索尼 (SONY) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. It is now time to start Sony Group's Q1 FY 2023 Consolidated Financial Results Presentation Meeting. I am [Okada] over the Corporate Communications.

女士們、先生們，下午好。現在是索尼集團 2023 財年第一季度綜合財務業績發布會開始的時候了。我是企業傳播部門的[岡田]。

I would like to first introduce the speakers today, President, COO and CFO, Hiroki Totoki; and Senior Vice President in charge of the Corporate Planning Group DE&I promotion, also support Financial Service and Entertainment segment, Naomi Matsuoka; and then Senior Vice President in charge of Finance and IR, Sadahiko Hayakawa. So those 3 will present the Q1 FY 2023 consolidated financial results also the outlook throughout the FY 2023. And there will be a question-and-answer session, and we plan to have a 70 minutes session.

首先我想介紹一下今天的演講者，總裁、首席運營官兼首席財務官 Hiroki Totoki；負責企業規劃集團 DE&I 推廣的高級副總裁 Naomi Matsuoka 也為金融服務和娛樂部門提供支持；時任負責財務和 IR 的高級副總裁早川定彥 (Sadahiko Hayakawa)。因此，這三人將介紹 2023 財年第一季度的綜合財務業績以及整個 2023 財年的前景。並且將有一個問答環節，我們計劃進行 70 分鐘的會議。

Thank you. First speaker is Mr. Totoki.

謝謝。第一個發言的是 Totoki 先生。

So the speakers today are Matsuoka and Hayakawa. And then toward the end, I'd like to make a summary comments. So first speaker, Hayakawa-san. Matsuoka and Hayakawa will present the consolidated results.

那麼今天的發言者是松岡和早川。最後，我想做一個總結性的評論。首先發言的是早川先生。松岡和早川將公佈合併結果。

Starting from FY '23 Q1, Sony has adopted a new accounting standard, IFRS 17 new standard, pertaining to insurance contracts, the annual results for the same quarter of the previous fiscal year. And previous fiscal year that we'll show today are presented after recalculation based on the new standard. We will explain the details later in the Financial Services segment part.

從FY '23 Q1開始，索尼采用了新的會計準則，即IFRS 17新準則，涉及保險合同，年度業績為上一財年同季度。我們今天展示的上一財年是根據新標準重新計算後呈現的。我們將在稍後的金融服務部分詳細解釋。

Consolidated sales for the quarter increased a significant 33% compared to the same quarter of the previous fiscal year year-on-year to JPY 2,963.7 billion. Consolidated operating income decreased JPY 111.8 billion year-on-year to JPY 253.0 billion, primarily due to an JPY 84.7 billion decrease in operating income of the Financial Services segment. This decrease in operating income on Financial Services segment was primarily due to the impact of the recalculation of the previous weaker years' results, resulting from the application of the new standard and absent of a gain on the sales of real estate recorded in the same quarter of the previous fiscal year.

本季度綜合銷售額較上一財年同季度同比大幅增長 33%，達到 29,637 億日元。合併營業收入同比減少1,118億日元至2,530億日元，主要是由於金融服務部門營業收入減少847億日元。金融服務業務營業收入下降的主要原因是由於應用新準則而重新計算了之前較弱年份的業績，並且同一季度房地產銷售沒有錄得收益上一財政年度。

Adjusted EBITDA decreased JPY 90.6 billion year-on-year to JPY 406.2 billion. Income before income taxes decreased JPY 73.2 billion year-on-year to JPY 276 billion. And net income attributable to Sony Group Corporation shareholders decreased JPY 43.5 billion to JPY 217.5 billion. Result per segment for the quarter are shown on this slide.

調整後 EBITDA 同比減少 906 億日元，至 4062 億日元。所得稅前收入同比減少732億日元至2760億日元。歸屬於索尼集團公司股東的淨利潤減少 435 億日元，至 2,175 億日元。該幻燈片顯示了該季度每個細分市場的結果。

Next, I will explain the full year consolidated results forecast for FY '23. The forecast for the full year is JPY 12.2 trillion for sales, an increase of JPY 700 billion from the previous forecast. JPY 1.170 trillion for the operating income, no change from the previous forecast. And JPY 1.750 trillion for adjusted EBITDA, no change from the previous forecast.

接下來，我將解釋 23 財年全年綜合業績預測。全年銷售額預測為12.2萬億日元，比之前的預測增加7000億日元。營業收入為1.170萬億日元，與之前的預測相比沒有變化。調整後 EBITDA 為 1.75 萬億日元，與之前的預測相比沒有變化。

The forecast for the consolidated operating cash flow, excluding the Financial Services segment, is unchanged from the previous forecast. The assumed exchange rates have been revised to approximately JPY 135 billion to the U.S. dollar and approximately JPY 146 to the euro. The FY '23 results forecast by segment is shown here.

對合併經營現金流（不包括金融服務部門）的預測與之前的預測相同。假設匯率已修正為美元兌換約 1,350 億日元，歐元兌換約 146 日元。此處顯示了按部門劃分的 23 財年業績預測。

Now I will move on to an overview of each business segment. First is the Games & Network Services segment. FY '23 Q1 sales increased, a significant 28% year-on-year to JPY 771.9 billion, primarily due to an increase in sales of third-party software and increase in sales of PlayStation 5 hardware and impact of foreign exchange rates. Operating income decreased JPY 3.6 billion year-on-year to JPY 49.2 billion, primarily due to an increase in expenses including the acquisition-related expenses of JPY 16.6 billion. Despite the positive impact of higher third-party software sales, adjusted OIBDA increased JPY 5.7 billion year-on-year to JPY 75.9 billion.

現在我將概述每個業務部門。首先是遊戲和網絡服務部分。 23 財年第一季度銷售額增長，同比大幅增長 28% 至 7,719 億日元，主要是由於第三方軟件銷售額的增長和 PlayStation 5 硬件銷售額的增長以及匯率的影響。營業收入同比減少36億日元至492億日元，主要是由於包括收購相關費用166億日元在內的費用增加。儘管第三方軟件銷售額增加帶來了積極影響，調整後的 OIBDA 仍同比增加 57 億日元，達到 759 億日元。

FY '23 sales are expected to be JPY 4.170 trillion, an increase from the previous forecast of JPY 270 billion. Operating income is expected to be JPY 270 billion, no change from the previous forecast. And adjusted OIBDA is expected to be JPY 375 billion, an increase of JPY 10 billion from the previous forecast.

23 財年銷售額預計為 4.170 萬億日元，高於之前預測的 2700 億日元。營業收入預計為2700億日元，與之前的預測沒有變化。調整後的OIBDA預計為3750億日元，比之前的預測增加100億日元。

Although we upwardly revised the sales forecast for third-party software, which is performing well, we have incorporated the deterioration in the profitability of PS5 hardware, mainly due to the changes in promotions by geographic region and the sales channel mix. Primarily due to the release of the appealing third-party software and expansion of PS5 penetration, software sales for the quarter reached JPY 46.2 billion, a significant 27% increase year-on-year. While there was also positive on the exchange rates, this was 14% higher than the first quarter of the fiscal year ended March 31, 2022, when there was stay-at-home demand.

儘管我們上調了表現良好的第三方軟件的銷售預測，但我們已考慮到 PS5 硬件盈利能力的惡化，這主要是由於地理區域和銷售渠道組合的促銷活動的變化。主要由於有吸引力的第三方軟件的發布以及PS5滲透率的擴大，該季度軟件銷售額達到462億日元，同比大幅增長27%。雖然匯率也有積極影響，但這比截至 2022 年 3 月 31 日的財年第一季度高出 14%，當時存在居家需求。

Total gameplay time during the quarter was only 2% higher year-on-year, and we see the year-on-year growth in software sales has been driven mainly by a considerable increase in spending per play hour by the expanding PS5 user base. PS5 hardware sales were 3.3 million units, a significant increase of 38% year-on-year. This amount is somewhat less than the expected progress toward our fiscal year sales target of 25 million units. But due to the promotion began in July, we are seeing an improvement in the momentum of sales. We have positioned the accelerated penetration of PS5 hardware as one of the highest priorities in this fiscal year, and we will try to work steadily to implement necessary measures to achieve hardware sales target of 25 million units. Towards the end of the calendar year, the first party title, Marvel Spider-Man 2, and major third-party titles are scheduled to be released as well. And we expect that the entire gaming industry and the PS platform will be greatly energized.

本季度的總遊戲時間同比僅增長了 2%，我們認為軟件銷量的同比增長主要是由於 PS5 用戶群不斷擴大而導致每遊戲小時支出大幅增加。 PS5硬件銷量為330萬台，同比大幅增長38%。這一數字略低於我們實現本財年 2500 萬台銷售目標的預期進度。但由於促銷活動從7月開始，我們看到銷售勢頭有所改善。我們將PS5硬件的加速滲透定位為本財年的最高優先事項之一，我們將努力穩步實施必要的措施，以實現2500萬台的硬件銷售目標。到今年年底，第一方遊戲《漫威蜘蛛俠 2》和主要第三方遊戲也計劃發布。我們預計整個遊戲行業和PS平台將被極大地激發活力。

Next is the Music segment. FY '23 Q1 sales increased a significant 16% year-on-year to JPY 358.2 billion, primarily due to the increase in streaming sales and impact of foreign exchange rates. Operating income increased a significant JPY 12.4 billion year-on-year to JPY 73.4 billion, primarily due to the impact of the increased sales and the recording of a remeasurement gain of 6 point -- JPY 60 billion from making an equity method affiliate, a consolidated subsidiary. Adjusted OIBDA increased JPY 8.2 billion year-on-year to JPY 82.9 billion. Profit contribution from visual media platform was just under 10% of the operating income of this segment.

接下來是音樂部分。 23 財年第一季度銷售額同比大幅增長 16% 至 3,582 億日元，主要是由於流媒體銷售的增長和匯率的影響。營業收入同比大幅增加 124 億日元，達到 734 億日元，主要是由於銷售額增加以及建立權益法附屬公司、子公司而錄得 600 億日元的重新計量收益的影響。合併子公司。調整後的 OIBDA 同比增加 82 億日元，達到 829 億日元。視覺媒體平台的利潤貢獻略低於該分部營業收入的10%。

FY '23 sales are expected to be JPY 1.490 trillion, an increase of JPY 80 billion from the previous forecast. Operating income is expected to be JPY 280 billion, an increase of JPY 15 billion the previous forecast. And adjusted OIBDA is expected to be JPY 335 billion, an increase of JPY 10 billion from the previous forecast.

23 財年銷售額預計為 1.490 萬億日元，比之前的預測增加 800 億日元。營業收入預計為2800億日元，比之前的預測增加150億日元。調整後的OIBDA預計為3350億日元，比之前的預測增加100億日元。

Streaming revenue for the quarter continued to grow, up 12% for Recorded Music and 18% for Music Publishing on a U.S. dollar basis. In Recorded Music, we are continuing to deliver hits at a high level. During the quarter, 38 of our songs on average ranked in the Spotify Weekly Global Top 100 songs. More than 70% of songs listened to in the music streaming market in the U.S. are catalog songs that were released more than 18 months ago. So creating continuous hits in the short term simultaneously leads to an enhancement of future catalog and increase in sales and market share over the mid to long term.

本季度流媒體收入繼續增長，按美元計算，錄製音樂增長 12%，音樂出版增長 18%。在錄製音樂方面，我們繼續提供高水平的熱門歌曲。本季度，我們平均有 38 首歌曲躋身 Spotify Weekly 全球百強歌曲之列。在美國音樂流媒體市場上，超過 70% 的歌曲都是 18 個多月前發布的目錄歌曲。因此，在短期內創造持續的熱門產品同時會導致未來產品目錄的增強以及中長期銷量和市場份額的增加。

At Sony Music Entertainment, we have doubled the number of creative personnel in the last 5 years and the number of artists producing songs for streaming worldwide has increased 35%. As a result, current market share in the U.S. over the 4 years through the last fiscal year has risen from 21% to 27%. And sales and operating income for the Sony Music Group, which includes Music Publishing overseas, have increased significantly CAGRs of 17% and 24%, respectively. In addition to this continuous investment in artists and labels, we aim to achieve stable growth that outperforms the market by expanding our business in new areas such as rapidly growing emerging markets and social media.

在索尼音樂娛樂公司，我們的創作人員數量在過去 5 年裡增加了一倍，為全球流媒體製作歌曲的藝術家數量增加了 35%。因此，截至上一財年的 4 年裡，目前在美國的市場份額已從 21% 上升至 27%。索尼音樂集團（包括海外音樂出版）的銷售和營業收入顯著增長，複合年增長率分別為 17% 和 24%。除了對藝術家和唱片公司的持續投資外，我們的目標是通過在快速增長的新興市場和社交媒體等新領域拓展業務，實現跑贏市場的穩定增長。

In the domestic music business, YOASOBI's TV anime theme song, Idol, surpassed 300 million streams, the fastest song to reach this total number of streams in history according to Billboard Japan study. It held the #1 spot for 16 consecutive weeks in the total domestic song chart. This momentum is spreading overseas, and the song has become a global hit and the biggest J-Pop hit reaching #7 on Billboard's Global Hits chart. With the expansion of the global anime market as a tailwind, we expect that overseas expansion of artists, which SMEJ has been focusing on, will accelerate further.

在國內音樂領域，YOASOBI 的電視動畫主題曲《偶像》的播放量突破了 3 億次，根據日本 Billboard 的研究，這是歷史上最快達到這一總播放量的歌曲。連續16周占據國內歌曲排行榜第一名。這種勢頭正在海外蔓延，這首歌已成為全球熱門歌曲，也是最熱門的日本流行歌曲，在公告牌全球熱門歌曲排行榜上排名第七。在全球動漫市場擴張的推動下，我們預計SMEJ一直關注的藝術家海外擴張將進一步加速。

Next is the Pictures segment. FY '23 Q1 sales decreased 6% year-on-year to JPY 320.4 billion, mainly due to a decrease in deliveries in television productions and the impact of fewer releases of tent-pole films in the previously -- in the previous fiscal year in Motion Pictures. Operating income decreased a significant JPY 34.7 billion year-on-year to JPY 16 billion, primarily due to the impact of the decrease in sales and impact increase in marketing expenses in Motion Pictures. Adjusted OIBDA decreased JPY 33.4 billion year-on-year to JPY 28.5 billion. FY '23 sales are expected to be JPY 1.470 billion, down JPY 50 billion from the previous forecast. There is no change to the forecast for operating income and adjusted OIBDA.

接下來是圖片部分。 23 財年第一季度銷售額同比下降 6% 至 3,204 億日元，主要是由於電視製作交付量下降以及上一財年主打電影上映數量減少的影響。動作照片。營業收入同比大幅減少 347 億日元，至 160 億日元，主要是由於電影業務銷售額下降和營銷費用增加的影響。調整後的 OIBDA 同比減少 334 億日元至 285 億日元。 23 財年銷售額預計為 14.7 億日元，比之前的預測減少 500 億日元。營業收入和調整後的 OIBDA 預測沒有變化。

Spider-Man: Across the Spider-Verse, which was released theatrically in June, has become a huge hit with box office revenue exceeding USD 680 million worldwide as of August 7, making it our highest grossing animated film ever. With regard to bringing PlayStation IP to video, the live-action drama, Twisted Metal, was launched on the Peacock streaming service in the U.S. in July. And the new movie, Gran Turismo, is scheduled to be released in theaters in the U.S. on August 25.

《蜘蛛俠：穿越蜘蛛俠宇宙》於 6 月在院線上映，截至 8 月 7 日全球票房收入超過 6.8 億美元，成為有史以來票房最高的動畫電影。在將 PlayStation IP 引入視頻方面，真人劇《Twisted Metal》於 7 月在美國 Peacock 流媒體服務上推出。新電影《GT賽車》計劃於8月25日在美國上映。

Regarding Crunchyroll, the number of paying subscribers surpassed 12 million in July, driven by the exclusive distribution of the television animation, Demon Slayer: Kimetsu No Yaiba Swordsmith Village Arc, which started in April. And our anime business is steadily growing in a multifaceted way with overseas distribution of the anime film, Suzume no Tojimari, and the strong sales of mobile game, Street Fighter: Duel. Although it is unclear when the strikes in Hollywood will end, we aim to work with alliance of Motion Picture and television producers to negotiate a resolution with the unions as soon as possible so that we can restart normal production activity.

至於Crunchyroll，受4月份開始獨家發行的電視動畫《鬼滅之刃劍匠村篇》的推動，7月份付費訂閱人數超過了1200萬。隨著動漫電影《鈴木的Tojimari》的海外發行以及手機遊戲《街頭霸王：決鬥》的強勁銷售，我們的動漫業務正在以多方面的方式穩步增長。雖然目前還不清楚好萊塢的罷工何時結束，但我們的目標是與電影和電視製片人聯盟合作，盡快與工會協商解決方案，以便我們能夠重新開始正常的製作活動。

Next is the ET&S segment. FY '23 Q1 sales increased 4% year-on-year to JPY 571.8 billion, primarily due to impact of foreign exchange rates despite a decline in smartphone and television sales. Operating income was JPY 55.6 billion, an increase of JPY 2.1 billion year-on-year, primarily due to the cost reductions in televisions despite the impact of decreased smartphone sales. Adjusted OIBDA increased JPY 3.9 billion year-on-year to JPY 80.9 billion. FY '23 sales expected to be JPY 2.430 trillion, an increase of JPY 50 billion from the previous forecast. There are no changes to the forecast for operating income and adjusted OIBDA.

接下來是 ET&S 部分。儘管智能手機和電視銷量下降，但 23 財年第一季度銷售額仍同比增長 4% 至 5,718 億日元，主要是由於匯率的影響。營業收入為556億日元，同比增加21億日元，主要是由於儘管受到智能手機銷量下降的影響，電視成本下降。調整後的 OIBDA 同比增加 39 億日元，達到 809 億日元。 23 財年銷售額預計為 2.43 萬億日元，比之前的預測增加 500 億日元。營業收入和調整後的 OIBDA 預測沒有變化。

The market environment for major product categories in the current quarter continued to be the same as the previous quarter with televisions and smartphones facing severe condition while the market for digital camera, headphones and other products remain strong.

本季度主要產品類別的市場環境與上季度持平，電視、智能手機面臨嚴峻形勢，而數碼相機、耳機等產品市場依然強勁。

In each category, we are running our operations so as to respond to changes in the market environment, and we were able to secure stable profits across the entire segment. Inventory levels have improved significantly year-on-year, mainly for television due to the thorough management from production to sales. And we are managing them at the profit level.

在每個品類中，我們都是根據市場環境的變化來運營的，整個板塊都能夠獲得穩定的利潤。由於從生產到銷售的嚴格管理，庫存水平同比顯著改善，主要是電視。我們在利潤層面上管理它們。

As the business environment for televisions and smartphones is expected to continue to be severe, we will pay close attention to costs and inventory control. We also plan to proceed with -- early the reaping of income in additional camera space by keeping up with recent strong demand. We have introduced the appealing new products that you see here, and we are focusing on securing the stable profits by continuing to enhance our profit -- product appeal.

由於電視和智能手機的經營環境預計將持續嚴峻，我們將密切關注成本和庫存控制。我們還計劃通過滿足近期的強勁需求，儘早在額外的相機空間中獲得收入。我們推出了您在這裡看到的吸引人的新產品，我們的重點是通過繼續提高我們的利潤——產品吸引力來確保穩定的利潤。

Next is I&SS segment. FY '23 Q1 sales significantly increased 23% year-on-year to JPY 292.7 million, mainly due to high sales of image sensors for mobile products and the impact of foreign exchange rates. Operating income decreased JPY 9 billion year-on-year to JPY 12.7 billion, primarily due to an increase in expenses such as depreciation and amortization expenses despite the positive impact of foreign exchange rates and the effect of increased sales. Adjusted OIBDA increased JPY 2.7 billion year-on-year to JPY 70 billion. For FY '23, sales are expected to be JPY 1,560 billion, down JPY 40 billion from the previous forecast. Operating income and adjusted OIBDA expected to decrease JPY 20 billion from the previous forecast to JPY 180 billion and JPY 425 billion, respectively.

接下來是 I&SS 部分。 FY '23 Q1銷售額同比大幅增長23%至2.927億日元，主要由於移動產品圖像傳感器的高銷量以及外匯匯率的影響。營業收入同比減少90億日元至127億日元，主要是由於儘管匯率的積極影響和銷售額增加的影響，折舊和攤銷費用等費用增加。調整後的 OIBDA 同比增加 27 億日元，達到 700 億日元。 23 財年銷售額預計為 15,600 億日元，比之前的預測減少 400 億日元。營業收入和調整後的 OIBDA 預計將比之前的預測減少 200 億日元，分別降至 1800 億日元和 4250 億日元。

Recently, the smartphone product market is worsening compared with our expectations due to a delayed market recovery in China, a prolonged slump in Europe and a slowdown in North America. In our previous forecast, we assumed a gradual market recovery from the second half of the current fiscal year, but we have postponed that to the beginning of the next calendar year or the next fiscal year and have incorporated this revised timing into our sales forecast.

最近，由於中國市場復甦延遲、歐洲長期低迷以及北美市場放緩，智能手機產品市場與我們的預期相比正在惡化。在我們之前的預測中，我們假設市場從本財年下半年開始逐步復甦，但我們已將其推遲到下一個日曆年或下一個財年年初，並將這一修訂後的時間納入我們的銷售預測中。

In addition, in light of such product market conditions, smartphone manufacturers are making even greater -- further adjustment to their parts procurement. And this is having a significant impact on the second quarter following on the first quarter.

此外，針對這樣的產品市場狀況，智能手機廠商也在對其零部件採購做出更大的調整。這對繼第一季度之後的第二季度產生了重大影響。

In addition to smartphones the impact of the slow economic recovery in China, primarily in image sensors for industrial and social infrastructure, is noticeable. And we have lowered our forecast.

除了智能手機之外，中國經濟緩慢復甦的影響（主要是工業和社會基礎設施的圖像傳感器）也很明顯。我們降低了預測。

With respect to the increase in costs associated with the launch of mass production of new products for smartphones, we have reflected the latest production situation and have incorporated additional costs. However, production is gradually stabilizing, and we do not think that costs will continue to increase significantly going forward.

對於智能手機新產品量產帶來的成本增加，我們反映了最新的生產情況，併計入了額外成本。然而，生產正在逐漸穩定，我們認為未來成本不會繼續大幅增加。

On the other hand, the trend towards larger die-sized image sensors being adopted by Chinese makers in their new smartphone products in the second half of the fiscal year is becoming noticeable, not just in flagship and high-end phones but the middle range phones as well. There's no change to our view that the trend towards larger mobile image sensors will drive the overall growth of the sensor market, which will grow at average annual rate of around 9% until FY 2030. We plan to continue to implement measures from a mid- to long-term perspective as well, such as strengthen technology development capabilities and securing production capacity so that we can steadily capture growth opportunities when market condition recovers.

另一方面，中國製造商在本財年下半年的新智能手機產品中採用更大芯片尺寸圖像傳感器的趨勢變得越來越明顯，不僅在旗艦和高端手機中，而且在中端手機中以及。我們的觀點沒有改變，即大型移動圖像傳感器的趨勢將推動傳感器市場的整體增長，到 2030 財年，傳感器市場將以年均 9% 左右的速度增長。我們計劃從中期開始繼續實施措施。也要著眼長遠，比如加強技術開發能力、保障產能，以便在市場復甦時能夠穩定地抓住增長機會。

Last is Financial Services segment. As we said at the beginning, Sony has adopted the new accounting standard IFRS 17 starting this fiscal year. First, I will explain the impact of the adoption of the new standards, focusing on the important points. For details, please refer to Page 15 of the handout. Under new standard, Financial services revenue decreased primarily because the portion of insurance premium revenue amounting to surrender value that used to be recorded as revenue is no longer recorded as revenue.

最後是金融服務部門。正如我們一開始所說，索尼從本財年開始採用新的會計準則 IFRS 17。首先，我將重點解釋採用新標準的影響。詳情請參閱講義第15頁。新準則下，金融服務收入下降的主要原因是保費收入中原計入收入的退保價值部分不再計入收入。

In addition, under the new standard, the amount of liability increase or decreases depending upon market fluctuations due to insurance contract liabilities being reevaluated based upon financial variables, the latest financial variables, such as interest rates at the end of each quarter. The increase or decrease of such liabilities related to minimum guarantee of variable life insurance is recognized as profit and loss and impact operating income.

此外，在新準則下，由於保險合同負債根據財務變量、最新財務變量（例如每季度末的利率）重新評估，因此負債金額會根據市場波動而增加或減少。該等與變額壽險最低保證相關的負債的增加或減少確認為損益並影響營業收入。

Next, I will explain the full year results of the previous fiscal year recalculated based upon the new standard. Financial Services revenue decreased by 39% from the previous standard to JPY 889.1 billion, mainly due to nonrecognition of surrender value. Operating income increased by JPY 94.2 billion from the previous standard to JPY 318.1 billion as a result of a significant decrease in insurance policy liabilities after recalculation, primarily due to the rise in ultra long-term interest rates in the previous fiscal year and the recognition of profit due to that decrease. Because hedging operations meant to continue, the impact of profitability of market fluctuation were undertaken in the previous fiscal year. In accordance with the previous standard, a significant difference arose as a result of the recalculation from this fiscal year. We have transitioned to hedging operations in accordance with the new standards.

下面我就按照新準則重新計算的上一財年全年業績進行說明。金融服務收入較之前標準下降39%至8891億日元，主要是由於退保價值未得到確認。營業收入比原標準增加942億日元，達到3181億日元，原因是重新計算後保單負債大幅減少，主要是由於上一財年超長期利率上升以及確認了保單負債由於該減少而產生的利潤。由於套期保值操作仍將繼續，市場波動對盈利能力的影響已在上一財年承擔。按照原準則，本會計年度重新計算後出現重大差異。我們已按照新標準過渡到套期保值操作。

Now I will explain this segment's performance in the current quarter on a year-on-year recalculated basis. Financial Services revenue increased a significant 215% year-on-year to JPY 681.4 billion, mainly due to a significant improvement in net gains and losses in the separate account at Sony Life, which benefited from a rise in stock prices in and outside Japan. There is no difference between the new and previous standards when it comes to the impact market fluctuations have on gains and losses in the separate accounts.

現在我將按同比重新計算解釋該部門本季度的業績。金融服務收入同比大幅增長215%至6,814億日元，主要是由於受益於日本國內外股價上漲，索尼人壽獨立賬戶淨損益大幅改善。新準則與舊準則在市場波動對分項損益的影響方面沒有區別。

Operating income decreased a significant JPY 84.7 billion year-on-year to JPY 54.5 billion, mainly due to the fact that the impact of market fluctuation was controlled as a result of transitioning to hedging operations based on the new standard and due to the fact that there was a gain on the sales of real estate in the same period of the previous fiscal year. Adjusted OIBDA decreased JPY 84.2 billion year-on-year to JPY 61.4 billion. The FY '23 Financial Services revenue forecast is JPY 1.320 trillion, an increase of JPY 450 billion from the previous forecast, reflecting the result of the current quarter. There are no changes to the forecast for operating income and adjusted OIBDA. As has already always been the case, the forecast does not reflect the impact of market fluctuations from the second quarter onwards. In addition, we expect insurance service revenue result of Sony Life to continue to stably grow in line with the expansion of policy amount in force.

營業收入同比大幅減少847億日元至545億日元，主要是由於根據新準則轉向套期保值操作，市場波動的影響得到控制以及由於上一財年同期房地產銷售有所增長。調整後的 OIBDA 同比減少 842 億日元，至 614 億日元。 23 財年金融服務收入預測為 1.320 萬億日元，比之前的預測增加 4500 億日元，反映了本季度的結果。營業收入和調整後的 OIBDA 預測沒有變化。與往常一樣，該預測並未反映第二季度以來市場波動的影響。此外，我們預計索尼人壽的保險服務收入業績將隨著有效保單金額的擴大而繼續穩定增長。

Finally, I would like to summarize everything. Business areas such as entertainment and image sensors, which we have positioned as growth areas, are reaching opportunities for growth over the mid- to long term. And we aim to grow through the unique competitiveness each business has in its area.

最後，我想總結一下一切。我們將娛樂和圖像傳感器等業務領域定位為增長領域，從中長期來看，這些業務領域正在迎來增長機會。我們的目標是通過每個企業在其領域內擁有的獨特競爭力來實現增長。

On the other hand, since the operating environment this fiscal year is uncertain and there are many risks, we are operating the businesses with an emphasis on risk management.

另一方面，由於本財年經營環境不確定，風險較多，我們在經營業務時注重風險管理。

In the hardware business of ET&S, I&SS and G&NS, we are responding primarily to the stagnation of the Chinese economy, the slowdown of the economy, mainly in Europe and the United States and geopolitical risks, while in the Pictures business, we plan to focus on various issues such as the strikes in Hollywood. We have reincorporated the expected impact of these factors and countermeasures into our current forecast. Inside Sony, we have begun to discuss the next mid-range plan, which begins next fiscal year, while looking to the potential market recovery from next fiscal year as an opportunity and preparing to reach our next stage of growth.

在ET&S、I&SS和G&NS的硬件業務中，我們主要應對中國經濟的停滯、歐美經濟放緩以及地緣政治風險，而在影視業務中，我們計劃重點關注關於好萊塢罷工等各種問題。我們已將這些因素的預期影響和對策重新納入我們當前的預測中。在索尼內部，我們已經開始討論從下個財年開始的下一個中期計劃，同時將下個財年的潛在市場復甦視為機遇，並為進入下一階段的增長做好準備。

That's all for my presentation.

這就是我的演講的全部內容。

Thank you very much. Totoki, Matsuoka and Hayakawa made a presentation. Now at 16:25, we would like to entertain the questions from the media. At 16:50, we'd like to intertie questions from the investors and analysts. And each session consists of about 20 minutes. And some people have already pre-submitted questions so that the pre-link your phone to that registered phone number. And then as to this way to ask questions in some of the matters of consideration, please refer to our invitation letter. So please wait for a few minutes before we resume the session. Thank you.

非常感謝。十時、松岡、早川做了報告。現在16點25分，我們回答媒體朋友的提問。 16:50，我們回答投資者和分析師的提問。每節課時長約為 20 分鐘。有些人已經預先提交了問題，以便將您的手機預先鏈接到該註冊的電話號碼。那麼關於通過這種方式提問的一些考慮事項，請參考我們的邀請函。因此，在我們恢復會議之前，請等待幾分鐘。謝謝。

Thank you very much for waiting. We will now like to have the session to entertain questions from the media. The speakers are the same as the previous presenters, the 3 people on the screen. So let us start to entertain questions.

非常感謝您的等待。我們現在召開會議回答媒體提問。演講者與之前的演講者相同，即屏幕上的 3 個人。那麼讓我們開始回答問題吧。

(Operator Instructions) The first question is from [Furuka-san] from Nikkei.

（操作員說明） 第一個問題來自日經新聞的[Furuka-san]。

I hope you can hear me. I'm [Furuka] of Nikkei newspaper. I have 2 parts of questions. The first question is that about your financial results. As Mr. Totoki explained to us that -- so the situation is maybe leveling off, like games and semiconductors and other issues. But from the Q1, of course, you are in the middle of that phase. But Mr. Totoki, what is your vision for the growth? To which area and segment are likely to grow more? Do you have a vision on this growth scenario? That's my first part of the question.

我希望你能聽到我的聲音。我是日經新聞的[Furuka]。我有兩部分問題。第一個問題是關於您的財務業績。正如 Totoki 先生向我們解釋的那樣，情況可能正在趨於平穩，就像遊戲、半導體和其他問題一樣。但從第一季度開始，當然，你正處於該階段的中間。但是Totoki先生，您對增長的願景是什麼？哪些領域和細分市場可能會增長更多？您對這種增長前景有什麼願景嗎？這是我問題的第一部分。

And my second part of the question is about the situation on the strikes. To what extent that the movie new film release might be delayed because of the U.S. strikes of actors and others. So that in the generative AI is linked to this problem because that might have adverse impact upon music and films and pictures. Some of the content assets might be undermined by the -- potentially by the AI. So what do you think of that the potential impact there?

我的問題的第二部分是關於罷工的情況。電影新片上映可能會因為美國演員等人的罷工而推遲到什麼程度。因此，在生成人工智能中與這個問題有關，因為這可能會對音樂、電影和圖片產生不利影響。一些內容資產可能會被人工智能破壞。那麼您認為那裡的潛在影響如何？

Thank you very much for your question. As to your first question, so in the next fiscal year in the growth scenario that I have in mind, actually, in this mid-term business plan that the Content IP, DTC as a technology investment as well as some of the diversified business segment should have intergroup collaboration. Those are promoted.

非常感謝您的提問。至於你的第一個問題，所以在下一個財年的增長場景中，我所想到的，實際上，在這個中期商業計劃中，內容IP、DTC作為技術投資以及一些多元化的業務部門應該有組間協作。這些都是晉升的。

As a result, in the last 3 years, the cumulative -- that JPY 1.9 trillion of capital investment in equipment imaging led to JPY 1.8 trillion for that strategic investment. So gradually, we made progress. For the mid- to long term, we have already planted the seeds for the future growth potential. That's the first point.

因此，在過去 3 年中，設備成像方面累計 1.9 萬億日元的資本投資導致了 1.8 萬億日元的戰略投資。就這樣，漸漸地，我們取得了進步。從中長期來看，我們已經為未來的增長潛力埋下了種子。這是第一點。

As to the collaboration within our group companies and segments, PlayStation game IP will be used. (inaudible) HBO, that the actual -- the drama TV production, but that became a big hit in 2022 in February. Unchartered was released in the theater, and those were success. Following those successes, numerous projects are ongoing, therefore, so that there's a strong momentum now like together with the music business. This kind of entertainment business, the 3 segments of the entertainment business, in the next mid-term plan that we expect a big growth, a sufficient growth to be achieved.

至於我們集團公司和部門之間的合作，將使用PlayStation遊戲IP。 （聽不清）HBO，即實際的電視劇製作，但在 2022 年 2 月大受歡迎。 《神秘海域》在影院上映，取得了成功。在這些成功之後，許多項目正在進行中，因此現在有像音樂業務一樣的強勁勢頭。這種娛樂業務，娛樂業務的3個細分市場，在下一個中期計劃中，我們預計會有很大的增長，會實現足夠的增長。

As with I&SS segment, for this fiscal year, of course, there could be maybe some stagnation or we are levering off the growth to a certain extent. Of course, the revenue sales are going up. In terms of profitability, there's slightly some areas where we are not fully satisfied. So we must secure the profitability in a growth scenario. That's something we have to implement in the mid-term, the plan, and that's our challenge and priority.

與 I&SS 部門一樣，當然，本財年可能會出現一些停滯，或者我們正在一定程度上利用增長槓桿。當然，銷售收入正在上升。在盈利能力方面，還有一些地方我們還不太滿意。因此，我們必須確保增長情況下的盈利能力。這是我們必須在中期實施的計劃，也是我們的挑戰和優先事項。

In 2024 and afterwards, semiconductor market situation and mainly the market situation improves, especially in China, like a recovery in Chinese smartphone market is expected. But we have to be prepared fully so that we will be ready for the next term.

2024年及之後，半導體市場形勢主要是市場形勢好轉，尤其是在中國，就像中國智能手機市場的複蘇預期一樣。但我們必須做好充分準備，以便為下學期做好準備。

As to respond to your second part of the question about the strike-related issues. It's not directly just linked to the strikes, but of course, the generative AI has an adverse impact. And I think that's something I'd like to respond to you. It's not only affecting these films and pictures. The game of production, the music production and creator support already for anime, that the multilingual, the translation and so forth could be supported by AI. So the stakeholders have the rights and copyrights, and that should be respected in introduction of AI. Like music copyright, it might be violated. So we have to protect the IP as well as the artist and content. Related issues must be solved, just not by Sony stand-alone, but we have to have the entire interest involved in order to discuss to identify the future solution. That's my thought on this.

關於你提到的第二個問題，關於罷工相關問題的回答。它不僅與罷工直接相關，而且生成式人工智能當然也會產生不利影響。我想這就是我想回應你的。它不僅影響這些電影和圖片。動漫的遊戲製作、音樂製作、創作者支持，多語言、翻譯等都可以由AI支持。因此，利益相關者擁有權利和版權，在引入人工智能時應該尊重這一點。就像音樂版權一樣，它可能會受到侵犯。因此，我們必須保護知識產權以及藝術家和內容。相關問題必須解決，只是不能由索尼單獨解決，而是我們必須有全部利益參與，才能討論確定未來的解決方案。這就是我對此的想法。

So we would like to move on to the next question. [Nishida-san], who is a freelancer.

我們想繼續討論下一個問題。 [西田桑]，自由職業者。

Very difficult to hear your voice. I'm very sorry, but I can not hear your voice. Can you repeat your question once again? Can you hear me?

很難聽到你的聲音。非常抱歉，我聽不到你的聲音。你能再重複一遍你的問題嗎？你能聽到我嗎？

Your voice is not clear. Your voice is not clear, unfortunately. Can you just put the microphone a little bit more distantly? I am very sorry, since the voice is not clear, for the time sake, we would like to move on to the next person to ask question.

你的聲音不清楚。不幸的是，你的聲音不清楚。你能把麥克風放遠一點嗎？非常抱歉，由於聲音不清楚，由於時間關係，我們想請下一個人提問。

[Umedaki-san] from Toyo Keizai.

東洋經濟的[梅瀧先生]。

Can you hear me?

你能聽到我嗎？

Yes, I can hear you. So please go ahead.

是的，我能聽到你的聲音。所以請繼續。

I have 2 questions. And first question is that, as was already mentioned, the 3 areas of segments of entertainment, the total, the income, the exceeds are 54%, the 3 segments combined. It is still very high. And so you talked about next MLP, what are the percentage you would like to reach for the total -- the income of those 3 segments? And so now the China slowdown, and you have already mentioned in I&SS. And for other segment, what is the impact? For instance, the consumer spending has been quite weak in China. So what is the impact on overall business of Sony Group?

我有 2 個問題。第一個問題是，正如已經提到的，娛樂領域的 3 個領域，總數、收入、超額，這 3 個領域的總和為 54%。它仍然很高。那麼您談到了下一個 MLP，您希望達到這 3 個細分市場的總收入的百分比是多少？所以現在中國經濟放緩，你已經在 I&SS 中提到過。對於其他細分市場來說，影響是什麼？例如，中國的消費支出一直相當疲弱。那麼這對索尼集團整體業務有何影響呢？

Thank you very much for your question. And so I would like to answer the 2 questions. And as for entertainment, 3 segments combined, the operating income, what is our plan to reach the certain percentage? That -- and we do not have any target in terms of the percentage. But 3 segments: Entertainment, the segments combined, and also I&SS where the growth is expected. So comprehensively, I believe that the percentage or the portion of the profit earned by those segments will increase.

非常感謝您的提問。所以我想回答這兩個問題。至於娛樂，三個板塊加起來，營業收入，我們計劃達到一定的比例是多少？那 - 我們沒有任何百分比目標。但有 3 個細分市場：娛樂、綜合細分市場以及預計增長的 I&SS。綜合來看，我相信這些細分市場所賺取的利潤的百分比或部分將會增加。

And the second question is other than I&SS, what is the slowdown of Chinese economy on other segments? And for the consumer spending, the ET&S will be affected. The TV and smartphones are areas where -- which is severely impacted. But currently, as far as FY '23 is concerned, the slowdown in China since there is a great concern about that, so our plan is made quite conservatively. And therefore, management itself has been going quite well. But on the other hand, as for the camera, the market, which is quite -- performing quite well, and under COVID, the activities have been restricted in the past. But there is a very good demand in this area. So we would like to reap the profit as early as possible in this area. That's all.

第二個問題是除了I&SS之外，中國經濟在其他領域的放緩是什麼？對於消費者支出而言，ET&S 將受到影響。電視和智能手機是受到嚴重影響的領域。但目前，就23財年而言，中國經濟放緩，因為人們對此非常擔憂，所以我們的計劃制定得相當保守。因此，管理本身進展順利。但另一方面，就相機而言，市場表現相當不錯，而且在新冠肺炎疫情下，過去的活動受到了限制。但這個領域的需求非常好。所以我們希望在這個領域儘早獲得利潤。就這樣。

Now we'd like to move on to the next question (Operator Instructions) [Abe-san] from (inaudible) Industry Delhi.

現在我們想繼續討論來自（聽不清）工業德里的下一個問題（操作員說明）[Abe-san]。

I'm Abe from Industry Delhi (inaudible). Can you hear me?

我是來自德里工業部的 Abe（聽不清）。你能聽到我嗎？

Yes, I can. Thank you.

我可以。謝謝。

Related to the question asked earlier, ET&S segment. Digital camera is the area that I have a question. The sales unit increased, which relatively increased profit. By regions, can you explain, for example, year-on-year basis growth rate? Can you enlighten me?

與之前提出的問題相關，ET&S 部分。數碼相機是我有疑問的領域。銷量增加，利潤相對增加。按地區劃分，您能否解釋一下，例如同比增長率？你能啟發我嗎？

In addition, in this area, Chinese market, you said that there is a robust market demand in China. Going forward, do you expect robust demand will continue in the Chinese market? What is your view of the Chinese market and the demand in the market in China?

另外，在中國市場這個領域，您說中國有旺盛的市場需求。展望未來，您預計中國市場的強勁需求會持續嗎？您對中國市場以及中國市場的需求有何看法？

Thank you very much for your question. ET&S segment, digital camera increased in the number of units sold, and what is the breakdown by regions was your question. In the first quarter, camera body and lens both are doing well. By regions, China and Asia, the sales has been very robust. And Europe and U.S., full on, the competition with others is getting more severe. So in some areas, there is some slight decline in share. But we are making additional investments such as sales promotion, and we are expecting our share to increase. Going forward, we should not be optimistic, and we have to be prepared for the possible slowdown of the market. And we have to invest for new products, and also we'll be controlled in both production and sales.

非常感謝您的提問。 ET&S 細分市場中，數碼相機的銷量有所增加，您的問題是按地區細分的情況。第一季度機身和鏡頭表現都不錯。從地區來看，中國和亞洲的銷售非常強勁。而歐洲和美國，與其他國家的競爭也越來越激烈。所以在某些領域，份額略有下降。但我們正在進行額外的投資，例如促銷，我們預計我們的份額會增加。展望未來，我們不宜樂觀，要做好市場可能放緩的準備。我們必須投資新產品，並且我們將控制生產和銷售。

We'd like to entertain next question. Kyodo Tsushinsha, [Endo-san], please.

我們想回答下一個問題。共同通信社，[遠藤先生]，請。

Endo from Kyodo Tsushinsha, I hope you can hear me. I have one question about camera. The sales are going up because after the COVID-19, there's some maybe the repercussion after the -- that for the people troubling again, that they like to use more digital camera. Is that the new demand? Linked to the COVID-19 and the pandemic, how the demand is increasing after the COVID-19 pandemic?

來自共同通訊社的遠藤，希望你能聽到我的聲音。我有一個關於相機的問題。銷量之所以上升，是因為在 COVID-19 之後，對於那些再次陷入困境的人們來說，可能會產生一些影響，他們喜歡使用更多的數碼相機。這是新的需求嗎？與 COVID-19 和大流行相關聯，COVID-19 大流行後需求如何增加？

Thank you for the question, as I said, there's maybe reaction after the COVID-19 pandemic. Let us say at one time, demand was down. That's a fact. So people now have the pent-up demand. So last year, already -- that the people already bought lots of cameras after that. So the strength of demand is still persistent, which is a great pleasure. We have a continuing demand. From a macroscopic standpoint that the traveling demand is going up, people spend more money on traveling, vacations and so on, I suppose. So that might have a good impact on that demand.

謝謝你提出的問題，正如我所說，在 COVID-19 大流行之後可能會有反應。假設有一次，需求下降了。這是事實。所以人們現在有被壓抑的需求。所以去年，人們已經購買了很多相機。所以需求的強度仍然持續存在，這是一個很大的樂趣。我們有持續的需求。從宏觀的角度來看，旅遊需求在增加，我認為人們在旅遊、度假等方面的花費會增加。因此，這可能會對需求產生良好的影響。

So we'd like to move on to the next question. (Operator Instructions)

我們想繼續討論下一個問題。 （操作員說明）

[Nishida-san], who is a freelancer, please go ahead.

【西田桑】是一名自由職業者，請繼續。

Can you hear me?

你能聽到我嗎？

Yes, I can hear you, please.

是的，我能聽到你說話。

I have 2 questions, and the first point is about game business. The third party, the application has increased. How do you assess this? Do you think that this trend will be here to stay? Or do you think that you need more efforts to promote this? And so that is related to that. In your document, PlayStation Plus, the number of user, there is a change in the disclosure conditions. So is there any reason for that?

我有兩個問題，第一點是關於遊戲業務的。第三方，應用增多。您如何評價這一點？您認為這種趨勢會持續下去嗎？或者您認為需要付出更多的努力來推動這一點？這與此相關。在你們的文件中，PlayStation Plus，用戶數量，披露條件有變化。那麼這有什麼理由嗎？

And secondly, about Pictures, particularly for drama, the streaming service overseas, is there any other impact of the fluctuation of the overseas market in this area?

其次，關於影視，特別是電視劇、海外流媒體服務，海外市場的波動對這方面還有其他影響嗎？

Thank you very much for your question. The Game & Network Service that you are talking about, the increase of third-party titles, and I think your question is about our assessment on that. And during the first quarter, the new title from the third party, we have a very strong ones. And so in a software, the overall year-on-year, there has been increased revenue from this. So of course, on our part, the strong titles, the third-party titles should continue to prosper. And as a platform, we are very happy about it. And first-party titles and our new titles, because of the release timing, there has been the reduced sales year-on-year. But not only the third-party titles, but we would like to make greater efforts for the first-party titles.

非常感謝您的提問。你所說的遊戲和網絡服務，第三方遊戲的增加，我認為你的問題是關於我們對此的評估。在第一季度，來自第三方的新遊戲，我們有一個非常強大的遊戲。因此，在軟件方面，總體而言，收入同比有所增加。當然，就我們而言，強大的遊戲、第三方遊戲應該繼續繁榮。作為一個平台，我們對此感到非常高興。而第一方遊戲和我們的新遊戲，由於發佈時間的原因，銷量同比有所下降。但不僅僅是第三方遊戲，我們也願意為第一方遊戲做出更大的努力。

And your second question is about PS Plus and the change of the assumption about disclosure conditions. And about PS Plus, we just ceased to announce a review and the disclosure. And also, there has been some expansion of disclosures. So Matsuoka-san will cover this point.

你的第二個問題是關於PS Plus以及披露條件假設的變化。至於 PS Plus，我們剛剛停止宣布審查和披露。此外，披露範圍也有所擴大。那麼松岡先生就講講這一點。

And FY '22 in June, there was renewal. And after that, the PS Plus, in addition to the greater number of the subscribers moved to the more attractive titles with the increase in app. So we have been expanding the PS Plus business. So extra and premium, we would like to continue to promote the shift. In order -- and in order to do so, we would like to increase the service appeal. And on this basis, we are able to confirm the growth through network services expansion. And so we stopped the disclosing, the number of subscribers as a result.

22 財年 6 月，我們進行了續約。此後，隨著應用程序的增加，PS Plus 除了更多的訂閱者轉向更具吸引力的遊戲之外。所以我們一直在擴大 PS Plus 業務。因此，我們希望繼續推動這一轉變。為了做到這一點，我們希望提高服務吸引力。在此基礎上，我們能夠通過網絡服務的擴展來確認增長。因此我們停止披露訂戶數量。

And what are included in others? That is software sales other than PS Plus. They will be newly released. So in this area, the multi-platform will be covered, including PC. So we would like to promote this. So with additional disclosure, I hope that we can give an update about our progress.

而其他的又包括哪些內容呢？這是除 PS Plus 之外的軟件銷售。他們將被新發布。所以在這個領域，會覆蓋多平台，包括PC。所以我們想推廣這個。因此，通過額外的披露，我希望我們能夠提供有關我們進展的最新信息。

And about the Pictures, in your second question, drama streaming, is there any -- the impact of overseas market? And so overall, the business environment surrounding this area is that in overseas theatrical market, there are many tent-pole, the films released. So they become very active. But as a result of strike, the major studios, the productions have been actually delayed in major studios. And so there is some concern about advertising. So the theatrical, the business, after July, we have to pay close attention. And there is the competitive environment among the streamers. And so the content investment of those players may not decrease immediately. But as a result of the strike, there will be the change of the schedule about the production. And therefore, the future development since impact will be -- will emerge. From now, we'd like to pay attention to that.

關於影業，你的第二個問題，電視劇流媒體，有沒有——海外市場的影響？所以總體來說，圍繞這個領域的商業環境是，在海外院線市場，有很多支柱，上映的電影。所以他們變得非常活躍。但由於各大製片廠罷工，各大製片廠的製作實際上都被推遲了。因此，人們對廣告存在一些擔憂。所以戲劇、商業，7月以後，我們要密切關注。主播之間也存在競爭環境。因此這些玩家的內容投資可能不會立即減少。但由於罷工的影響，製作進度將會有所改變。因此，未來的發展將會產生影響。從現在開始，我們希望關注這一點。

Time is running short. So the next will be the last question. (Operator Instructions) [Kutsumi-san] from Nikkei Newspaper, please.

時間不多了。所以接下來將是最後一個問題。 （操作員指示）請來自日經新聞的[Kutsumi-san]。

Kutsumi from Nikkei. Can you hear me?

來自日經新聞的久美。你能聽到我嗎？

Yes, we can, please?

是的，我們可以嗎？

One question. PS5 sales, the -- you said that the actual is lower than the forecast. What is the reason for lower-than-expected sales, the sluggish personnel spending or other -- the users went to other game hardware? Can you please explain the reasons?

一個問題。 PS5的銷量，你說實際低於預測。銷量低於預期、人員支出低迷或其他原因——用戶轉向其他遊戲硬件？您能解釋一下原因嗎？

Thank you for your question. First quarter sales were 3.3 million units, slightly lower than the expectation. But from last year, 38% increase. We also believe that the demand is strong, and promotion itself was rather limited. In view of the profitability, we limited promotion activities and slightly weak. So starting from July in some regions, we have started the promotion on full-fledged basis. So the sell-through, we are looking at the sell-through, and we are seeing good signs already. So in view of the seasonality of the sales, the first quarter, slightly less than the target. But. On a fiscal year basis, especially calendar year-end, by that time, we believe that there is ample possibility for us to catch up. Especially towards the third quarter, we will be increasing the number of sales, and it's important to increase the sales. And we will aim to achieve the target.

謝謝你的問題。第一季度銷量為330萬輛，略低於預期。但與去年相比，增加了38%。我們還認為需求很強勁，而促銷本身卻相當有限。鑑於盈利能力，我們的促銷活動有限且略顯疲軟。所以從7月份開始，我們在一些地區就開始了全面的促銷活動。因此，我們正在關註銷售情況，我們已經看到了好的跡象。因此鑑於銷售的季節性，一季度略低於目標。但。以財年為基礎，特別是日曆年末，我們相信到那時我們有足夠的機會迎頭趕上。特別是到第三季度，我們將增加銷售數量，增加銷售量很重要。我們將致力於實現這一目標。

Thank you very much. Now it is time for us to end this media Q&A session. Thank you very much. The Q&A session for the analyst and investors will start at the 4:50.

非常感謝。現在我們的媒體問答環節到了結束的時候了。非常感謝。分析師和投資者的問答環節將於下午4:50開始。

[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。]