索尼 (SONY) 2024 Q2 法說會逐字稿

The time has come. Like to begin FY 2023 Q2 financial results announcement for Sony Group Corporation. I am [Okada], Corporate Communications. I will be serving as master of ceremonies. Let me introduce the people on the stage. First, Mr. Hiroki Totoki, President, COO and CFO; Naomi Matsuoka, Senior Vice President, Corporate Planning and Control, Lead of Group DE&I, Support for Finance, Business and Entertainment Area; Sadahiko Hayakawa, Senior Vice President in charge of Finance and IR.

時機已到。索尼集團公司 2023 財年第二季財務業績即將開始。我是企業傳播部的[岡田]。我將擔任司儀。讓我介紹一下台上的人。首先是總裁、營運長兼財務長Hiroki Totoki先生； Naomi Matsuoka，企業規劃與控制資深副總裁，DE&I 集團負責人，支持金融、商業和娛樂領域； Sadahiko Hayakawa，資深副總裁，負責財務和 IR。

Today, 3 persons will be explaining the consolidated results for the second quarter FY '23 and full year consolidated results forecast, after which we are going to have a Q&A session. We are scheduled to have a total of 70 minutes. Totoki-san, the floor is yours.

今天，3 個人將解釋 23 財年第二季的綜合業績和全年綜合業績預測，之後我們將進行問答環節。我們預計總共有 70 分鐘。十時先生，地板是你的了。

Today, after Ms. Matsuoka and Mr. Hayakawa explain the contents down here, I will summarize the entire earnings briefing. Mr. Hayakawa, please go ahead.

今天，在松岡女士和早川先生解釋完這裡的內容之後，我將總結整個收益說明會。早川先生，請繼續。

From here, Ms. Matsuoka, and I will explain. Consolidated sales for the quarter were JPY 2,828.6 billion, an increase of 8% compared to the same quarter of the previous fiscal year. Consolidated operating income significantly decreased JPY 106.4 billion year-on-year to JPY 263.0 billion, mainly due to the JPY 64.3 billion decrease in the operating income of the Financial Services segment. I will explain the details in the parts devoted to each business. Adjusted EBITDA decreased JPY 60.8 billion year-on-year to JPY 426.4 billion. Income before income taxes decreased JPY 113.5 billion year-on-year to JPY 257.6 billion. And net income attributable to Sony Group Corporation's stockholders decreased JPY 81.6 billion to JPY 200.1 billion. Results by segment for the quarter are shown here.

下面我和松岡女士來解釋一下。本季合併銷售額為 28,286 億日元，較上一財年同季成長 8%。合併營業收入較去年大幅減少1,064億日圓至2,630億日圓，主要是由於金融服務部門營業收入減少643億日圓。我將在針對每個業務的部分詳細解釋。調整後 EBITDA 年減 608 億日元，至 4,264 億日圓。所得稅前利潤年減1,135億日圓至2,576億日圓。歸屬於索尼集團公司股東的淨利減少816億日圓至2,001億日圓。此處顯示了本季按部門劃分的結果。

Next, I will explain the full year consolidated results forecast for FY '23. The assumed exchange rate for the second half of the fiscal year have been revised to approximately JPY 142 for the U.S. dollar and approximately JPY 152 for the euro. The full year forecast is for sales to be JPY 12.4 trillion, an increase of JPY 200 billion from the previous forecast for operating income to be unchanged at the JPY 1.170 trillion. And for net income attributed to Sony Group Corporation's stockholders to be JPY 880 billion, an increase of JPY 20 billion from the previous forecast. Adjusted EBITDA is expected to be JPY 1.785 trillion, an increase of JPY 35 billion from the previous forecast. The consolidated operating cash flow forecast, excluding the Financial Services segment is expected to be JPY 1.160 trillion, a decrease of JPY 90 billion, mainly due to the impact of the foreign currency conversion adjustment resulting from the change in the foreign exchange rate assumption and the increase in working capital in the G&NS segment. The FY '23 results forecast by segment is shown here.

接下來，我將解釋 23 財年全年綜合業績預測。本財年下半年的假設匯率已修正為美元兌換約 142 日圓，歐元兌換約 152 日圓。全年預測銷售額為 12.4 兆日元，較先前預測增加 2,000 億日元，營業收入維持 1.170 兆日元不變。歸屬於索尼集團公司股東的淨利為8,800億日元，比先前的預測增加了200億日圓。調整後 EBITDA 預計為 1.785 兆日元，較先前預測增加 350 億日圓。剔除金融服務板塊的合併經營現金流量預測預計為1.160兆日元，減少900億日元，主要是由於匯率假設變化導致的外幣換算調整的影響以及G&NS 部門的營運資金增加。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, G&NS segment. FY '23, Q2 sales increased a significant 32% year-on-year to JPY 954.1 billion mainly due to increased sales of PlayStation 5 hardware and an increase in third-party software sales. Operating income increased JPY 6.8 billion year-on-year to JPY 48.9 billion, mainly due to the impact of increased sales despite the deterioration in profitability of PS5. Adjusted OIBDA increased JPY 18.9 billion year-on-year to JPY 83.1 billion. The FY '23 forecast is for sales to be JPY 4.360 trillion, an increase of JPY 190 billion from the previous forecast. Operating income to be unchanged at JPY 270 billion. Adjusted OIBDA to be JPY 385 billion, an increase of JPY 10 billion.

現在我將概述每個業務部門。首先是G&NS部分。 23 財年第二季銷售額年增 32% 至 9,541 億日圓，主要得益於 PlayStation 5 硬體銷量的成長和第三方軟體銷量的成長。營業收入較去年增加68億日圓至489億日圓，主要是由於PS5獲利能力惡化但銷售增加的影響。調整後的 OIBDA 年比增加 189 億日元，達到 831 億日圓。 23 財年的銷售額預測為 4.360 兆日元，比先前的預測增加 1,900 億日圓。營業收入維持在 2,700 億日圓不變。調整後的OIBDA為3850億日元，增加100億日元。

The overall number of monthly active users for the PlayStation in September was 107 million accounts, an increase of 5 million from the same month last year. And the proportion of PS5 users who have high user engagement increased to a little over 40% of the total. In addition, total game play time during the quarter increased 4% year-on-year, a stable level of growth. PS5 hardware unit sales for the quarter were 4.9 million units, basically in line with our expectations and a 25% increase over the number of PS4 units sold in the second quarter FY 2016 when we sold 20 million units for the year. We have kept unchanged our high target of 25 million units for PS5 sales this fiscal year.

9月PlayStation的每月活躍用戶總數為1.07億，比去年同月增加了500萬人。而具有高用戶參與度的 PS5 用戶比例則上升至整體的 40% 多一點。此外，本季遊戲總遊戲時長年增4%，成長水準穩定。本季 PS5 硬體銷量為 490 萬台，基本上符合我們的預期，比 2016 財年第二季 PS4 銷量成長 25%，當時我們全年銷量為 2,000 萬台。我們維持本財年 PS5 銷售 2,500 萬台的高目標不變。

To achieve this target, we plan to release a new PS5 model that is smaller, lighter and has expanded the data storage capacity. We also plan to introduce to the market PS Portal through which users can enjoy remote play in combination with the PS5. This is expected to assist us in increasing the sales momentum during the year-end selling season, which is the largest opportunity to sell products. On the other hand, while carefully monitoring the results of our sales promotion activities during the year-end selling season, we are proceeding with business operation that aims to balance the penetration of PS5 with profitability.

為了實現這一目標，我們計劃發布一款更小、更輕、並且擴大了資料儲存容量的新 PS5 機型。我們也計劃向市場推出PS Portal，用戶可以透過該入口網站與PS5結合享受遠端遊戲。預計這將有助於我們在年底銷售旺季期間增加銷售動力，這是銷售產品的最大機會。另一方面，在仔細監控年末銷售季促銷活動結果的同時，我們正在進行旨在平衡 PS5 滲透率與盈利能力的業務運營。

As for software, the PS5 exclusive title, Marvel's Spider-Man 2, which has released on October 20, sold through more than 5 million units worldwide as of October 30, and it has become a big hit. Regarding PlayStation Plus, by continuing to offer attractive new features and content to our users such as starting cloud streaming of PS5 title from October in -- on our top-tier service premium, we aim to increase engagement while further expanding the composition ratio of our top-tier services, extra and premium.

軟體方面，10月20日發售的PS5獨佔遊戲《漫威蜘蛛人2》截至10月30日全球銷售量已超過500萬台，大受歡迎。關於PlayStation Plus，透過繼續向我們的用戶提供有吸引力的新功能和內容，例如從10 月開始在我們的頂級服務溢價中開始PS5 遊戲的雲端串流媒體，我們的目標是提高參與度，同時進一步擴大我們的用戶組成比例。頂級服務、額外服務和高級服務。

Next is the Music segment. FY '23, Q2 sales significantly increased 14% year-on-year to JPY 408.7 billion, mainly due to the increased streaming revenue and the impact of the foreign exchange rates. Mainly due to the impact of the sales increase, operating income increased JPY 2.3 billion to JPY 81 billion compared to FY '22 Q2, in which a onetime gain of JPY 5.7 billion was recorded due to the receipt of litigation settlement. Adjusted OIBDA increased JPY 9.6 billion to JPY 97 billion. Profit contribution from visual media and platform was approximately 20% of the operating income of the segment. The FY '23 forecast is for sales to increase JPY 70 billion from the previous forecast to JPY 1.560 trillion and operating income and adjusted OIBDA to each increase JPY 15 billion to JPY 295 billion and JPY 350 billion, respectively.

接下來是音樂部分。 23 財年第二季銷售額年增 14% 至 4,087 億日圓，主要是由於串流媒體收入增加以及匯率的影響。主要受銷售額成長的影響，營業收入較 22 財年第二季增加 23 億日圓至 810 億日圓，其中因收到訴訟和解而錄得一次性收益 57 億日圓。調整後的 OIBDA 增加 96 億日圓，達到 970 億日圓。視覺媒體及平台的利潤貢獻約佔該部門營業收入的20%。 23 財年的預測是銷售額從先前的預測增加 700 億日圓至 1.56 兆日圓，營業收入和調整後的 OIBDA 分別增加 150 億日圓至 2,950 億日圓和 3,500 億日圓。

On a U.S. dollar basis, streaming revenue for the quarter increased 9% for recorded music and 10% for music publishing, which is stable growth. During the current quarter, we had the hits shown here, including Doja Cat's, latest single, Paint The Town Red, which was #1 for 4 consecutive weeks on the Billboard Global 200 chart. Moreover, the new album released in October by Rimas Entertainment artist Bad Bunny, has become a huge hit debuting at #1 on the U.S. Billboard Album Chart and having 21 songs from the album ranked in the top 100 of Spotify's Global Song rankings immediately after that release.

以美元計算，本季錄製音樂的串流收入成長了 9%，音樂出版的串流媒體收入成長了 10%，成長穩定。在本季度，我們在這裡展示了熱門歌曲，包括 Doja Cat 的最新單曲 Paint The Town Red，該單曲連續 4 週在 Billboard 全球 200 強排行榜上排名第一。此外，Rimas Entertainment 藝人 Bad Bunny 於 10 月發行的新專輯一推出就在美國 Billboard 專輯榜上排名第一，專輯中的 21 首歌曲隨即躋身 Spotify 全球歌曲排行榜前 100 名。發行。

In order to achieve growth that outpaces the market over the mid- to long term, the Sony Music Group is focused on strengthening its competitiveness in growth areas. In the rapidly expanding field of indie labels and independent artists, we are building an ecosystem across SMG, including expanding our repertoire and service capabilities for artists through the Orchard and AWAL. We are also focusing on expanding our business in growing global markets. In Latin America, where the market size last year increased significantly, 26% year-on-year to USD 1.3 billion, SMG has established itself in the #1 position in recorded music as growth in places like Brazil has accelerated due to the acquisition of Som Livre in March 2022. In other growth markets such as China, India and Southeast Asia, we are also actively discovering and developing artists, acquiring catalogs and expanding artist services through the Orchard and AWAL.

為了在中長期實現超越市場的成長，索尼音樂集團致力於加強其在成長領域的競爭力。在快速擴張的獨立唱片公司和獨立藝術家領域，我們正在 SMG 建立一個生態系統，包括透過 Orchard 和 AWAL 擴展我們為藝術家提供的曲目和服務能力。我們也致力於在不斷成長的全球市場中拓展我們的業務。在拉丁美洲，去年市場規模大幅成長，年增 26%，達到 13 億美元，隨著巴西等地的成長因收購Som Livre 將於2022 年3 月舉行。在中國、印度和東南亞等其他成長市場，我們也積極發現和發展藝術家、透過Orchard 和AWAL 取得目錄並擴大藝術家服務。

Next is the Pictures segment. Sales for the quarter increased significantly, 18% year-on-year to JPY 399.6 billion, and operating income increased JPY 1.8 billion to JPY 29.4 billion, mainly due to an increase in the number of delivered works in television productions and the impact of foreign exchange rates. Adjusted OIBDA increased JPY 2.2 billion year-on-year to JPY 42.6 billion. The FY '23 sales forecast is JPY 1.460 trillion, down JPY 10 billion from the previous forecast. Operating income is forecasted to be JPY 115 billion, down JPY 5 billion. And adjusted OIBDA to be JPY 165 billion, no change.

接下來是圖片部分。該季度銷售額大幅成長，年增18%至3996億日元，營業收入增加18億日元至294億日元，主要是由於電視製作交付作品數量的增加以及國外的影響匯率。調整後的 OIBDA 年比增加 22 億日圓，達到 426 億日圓。 23 財年的銷售預測為 1.460 兆日元，比先前的預測減少了 100 億日元。營業收入預估為 1,150 億日元，減少 50 億日圓。並將OIBDA調整為1650億日元，沒有變化。

The Writers Guild of America strike ended on September 27, following an agreement with the American Association of Motion Picture and Television Producers. In addition, an agreement was reached on November 8 local time in the negotiation with the Screen Actors Guild, and we expect that the protracted strike will come to an official end after certain processes are undertaken within the union. Due to delays in production and constraints in promotional activities, we are seeing negative impact such as a delay in the release of certain motion pictures and a delay in the delivery of television productions. We have incorporated the impact that can be assumed at the present time into our forecast for the fiscal year.

在與美國電影電視製片人協會達成協議後，美國編劇工會的罷工於 9 月 27 日結束。此外，當地時間11月8日，在與演員工會的談判中達成協議，預計在工會內部採取一定程序後，曠日持久的罷工將正式結束。由於製作延遲和促銷活動的限制，我們看到了一些負面影響，例如某些電影的發行延遲和電視作品的交付延遲。我們已將目前可以假設的影響納入我們對本財政年度的預測中。

Even after the strike ends, it will take time for business activities to normalize due to the concentration of productions and theatrical releases. So we expect this to have a negative impact on next fiscal year's results. However, we plan to engage in cost control and other measures to try to reduce the impact. Additionally, Crunchyroll's business is growing steadily. And last month, it finalized a global distribution agreement with Amazon. As a result, Amazon Prime Video members can now subscribe to the service as an add-on channel and enjoy more than 1,300 titles of anime content provided by Crunchyroll. This service has already been launched in the U.S., Canada, Sweden and the United Kingdom, and we plan to further expand the service area in the future.

即使罷工結束後，由於製作和戲院上映的集中，商業活動也需要一段時間才能恢復正常。因此，我們預計這將對下一財年的業績產生負面影響。不過，我們計劃採取成本控制等措施，盡量減少影響。此外，Crunchyroll 的業務正在穩步成長。上個月，它與亞馬遜敲定了全球分銷協議。因此，Amazon Prime Video 會員現在可以訂閱該服務作為附加頻道，並欣賞 Crunchyroll 提供的 1,300 多部動漫內容。該服務已在美國、加拿大、瑞典和英國推出，未來我們計劃進一步擴大服務區域。

Next is the ET&S segment. Sales for the quarter were JPY 613.5 billion, down 9% from the same quarter of the previous fiscal year in which demand for TVs increased due to a recovery from lockdowns in Shanghai. Operating income significantly decreased JPY 16.8 billion year-on-year to JPY 61.0 billion mainly due to the impact of the lower sales of TVs. Adjusted OIBDA decreased JPY 15.0 billion year-on-year to JPY 87.6 billion. FY '23 sales are expected to be JPY 2.440 trillion, an increase of JPY 10 billion from the previous forecast and the forecast for operating income and adjusted OIBDA remain unchanged at JPY 180 billion and JPY 280 billion, respectively.

接下來是 ET&S 部分。該季度銷售額為 6,135 億日元，比上一財年同季下降 9%，由於上海解除封鎖，電視需求增加。營業收入較去年大幅減少168億日圓至610億日圓，主要是由於電視銷售下降的影響。調整後的 OIBDA 年比減少 150 億日元，至 876 億日圓。 23財年銷售額預計為2.44兆日元，比之前的預測增加100億日元，營業收入和調整後的OIBDA預測保持不變，分別為1800億日元和2800億日元。

The market environment for major product categories during the current quarter continued to be difficult for television, while products such as digital cameras and headphones remained strong. Regarding televisions, in response to service demand and increasing price competition, we are proactively revising our sales plans conservatively and controlling sales risks and inventory risks as well as focusing on cost reduction measures.

本季主要產品類別的市場環境對於電視來說仍然困難，而數位相機和耳機等產品仍然強勁。電視方面，針對服務需求和日益激烈的價格競爭，我們積極主動、保守地修改銷售計劃，控制銷售風險和庫存風險，並專注於降低成本的措施。

Regarding the digital camera market, especially in China, which is strong, we will aim to maximize sales and profits during the year-end selling season and further expand market share in each region through the sales of new mirrorless single-lens cameras and interchangeable lenses, which we introduced in the current quarter in October and which are selling well. Regarding inventory levels, we have thoroughly managed everything from production to sales, and we have further reduced inventory levels compared to the same period of the previous fiscal year across all our major product categories and have been able to control inventory at appropriate levels.

對於數位相機市場，特別是在強勁的中國市場，我們的目標是透過銷售新型無反光鏡單鏡頭相機和可互換鏡頭，在年末銷售季節實現銷售額和利潤的最大化，並進一步擴大各地區的市場份額，我們在 10 月的當前季度推出了該產品，並且銷售情況良好。在庫存水準方面，我們對從生產到銷售的各個環節進行了全面管理，各主要品類的庫存水準較上財年同期進一步降低，庫存控制在適當水準。

Next is the I&SS segment. Sales for the quarter increased 2% year-on-year to JPY 406.3 billion. Operating income decreased significantly by JPY 27.6 billion year-on-year to JPY 46.4 billion, mainly due to an increase in expenses, including depreciation and amortization expenses despite the positive impact of foreign exchange rates. Adjusted OIBDA decreased by JPY 15.0 billion year-on-year to JPY 107.1 billion. FY '23 sales are expected to be JPY 1.590 trillion an increase of JPY 30 billion from the previous forecast, and operating income and adjusted OIBDA are expected to be JPY 195 billion and JPY 440 billion, respectively, an increase of JPY 15 billion each.

接下來是 I&SS 部分。該季度銷售額年增 2% 至 4,063 億日圓。營業收入較去年大幅下降276億日圓至464億日圓，主要是由於儘管受到匯率的正面影響，包括折舊和攤提費用在內的費用增加。調整後的 OIBDA 年比減少 150 億日元，至 1,071 億日圓。 23財年銷售額預計為1.59兆日元，比先前的預測增加300億日元，營業收入和調整後的OIBDA預計分別為1950億日元和4400億日元，各增加150億日元。

In the smartphone product market, although we see signs that the demand decline is bottoming out in China and emerging markets, the North America market shows a significant year-on-year decline. And at this point, there is no change to our view that a recovery in the market will take place from next fiscal year. Smartphone manufacturers are incorporating larger die size sensors into their new products, mainly at the high end. And the mobile sensor market by value, driven by this is expanding as expected.

在智慧型手機產品市場，雖然我們看到中國和新興市場的需求下滑正在觸底反彈，但北美市場較去年同期下滑明顯。目前，我們認為市場將從下一財年開始復甦的觀點並沒有改變。智慧型手機製造商正在將更大晶片尺寸的傳感器整合到他們的新產品中，主要是高端產品。受此推動，移動感測器市場按價值計算正按預期擴大。

Regarding the yield rate of our new mobile sensor product. We have achieved a certain level of improvement through the initial measures taken so far, and although unit shipments are increasing, the impact on profit remains unchanged from the previous assumption and is expected to push down the operating income forecast of the segment for the fiscal year by approximately 15%. Regarding automotive sensors, the market as a whole continues to show high growth due to the normalization of the supply chain and the progress of electrification in the automotive industry but intensifying competition in the Chinese market is resulting in some of our customers capturing a low share. This, combined with the fact that the shift to higher ADAS functionality by our major customers is lower than we expected, has resulted in us slightly revising downward our forecast for the current fiscal year.

關於我們新的移動感測器產品的良率。透過迄今為止採取的初步措施，我們已經取得了一定程度的改善，儘管單位出貨量在增加，但對利潤的影響與先前的假設保持不變，預計將推低該部門本財年的營業收入預測約 15%。在汽車感測器方面，由於供應鏈的正常化和汽車行業電氣化的進步，整個市場繼續呈現高成長，但中國市場競爭的加劇導致我們的一些客戶的份額較低。再加上我們的主要客戶向更高 ADAS 功能的轉變低於我們的預期，導致我們略微下調了本財年的預測。

Furthermore, regarding the image sensor market for industrial and social infrastructure, we have further reduced our forecast for this fiscal year, mainly due to the effects of the slow economic recovery in China. Despite these factors, by incorporating the positive impact of foreign exchange rates and additional cost reduction measures, we have upwardly revised our operating income forecast for FY '23 for the segment.

此外，對於工業和社會基礎設施的影像感測器市場，我們進一步下調了本財年的預測，主要是由於中國經濟復甦緩慢的影響。儘管有這些因素，透過考慮匯率的正面影響和額外的成本削減措施，我們上調了該部門 23 財年的營業收入預測。

Here, I would like to explain our current view of next fiscal year and beyond. Looking ahead to next fiscal year, although we expect the sluggish smartphone market, which is pushing -- putting pressure on profits in the current fiscal year to recover, we believe that the improvement will progress slowly. Regarding the yield issue, which is another factor, putting pressure on profits, we are reexamining our processes and systems from design through manufacturing, but the impact is expected to remain into next fiscal year.

在這裡，我想解釋一下我們目前對下一財年及以後的看法。展望下一財年，儘管我們預期智慧型手機市場低迷將對本財年的利潤復甦帶來壓力，但我們相信改善將進展緩慢。關於產量問題，這是另一個對利潤造成壓力的因素，我們正在重新審查從設計到製造的流程和系統，但預計影響將持續到下一財年。

Next fiscal year, deterioration from our original plan resulting from yield cost per our new mobile sensor is expected to decrease significantly from the current fiscal year to approximately 1/3. However, the production volume of the sensor is expected to grow significantly as our main model. So we expect that the impact on profit for the next fiscal year will be approximately 70% of the impact demand on profit for the current fiscal year. There's no change to our view that the trend toward larger die size mobile sensors will drive the overall growth of the image sensor market in the mid to long term. And that the business will steadily expand in automotive as well as in industrial and social infrastructure applications, which are expected to grow in the midterm due to labor saving and automation.

下一財年，由於每個新移動感測器的產量成本導致我們最初計劃的惡化，預計將比本財年大幅下降至約 1/3。然而，作為我們的主要型號，感測器的產量預計將大幅增長。因此我們預計對下一財年利潤的影響將約為本財年利潤影響需求的70%。我們的觀點並沒有改變，即更大晶片尺寸移動感測器的趨勢將在中長期內推動影像感測器市場的整體成長。該業務將在汽車以及工業和社會基礎設施應用領域穩步擴展，由於勞動力節省和自動化，這些領域預計將在中期增長。

Last, is the Financial Services segment. Financial Services revenue for the current quarter was JPY 103.9 billion, a significant decrease of 42% year-on-year, mainly due to a deterioration in gains and losses from market fluctuations associated with variable life insurance despite steady growth in insurance profitability at Sony Life. Operating income was JPY 15.7 billion, a significant JPY 64.3 billion decrease year-on-year, mainly due to a deterioration in net gains and losses at Sony Life and the impact of revaluation pursuant to the application of the new accounting standard on the results of the same quarter of the previous fiscal year, as well as a JPY 22.1 billion recovery of an unauthorized withdrawal of funds recorded in the same quarter of the previous fiscal year.

最後是金融服務部門。本季金融服務收入為1,039億日元，年比大幅下降42%，主要是由於索尼人壽的保險獲利能力穩定成長，但與變質人壽保險相關的市場波動帶來的損益惡化。營業收入為157億日元，年比大幅減少643億日元，主要是由於索尼人壽淨損益惡化以及應用新會計準則重估對業績的影響上一財年同季度追回的未經授權的資金提取金額為221 億日圓。

Adjusted OIBDA decreased JPY 41.8 billion year-on-year to JPY 22.7 billion. Sony Life's new policy amount significantly increased 49% year-on-year to reach JPY 2.579 trillion and policy amount in force continues to steadily increase in the current quarter. Regarding the FY '23 forecast. Based on the results of the current quarter, we are forecasting Financial Services revenue to be JPY 1.210 trillion, a decrease of JPY 110 billion from the previous forecast. And operating income and adjusted OIBDA to be JPY 155 billion and JPY 180 billion, respectively, a decrease of JPY 25 billion each. Please note that this forecast does not take into account the impact of market fluctuations from the third quarter onwards. Although the application of the new accounting standard has affected valuation gains and losses due to market fluctuations, we expect Sony Life's insurance service results, which is a core business of the segment to continue to grow in a stable manner.

調整後的 OIBDA 年比減少 418 億日圓至 227 億日圓。索尼人壽新保單金額較去年同期大幅成長49%，達到2.579兆日圓，本季有效保單金額持續穩定成長。關於 23 財年的預測。根據本季的業績，我們預測金融服務收入為 1.210 兆日元，比先前的預測減少 1,100 億日圓。營業收入和調整後的 OIBDA 分別為 1,550 億日元和 1,800 億日元，各減少 250 億日元。請注意，該預測並未考慮第三季以來市場波動的影響。儘管新會計準則的應用因市場波動影響了估值損益，但我們預期索尼人壽作為該分部核心業務的保險服務績效將持續穩定成長。

Finally, I would like to summarize everything. First, I would like to discuss the growth of the Sony Group. Three-year cumulative adjusted EBITDA, which is the KPI of our current mid-range plan is expected to be approximately JPY 5.1 trillion or 19% above the target of JPY 4.3 trillion. This is an average annual growth rate of approximately 9% compared to the results of the fiscal year ended March 31, 2021, the final year of our previous mid-range plan. In particular, during the current quarter, the operating income of the 3 entertainment businesses of G&NS, Music and Pictures, which are our growth areas, all increased year-on-year and accounted for 61% of consolidated operating income. We are steadily making progress on the evolution to a growth business portfolio.

最後，我想總結一下一切。首先，我想談談索尼集團的成長。三年累計調整後 EBITDA（我們目前中期計畫的 KPI）預計約為 5.1 兆日圓，比 4.3 兆日圓目標高出 19%。與我們先前中期計畫的最後一年、截至 2021 年 3 月 31 日的財年業績相比，年均成長率約為 9%。特別是本季度，我們的成長領域G&NS、音樂、影視三大娛樂業務的營業收入均較去年同期成長，佔合併營業收入的61%。我們在向成長型業務組合的演變方面正在穩步取得進展。

On the other hand, we need to continue to pay close attention to the business environment surrounding Sony, which includes economic slowdown around the world as well as geopolitical risks and the division of the global economy as a result. In the second half of the fiscal year, we intend to focus on responding to this business environment in each business and to establish a foundation for growth for the next mid-range plan and beyond. In particular, we plan to focus our efforts on the top priorities of increasing the market penetration of PS5 and expanding the PS5 user base as a result in the G&NS segment as well as an improvement of the product yield and measures for improving profitability such as operational efficiency in the I&SS segment. We will put the finishing touches on the current mid-range plan in order to address any negative factors before the next fiscal year. That's all for the explanation.

另一方面，我們需要繼續密切關注索尼周圍的商業環境，包括全球經濟放緩以及地緣政治風險和全球經濟分化。在本財年下半年，我們打算在各業務領域重點應對這種商業環境，並為下一個中期計劃及以後的成長奠定基礎。特別是，我們計劃將重點放在提高 PS5 的市場滲透率和擴大 PS5 用戶群（因 G&NS 部門而產生）的首要任務上，以及提高產品產量和提高盈利能力的措施（例如運營）。I&SS 領域的效率。我們將對目前的中期計劃進行收尾工作，以便在下一財年之前解決任何負面因素。這就是解釋的全部內容。

Thank you for waiting. Now we'd like to entertain questions from the media. As for the case of the presentation, the people who will be responding to questions are as shown on the slide. (Operator Instructions) The first question [Toyo Keizai, Miraki-san], please.

謝謝您的等待。下面我們接受媒體提問。至於簡報的情況，將回答問題的人員如投影片所示。 （操作員指示）第一個問題[Toyo Keizai，Miraki-san]，請回答。

[Miraki from Toyo Keizai]. Can you hear me?

[東洋經濟的 Miraki]。你聽得到我嗎？

Yes, please.

是的，請。

I have 2 questions. About the game segment. Page 11, hardware loss increase is shown. Can you elaborate upon this more? Also another point ISS -- I&SS. In the press explanation, share in the society will be increased by FY 2025 in a major way. If you look at the appendix, the current situation is not that good. And in your presentation, ADAS, its progress is not as much as expected. About the target, you are not going to change the target? These are my 2 questions.

我有 2 個問題。關於遊戲部分。第11頁顯示硬體損耗增加。能詳細說明一下嗎？還有一點ISS——I&SS。媒體解釋稱，到2025財年，社會份額將大幅增加。如果你看附錄的話，現在的情況不太好。而且在你的演講中，ADAS，它的進展並沒有想像中那麼大。關於目標，你不會改變目標嗎？這是我的兩個問題。

Thank you for your questions. First, game and network service hardware loss an increase of loss was your question. Second quarter results, I think you are referring to the second quarter results. There's a technical aspect to this. Last year, there was a temporary FX gains occurred on the yen basis as compared to that -- the year before that, there was an increase in loss in the same period last year from the purchase of the parts to the complexion, the lead time is long. And in the meantime, yen depreciated rapidly. So there was such a special factor. That is first, that my answer to the second question -- the first question. Second one, I&SS at the beginning towards FY '25, automotive share is going to be increased according to plan. And what is the current situation? What's your question? In the automotive market, itself, it is getting more normalized. So in the medium to long term, the growth target remains unchanged. In some OEMs, the circumstances of specific OEMs and changes of the share are the factors. And it doesn't change the medium to long-term trend. That concludes my response.

謝謝您的提問。首先，遊戲和網路服務硬體損失增加是你提出的問題。第二季業績，我想你指的是第二季業績。這有一個技術方面的問題。去年，以日圓計算，出現了暫時的外匯收益，而前年，去年同期從零件採購到外觀、交貨時間等方面出現了虧損增加長。同時，日圓迅速貶值。所以就有了這樣一個特殊的因素。首先，這是我對第二個問題──第一個問題的回答。第二個，I&SS 在 25 財年伊始，汽車份額將以計畫增加。目前情況如何？你有什麼問題？在汽車市場本身，它正變得更加規範化。因此中長期來看，成長目標不變。在一些整車廠中，具體整車廠的情況和份額的變化是因素。並且不會改變中長期趨勢。我的回答到此結束。

Nikkei Newspaper, Mr. Tsutsumi, please.

日經新聞，堤先生，有請。

Yes. So I'm Tsutsumi of Nikkei Newspaper. (inaudible). So I have 2 questions. So Page 5. So the target and so the figure is -- our target is rather high, but I'd like to ask in this quarter was about the attainment of the 17 million. How do you think that you can attain this goal in the unit terms? And the small models, well, the size actually has been the bottleneck here, but the (inaudible) and how do you see this going forward? Can you elaborate on that, the Spider-Man? And the second one is maybe not so related, but the current year, the game subsidiaries and studios. And I think I have seen this in the last media reporting, but the labor cuts has been talked about, cutting personnel.

是的。我是日經新聞的堤。 （聽不清楚）。所以我有兩個問題。第 5 頁。目標和數字是－我們的目標相當高，但我想問的是本季達到 1700 萬的目標。您認為在單位方面如何才能實現這一目標？對於小型模型，尺寸實際上一直是這裡的瓶頸，但是（聽不清楚）您如何看待這一趨勢？蜘蛛俠，你能詳細說明一下嗎？而第二個可能沒那麼相關，而是當年的遊戲子公司和工作室。而且我想我在上次媒體報道中也看到了這一點，但是裁員已經被談到了，裁員。

So in the game, the cost control. Have you changed the management policy for cost control? Or are you being more severe about cost control? So if you have any particular thoughts on this, can you share with us? And then related to this, in mid- to long term, the live service games. So the live service games well, I had heard last year about this, but to FY '26, that it is going to be JPY 12 trillion. But have you ever changed the policy or thinking about changing the policy? So if you have any thoughts on this, please tell us.

所以在遊戲中，成本控制。您是否改變了成本控制的管理政策？還是您對成本控制更加嚴格？那麼如果您對此有什麼特別的想法，可以與我們分享嗎？然後與此相關的是，從中長期來看，直播服務遊戲。因此，直播服務遊戲很好，我去年就聽說過這個，但到 26 財年，它將達到 12 兆日圓。但你有沒有改變過政策或考慮改變政策？因此，如果您對此有任何想法，請告訴我們。

Okay. So for myself, I would answer your questions. About the first question. So PS5, about the target of PS5. Well, 250 -- JPY 25 million, so it is rather a high target. So it's not something that we can attain very easily. And we think that the year-end sales is the most important sales period. And towards this year-end sales, we want to have holiday sales season. We want to have the new models for the holiday sales. So the Spider-Man is also aimed for the year-end holiday sales. So 25 million yes, we want to keep as a target. But in this holiday season, we will take a look at how much. So it's not that we want to increase the installed bases, but we want to have the profitability balance as well. So that's for the first question answer.

好的。所以就我自己而言，我會回答你的問題。關於第一個問題。所以PS5，關於PS5的目標。嗯，250——2500萬日元，所以這是一個相當高的目標。所以這不是我們可以輕易實現的。而我們認為年終銷售是最重要的銷售時期。對於今年的年終銷售，我們希望有一個假期銷售季。我們希望在假期銷售中推出新車型。所以蜘蛛人也瞄準了年終假期的銷售。是的，我們希望將 2500 萬作為目標。但在這個假期，我們來看看有多少。因此，我們並不是想要增加安裝量，而是要達到獲利能力平衡。這就是第一個問題的答案。

And the second question here, so this is based on the reporting in the media, but I think it's about Bungie. And last year, July, we acquired this Bungie and SIE, the Bungie management and testing franchise to be strengthened, and new game titles to be developed. And studios, the live science games to support development and also the studios to have the competitivity increased and made more efficient. So those has been our attempts and initiatives. And as part of that, Bungie to have the efficiency throughout the company. So the indirect divisions, we had about 100 people. We had cut as the labor so personnel cut. And the impact on the profitability is already incorporated into the current forecast. So PlayStation Studios. So the indirect system, we have a review on this. And so we had personnel cuts regarding this.

這是第二個問題，這是基於媒體的報道，但我認為這是關於 Bungie 的。去年七月，我們收購了 Bungie 和 SIE，Bungie 的管理和測試特許經營權得到加強，新的遊戲也得到開發。工作室、現場科學遊戲支援開發，工作室也提高競爭力並提高效率。這些都是我們的嘗試和措施。作為其中的一部分，Bungie 提高了整個公司的效率。所以間接部門，我們大約有 100 人。我們削減了勞工，人員也隨之削減。並且對獲利能力的影響已經納入當前的預測中。所以PlayStation工作室。那麼間接系統，我們對此進行回顧。因此我們就此進行了人員削減。

And the live service last year, in FY '25, we have 12 titles. But this is the third question, I think, about the 12 titles. And then we are reviewing this. So the titles for the gamers' expectations, we have not been able to meet the gamers' expectations, but we are trying as much as possible that this would be played by the gamers and liked by gamers for a long time. So the 12 titles -- so 6 titles would be released by FY '25. That's our current plan. And the remaining 6 titles, as for when to be released, we are still working on that. And the live service games and multi-play titles, that's the total of that. So in mid- to long term, we want to indulge this kind of service, and that's the unchanged policy of our company, but it's not that we stick to certain titles, but for the gamers and game titles quality should be the most important. That's how I feel about it. Thank you.

去年的現場服務，也就是 25 財年，我們有 12 個標題。但我認為這是關於這 12 部作品的第三個問題。然後我們正在審查這一點。所以對於玩家期待的遊戲，我們還沒有能夠達到玩家的期待，但是我們正在盡可能的嘗試，讓這個能夠被玩家玩，被玩家長期喜歡。 12 部作品－即 6 部作品將在 25 財年發行。這就是我們目前的計劃。剩下的6件作品，至於何時發售，我們還在研究中。還有現場服務遊戲和多人遊戲，這就是全部。所以從中長期來看，我們希望享受這種服務，這是我們公司不變的政策，但這並不是說我們堅持某些遊戲，而是對遊戲玩家來說，遊戲的品質應該是最重要的。我就是這麼想的。謝謝。

Next, we'd like to take the next question. The [Weekly Diamond, Inmaida-san], please?

接下來，我們想回答下一個問題。 [每週鑽石，因邁田桑]，可以嗎？

I hope you can hear me?

我希望你能聽到我的聲音？

Yes, we can hear you.

是的，我們能聽到你的聲音。

I have 2 questions. The first question is about ET&S earlier in your presentation, you said that the demand on TV is going down. And as a result, you are working on the cost reduction effort. So which kind of cost are you trying to reduce? Please talk about this initiative. The second question is about imaging and sensing solution, the Slide 15. FY '23 forecast says that the additional cost reduction. So more specifically, what is your cost reduction effort like?

我有 2 個問題。第一個問題是關於 ET&S 的，在您之前的演講中，您提到電視需求正在下降。因此，您正在努力降低成本。那麼您想降低哪種成本呢？請談談這個倡議。第二個問題是關於成像和感測解決方案，投影片 15。23 財政年度預測稱額外成本降低。更具體地說，您的成本削減工作是怎麼樣的？

Thank you very much for your question. First, on ET&S. So the sales and market condition will continue to be difficult. So our sales cost will be reduced and operation cost will also be cut down. So we have moved up this initiative. The sales amount will go probably go down slightly. But in terms of profitability, we believe that we can maintain the same level. So with that in mind, we will work on the cost reduction. As for I&SS, on this, the additional cost reduction that we are mentioning here, we have several points included here. The equipment, we are reviewing the equipment condition. So we are also reviewing the situation for next year, and we are reviewing the outsourced work as well. These are the main things that we are working on. That's all.

非常感謝您的提問。首先，關於 ET&S。因此銷售和市場狀況將繼續困難。這樣我們的銷售成本就會降低，營運成本也會降低。所以我們提前了這項舉措。銷售額可能會略有下降。但就獲利能力而言，我們相信我們可以保持相同的水平。因此，考慮到這一點，我們將致力於降低成本。至於I&SS，關於這個，我們這裡提到的額外的成本降低，我們這裡有幾個點。設備，我們正在檢查設備狀況。所以我們也在檢視明年的狀況，也正在檢視外包的工作。這些是我們正在做的主要事情。就這樣。

I'd like to move on to the next question. (Operator Instructions) Are there any questions? There seems to be none. So with this, we'd like to conclude the Q&A session for the media. Q&A for investors and analysts will start at 4:42.

我想繼續討論下一個問題。 （操作員說明）還有什麼問題嗎？好像沒有。媒體問答環節到此結束。投資人和分析師問答將於4:42開始。

(Break)

（休息）

We'll begin the Q&A session for investors, analysts shortly. Would you kindly wait until the Q&A session begins. Thank you very much for waiting. Now we'd like to entertain questions from the investors and analysts. I am [Kondo] of Finance and IR group, I'll be reserving as master of ceremonies. The people on the slide, 3 persons on the slide will be responding to your questions as is case of media session. As for the operation of telephone set and attention -- point for attention, please look at the invitation letter in advance. (Operator Instructions) We set aside about 20 minutes for Q&A session. Now we'd like to begin the question-and-answer session. (Operator Instructions) Morgan Stanley -- MUFG Securities. Ono-san, please.

我們很快就會開始投資人、分析師的問答環節。請耐心等待問答環節開始。非常感謝您的等待。現在我們願意回答投​​資人和分析師的問題。我是財務與投資人關係組的[Kondo]，我將擔任司儀。幻燈片上的人，幻燈片上的 3 個人將像媒體會議一樣回答您的問題。關於電話機的操作及注意事項－注意事項請事先查看邀請函。 （操作員說明）我們預留了大約 20 分鐘的問答時間。現在我們要開始問答環節。 （操作員指示）摩根士丹利－MUFG 證券。小野先生，請你。

Ono from Morgan Stanley. One question for a game and one for the films. First, game network. FY '24, the factors for increase or decrease of revenue and profit. Can you explain these factors? For example, the small lighter version will be launched, and they will have impact upon the result, the price increase of hardware and the plan change of the PlayStation Plus. About half of the year, there will be impact, simply calculated it will be in the latter half of JPY 20 billion. What is your view on this? And Bungie's acquisition cost will be significantly decreased, you said. If you can comment on the size of the impact.

來自摩根士丹利的小野。一個關於遊戲的問題，一個關於電影的問題。第一，遊戲網。 24 財年，收入和利潤增減的因素。您能解釋一下這些因素嗎？例如，推出小型輕量版本，將對業績、硬體漲價、PlayStation Plus計畫變更等產生影響。大概半年左右就會有影響，簡單算一下下半年就200億日圓。您對此有何看法？您說，Bungie 的收購成本將大幅下降。如果您可以評論一下影響的大小。

And first-party titles, plural number of titles are pushed out to the next fiscal year, is that also a factor for increasing profit? Are there any other factors which might impact decrease in the profit for the game sector? As for the pictures, long last strikes are about to be complete -- to be ended, and we feel relieved. Towards next year, fiscal year pipeline, and together with the release, depreciation costs might occur as well, there may be pluses and minuses for this year and next fiscal year. In the Pictures segment, is it possible to achieve increased income and increased profit? Or is that going to be difficult for next fiscal year? These are my questions.

而第一方遊戲，多款遊戲被延後到下一個財年，這也是利潤增加的因素嗎？還有其他因素可能導致遊戲產業利潤下降嗎？至於圖片，長久以來的罷工即將結束，即將結束，我們感到如釋重負。到了明年，財年的管道，隨著發布，折舊成本也可能出現，今年和明年的財年可能會有正反兩方面的情況。影視板塊能否實現增收增利？或者下一財年這會很難嗎？這些都是我的問題。

Thank you for your questions. First, Game & Network Services, next fiscal year, what are the factors for pushing up or pushing down the income and profit? First, starting from PS Plus. As you pointed out, it will have full year impact from FY '25. 12-year package, then that's how the impact will be. 12-month package, which means about 60% of the users you can think in that way. And then acquisition-related cost, not only Bungie but number of acquisition-related costs occur. It -- the cost peaked in FY '23 in FY '24, on a dollar basis as compared to this year, about 20% decrease will be the level of acquisition costs. That is about the acquisition. And then hardware-related costs, this fiscal year, in terms of selling units of volume, it is going to be the peak this year. Sales, promotion-related costs and logistic-related costs will be reused. We are expecting that there will be a reduction. And this will be a factor for increase in profit.

謝謝您的提問。第一，遊戲及網路服務，下一財年，推高或推低收入和利潤的因素有哪些？首先，從PS Plus開始。正如您所指出的，它將對 25 財年全年產生影響。 12年一攬子計劃，那麼影響就是這樣的。 12個月的套餐，這意味著大約60%的用戶可以這樣想。然後是收購相關成本，不只Bungie，而且還有很多收購相關成本發生。 24財年的成本在23財年達到頂峰，以美元計算，與今年相比，採購成本水準將下降約20%。這就是關於收購的事情。然後是硬體相關的成本，本財年，從銷售來看，將會是今年的高峰。銷售、促銷相關成本和物流相關成本將會重複利用。我們預計將會減少。而這將成為利潤增加的一個因素。

On the other hand, for content, continuing on additional investment will be made. And this will be partially offsetting the increase in profit. That's my response to the first question. With regards to pictures, news there that the strike has come to a close in the morning of Japan time. So how it is coming to a close, we do not know the specifics yet. But no doubt that it is going to come to an end. So for the fiscal year's forecast, what we are showing now, we are likely to come very close to that or there may be a bit more upside opportunities, but we have to examine in more detail.

另一方面，在內容方面，將繼續追加投入。這將部分抵消利潤的成長。這就是我對第一個問題的回答。圖片方面，有消息稱，日本時間上午，罷工已經結束。那麼它是如何結束的，我們還不知道具體細節。但毫無疑問，這一切即將結束。因此，對於本財年的預測，我們現在所展示的，我們可能非常接近這項預測，或者可能會有更多的上行機會，但我們必須進行更詳細的研究。

This year, the launch impact and comparing this with FY '24. And is it possible to see increased revenue and increased profit? It's not that simple calculation. Strike ends then there will be a resumption of the theatrical release and the windowing in FY '24, there are more windows, then for that, marketing promotion costs will be incurred to be prepared for that. So we cannot just simply compare fiscal year one -- fiscal year to another fiscal year and say whether it's possible to see increase in both revenue and profit. But the fact that the strike has come to end is indeed a positive factor in the medium to long term, and we'd like to increase the profit accordingly.

今年的發布影響並將其與 24 財年進行比較。是否有可能看到收入和利潤的增加？這不是那麼簡單的計算。罷工結束後，24財年將恢復院線上映和窗口期，還有更多窗口期，為此，將產生行銷推廣費用，為此做好準備。因此，我們不能只是簡單地將第一個財年與另一個財年進行比較，然後判斷收入和利潤是否有可能增加。但罷工結束確實是中長期的正面因素，我們希望能相應地增加利潤。

Thank you. All right. So next question. From Citigroup, Ms. Ezawa, please.

謝謝。好的。那麼下一個問題。有請花旗集團的 Ezawa 女士。

Yes. So my name is Ezawa from Citigroup Securities. Can you hear me?

是的。我叫 Ezawa，來自花旗集團證券公司。你聽得到我嗎？

Yes.

是的。

And I want to ask one on game and one on semiconductors. But games, this period, PlayStation 5 hardware, so to 25 million units target. So according to what Totoki-san told us, so 25 million unit would be kept. But the profitability, we should look at the balance with the profitability and this 25 million target. So specifically, how do you see it? How much profitability change would there be? So that 25 million units would not be kept? Or to what extent can we try to aim for 25 million objective. So the selling cost, how much more would there be necessary? So how much profit would you like to see? So can you elaborate on that and tell us how you think about it?

我想問一個關於遊戲的問題，一個關於半導體的問題。但遊戲方面，這段時期，PlayStation 5硬件，因此達到了2,500萬台的目標。所以根據Totoki先生告訴我們的，所以會保留2500萬個單位。但是獲利能力，我們應該看獲利能力和這個2500萬目標之間的平衡。那麼具體來說，您怎麼看？獲利能力會有多大變化？那麼2500萬台就不會保留了嗎？或者我們可以在多大程度上努力實現2500萬的目標。那麼銷售成本，還需要多少呢？那麼您希望看到多少利潤？您能否詳細說明一下並告訴我們您對此有何看法？

And the second question is about semiconductors. So the yield and next term. So there is going to be growth. So the new products, and there is going to be having issues of yield, I think. So about the yield, can you elaborate on this so that what's happening in the yield of semiconductor? So far it's not going quite well. So now in the improvement phase, you say, but the improvement, is it a structural improvement that's happening or that -- because you are changing to the different kind of products. So is it some kind of a more over onetime kind of a treatment? So just by changing the product. So -- and another additional question, if I may, about the impact of profit. So if you can review this. So 15% impact on the -- for -- so it's JPY 35 billion in numbers, is that right? So can you tell us about it?

第二個問題是關於半導體的。所以產量和下一個學期。所以將會有成長。因此，我認為新產品將會有產量問題。那麼關於良率，您能詳細說明半導體的良率發生了什麼事嗎？到目前為止進展不太順利。所以現在處於改進階段，你說，但這種改進是正在發生的結構性改進還是那樣——因為你正在轉向不同類型的產品。那麼這是否是某種一次性的治療方法呢？所以只要改變產品就可以了。那麼，如果可以的話，還有一個關於利潤影響的附加問題。所以如果你能回顧一下這一點。 15% 的影響是 350 億日元，對嗎？那你能告訴我們一下嗎？

Okay. Thank you for your questions. So first of all, on the game network services, so 25 million units and the balance with the profitability. So well, if I put it successfully as a company, we are having the guidance for this year. So this guidance, the operating profit, we are going to keep this operating profit according to the guidance for this year. And the profitability is not going to be too much of a downside from the current estimated profitability. So we don't do such a drastic discount sales or the promotion. That's my answer to the first question.

好的。謝謝您的提問。所以首先在遊戲網路服務上，所以2500萬台還有獲利能力的平衡。好吧，如果我作為一家公司成功地表達了這一點，那麼我們今年就有了指導。因此，這個指導，營業利潤，我們將根據今年的指導維持這個營業利潤。而且獲利能力不會比目前預計的獲利能力下降太多。所以我們不會做這麼大幅度的折扣銷售或促銷活動。這就是我對第一個問題的回答。

And I&SS about the yield. Well, technical content, it's really the competitivity -- source of competitivity. So it's going to be a quite a detailed discussion. So I would like to refrain from going into that detailed discussion at this point. But generally speaking, for the semiconductors, so the new wafer, the new product and then the yield to stabilize, we would require a certain amount of time. So it starts from low yield, and then with the improvement, then the targeted level can be achieved. That's how the new product of semiconductor would go. So I think it's taking more time than we first initially thought. So we are challenging new technology here. And it's not just one new technology, but we have several issues here. So that's keeping us from advancing.

還有關於產量的 I&SS。嗯，技術含量，它確實是競爭力——競爭力的來源。所以這將會是一次非常詳細的討論。因此，我現在不想進行詳細討論。但一般來說，對半導體來說，所以新的晶圓、新的產品，然後良率要穩定下來，我們需要一定的時間。所以要從低產量開始，然後再提高，才能達到目標水準。這就是半導體新產品的發展方向。所以我認為這比我們最初想像的要花更多的時間。所以我們在這裡挑戰新技術。這不僅是一項新技術，我們還面臨幾個問題。所以這阻礙了我們前進。

And our semiconductor is with a long touch so the wafer in. So the improvement situation, we cannot see the total picture very easily because that is quite long. And that is causing this yield issue, and that's at the bottom of the yield issue. So the improvement is not structural, but we have to look at each phenomena, and we have to accumulate the solutions and to make it optimal. And if we have changed to a new different product? No, that's not what we are doing. That's my answer.

我們的半導體有很長的接觸，所以晶圓在裡面。所以改進情況，我們不能很容易地看到整體情況，因為那很長。這就是導致產量問題的原因，而這正是產量問題的根源。所以改進不是結構性的，而是要針對每一個現象，累積解決方案，使其成為最優。如果我們換成新的不同產品呢？不，那不是我們正在做的事情。這就是我的答案。

And the impact on the profit, well, the 15%, how much would that translate into amount?

對利潤的影響，嗯，15%，這會轉化為多少？

Yes, that's just as you said, JPY 35 billion. Thank you.

是的，正如你所說，350億日元。謝謝。

We'd like to entertain the next question. SMBC Katsura-san, please, SMBC Nikko Securities, Katsura-san.

我們想回答下一個問題。有請 SMBC 桂先生，SMBC 日興證券，桂先生。

This is Katsura from SMBC Nikko Securities. And I have 2 questions as well. In G&NS and I&SS. First, on games, next year in March, Ryan-san is going to leave and Totoki-san going to have this role concurrently. So the background has already been explained in the press release, but in the mid- to long term, G&NS top management, what is your vision? That is what I'd like to ask. That's the first question. And the second question on I&SS. Next fiscal year, or looking at the supplementary sheet, wafer capacity is 154,000 already. And next fiscal year, the number of models will be expanded. So I think that is one of the reasons. But on the other hand, you will be reviewing the lines and also reducing the number of lines. So next fiscal year, the depreciation of the investment. What is going to be the scale? And depending on that, will it impact the improvement of profitability and to what extent? That is what I'd like to understand.

我是 SMBC 日興證券的桂。我也有兩個問題。在 G&NS 和 I&SS 中。首先，在遊戲方面，明年3月，Ryan桑將離開，Totoki桑將兼任這個角色。所以背景已經在新聞稿中解釋過了，但是從中長期來看，G&NS高層，您的願景是什麼？這就是我想問的。這是第一個問題。關於 I&SS 的第二個問題。下一財年，或看補充表，晶圓產能已經達到154,000片。並且下一財年，車型數量將會擴大。所以我認為這是原因之一。但另一方面，您將檢查行數並減少行數。那麼下一財年，投資就會折舊。規模將會是多少？進而影響獲利能力的提升，影響程度如何？這就是我想了解的。

Thank you very much for your questions. First, on G&NS this time, starting October 1, I became Chairperson and then in April -- on April 1, I will be the provisional CEO for interim. And this has already been published, but it will be for a maximum 1 year will be an acting CEO. And during this time, my most important mission will be to find the succeeding CEO and assigning the person and transitioning to the person smoothly. So game and networking services is a strategically important business for Sony. So of course, employees and other stakeholders have high expectation towards this business. So we want to address the expectation by selecting the appropriate CEO and transition to the person as soon as possible. That is the answer to the first question.

非常感謝您的提問。首先，這次在G&NS，從10月1日開始，我成為主席，然後在4月——4月1日，我將擔任臨時執行長。這已經公佈了，但代理執行長的任期最長為一年。在這段時間裡，我最重要的任務將是找到繼任的首席執行官，並進行指派和順利過渡。因此遊戲和網路服務對索尼來說是一項具有重要戰略意義的業務。當然，員工和其他利害關係人對這項業務抱有很高的期望。因此，我們希望透過選擇合適的執行長並儘快過渡到合適的人選來滿足這一期望。這就是第一個問題的答案。

And second question on I&SS, FY '24 our view. The investment has been continuing and depreciation expenses will increase next fiscal year as well because we are moving to die size -- large-sized equipment. And as a result, the demand will be increasing, but the -- we will be discerning the market condition recovery. And so next fiscal year onward, we'd like to make decision on investments. I believe that next fiscal year, for the next mid-range plan, I believe that we can talk about our next mid-range plan thoroughly to use. So as we talk about that, I think that we can talk about the size of investments that we will be making in the next 3 years. That is all. Thank you.

關於 I&SS 的第二個問題，24 財年我們的看法。投資一直在持續，下個財年折舊費用也將增加，因為我們正在轉向晶片尺寸——大型設備。因此，需求將會增加，但我們將看到市場狀況的復甦。因此，從下一個財年開始，我們希望做出投資決定。我相信下一個財年，對於下一個中期計劃，我相信我們可以把我們下一個中期計劃徹底地講好用。因此，當我們談論這個問題時，我認為我們可以談論我們在未來三年內將進行的投資規模。就這些。謝謝。

Thank you. The time is running short. (Operator Instructions) Next, JPMorgan Securities, Ayada-san, please.

謝謝。時間不多了。 （操作員指示）下面有請摩根大通證券，綾田先生。

Ayada from JPMorgan. One question. Game. I have a question regarding game. Second quarter operating profit an increase and decrease, the thinking behind that, can you explain in a quantitative fashion? Excluding FX impact, JPY 8.5 billion decrease in profit on a year-on-year basis. The factors for this hardware negative was large and software was an increase in promotion and others is S&G (sic) [SG&A] was large. So what is the impact for each of these factors? And if it's difficult to say in a quantitative manner, the profitability of software remains -- whether the profitability of software is not changing from the before.

來自摩根大通的綾田。一個問題。遊戲。我有一個關於遊戲的問題。第二季營業利益增減，背後的思考，能定量解釋一下嗎？剔除匯率影響，利潤年減85億日圓。造成這種硬體負面影響的因素很大，軟體是促銷的增加，其他因素是 S&G（原文如此）[SG&A] 很大。那麼每個因素的影響是什麼呢？如果很難定量地說，軟體的獲利能力仍然存在——軟體的獲利能力是否與以前相比沒有改變。

Quantitatively, we are not disclosing. So I would like to highlight the important points. First, operating profit and the factors for increase. The largest contributor is software. Simply, software sales was good. First party, slightly weak. Third party is strong. On a net basis, there will be contribution -- positive contribution. And then the second is the positive impact of the exchange rate. And next is network service. Simply, network service revenue increased. And the negative factors are the following: there are 2 factors. One is hardware. PS5 selling is increasing and related to that. And then sales is increasing this much. And SG&A is increasing accordingly. So these are the positive and negative factors. Thank you.

從數量上來說，我們不予透露。所以我想強調重點。一、營業利潤及成長因素。最大的貢獻者是軟體。簡而言之，軟體銷售情況良好。第一方，略弱。第三者實力雄厚。從淨額來看，將會有貢獻－正貢獻。其次是匯率的正面影響。接下來是網路服務。簡單來說，網路服務收入增加了。負面因素有：有2個因素。一是硬體。 PS5 銷量的增加與此相關。然後銷售額成長了這麼多。 SG&A 也在相應增加。這些是積極因素和消極因素。謝謝。

Thank you. All right, so the next question and this will be last question. So from Mizuho Securities Nakane-san, please.

謝謝。好吧，那麼下一個問題，這將是最後一個問題。有請瑞穗證券中根先生發言。

I'm Nakane from Mizuho Securities. The cash flow I'd like to ask, and JPY 1.16 trillion, did over JPY 1.16 trillion so at the year end the inventory level and the G&NS and I&SS what kind of a level would that be? And for the next year on wards so the working capital would be more pressurized so [OIBDA] would be better so for the game and I&SS would you tell us how it's going to be or how you view this?

我是瑞穗證券的中根。我想問的是，現金流量為 1.16 兆日元，超過了 1.16 兆日元，那麼年底的庫存水準以及 G&NS 和 I&SS 會是什麼樣的水準？對於明年的選區，營運資金將面臨更大的壓力，因此 [OIBDA] 會更好，因此對於遊戲和 I&SS，您能告訴我們它將如何，或者您如何看待這一點？

Yes, thank you for the question and ask for the question. So Hayakawa-san would answer this question.

是的，謝謝你的提問並提出這個問題。那麼早川先生來回答這個問題吧。

Yes. Thank you Nakane-san for your question. And this issue that you raised. So JPY 90 billion for the cash flow is because of the foreign exchange impact and also the inventory and the working capital -- sorry, not the inventory, but working capital for the debt we have and the PlayStation 5 and also the semiconductor. The second quarter and the third quarter, the sales to be increased, so we have more inventory on hand. And as of March end it's going to be normalized. And especially game, the inventory would be much less in March, okay? And for the next year, so it's going to be a compressed inventory.

是的。謝謝中根先生的提問。還有你提出的這個問題。因此，900 億日圓的現金流是由於外匯影響以及庫存和營運資金 - 抱歉，不是庫存，而是我們的債務、PlayStation 5 和半導體的營運資金。第二季度和第三季度，銷售量增加，因此我們手頭上有更多的庫存。從三月底開始，它將正常化。尤其是遊戲，三月的庫存會少很多，好嗎？明年，庫存將被壓縮。

So how is the operating cash flow would be? So midterm plan, we are reviewing this now closely. And about the working capital, it's going to come back. And here, the cash flow would be positively impacted. And what you had asked the inventory level as of year-end, G&NS and I&SS is different. So about the game, PlayStation 5 sell-in would be increased so that the inventory would be largely decreased. And I&SS, as has been explained, the revenue is increasing quite rapidly. In that case, the inventory is going to be at a level that's appropriate to that. Thank you, and that's all for me.

那麼經營現金流會怎麼樣呢？因此，我們現在正在仔細審查中期計劃。至於營運資金，它會回來的。在這裡，現金流將受到正面影響。您所詢問的截至年底的庫存水平，G&NS 和 I&SS 是不同的。所以對於遊戲來說，PlayStation 5的銷售量將會增加，從而庫存會大幅減少。正如已經解釋的那樣，I&SS 的收入成長相當迅速。在這種情況下，庫存將處於適當的水平。謝謝你，這就是我的全部了。

As such, we would like to close the Sony Q2 FY 2023 consolidated results meeting. Thank you so much.

因此，我們希望結束索尼 2023 財年第二季合併業績會議。太感謝了。

[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。]