CEO 和 COO 時，有一些觀點認為這可能是最好按功能分開。你怎麼認為？

Well, our -- Sony's management -- well, myself is not so much the 1-top management. I am part of that management team. And that's what we have been demonstrating as a management of a business. So with that, as I mentioned, external landscape, there are major changes happening, the geopolitical risks and also acceleration of technology. And then also these positions are independent position. While valuing the independence, we together think about the business-to-business collaboration and also the business portfolio improvement, so we all -- the management team needs the deep understanding of the external environment. Of course, Mr. Totoki has a deep understanding of the external landscape. And with this titles of COO and CFO and the -- he can bring it to the higher level of the understanding and elevate it to the higher level, his understanding of the external landscape.

好吧，我們——索尼的管理層——好吧，我自己並不是最高管理層。我是那個管理團隊的一員。這就是我們作為企業管理一直在展示的內容。因此，正如我提到的那樣，外部景觀正在發生重大變化，地緣政治風險以及技術加速。然後這些位置也是獨立的位置。在重視獨立性的同時，我們一起考慮企業對企業的協作以及業務組合的改進，因此我們所有人 - 管理團隊需要對外部環境有深刻的了解。當然，Totoki先生對外部景觀有著深刻的理解。有了首席運營官和首席財務官的頭銜，他可以將其提升到更高層次的理解，並將其提升到更高層次，即他對外部環境的理解。

Next question, please. And I would like to take questions in the middle row and the second from the front.

請下一個問題。我想在中間一排和前排第二排提問。

My name is [Nishida], freelance journalist. I have questions -- and the CEO and its positions. So in terms of the strengthening of the product portfolio is quite well understood, but would you please be a bit more specific what we want to do? So Yoshida-san's leadership and Totoki-san's leadership, what they will be; and how each of you would like to work for Sony Group.

我叫【西田】，自由撰稿人。我有問題 - 以及首席執行官及其職位。因此，就加強產品組合而言，這是很好理解的，但您能否更具體地說明我們想要做什麼？那麼吉田先生的領導力和Totoki先生的領導力，他們將會是什麼；以及你們每個人希望如何為索尼集團工作。

And probably Totoki-san will make another comment. And as for the details and -- that's subject to the discussions from now on, but as for business structures, we have 6 segments of businesses. And we have to maintain and let them grow, but as for the discipline of the corporate management, we should regularly check whether or not those portfolios and segments are optimum. That should be the role of the Board of Directors and management. That's my ideas.

可能 Totoki-san 會再發表評論。至於細節和 - 從現在開始討論，但至於業務結構，我們有 6 個業務部門。我們必須保持並讓它們成長，但至於公司管理的紀律，我們應該定期檢查這些投資組合和細分市場是否最佳。這應該是董事會和管理層的職責。這就是我的想法。

So I would like to make some additional comments for the questions. As for the business portfolio, should not be static. That should be dynamic. And the diversified business means the different harvesting cycles, so we need cyclical revisiting and reviews of those business portfolios so as there'll be update. And we need enormous power to do so, so as Yoshida-san said, the strengthening, the management structure, is quite plausible for us to carry on. And we have to raise the management capabilities, and I have to -- the -- play my role to do that.

所以我想對這些問題做一些額外的評論。至於業務組合，不應該是一成不變的。那應該是動態的。而多元化的業務意味著不同的收穫週期，所以我們需要周期性地重新審視和審查這些業務組合，以便有更新。我們需要巨大的力量才能做到這一點，所以正如吉田先生所說，加強管理結構對我們來說很有可能繼續下去。我們必須提高管理能力，而我必須——發揮我的作用來做到這一點。

Next question. (Operator Instructions) Now the person third line -- third row from the front.

下一個問題。 （操作員說明）現在是第三行的人——從前數第三排。

[Nishigori] from Nikkan Kogyo Shimbun. I have 2 questions to Totoki-san. Sony Group, what kind of company would you like to steer the company into, your vision? And I think this is a message for the employees as well. What is your vision for the company? And Mr. Totoki, personally your credo, something -- belief that you are -- you think is important.

[Nishigori] 來自 Nikkan Kogyo Shimbun。我有 2 個問題要問 Totoki-san。索尼集團，你希望把公司變成什麼樣的公司，你的願景是什麼？我認為這也是給員工的信息。您對公司的願景是什麼？ Totoki 先生，就您個人而言，您的信條，您認為重要的東西——相信您是——很重要。

Thank you very much for your questions. What kind of company I would like to make Sony into: Yoshida-san and we have a defined purpose and expand the Kando value chain, and we have been sending that message internally and externally. We have to make this more concrete. Ideal way would be -- without being -- having to explain, everybody can have an image as to what we have to do. That is the ideal situation, so we are going to bring this into reality. As for my belief or credo, it's not something that big, but from before, the key of management is courage and patience. I like this saying. Many people are saying this. You -- as one is engaged in management of a company, identifying risks. And make a judgment, and you have to have the courage to make decisions. Also, at times, you may be faced with headwinds and also contradictions, but you have to persevere and should have patience. And I feel the need of patience. I am telling myself the importance of this always.

非常感謝您的提問。我希望索尼成為一家甚麼樣的公司：吉田先生和我們有一個明確的目標，即擴大 Kando 價值鏈，我們一直在向內部和外部傳遞這一信息。我們必須使這更具體。理想的方式是——無需解釋——每個人都可以對我們必須做的事情有一個印象。那是理想的情況，所以我們要把它變成現實。至於我的信念或信條，不是那麼大的東西，但從前，管理的關鍵是勇氣和耐心。我喜歡這句話。很多人都在說這個。你——作為一個從事公司管理的人，識別風險。並且做出判斷，還要有做決定的勇氣。還有，有時候你可能會遇到逆風，也會遇到矛盾，但是你要堅持，要有耐心。我覺得需要耐心。我一直在告訴自己這件事的重要性。

Let's move on to the next question, so the person in the middle row, on the far right, please; and the front row, yes, please.

讓我們繼續下一個問題，請坐在中間一排最右邊的人；前排，好的，請。

[Sasaki] from Toyo Keizai. And under the new management structure, Yoshida-san is going to be the [CFO]. And so Totoki-san, I believe you have exerted your position as a CFO as well. What are the concrete actions? And were there any other choices or options?

[佐佐木]來自東洋經濟。在新的管理結構下，Yoshida-san 將擔任 [CFO]。所以 Totoki 先生，我相信您也發揮了 CFO 的作用。具體措施是什麼？還有其他選擇嗎？

Well -- so this change to Sony Group's management structure. First, we had a discussion with the nominating committee in July last year. And at that time, I -- and of course, there were a lot of discussions, but I then talked about Mr. Totoki's strengths. And biggest strength, I think, is the strong willingness for growth. And I think it is a very important and key attributes that is required of the management of the company. And the company growth, I think it's important for it to result in the growth of the employees as well. So that's my view. And I strongly stress that Mr. Totoki is suitable as a new leader of Sony Group. And that's what I've been repeating to the nominating committee as well as in the Board meetings as well, at several occasions.

嗯——所以索尼集團的管理結構發生了變化。首先，我們在去年七月與提名委員會進行了討論。那時，我——當然，有很多討論，但我後來談到了 Totoki 先生的長處。我認為，最大的優勢是強烈的增長意願。我認為這是公司管理層所需要的一個非常重要和關鍵的屬性。而公司的成長，我認為對員工的成長也很重要。這就是我的觀點。我強烈強調 Totoki 先生適合擔任索尼集團的新領導人。這就是我多次向提名委員會以及董事會會議重複的內容。

Let's go to next question, on this row and -- with white shirt.

讓我們轉到下一個問題，在這一行 - 穿白襯衫。

My name is [Sasaka] of Nikkei Business. I have 2 questions, and you have the experience of CFO. [What's] positive effect on your future jobs? And how you can take the leverage of your experience as CFO. And as CEO, Mr. Yoshida, what you are going to do as an CEO.

我的名字是日經商業的[Sasaka]。我有2個問題，你有CFO的經驗。 [什麼]對你未來的工作有積極影響？以及如何利用您作為首席財務官的經驗。作為首席執行官，吉田先生，您作為首席執行官將要做的事情。

Thank you. And the first question is to be answered by Totoki-san -- and what I'm going to do as CEO, and there are so many things for me to do. Ultimately I have to take ultimate responsibilities of the Sony Group. And CFO experience -- how those experiences will serve positively to my jobs.

謝謝。第一個問題要由 Totoki-san 回答——我作為 CEO 將要做的事情，我有很多事情要做。最終我必須承擔索尼集團的最終責任。以及首席財務官的經驗——這些經驗將如何對我的工作產生積極影響。

And CFO -- and depending on the companies. And probably the roles might be different even though they may carry the same name. And CFO in the Sony Group has a wide range of roles and -- quite deeply involved in strategies and the management. And that's been true since Mr. Yoshida as CFO. And those experiences should be quite -- positively serve to be the president because we can have an overall view and we can read our financial [figures]. And we can take that -- take leverage of those ideas through interaction with investors and analysts.

和首席財務官——這取決於公司。並且可能角色可能不同，即使它們可能具有相同的名稱。索尼集團的首席財務官扮演著廣泛的角色，並且深入參與戰略和管理。自吉田先生擔任首席財務官以來，情況一直如此。這些經歷應該對成為總統起到積極的作用，因為我們可以有一個全局觀，我們可以閱讀我們的財務[數據]。我們可以接受——通過與投資者和分析師的互動來利用這些想法。

Let's move on to the next question. (Operator Instructions) If not, then once again back to this room, in the center in the front line.

讓我們繼續下一個問題。 （操作員說明）如果沒有，則再次回到這個房間，在前線的中央。

[Soma] from Nikkei ESG. I have a question to Mr. Totoki. Mr. Yoshida, after he became President, creativity -- he has been saying that he has a purpose of fill the world with emotion through the power of creativity and technology. And he have been working upon this. Totoki-san, after you become President, what will be the priority areas that you would like to address?

[Soma] 來自 Nikkei ESG。我有一個問題要問 Totoki 先生。吉田先生，在他成為總裁之後，創造力——他一直說他的目標是通過創造力和技術的力量讓世界充滿情感。他一直致力於此。 Totoki-san，在您成為總裁之後，您想要解決的優先領域是什麼？

Thank you for your question. I myself -- as Yoshida-san clearly defined the purpose and disseminated this purpose to the group. As I mentioned earlier, we have to make sure that the purpose takes root in the group. And we have to make the purpose into something concrete. Purpose itself is the Kando value chain. And so it is made into something concrete, Kando value chain. We create Kando and deliver Kando. And that's where we are doing our business, so we have to make this even stronger and wider in the range as well.

謝謝你的問題。我自己——吉田先生明確定義了目的並將這個目的傳播給了團隊。正如我之前提到的，我們必須確保目標在團隊中紮根。我們必須把目的變成具體的東西。目的本身就是 Kando 價值鏈。因此它被製成具體的東西，Kando 價值鏈。我們創造 Kando 並提供 Kando。這就是我們開展業務的地方，因此我們也必須在範圍內使其更加強大和廣泛。

Now we are running out of time, so we would like to take one last question. So from JPMorgan Security, Mr. Ayada.

現在我們的時間不多了，所以我們想回答最後一個問題。摩根大通證券公司的 Ayada 先生。

My name is Ayada from JPMorgan. Now I have one question about this management change, Mr. Yoshida -- from -- or Mr. Totoki, each. About the group executive officers, what did you tell them? Or what are you planning to tell them? Or -- and also, to the employees, what are the -- your messages? From each persons, I would like to hear.

我叫摩根大通的 Ayada。現在我有一個關於這次管理層變動的問題，吉田先生 - 來自 - 或 Totoki 先生，每個人。關於集團執行官，您對他們說了什麼？或者你打算告訴他們什麼？或者——還有，對員工來說，你的信息是什麼？我想听聽每個人的看法。

Thank you for your question. Well, already the message has been issued. And today and as I mentioned in my speech, there is a change in the external environment. And also there are things that we need to tackle internally. The -- we -- I have already conveyed to our employees. In the same manner, I mentioned in the speech and -- also the purpose of the company and also we're going to get closer to people. That will not change. And together, we're going to attain further growth. That was my message.

謝謝你的問題。好吧，消息已經發出了。而今天，正如我在演講中提到的，外部環境發生了變化。還有一些事情我們需要在內部解決。 - 我們 - 我已經傳達給我們的員工。以同樣的方式，我在演講中提到了——還有公司的目的，我們也將更貼近人們。那不會改變。我們將一起實現進一步的增長。那是我的信息。

From myself too, basically I delivered the contents of the -- my speech with a little more meat to it, in a sense, to our employees and also to the key team members. Individually, I had opportunities to speak to them one by one. And so I asked them for their cooperation because I'll be assuming this new position. And we received a lot of feedback through the e-mail and messengers. I would like to take my time to read through all the messages. I'm looking forward to doing so.

從我自己來說，從某種意義上說，我基本上向我們的員工和主要團隊成員傳達了我的演講內容——我的演講內容更加充實。就個人而言，我有機會與他們一一交談。所以我請求他們的合作，因為我將擔任這個新職位。我們通過電子郵件和信使收到了很多反饋。我想花點時間閱讀所有消息。我很期待這樣做。

Thank you very much. It is time, so then this concludes the question-and-answer session. And next, there will be a photo session for the...

非常感謝。時間到了，問答環節到此結束。接下來，將為...拍攝照片

(Break)

（休息）

Ladies and gentlemen, let us start Sony Group companies and the consolidated financial results announcement.

女士們，先生們，讓我們開始索尼集團公司的綜合財務業績公佈。

My name is [Siji] from IR group of financial department. I'm happy to serve as emcee. And please -- I -- let me introduce those who are on the podium: Hiroki Totoki, Executive Deputy President and CFO; and Ms. Naomi Matsuoka, senior vice president in charge of corporate planning, control, support for financial business and the entertainment areas; Sadahiko Hayakawa, senior vice president in charge of finance and IR. Those three are on the podium.

我是財務部IR組的[Siji]。我很高興擔任司儀。請——我——讓我介紹一下登上領獎台的人：執行副總裁兼首席財務官 Hiroki Totoki；負責金融業務和娛樂領域的企業規劃、控制和支持的高級副總裁 Naomi Matsuoka 女士； Sadahiko Hayakawa，負責財務和 IR 的高級副總裁。這三個人都在講台上。

First, Totoki-san will have the floor to talk about Q3 FY 2022 consolidated financial results and then go down to the questions and answers. And as for the questions and answers, we will first entertain questions from investors and analysts then to the separate sessions for media. And in total, we are planning for 45 minutes. For the related documents, we have posted on the IR website. Please refer to that.

首先，Totoki-san 將發言討論 2022 財年第三季度的綜合財務業績，然後進入問答環節。至於問答環節，我們會先接受投資者和分析師的提問，然後再到媒體的單獨環節。我們總共計劃 45 分鐘。對於相關文件，我們已在IR網站上發布。請參考那個。

So Totoki-san, you have the floor.

Totoki 先生，請發言。

Today, I will explain the following.

今天，我將解釋以下內容。

Consolidated sales for the quarter increased 13%, compared to the same quarter of the previous fiscal year, to JPY 3.4129 trillion. And consolidated operating income decreased by JPY 36.4 billion to JPY 428.7 billion. This operating income result was close to the record high reached in the same quarter of the previous fiscal year which benefited from the recording of JPY 70.2 billion gain on the transfer of a business in the Pictures segment.

本季度的綜合銷售額與上一財年同期相比增長 13%，達到 3.4129 萬億日元。合併營業收入減少 364 億日元至 4287 億日元。這一營業收入結果接近上一財年同一季度創下的歷史新高，這得益於電影部門業務轉讓產生的 702 億日元收益。

Income before income taxes decreased by JPY 63 billion year-on-year to JPY 398.6 billion. And net income attributable to Sony Group Corporation stockholders decreased by JPY 19.4 billion to JPY 326.8 billion. The results of that quarter by segment are shown here.

所得稅前利潤同比減少 630 億日元至 3986 億日元。歸屬於索尼集團公司股東的淨利潤減少 194 億日元，至 3268 億日元。該季度的結果顯示在這裡。

Next, I will explain the fiscal year consolidated results forecasts. The consolidated sales forecast is JPY 11.500 trillion, a decrease of JPY 100 billion from the previous forecast. We have upwardly revised our forecast for operating income by JPY 20 billion to JPY 1.180 trillion. On the other hand, the forecast for consolidated operating cash flow excluding the financial service segment has decreased by JPY 270 billion from the previous forecast, to JPY 550 billion, primarily reflecting a significant increase in working capital.

接下來，我將解釋財政年度合併業績預測。綜合銷售額預測為 115000 億日元，比之前的預測減少了 1000 億日元。我們已將營業收入預測上調 200 億日元至 1.180 萬億日元。另一方面，不包括金融服務部門的綜合經營現金流量預測比之前的預測減少了 2700 億日元，至 5500 億日元，這主要反映了營運資金的顯著增加。

Now I will explain our inventory situation, which is a primary cause of the increase in working capital. Inventories at the end of the current quarter were JPY 1.4645 trillion, an increase of JPY 48.1 billion from the end of the previous quarter. In the G&NS segment, the increase in inventories of PlayStation 5, for which production and sales expanded significantly during the quarter; and PlayStation VR2, which is scheduled to be released this month, are notable. The primary reason for the increase in working capital was our decision to raise the level of inventory in an effort to ensure that we can achieve our sales plan for the fourth quarter and to maximize the paper -- penetration of PS5 considering the continued risks related to the supply chain and logistics for PS5.

現在我將解釋我們的庫存情況，這是營運資金增加的主要原因。本季度末庫存為 1.4645 萬億日元，比上一季度末增加 481 億日元。 G&NS 部分，PlayStation 5 庫存增加，該季度產銷量大幅增長；和計劃於本月發布的 PlayStation VR2 值得注意。營運資金增加的主要原因是我們決定提高庫存水平，以確保我們能夠實現第四季度的銷售計劃，並最大限度地提高紙張——PS5 的滲透率，同時考慮到與PS5 的供應鍊和物流。

In the ET&S segment, although inventory reduction progressed to a certain level from the end of the previous quarter, we recognize that it is still slightly higher than the appropriate level. And we plan to accelerate further reduction toward the end of the fiscal year. In the I&SS segment, we are continuing to manage strategic inventory, paying close attention to inventory quality and carefully balancing inventory risks while maximizing the use of existing capacity and optimizing the timing of capital investment. The forecast for each segment is as shown here.

在 ET&S 板塊，雖然庫存下降比上一季度末有一定程度，但我們認為仍略高於適當水平。我們計劃在本財年末進一步加速削減。在 I&SS 部門，我們將繼續管理戰略庫存，密切關注庫存質量並謹慎平衡庫存風險，同時最大限度地利用現有產能並優化資本投資的時機。每個細分市場的預測如下所示。

Now let's move on to an overview of each business. First is G&NS segment. FY '22 Q3 sales increased a significant 53% year-on-year to JPY 1.2465 trillion mainly due to the increased sales of hardware; and the impact of ForEx rates, foreign exchange rate. Operating income increased a significant JPY 23.4 billion year-on-year to JPY 116.2 billion mainly due to the impact of the increased sales of first-party software despite an increase in costs.

現在讓我們繼續對每項業務進行概述。首先是 G&NS 部分。 FY '22 Q3 銷售額同比大幅增長 53% 至 1.2465 萬億日元，這主要是由於硬件銷售額的增加；以及外匯匯率、外匯匯率的影響。營業收入同比大幅增長 234 億日元至 1,162 億日元，這主要是由於儘管成本增加，但第一方軟件銷量增加的影響。

The forecast for FY '22 sales is unchanged from the previous forecast. We have upwardly revised our operating income forecast to JPY 240 billion, an increase of JPY 15 billion from the previous forecast. Expenses associated with acquisition for the current fiscal year are expected to be approximately JPY 57 billion. 7.1 million units of PS5 hardware were sold during the quarter, and the cumulative number of units sold by the end of December exceeded 32 million. Based upon this result, we have set our sales forecast for the fiscal year at 90 million units. By optimizing our operations, we are exerting every effort to sell as many units as possible to meet the strong demand.

22 財年的銷售預測與之前的預測相同。我們將營業收入預測上調至 2400 億日元，比之前的預測增加了 150 億日元。本財年與收購相關的費用預計約為 570 億日元。本季度售出 710 萬台 PS5 硬件，截至 12 月底累計售出超過 3200 萬台。基於這一結果，我們將本財年的銷售預測定為 9000 萬台。通過優化我們的運營，我們正在盡一切努力銷售盡可能多的單位以滿足強勁的需求。

Due to the penetration of PS5, the percentage of PS5 users in the number of monthly active users in December increased to about 30%. Engagement metrics for users who transitioned from PS4 to PS5, such as the PS Plus subscription rate, game play time and average spending amount, are significantly higher than those when the -- they played on PS4. And we will continue to focus on accelerating transition of PS4 users to PS5. In addition, nearly 30% of PS5's MAUs are users who never used PS4, so with the spread of PS5, the acquisition of new users is progressing. Although total game play time of all PlayStation users during the quarter was down 3% year-on-year, it was up 6% compared to the prior quarter. And it was up 14% in December compared to the prior month. We believe that user engagement is on a recovery trend due to the penetration of PS5 and the contribution of hit titles.

由於PS5的滲透，PS5用戶在12月月活躍用戶數中的佔比提升至30%左右。從 PS4 過渡到 PS5 的用戶的參與度指標，例如 PS Plus 訂閱率、遊戲時間和平均消費金額，明顯高於他們玩 PS4 時的指標。我們將繼續專注於加速 PS4 用戶向 PS5 的過渡。此外，PS5的MAU中近30%是從未使用過PS4的用戶，因此隨著PS5的普及，新用戶的獲取也在進行中。儘管本季度所有 PlayStation 用戶的總遊戲時間同比下降 3%，但與上一季度相比增加了 6%。與上個月相比，12 月份增長了 14%。我們認為，由於 PS5 的滲透和熱門遊戲的貢獻，用戶參與度正處於恢復趨勢。

In terms of software for PlayStations, the new title God of War Ragnarök recorded sales of more than 11 million copies in the first 10 weeks after its release on November 9, making -- marking it the fastest-selling first-party title ever. Looking ahead to next fiscal year, we have strong titles planned to be released for both first and third party, including Marvel's Spider-Man 2. The sales contribution of PC software is steadily increasing, thanks to the rollout of our popular IP to PCs such as Marvel's Spider-Man: Miles Morales which went on sale in November. As with Bungie, preorders are steadily increasing for the Destiny 2: Lightfall expansion which is scheduled to be released this month.

在 PlayStation 軟件方面，新遊戲《諸神黃昏》在 11 月 9 日發布後的前 10 週內銷量超過 1100 萬份，成為有史以來銷量最快的第一方遊戲。展望下一財年，我們計劃為第一方和第三方發布強勢遊戲，包括 Marvel 的蜘蛛俠 2。PC 軟件的銷售貢獻正在穩步增加，這要歸功於我們流行的 IP 到 PC 的推出，例如作為 Marvel 的蜘蛛俠：Miles Morales，於 11 月開始銷售。與 Bungie 一樣，預定本月發布的 Destiny 2: Lightfall 擴展包的預購量也在穩步增加。

On the 22nd of this month, PS VR2 will be released worldwide. By maximizing next-generation sensing functionality and the performance of PS5, we aim to provide a virtual reality experience like never before. In anticipation of the launch, we are preparing a lineup of more than 30 titles, including Horizon Call of the Mountain, the latest title in our IP; and Gran Turismo 7, which will be upgradable to PS VR2 for free. In this way, we are seeing steady results from the various measures we have taken in terms of both hardware and software. And we believe that we have created positive momentum to reaccelerate growth and a game business centered on the expansion of the penetration of PS5.

本月22日，PS VR2將在全球發售。通過最大限度地發揮下一代傳感功能和 PS5 的性能，我們旨在提供前所未有的虛擬現實體驗。為迎接發布，我們正在準備 30 多款遊戲的陣容，包括我們 IP 的最新遊戲 Horizon Call of the Mountain； Gran Turismo 7，可免費升級至 PS VR2。通過這種方式，我們在硬件和軟件方面採取的各種措施正在取得穩定的成果。我們相信我們已經創造了重新加速增長的積極勢頭，以及以擴大 PS5 滲透率為中心的遊戲業務。

Next is the Music segment. FY '22 Q3 sales increased by 23% year-on-year to JPY 367.7 billion (sic) [JPY 363.7 billion] mainly due to the impact of foreign exchange rate and the increase in streaming sales. Operating income was JPY 63 billion, an increase of JPY 7.8 billion year-on-year.

接下來是音樂部分。 22 財年第三季度銷售額同比增長 23% 至 3677 億日元（原文如此）[3637 億日元]，這主要是由於匯率的影響和流媒體銷售的增加。營業收入為630億日元，同比增加78億日元。

The contribution to operating income from Visual Media and Platform accounted for approximately 10% of the operating income of the segment for the quarter. There is no change from the previous fiscal year forecast. Streaming sales in the quarter continued to grow steadily with year-on-year increase of 33% of the Recorded Music and 60% of the Music Publishing, 7% and 28%, respectively, on a U.S. dollar basis. In Recorded Music, following the first half of the fiscal year, during which we had many new albums, hits by artists such as Harry Styles and Beyoncé, we continue to generate hits and with an average of 38 songs in Spotify's top 100 weekly global music rankings in the [coming quarters]. And among them, the singer-songwriter SZA's album SOS, released on December 9, became a big hit, remaining the #1 in the Billboard 200 for the consecutive 7 weeks after the release. In Music Publishing, our affiliated songwriters participated in all of the top 5 most streamed albums on Spotify in calendar year 2022. And we believe this further solidified Sony's positions in -- the industry leader.

視覺媒體和平台對營業收入的貢獻約佔該部門本季度營業收入的 10%。與上一財年的預測相比沒有變化。本季度的流媒體銷售額繼續穩步增長，按美元計算，錄製音樂同比增長 33%，音樂出版同比增長 60%，分別增長 7% 和 28%。在 Recorded Music 方面，在本財年的上半年，我們推出了許多新專輯，受到 Harry Styles 和 Beyoncé 等藝術家的熱捧，我們繼續創造熱門歌曲，平均有 38 首歌曲進入 Spotify 的每周全球音樂排行榜前 100 名[未來幾個季度] 的排名。其中，創作歌手SZA於12月9日發行的專輯《SOS》一炮而紅，發行後連續7週蟬聯Billboard 200榜單第一名。在音樂出版方面，我們的附屬詞曲作者參與了 2022 年 Spotify 上播放量最高的所有前 5 大專輯。我們相信這進一步鞏固了索尼在行業領導者中的地位。

Next is the Pictures segment. FY '23 (sic) [FY '22] Q3 sales were JPY 331.5 billion, a significant decrease of 28% compared to the same quarter of the previous fiscal year which benefited from the blockbuster release of Spider-Man: No Way Home and the U.S. television [skit] Seinfeld. Operating income fell by significant JPY 123.9 billion to JPY 25.4 billion primarily due to the recording of the gain from a transition of a G&NS games business in the same quarter of the previous fiscal year and the impact of the decreased in -- sales. And FY '22 forecasts in sales are JPY 1.400 trillion, a decrease of [JPY 40 billion] from the previous year. There is no change from the previous forecast in operating income.

接下來是圖片部分。 23 財年（原文如此）[22 財年] 第三季度銷售額為 3315 億日元，與上一財年同期相比大幅下降 28%，這得益於《蜘蛛俠：無家可歸》和美國電視台 [短劇] 宋飛正傳。營業收入大幅下降 1239 億日元至 254 億日元，這主要是由於上一財年同一季度 G&NS 遊戲業務轉型收益的記錄以及銷售額下降的影響。 22 財年的銷售額預測為 1.400 萬億日元，比上一年減少 [400 億日元]。營業收入與之前的預測相比沒有變化。

And due to the fewer films being released, a result mainly from the production delays brought by the COVID-19 situations -- and box office revenue in the U.S. calendar year was about 60% of the calendar year 2019. Next fiscal year, Sony plans to release highly appealing films, including the sequel of the Academy-winning animation film of the Spider-Man [cluster], Spider-Verse; and a new film of Sony Pictures Universe of Marvel Characters following [ones like] Venom. [And we also] (inaudible) exceeded 10 million as the top of the -- by the end of the next few years. And we have -- that's evidenced by the release of One Piece Film Red. And following on from Uncharted, which recorded box office revenue of more than USD 400 million worldwide, with more than 10 projects under the (inaudible) games IP to video, including Gran Turismo and God of War, the live-action television drama adoption of The Last of Us, which began airing, HBO, HBO Max and [Max], January 15, became a big hit in the first episode since its first release, with 22 million viewers. Due to this, the game of the last of -- or [the last part of -- released] in 2020. And Amazon sales ranking for PS4 software in the U.S., which has the positive impact on the game, [slowed]. Moreover, in March, we plan to release the first PC game software by using this IP. In this way, we plan to further increase and strengthen our value of highly appealing IP through a multifaceted exploitation of the IP into the collaboration (inaudible).

由於發行的電影較少，這主要是由於 COVID-19 情況帶來的製作延遲——美國日曆年的票房收入約為 2019 日曆年的 60%。下一個財政年度，索尼計劃發行極具吸引力的電影，包括獲得奧斯卡獎的蜘蛛俠動畫電影《蜘蛛俠平行宇宙》的續集；以及繼 [像] 毒液之後的索尼影業漫威人物宇宙的新電影。 [而且我們還]（聽不清）超過 1000 萬，成為未來幾年的最高點。我們已經 - 海賊王電影紅色的發行證明了這一點。繼 Uncharted 之後，全球票房收入超過 4 億美元，在（聽不清）遊戲 IP 下有 10 多個項目到視頻，包括 Gran Turismo 和 God of War，真人電視劇採用1 月 15 日開播的《最後生還者》HBO、HBO Max 和 [Max] 自首播以來第一集就大受歡迎，收視人數達 2200 萬。因此，2020 年最後一期或 [最後一部分 – 發布] 的遊戲。以及對遊戲產生積極影響的 PS4 軟件在美國的亞馬遜銷售排名 [放緩]。此外，在三月份，我們計劃發布第一款使用該IP的PC遊戲軟件。通過這種方式，我們計劃通過對 IP 的多方面開發與合作（聽不清），進一步增加和加強我們極具吸引力的 IP 的價值。

Next is the Entertainment, Technology & Services segment. FY '22 Q3 sales increased 10% year-on-year to JPY 752.8 billion due to foreign exchange rates and increased sales in -- of digital cameras. Operating income increased JPY 1.1 billion year-on-year to JPY 81.1 billion primarily due to the benefit of the increased sales of digital cameras despite the impact of decreased sales of televisions. And FY '22 forecast for the sales of JPY 2.480 trillion, a decrease of JPY 30 billion from the previous forecast. There is no change from the previous forecast for operating income. By responding swiftly to market changes and minimizing the impact of the economic slowdown and deterioration of the market environment in certain categories such as TVs, we secured a profit for the entire segment during the quarter that was the same level as of the same quarter of the previous year.

接下來是娛樂、技術和服務部門。 22 財年第三季度的銷售額同比增長 10% 至 7528 億日元，原因是匯率和數碼相機的銷售額增加。營業收入同比增加 11 億日元，達到 811 億日元，這主要是由於儘管電視機銷量下降，但數碼相機銷量有所增加。而 FY '22 的銷售額預測為 2.480 萬億日元，比之前的預測減少了 300 億日元。與之前的營業收入預測相比沒有變化。快速響應市場變化，將經濟放緩和市場環境惡化對電視等部分品類的影響降到最低，本季度全板塊實現利潤與上年同期持平。前一年。

Regarding interchangeable lens cameras. Although the pent-up demand due to product shortage in the previous fiscal year is abating, there has been no noticeable negative impact from the economic slowdown, so far. And sales are relatively stable. We have been able to control the supply chain disruption caused by the resurgence of COVID-19 in China since the end of last year so that it does not affect sales. We are closely monitoring the situation after the Chinese New Year and are taking necessary action. We anticipate that the business environment will become even more severe over the next fiscal year. Therefore, we will revise our sales plan for the fourth quarter even more conservatively. And we'll proceed with business operations with the top priorities being prevention of any negative impact from being carried over into the next fiscal year and acceleration of our efforts to further strengthen our business structure.

關於可換鏡頭相機。儘管上一財年因產品短缺而被壓抑的需求正在減弱，但到目前為止，經濟放緩並未帶來明顯的負面影響。而且銷量比較穩定。自去年年底以來，我們已經能夠控制因 COVID-19 在中國捲土重來而造成的供應鏈中斷，因此不會影響銷售。我們正在密切關注農曆新年後的情況，並正在採取必要的行動。我們預計下一財年的商業環境將變得更加嚴峻。因此，我們將更加保守地修改第四季度的銷售計劃。我們將繼續開展業務運營，首要任務是防止任何負面影響延續到下一個財政年度，並加快努力進一步加強我們的業務結構。

Next is I&SS segment. FY '22 Q3 sales increased a significant 28% year-on-year to JPY 417.2 billion mainly due to the impact of foreign exchange rates and increase in sales of image sensors for mobile products. Operating income was JPY 84.9 billion, a significant increase of JPY 20.2 billion year-on-year mainly due to a positive impact of foreign exchange rates despite an increase in costs. Both sales and operating income for the current quarter were recorded highs for this segment. The FY '22 sales forecast has been decreased JPY 20 billion from the previous forecast JPY 1.420 trillion. There's no change from the previous forecast for the operating income.

接下來是 I&SS 部分。 22 財年第三季度銷售額同比大幅增長 28% 至 4172 億日元，這主要是由於匯率的影響和移動產品圖像傳感器銷售額的增加。營業收入為 849 億日元，同比大幅增加 202 億日元，主要原因是儘管成本增加，但匯率的積極影響。本季度的銷售額和營業收入均創下該部門的新高。 22 財年的銷售預測已從之前預測的 1.420 萬億日元減少了 200 億日元。營業收入與之前的預測相比沒有變化。

The smartphone market continues to be sluggish, centered to mid-range and low-end products in China. Recently, this trend has become partially conspicuous for high-end products as well, but that is highly within the expectations of our previous forecast. At present, we assume that the smartphone market will recover moderately, starting from the second half of this fiscal year ending in March 31, 2024. And we are proceeding with careful verification and assessment in preparation for formulating a business plan for the next fiscal year. On the other hand, sales of our large-format high-definition sensors for flagship models have grown significantly from the previous fiscal year, leading to significant growth in sales for the segment.

中國智能手機市場繼續低迷，以中低端產品為主。最近，這種趨勢在高端產品中也變得部分明顯，但這在我們之前預測的預期範圍之內。目前，我們假設智能手機市場將從截至2024年3月31日的本財年下半年開始溫和復蘇。我們正在進行仔細的驗證和評估，為製定下一財年的業務計劃做準備.另一方面，我們用於旗艦機型的大畫幅高清傳感器銷量較上一財年大幅增長，帶動該板塊銷量大幅增長。

We believe that growth in the trend towards larger-size, higher-image-quality, higher-performance mobile sensors is a major achievement this quarter. Taking into -- this into account, we will continue to consider medium- to long-term investments. And we increased production capacity to further expand our image sensor market share. In the automotive sensor business, we expect to double sales in the current fiscal year compared to the previous fiscal year. And we expect the sales to continue to grow in a high level of the next fiscal year as well.

我們認為，向更大尺寸、更高圖像質量、更高性能移動傳感器發展的趨勢是本季度的一項重大成就。考慮到這一點，我們將繼續考慮中長期投資。並且我們增加了產能以進一步擴大我們的圖像傳感器市場份額。在汽車傳感器業務方面，我們預計本財年的銷售額將比上一財年翻一番。我們預計下一財年的銷售額也將繼續保持高水平增長。

Last is the financial service segment. FY '22 Q3 financial service revenue decreased a significant 24% year-on-year to JPY 359 billion mainly due to deterioration in the net gains and losses on investments in the separate accounts at Sony Life Insurance. Operating income increased a significant JPY 19.1 billion year-on-year to JPY 54.3 billion primarily due to a reveal -- reversal of policy reserves at Sony Life resulting from the rise in interest rates during the quarter. Sony Life's new policy amount of in force increased 57% year-on-year due to growth in the corporate business and strong sales mainly of the new individual variable annuity [Sovani]. There is no change in the previous forecast.

最後是金融服務板塊。 22 財年第三季度金融服務收入同比大幅下降 24% 至 3590 億日元，這主要是由於索尼人壽保險獨立賬戶投資的淨損益惡化。營業收入同比大幅增加 191 億日元，達到 543 億日元，這主要是由於本季度利率上升導致索尼人壽的保單準備金逆轉。由於公司業務的增長和主要是新個人可變年金 [Sovani] 的強勁銷售，索尼人壽的新保單有效金額同比增長 57%。之前的預測沒有變化。

Next fiscal year will be the fiscal year of the fourth mid-term range -- mid-range plan, and it will be an important fiscal year where we established a next mid-range plan. I believe that the most important theme in the next mid-range plan is Sony Group's strategy for the further growth beyond the current tough economic cycle. And our next fiscal year, we anticipate that we will need to operate our business in the face of headwinds. While each business will focus on responding quickly and decisively to the changes it faces, we also will steadily lay the foundation for the future. We plan to further evolve the diversity of our businesses and human resources, which are our strengths; enhance resilience of our business portfolio; and take on the challenges of the creating new value in growth markets.

下一財年將是第四個中期計劃——中期計劃的財政年度，這將是我們制定下一個中期計劃的重要財政年度。我認為下一個中期計劃中最重要的主題是索尼集團在當前艱難的經濟周期之後進一步增長的戰略。在下一個財政年度，我們預計我們將需要在逆風中經營我們的業務。各事業部在著眼於快速、果斷地應對所面臨的變化的同時，也將穩紮穩打地為未來打下基礎。我們計劃進一步發展我們的業務和人力資源的多樣性，這是我們的優勢；增強我們業務組合的彈性；並接受在成長型市場創造新價值的挑戰。

That concludes my remarks.

我的發言到此結束。

(inaudible) Mr. Totoki.

（聽不清）Totoki 先生。

Now we'll have to move on to Q&A session. As we explained at the outset, first, we'll be having a Q&A session from investors and analysts. And from about a quarter after 5, we'll be entertaining questions from the media. (Operator Instructions) Those of you who have question in the room, please raise your hand and then wait until the microphone is brought to you. (Operator Instructions)

現在我們必須進入問答環節。正如我們在一開始所解釋的那樣，首先，我們將舉行投資者和分析師的問答環節。從 5 點後大約 15 分鐘開始，我們將接受媒體的提問。 （接線員說明）在座的各位如有疑問，請舉手，然後等待麥克風被拿來。 （操作員說明）

Now online participant, BofA Securities, Hirakawa-san.

現在在線參與者，美銀證券，Hirakawa-san。

Hirakawa from BofA Securities. About PS5, I have a question, PS5, 7.1 million units. Sales has increased significantly. And the market consensus is about 7.5 million -- 7.1 million. If you can produce more, you could have sold more. Or the demand was about this level. In 3Q, you have -- exceeding PS4, so what is the current situation of PS5?

美銀證券的 Hirakawa。關於PS5，我有個疑問，PS5，710萬台。銷售額大幅增加。市場共識約為 750 萬 - 710 萬。如果你能生產更多，你就能賣得更多。或者需求大約是這個水平。在第三季度，你已經——超過了PS4，那麼PS5目前的情況如何？

Thank you for your question. I would like to respond to your question. Sales unit -- of 7.1 million units is not a bad figure at all. However, the production and distribution problem continued, so the products are not delivered to the customers sufficiently. Distribution channel, at the shopfront, the products are not delivered yet sufficiently, so we need to streamline the operation and so that the units will be delivered to the customers as promptly as possible. Therefore, the momentum of demand, we are not concerned. Rather, we have to make sure that we can solidify the operation and we can deliver as many units as possible as quickly as possible.

謝謝你的問題。我想回答你的問題。銷售單位——710 萬台是一個不錯的數字。然而，生產和分銷問題仍然存在，因此產品未能充分交付給客戶。分銷渠道，在店面，產品交付還不夠，所以我們需要簡化操作，以便盡快將產品交付給客戶。因此，需求的勢頭，我們並不關注。相反，我們必須確保我們可以鞏固運營，並且我們可以盡快交付盡可能多的單位。

And once again from online, Morgan Stanley MFU (sic) [MUFJ], Ono-san.

再次來自在線，Morgan Stanley MFU (sic) [MUFJ]，Ono-san。

Congratulations, Totoki-san, for assuming a new position. And I have a question concerning games. And 3 months ago -- and you talked about some of the focus. And games KPI is now gaining momentum, I think, and especially MAU. And the 112 million and -- that's quite positive, [the wave]. And PlayStation is recovering in the quarter, but as for the user compositions, you talk about transition from PS4 to PS5, so how do you focused the transition status on -- from PS4 to PS5? Will it -- gradually, the increase? Or depending on the new titles and to boost the demand for PS5.

祝賀 Totoki-san 就任新職位。我有一個關於遊戲的問題。 3 個月前——你談到了一些重點。我認為，遊戲 KPI 現在正在獲得動力，尤其是 MAU。而 1.12 億——這是非常積極的，[浪潮]。 PlayStation 在本季度正在恢復，但至於用戶構成，你談到從 PS4 到 PS5 的過渡，那麼你如何將過渡狀態集中在 - 從 PS4 到 PS5？會逐漸增加嗎？或取決於新遊戲並推動對 PS5 的需求。

And as for PS5 and the PS Plus. The paid member increase is -- might be one of the main factors. And as for the next quarter, that's almost as planned. And as for PS5, the sales increase and promotional effect should lead to the increase of the sales. And there are some players who are being away from the gaming, and that should be the reasons for us to see this current level of the user. And as for PS5, there are -- some reopening purchases are rather high and that should have a time lag to see the positive effect on to the figures. So that might be because of the time lag for that membership and reflection on to the sales and revenue. And we would like to continue to monitor the business, and we are going to solidify the software deliveries and so as to enhance the engagement with users for gaming.

至於 PS5 和 PS Plus。付費會員的增加可能是主要因素之一。至於下個季度，這幾乎是按計劃進行的。而對於PS5來說，銷量的增長和促銷效果應該會帶動銷量的增長。還有一些玩家正在遠離遊戲，這應該是我們看到當前用戶水平的原因。至於 PS5，有 - 一些重新開放的購買量相當高，應該有時間滯後才能看到對數字的積極影響。所以這可能是因為該會員資格的時間滯後以及對銷售和收入的反映。我們希望繼續監控業務，我們將鞏固軟件交付，以加強與用戶的遊戲互動。

Then I would like to move on to the next question. Please raise your hand if you have a question. So then from the venue, the person in the middle of this row.

那麼我想繼續下一個問題。有問題請舉手。那麼從會場來看，這一排中間的人。

Sakae from Daiwa Securities. I have a question about the finance area and financial services area. So the third quarter result of the new contracts, was it as expected? And also, the interest and transition, how will it affect the performance? And also, the MCEV, what was the result? And in addition, for the next term, there will be a plan for the change in accounting system, and at this moment, what is your view on how this may affect the performance?

大和證券的 Sakae。我有一個關於金融領域和金融服務領域的問題。那麼新合同的第三季度結果是否符合預期？還有，興趣和過渡，將如何影響性能？還有，MCEV，結果如何？另外，下個任期會有會計製度改革的計劃，在這個時候，你怎麼看這對業績有什麼影響？

Now I would like to invite Ms. Matsuoka to answer about the finance services related questions.

下面請松岡女士回答有關金融服務的問題。

Thank you very much for the questions. So about the new contract value, the third quarter situation is your question. And thankfully, as I -- as mentioned in Mr. Totoki's speech, the [Sovani] is performing quite well. And new contract is increasing, and therefore the new contract values is also increasing. And that is the trend and that is to last for some time. And also, on interest rate shift impact -- and we do have hedging, so there -- we don't expect any significant impact. And even if there may be some impact, it will be very slight, but depending on how the interest rate shift, we need to look at the different spreads. And also, in particular the bank spread certainly will be affected, so in that sense, we would like to -- we will be increasing the profitability through that. And IFRS 17, in regards to this accounting system change, there will be another occasion for us to explain in more details about the IFRS, so please wait for that occasion.

非常感謝您的提問。那麼關於新合同價值，第三季度的情況是你的問題。值得慶幸的是，正如我在 Totoki 先生的演講中提到的那樣，[Sovani] 的表現相當不錯。新合同在增加，因此新合同價值也在增加。這就是趨勢，並且會持續一段時間。而且，在利率變化的影響上——我們確實有對沖，所以——我們預計不會有任何重大影響。即使可能有一些影響，也將非常輕微，但取決於利率如何變化，我們需要查看不同的利差。而且，特別是銀行利差肯定會受到影響，所以從這個意義上說，我們希望 - 我們將通過它來提高盈利能力。而IFRS 17，關於這次會計製度的變化，我們還會有機會更詳細地解釋IFRS，所以請等待那個機會。

We would like to move on to the next question. Anybody? Next, online, participating online, Mizuho Securities' Nakane-san.

我們想繼續下一個問題。有人嗎？接下來，在線，在線參與，瑞穗證券的Nakane-san。

Nakane from Mizuho Securities. Congratulation for the good results. Now I have a question regarding game. Recently, U.S., Europe and China macro trend is different. In December -- December results and the forecast for March and the forecast for next fiscal year and onwards -- business environment, hardware and software network. By region, what difference in trend is observed? Or no difference. Can you give me some hint? That's my question.

瑞穗證券的中根。祝賀取得好成績。現在我有一個關於遊戲的問題。近期，美國、歐洲和中國的宏觀趨勢有所不同。 12 月——12 月的結果和 3 月的預測以及下一財年及以後的預測——商業環境、硬件和軟件網絡。按地區劃分，趨勢有何不同？或者沒有區別。你能給我一些提示嗎？那是我的問題。

Thank you very much for your question. Game and network, globally, the deceleration of the economy, there is a difference by regions, but how does that impact our business? At this point in time, by regions, there is no significant difference. That's my recognition. Having said that, however, PS5's share compared to peers, in Europe as compared to the United States, it is high -- our position is higher, so we are maintaining a high position -- in the United States also. In summer, there was some narrowing of the gap, but more recently our share has expanded significantly, so impact -- there is not much impact of the macro economy. Having said that, however, this is something dynamic, so we have to watch carefully the situation from the fourth quarter onwards.

非常感謝你的問題。遊戲和網絡，在全球範圍內，經濟的減速，因地區而異，但這對我們的業務有何影響？目前，按地區劃分，沒有顯著差異。這是我的認可。然而，話雖如此，PS5 的份額與同行相比，在歐洲與美國相比，它是高的——我們的位置更高，所以我們保持高位置——在美國也是如此。夏季，差距有所縮小，但最近我們的份額顯著擴大，因此影響——宏觀經濟的影響不大。然而，話雖如此，這是動態的，所以我們必須從第四季度開始仔細觀察情況。

And online participant and -- Ayada-san of JPMorgan Security.

在線參與者和 - 摩根大通證券公司的 Ayada-san。

My name is Ayada of JPMorgan. And I&SS, I have a question. And based on your documents and -- for the Q3 sales and the North American, the smartphone -- the production was the constraint. And as for the Q4, wafer input -- and that's almost on the same level of the previous fiscal year, but as for -- the capacity seems to be rather smaller compared to the previous year's figures. So that might be decreasing factors over your productions, and so what is your perspectives for the North American market and production situations?

我的名字是摩根大通的 Ayada。 I&SS，我有一個問題。根據你的文件——對於第三季度的銷售和北美的智能手機——生產是製約因素。至於第四季度，晶圓投入——這幾乎與上一財年持平，但至於——與上一年的數據相比，產能似乎要小得多。那麼這可能會影響您的生產，那麼您對北美市場和生產情況有何看法？

Thank you very much. For the first part of the questions, for the -- based on the customers' production, the changes -- and we had quite a minor impact. And as for Q4 and -- we have yet to identify the exact cause, so we need to continue to monitor what's going on. As for capacity and wafer input and -- actually, until Q4, 90% is for the operating, the utilization rate. That's for image sensor productions related, the changes, and based -- specifically for industrial use in the Kumamoto plant. And -- but as for the others, we are going to maintain the full-fledged productions. And the Q4 capacity, it seems to be dropping but because of the plant and the maintenance and the inspection.

非常感謝。對於問題的第一部分，基於客戶的生產，變化——我們的影響很小。至於第四季度——我們還沒有確定確切的原因，所以我們需要繼續監測正在發生的事情。至於產能和晶圓輸入——實際上，直到第四季度，90% 是用於運營，利用率。這是與圖像傳感器生產相關的、變化的和基於的——專門用於熊本工廠的工業用途。並且 - 但至於其他人，我們將保持完整的製作。而第四季度的產能似乎在下降，但因為工廠、維護和檢查。

And time is running out, so we would like to take one last question. And from SMBC Securities, Mr. Katsura.

時間不多了，所以我們想回答最後一個問題。還有來自 SMBC Securities 的 Katsura 先生。

I am Katsura. And congratulations, Mr. Totoki. Now I have one question about the market landscape and how you interpret the market situation. It's dynamic. And your competitors and other peers say that it's tougher than 3 months ago, and your semiconductor business is doing quite well. And based on this, towards next year, what is your plan? And also, ET&S, I believe that the forecast is quite tough. And I believe that you would like to take some measures or countermeasures, and so I would like you to explain to us what you will do.

我是桂。祝賀你，Totoki 先生。現在我有一個問題是關於市場格局以及您如何解讀市場形勢。它是動態的。而你的競爭對手和其他同行說現在比3個月前更艱難，而你的半導體業務做得很好。基於此，對於明年，您有什麼計劃？而且，ET&S，我認為預測非常艱難。我相信你想採取一些措施或反制措施，所以我希望你向我們解釋一下你將做什麼。

Thank you for the question. And overall economic landscape, I think that's the question. I believe, last year, end -- in comparison to end of last year, in particular European, U.S. economy, there's an optimistic view that they may be making a soft landing. And IMF forecast has been revised in upward manner. And also the equity market, the financial market is -- the momentum may be recovering in advance to the overall market recovery. And so the -- generally that may be the tendency, but when it comes to the real economy from the finance market, always come -- the changes comes in delay. So the first -- the fourth quarter and also the early next fiscal year, the real economy and also the consumption trend, we need to be cautious to be prepared for any shift. And as far as our business is concerned, currently the smartphone and low end and mid-end are going down. And the TVs demand is weak. And I mentioned that -- I can't say that. And this is something that was foreseeable to a certain extent, so as far as we are concerned, we think we are prepared, but from the fourth quarter to the first part of next fiscal year, we are going to do the right risk control. And so we'll be prepared for the next phase and the next momentum so we will not be left behind when the next momentum increases. And that is the overall view at this point in time.

感謝你的提問。以及整體經濟格局，我認為這就是問題所在。我相信，去年年底——與去年年底相比，尤其是歐洲、美國經濟，人們樂觀地認為他們可能正在軟著陸。國際貨幣基金組織的預測已經向上修正。還有股票市場，金融市場 - 勢頭可能會在整體市場復甦之前恢復。所以——一般來說這可能是趨勢，但當涉及到金融市場的實體經濟時，變化總是來得遲的。因此，第一個——第四季度以及下一財年年初，實體經濟和消費趨勢，我們需要謹慎，為任何轉變做好準備。就我們的業務而言，目前智能手機和低端和中端正在下降。電視需求疲軟。我提到過——我不能這麼說。而這在一定程度上是可以預見的，所以就我們而言，我們認為我們已經做好了準備，但是從四季度到下財年上半年，我們要做正確的風險控制。因此，我們為下一階段和下一個勢頭做好準備，這樣我們就不會在下一個勢頭增加時落後。這就是此時的總體觀點。

Now it is time, so we would like to conclude the Q&A session for the investors and analysts. Now we would like to start the

現在是時候了，我們想結束對投資者和分析師的問答環節。現在我們想開始

(technical difficulty)

（技術難度）

Now we would like to move on to entertaining questions from the media. Those of you who have any question in the hall, please raise your hand. (Operator Instructions) In this hall, a microphone will be brought to you if you raise your hand. (Operator Instructions) Now in the middle, fourth row.

現在我們想繼續接受媒體的提問。大廳裡有問題的請舉手。 （操作員說明）在這個大廳裡，如果你舉手，麥克風就會被帶到你面前。 （操作員說明）現在在中間，第四行。

(inaudible) [Yamazaki] is my name. Not directly related to earnings announcement; about semiconductor business, I have a question. In Kumamoto -- you are considering building a new plant in Kumamoto. What is the current situation of considering the plant in Kumamoto?

（聽不清）[山崎] 是我的名字。與財報無直接關係；關於半導體業務，我有一個問題。在熊本——您正在考慮在熊本建造一座新工廠。考慮在熊本建廠的現狀如何？

Thank you for your question. It's not something that we have made an announcement of, so this is based upon speculation. And I would like to refrain from making -- responding to the questions, but generally speaking, image sensor market's growth in the mid- to long term -- and based upon that, consideration for expanding the production capacity is always considered. Not limited to a specific location, but widely, we are considering that. And if there is anything that is decided, then we would like to inform you immediately.

謝謝你的問題。這不是我們已經宣布的事情，所以這是基於猜測。而且我不想做 - 回答問題，但一般來說，圖像傳感器市場在中長期的增長 - 並且基於此，總是考慮擴大生產能力。不限於特定位置，但范圍廣泛，我們正在考慮。如果有任何決定，我們會立即通知您。

So in the center, 2 rows from the front and the second from the left.

所以在中間，前面兩排，左邊第二排。

My name is [Tsutsumi] of Nihon Keizai Shimbun. And one question and as for entertainment, Music and Pictures. And what is your strength as the conglomerate and centering around the entertainment business? And the macroeconomic situation has been rather improving, and that should be a driving force for you to maintain the good business performance for the next fiscal year [and you will]. You are expecting further more solidifications of the user bases, so what is your strength in that environment? How you can take the leverage of your corporate strength for that environment for the entertainment, related to being a conglomerate. And we may have -- you may have a conglomerate discount and that might be negative factors for you. And if there is any discounting factors, how are you going to minimize those factors? And how you should address to those the elements.

我的名字是日本經濟新聞的[Tsutsumi]。還有一個問題，關於娛樂、音樂和圖片。作為一家以娛樂業務為中心的企業集團，您的優勢是什麼？宏觀經濟形勢一直在好轉，這應該是你們在下一財年保持良好經營業績的動力[而且你們會的]。您期望進一步鞏固用戶群，那麼您在這種環境中的優勢是什麼？您如何利用您的企業實力為娛樂環境提供槓桿作用，這與成為一家企業集團有關。我們可能有——你可能有聯合企業折扣，這對你來說可能是負面因素。如果有任何貼現因素，您將如何最小化這些因素？以及您應該如何處理這些要素。

Thank you for your questions. And as to the strength being a conglomerate, we have the diversified businesses, and probably that they are not so closely related, so -- and all of the sectors do not go along at the same time, so -- and that should be one of the strengths for us to have multiple businesses. That's the same concept of the portfolio management. As for conglomerate discount, there should be -- many people are saying different things. And as I talked in the presentations, as for the entertainment, 3 businesses, we have the transmedia. And we have a quite strong synergy effect between the different business areas and that's almost visible in the financial figures. And we can expect some good circulation and the benign cycles of -- for the bottom-up, the effects, so that should be another strength of ours. And in addition to that and -- we have the technologies. Sony is a technology company. That's one of our uniquenesses, and how we can take the leverage of those technologies to entertainment business. The metaverse should be one of the topics that's represented by the metaverse, so that's our activities. For the new, the digital experience and entertainment, that should be a -- core factors of our future business.

謝謝你的問題。至於作為一家企業集團的優勢，我們擁有多元化的業務，而且它們之間的關係可能並不密切，所以 - 所有部門不會同時發展，所以 - 這應該是一個我們擁有多項業務的優勢。這與投資組合管理的概念相同。至於企業折扣，應該有——很多人說法不一。正如我在演講中所說，至於娛樂，3 項業務，我們有跨媒體。我們在不同的業務領域之間有很強的協同效應，這在財務數據中幾乎是可見的。我們可以期待一些良好的循環和良性循環——對於自下而上的影響，所以這應該是我們的另一個優勢。除此之外，我們還有技術。索尼是一家科技公司。這是我們的獨特之處之一，也是我們如何將這些技術用於娛樂業務。 Metaverse 應該是 Metaverse 所代表的主題之一，所以這就是我們的活動。對於新的數字體驗和娛樂，這應該是我們未來業務的核心因素。

Okay, please raise your hand if you have a question. In the middle, second row from the front.

好的，有問題請舉手。在中間，從前數第二排。

[Nishida]. I'm freelance journalist. About the inventory level at the moment for the game, the -- and the electronics point of view. And so when we think about the market, I believe you may have to be conservative in planning on the inventory level, so how are we to analyze the -- your inventory level from the perspective? And for the gaming, you have a high level of inventory, and we judge that it can be mobilized. And so what is your view on the inventory?

[西田]。我是自由記者。關於目前遊戲的庫存水平，以及電子設備的觀點。因此，當我們考慮市場時，我相信您在計劃庫存水平時可能不得不保守一些，那麼我們如何從這個角度分析您的庫存水平？而博彩方面，你們的存貨水平很高，我們判斷是可以調動的。那麼您對庫存有何看法？

Thank you for the question. So I would like to share, add some information, a statement about the inventory level. And for the game and network service, for this third quarter, the sales -- production sales is increasing. That is why it is the inventory is building up significantly. And even if there's the sales and the demand, for a long time, we were not able to deliver products smoothly, so we therefore increased the production capacity significantly and produced the products. And we are in the middle of delivering these products. And in regards to the game and the entertainment service, we are not worried about the inventory level actually. And inventory level, when we think about the sales momentum and also the PS4 -- so now -- and seasonality. Now that it's in the fourth year -- in the past, with simulation, the inventory itself may increase in the monetary value, but in comparison to the PS4, the product unit price is much higher. And at PS4, we decreased the price in the fourth year. And so it -- so the monetary value seems to be higher than what actually is.

感謝你的提問。所以我想分享，添加一些信息，關於庫存水平的聲明。對於遊戲和網絡服務，第三季度的銷售額——生產銷售額正在增長。這就是庫存顯著增加的原因。即使有銷售和需求，很長一段時間，我們也無法順利交付產品，因此我們大幅提高產能並生產產品。我們正在交付這些產品。而在遊戲和娛樂服務方面，我們其實並不擔心庫存水平。和庫存水平，當我們考慮銷售勢頭以及 PS4 - 所以現在 - 和季節性。現在已經是第四年了——在過去，隨著模擬，庫存本身的貨幣價值可能會增加，但與 PS4 相比，產品單價要高得多。在 PS4 上，我們在第四年降低了價格。所以它 - 所以貨幣價值似乎高於實際價值。

And when it comes to ETS, in the previous briefing, I mentioned that the inventory level at the end of the second quarter was rather high. And we worked on the reduction of the inventory. We managed to achieve a goal to a certain extent. We are still working on it, but it is, however, slightly higher than what we think is an appropriate level, so into this quarter, we would like to reduce the inventory. And for I&SS, the CapEx optimization and also maximizing the business scale -- and for that matter, we have taken a policy to have a high level of inventory as part of the investment. And for that, the CapEx timing can be delayed.

而關於ETS，在之前的通報中，我提到二季度末的庫存水平相當高。我們致力於減少庫存。我們設法在一定程度上實現了目標。我們仍在努力，但它略高於我們認為的適當水平，因此進入本季度，我們希望減少庫存。對於 I&SS，資本支出優化和業務規模最大化——就此而言，我們採取了一項政策，將高水平的庫存作為投資的一部分。為此，可以延遲資本支出時間。

(Operator Instructions) Next, participating online, [Takenaka-san] from Reuters.

（操作員說明）接下來，來自路透社的 [Takenaka-san] 在線參與。

[Takenaka] from Reuters. Game segment. Totoki-san, early, made a comment. I would like to confirm. This fiscal year, PS5's sales target is 19 million. You have increased to 19 million.

[Takenaka] 來自路透社。遊戲環節。早期的Totoki-san發表了評論。我想確認一下。本財年，PS5的銷量目標是1900萬台。你已經增加到1900萬。

Yes, it is 19 million units. It was 18 million; and we raised it, 19 million, 18.5 million. We say 18 million and it is 19 million, so we have raised the target.

是的，是1900萬台。是1800萬；我們籌集了 1900 萬、1850 萬。我們說1800萬，現在是1900萬，所以我們提高了目標。

And the time is running short and we'd like to entertain one last question. And on this row, on the right and the fifth from the front.

時間不多了，我們想回答最後一個問題。而在這一排，右邊，從前面算起第五個。

My name is [Imaida, of Diamond]. And Totoki-san talked about high image sensor business, and you are going to enhance the production capacity. And will it be for the other applications than mobile products?

我的名字是【鑽石的今井田】。 Totoki-san談到了高圖像傳感器業務，您將提高生產能力。它會用於移動產品以外的其他應用程序嗎？

Thank you for your questions. That includes the other products than mobiles, but mobile image sensor products are the driving force for the most of the growth. But we have some other segments as well.

謝謝你的問題。這包括手機以外的其他產品，但移動圖像傳感器產品是大部分增長的驅動力。但我們還有其他一些細分市場。

So this is time for us to adjourn the session. This concludes the -- today's -- the consolidated financial result announcement...

現在是我們休會的時候了。今天的綜合財務業績公告到此結束……

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

[現場通話中的口譯員用英語對這份成績單進行了陳述。]