索尼 (SONY) 2024 Q4 法說會逐字稿

The time has come to begin FY 2023 financial results announcement of Sony Group Corporation. I am Okada from Corporate Communications. I'll be serving as master of ceremonies today. Let me introduce the people on the stage. First, Hiroki Totoki, President, COO and CFO; Naomi Matsuoka, Senior Vice President, Executive Officer in charge of Corporate Planning and Control, lead of Group DE and high promotion and support for finance and entertainment area; Hayakawa Sadahiko, Senior Vice President, Executive Officer in charge of Finance and IR. These three will be explaining the results of FY '23 and forecast for FY '24 and fifth midrange plan. After that, we are going to have Q&A. A total of 80 minutes is allocated.

索尼集團公司 (Sony Group Corporation) 即將開始公佈 2023 財年財務表現。我是企業傳播部的岡田。今天我將擔任司儀。讓我介紹一下台上的人。首先是 Hiroki Totoki，總裁、營運長兼財務長； Naomi Matsuoka，資深副總裁，執行官，負責企業規劃和控制，DE 集團領導以及金融和娛樂領域的高度推廣和支持；早川貞彥，資深副總裁兼執行官，負責財務和IR。這三人將解釋 23 財年的結果以及 24 財年和第五個中期計畫的預測。之後，我們將進行問答。總共分配80分鐘。

Now Mr. Totoki, the floor is yours.

現在，Totoki 先生，請發言。

Today, I will explain this content. Matsuoka and Hayakawa will talk about our results for FY '23 and our result forecast for FY '24. And I will talk about the fifth midrange plan, which started this fiscal year. Hayakawa-san, please go ahead.

今天我就來解釋一下這個內容。松岡和早川將討論我們 23 財年的表現以及 24 財年的業績預測。我將談論本財年開始的第五個中期計劃。早川同學，請繼續。

Thank you. FY '23 consolidated sales were JPY 13,020.8 billion, a new record high. Consolidated operating income was JPY 1,208.8 billion. Net income was JPY 970.6 billion, and consolidated adjusted EBITDA was JPY 1,880 billion. Furthermore, the JPY 229.4 billion in consolidated operating income for the previous quarter was the highest ever for a fourth quarter.

謝謝。 23 財年綜合銷售額為 130,208 億日元，創歷史新高。合併營業收入為12,088億日圓。淨利潤為 9,706 億日元，綜合調整後 EBITDA 為 18,800 億日元。此外，上一季的合併營業收入為 2,294 億日元，創第四季以來最高水準。

Due to the partial spinoff of our Financial Services business, which is scheduled for October 2025 from this earnings announcement, we are also showing other figures without the Financial Services segment. On a consolidated basis, excluding the Financial Services segment, sales were JPY 11,265 billion. Operating income was JPY 1,335.3 billion, and operating cash flow was JPY 1,177.8 billion.

由於我們的金融服務業務計劃於 2025 年 10 月從本收益公告中分拆出來，因此我們也顯示了不包括金融服務部門的其他數據。在合併基礎上，不包括金融服務部門，銷售額為 112,650 億日圓。營業收入為13,353億日元，營業現金流為11,778億日圓。

The performance by segment for FY '23 is shown on this slide. Next, I will explain our consolidated results forecast for the full FY '24. Our full year forecast is sales of JPY 2,310 billion, operating income of JPY 1,275 billion and net income of JPY 925 billion. On a consolidated basis, excluding the Financial Services segment, sales are expected to be JPY 11,400 billion and operating income is expected to increase 9% year-on-year to JPY 1,130 billion. The forecast for consolidated operating cash flow, excluding the Financial Services segment, is JPY 1,400 billion, a significant increase of 19% year-on-year. The full year forecast by segment is shown here.

此投影片顯示了 23 財年各部門的業績。接下來，我將解釋我們對整個 24 財年的綜合業績預測。我們預計全年銷售額為 23,100 億日元，營業收入為 12,750 億日元，淨利為 9,250 億日元。合併後，不包括金融服務部門，銷售額預計為11.4兆日元，營業收入預計將年增9%至1.13兆日圓。不包括金融服務部門的合併經營現金流預測為1.4兆日圓，較去年同期大幅成長19%。此處顯示了按細分市場劃分的全年預測。

Now I will move on an explanation of the overview of each business. First is G&NS segment. FY '23 sales increased a significant 17% year-on-year to JPY 4,267.7 billion, mainly due to increased third-party software sales and the impact of foreign exchange rates.

下面我就每個業務的概況進行解釋。首先是G&NS 部分。 23 財年銷售額較去年同期大幅成長 17% 至 42,677 億日圓，主要由於第三方軟體銷售額增加以及外匯匯率的影響。

Operating income increased JPY 40.2 billion year-on-year to JPY 290.2 billion, mainly due to the increased sales. Operating income for the previous quarter was JPY 106 billion, a new record high for the fourth quarter in this segment. The FY '24 forecast for sales is JPY 4,200 billion and operating income is JPY 310 billion. We expect acquisition-related expenses, including expenses related to the acquisition of Bungie, Inc for this fiscal year to be approximately JPY 52 billion, a decrease of JPY 17 billion year-on-year.

營業收入較去年增加402億日圓至2,902億日元，主要是因為銷售額增加。上一季營業收入為1060億日元，創該領域第四季新高。 24 財年的銷售額預測為 42,000 億日元，營業收入為 3,100 億日圓。我們預計本財年收購相關費用（包括收購 Bungie, Inc 相關費用）約 520 億日圓，年減 170 億日圓。

PlayStation 5 sales in the previous quarter totaled 4.5 million units, and in the full FY '23, 20.8 million units. As of the end of March, cumulative unit sales of PS5 reached 59.2 million units, approaching the 60 million cumulative units sold of the PlayStation 4, which had undergoing price cuts of a total of USD 100 in the same period since its release. We expect PS5 sales for this fiscal year to be approximately 18 million units.

PlayStation 5 上一季的銷售量總計 450 萬台，23 財年全年銷售 2,080 萬台。截至3月底，PS5累計銷售量達到5,920萬台，逼近PlayStation 4累計銷售6,000萬台，PlayStation 4自售以來同期降價總計100美元。我們預計本財年 PS5 銷量約為 1,800 萬台。

In terms of software, the live service game, Helldivers 2 released in February, has been a hit that far exceeded expectations with cumulative sales for both PS5 and PC in 12 weeks since its release to the beginning of May, reached 12 million copies, surpassing the record set by God of War Ragnarök in the same period after its release in 2022. The game has become our biggest PC-ship title to date, and as a multi-platform title, it also contributed significantly to sales and profit last quarter.

In terms of software, the live service game, Helldivers 2 released in February, has been a hit that far exceeded expectations with cumulative sales for both PS5 and PC in 12 weeks since its release to the beginning of May, reached 12 million copies, surpassing the record set by God of War Ragnarök in the same period after its release in 2022. The game has become our biggest PC-ship title to date, and as a multi-platform title, it also contributed significantly to sales and profit last四分之一.

Following this success, we are looking forward to the release of live service games such as the expansion content, Destiny 2: The Final Shape, which is expected to be released by Bungie on June 4 and Concord, which is scheduled to be released this year by Firewalk Studios, which we acquired in 2023.

繼這一成功之後，我們期待著直播服務遊戲的發布，例如資料片內容《天命 2：最終形態》（預計將於 6 月 4 日由 Bungie 發布）和計劃於今年發布的《Concord》由Firewalk Studios開發，我們於2023 年收購了該公司。

Thanks primarily to the growing iteration of PS5 as well as the success of Helldivers 2 and third-party free-to-play titles, the number of monthly active users across PS in March remained high at 180 million accounts, up 9% year-on-year. Total play time on PS in the month of March increased 15% year-on-year. And for the entire fourth quarter of the FY '23, it reached the second highest level in history, second only to the fourth quarter of FY '20, which benefited from significant stay-at-home demand due to the pandemic.

主要得益於 PS5 的不斷迭代，以及《地獄潛伏者 2》和第三方免費遊戲的成功，3 月份 PS 月活躍用戶數仍保持在 1.8 億的高位，同比增長 9% -年。 3 月份 PS 總遊戲時長年增 15%。而在整個23財年第四季度，它達到了歷史第二高水平，僅次於20財年第四季度，該季度受益於疫情帶來的大量居家需求。

Looking at the console cycle, we think that the PlayStation business model has changed significantly since the launch of the PS4. The business model up to and including the PlayStation 3 was focused on increasing the number of software units sold in relation to newly sold hardware for each console generation. After a transition period during the PS4 generation, the PS5 model has shifted to one where playtime on the platform has increased due to expansion of the user community beyond console generations. Due to this change in business model, during the PS4 generation, we were able to significantly grow profits in this segment, thanks to rapid digitalization and the expansion of network services.

綜觀主機週期，我們認為自 PS4 推出以來 PlayStation 的商業模式發生了顯著變化。包括 PlayStation 3 在內的商業模式的重點是增加每一代遊戲機相對於新銷售硬體的軟體銷售數量。經過 PS4 世代的過渡期後，PS5 型號已轉變為平台遊戲時間增加的型號，原因是用戶社群的擴展超越了主機世代。由於商業模式的這種變化，在 PS4 世代期間，由於快速的數位化和網路服務的擴展，我們能夠在該領域實現利潤的顯著增長。

In the PS5 generation, which has capitalized on the established PS4 user base, the trend is hard to see due to the impact of stay-at-home demand and acquisition-related expenses. But since the launch of the PS5, we have continued to achieve a high level of a more stable profit growth.

在利用 PS4 現有用戶基礎的 PS5 世代中，由於居家需求和收購相關費用的影響，這一趨勢很難看到。但自從PS5推出以來，我們繼續實現了高水準的更穩定的利潤成長。

As we enter the second half of the console cycle, we expect the number of new PS5 units sold to gradually decline. However, by steadily maintaining and expanding the consistently increasing number of active users and user engagement while also strengthening control over business costs, we believe that we will be able to steadily increase sales and profits from the PS platform going forward.

隨著我們進入主機週期的後半段，我們預計新 PS5 的銷售將逐漸下降。然而，透過穩步維持和擴大持續成長的活躍用戶數量和用戶參與度，同時加強對業務成本的控制，我們相信未來我們將能夠穩定增加 PS 平台的銷售和利潤。

In addition to the stable earnings base on the PS platform, we are aiming to grow sales of first-party software, which we have been actively strengthening in recent years. And by doing so, we plan to achieve a new record high in profits in this segment during the fifth midrange plan.

除了PS平台上穩定的獲利基礎外，我們的目標是增加第一方軟體的銷量，這是我們近年來一直在積極加強的。透過這樣做，我們計劃在第五個中期計劃期間實現該領域利潤的新高。

Next is Music segment. FY '23 sales increased a significant 17% year-on-year to JPY 1,690 billion, mainly due to increased streaming sales and the impact of foreign exchange rates. Operating income increased JPY 38.6 billion from the previous fiscal year to JPY 301.7 billion, mainly due to increased sales, setting a new record for this segment for the fourth consecutive year and being the highest among our 6 business segments as was the case last fiscal year. The FY '23 profit contribution from visual media and platform accounted for approximately 10% of the segment's operating income. The FY '24 forecast for sales is JPY 1,690 billion and operating income is JPY 315 billion.

接下來是音樂部分。 23 財年銷售額較去年同期大幅成長 17% 至 16,900 億日圓，主要是由於串流媒體銷售增加和外匯匯率的影響。營業收入比上一財年增加386億日元，達到3017億日元，主要是由於銷售額增加，連續第四年創下該部門的新紀錄，與上一財年一樣，是我們6個業務部門中最高的。 23財年來自視覺媒體和平台的利潤貢獻約佔該部門營業收入的10%。 24 財年的銷售額預測為 16,900 億日元，營業收入為 3,150 億日圓。

Streaming revenue in the previous quarter continued to grow on a U.S. dollar basis with both Recorded Music and Music Publishing, each increasing 11% year-on-year. In terms of Recorded Music, an average of 31 songs were ranked in the top 100 on Spotify's weekly global song rankings for the whole of FY '23. Moreover, Beyoncé's new album, Cowboy Carter, released on March 29, has become a hit, ranking #1 in the U.S. album chart immediately upon its release.

上一季的串流媒體收入以美元計算持續成長，錄製音樂和音樂出版均較去年同期成長 11%。在錄製音樂方面，23 財年全年，平均有 31 首歌曲進入 Spotify 每週全球歌曲排行榜前 100 名。此外，碧昂絲於3月29日發行的新專輯《Cowboy Carter》一推出就登上美國專輯榜第一名，一炮而紅。

Streaming revenue in Music Publishing has grown significantly with a CAGR of 38% over the 4 years since FY '20, thanks to an expansion of opportunity to monetize our music catalog, which have been available for a certain period of time. We have been strengthening our music catalog since making EMI Music Publishing a wholly owned subsidiary in 2018, and the number of songs we managed at the end of March was approximately 6.24 million, an increase of 1.7x over the past 10 years. We also maintained the top global market share in Music Publishing.

自 20 財年以來的 4 年裡，音樂出版的串流媒體收入顯著增長，複合年增長率為 38%，這要歸功於我們在一段時間內提供的音樂目錄貨幣化機會的擴大。自2018年將EMI音樂出版公司收購為全資子公司以來，我們一直在加強音樂目錄，截至3月底我們管理的歌曲數量約為624萬首，比過去10年增長了1.7倍。我們也在音樂出版領域保持全球市佔率第一。

The value of music catalogs as IP assets is expanding significantly, and we intend to further expand the monetization opportunities of these IP assets, primarily by maximizing synergies between the entertainment businesses.

音樂目錄作為 IP 資產的價值正在顯著擴大，我們打算主要透過最大化娛樂業務之間的協同效應來進一步擴大這些 IP 資產的貨幣化機會。

Next is the Pictures segment. Although there was a decrease in the number of television program deliveries, FY '23 sales increased 9% year-on-year to JPY 1,493.1 billion due to an increase in the number of theatrical releases and the impact of foreign exchange rates. Operating income was JPY 117.7 billion, essentially flat year-on-year. This was primarily due to an increase in marketing costs resulting from the increased number of releases, offset by the impact of the increase in sales. Our FY '24 forecast for the sales is JPY 1,480 billion and operating income is JPY 120 billion.

接下來是圖片部分。儘管電視節目交付數量有所減少，但由於影院上映數量的增加以及匯率的影響，23 財年銷售額同比增長 9% 至 14,931 億日元。營業收入為1177億日元，年比基本持平。這主要是由於發布數量增加導致行銷成本增加，但被銷量增加的影響所抵消。我們對 24 財年銷售額的預測為 14,800 億日元，營業收入為 1,200 億日圓。

The negative impact on the profitability of the Hollywood strikes in FY '23 is estimated to have been approximately JPY 118 billion caused by changes in the film release schedules and delaying the delivery of the television programs. We believe the negative impact of the strikes and on profitability will peak in FY '24, and we have incorporated approximately JPY 34 billion as the impact into the full year forecast.

由於電影發行時間表的變化和電視節目的延遲交付，預計 23 財年好萊塢罷工對盈利能力的負面影響約為 1,180 億日圓。我們認為罷工和對獲利能力的負面影響將在 2024 財年達到頂峰，我們已將約 340 億日圓的影響納入全年預測。

Regarding Crunchyroll, we are expecting it to contribute even more to the operating income of the entire segment due to the sales growth, primarily from an increase in the global plan subscribers and overseas distribution of anime products as well as reduced amortization expenses associated with the acquisition.

至於Crunchyroll，我們預計由於銷售成長，它將對整個部門的營業收入做出更大的貢獻，這主要來自全球計畫訂戶和動漫產品海外發行的增加以及與收購相關的攤銷費用的減少。

In Motion Pictures, we have plans to release major titles in FY '24, such as the sequel to the popular Bad Boys franchise, Bad Boys: Ride or Die as well as new titles from the Sony Pictures Universe of Marvel characters, Venom: The Last Dance and Kraven the Hunter.

在電影方面，我們計劃在24 財年發行主要影片，例如廣受歡迎的《壞男孩》系列的續集《壞男孩：乘駕或死亡》，以及來自索尼影業漫威角色宇宙的新影片《毒液：毒液》 《最後之舞》和《獵人克萊文》。

Next, the ET&S segment. FY '23 sales were JPY 2,453.7 billion, essentially flat year-on-year. This was mainly due to a decrease in the unit sales of televisions, offset by an impact from the foreign exchange rates. Operating income increased JPY 7.9 billion year-on-year to JPY 187.4 billion, mainly due to the favorable impact of foreign exchange rates and the benefit of the cost reductions despite the impact of lower sales in televisions. Our FY '24 forecast for sales is JPY 2,370 billion and operating income is JPY 190 billion.

接下來是 ET&S 部分。 23 財年銷售額為 24,537 億日元，較去年同期基本持平。這主要是由於電視機銷量下降，但卻被外匯匯率的影響所抵銷。營業收入年增79億日圓至1,874億日元，主要是由於匯率的有利影響以及儘管電視機銷量下降的影響但成本降低的好處。我們預測 24 財年的銷售額為 23,700 億日元，營業收入為 1,900 億日圓。

In FY '23, the digital cameras and interchangeable lenses generated increased sales in operating income, thanks to enhanced product appeal, and televisions and mobile communication reduced costs, enabling the entire segment to achieve a level of operating income that exceeded FY '22 results and our projection at the beginning of FY '23. Moreover, full year operating cash flow was JPY 322.8 billion, the largest amount our 5-year business segment, excluding the Financial Services segment due to improved profitability and significant inventory reductions mainly in television.

在 23 財年，由於產品吸引力增強，數位相機和可互換鏡頭的銷售額增加了營業收入，而電視和行動通訊降低了成本，使整個部門的營業收入水平超過了 22 財年的業績和我們在23 財年年初的預測。此外，全年營運現金流為 3,228 億日元，是我們 5 年業務部門中最高的金額（不包括金融服務部門），原因是盈利能力提高和主要是電視領域的庫存大幅減少。

The market for interchangeable lens and mirror-less cameras, which is the main source of our sales and profit for this segment, showed a strong growth in the previous quarter, mainly in China and Japan and has continued to remain strong since April. We expect this market growth to gradually decelerate from the second half of this year -- this fiscal year onward, but we believe this will remain stable going forward.

可換鏡頭和無反光鏡相機市場是我們該細分市場銷售和利潤的主要來源，上一季顯示出強勁增長，主要在中國和日本，並且自 4 月以來繼續保持強勁勢頭。我們預計這一市場成長將從今年下半年（本財年）開始逐漸放緩，但我們相信未來將保持穩定。

Next, the I&SS segment. FY '23 sales increased a significant 14% year-on-year to JPY 1,602.7 billion, mainly due to increased sales of the image sensors for mobile products and the impact of foreign exchange rates. Despite the impact of increased sales, operating income decreased JPY 18.7 billion year-on-year to JPY 193.5 billion, mainly due to an increase in expense, including depreciation and amortization expenses. Our FY '24 forecast for sales is JPY 1,840 billion and operating income is JPY 270 billion, which would be a record high for this segment.

接下來是 I&SS 部分。 23財年銷售額較去年同期大幅成長14%至16,027億日圓，主要是由於行動產品影像感測器銷售額增加以及外匯匯率的影響。儘管受到銷售額增加的影響，營業收入仍年減187億日元至1,935億日元，主要是由於折舊和攤提費用等費用增加。我們預測 24 財年的銷售額為 18,400 億日元，營業收入為 2,700 億日元，這將創該領域的歷史新高。

In the current smartphone product market, while unit sales in the previous quarter in China slightly exceeded the same period of the previous year, stagnation continues in the U.S. and in other parts of Asia, and we believe the global recovery will be very slow. In this market environment, our mobile sensor business is expected to continue to grow due to larger die size sensors and higher added value and an expanded market share, and we plan to achieve year-on-year sales growth in the FY '24 of 10% or more for the third year in a row.

在目前的智慧型手機產品市場中，雖然中國上一季的銷量略高於去年同期，但美國和亞洲其他地區的停滯仍在繼續，我們認為全球復甦將非常緩慢。在這種市場環境下，由於更大的晶片尺寸感測器和更高的附加價值以及擴大的市場份額，我們的行動感測器業務預計將繼續成長，並且我們計劃在10 財年的24 財年實現同比銷售成長連續第三年達到或超過%。

In addition to the trend of increasing the die size of the wide-angle camera sensors, smartphone manufacturers are working to increase the size and improve the image quality and the performance of the actual wide angle and in telephoto camera sensors, and we believe this will be the growth driver for the mobile sensor market over the next few years.

除了增加廣角相機感光元件晶片尺寸的趨勢之外，智慧型手機製造商正在努力增加尺寸並提高實際廣角和長焦相機感測器的影像品質和性能，我們相信這將成為未來幾年行動感測器市場的成長動力。

To accommodate these trends towards larger die sizes and higher added value, we are focusing our sensor development on improving pixel performance and in characteristics. We are developing high-performance sensors while focusing on the number of manufacturing processes and productivity as well as improving production yields through pixel design. These efforts expected to contribute to future investment and efficiency and cost improvements.

為了適應更大晶片尺寸和更高附加價值的趨勢，我們將感測器開發的重點放在提高像素性能和特性上。我們正在開發高性能感測器，同時關注製造流程的數量和生產率，以及透過像素設計提高產量。這些努力預計將有助於未來的投資、效率和成本的改善。

In addition, with regards to improving the yield of mobile sensor, which had been a top priority since the previous fiscal year, we have been making a progress at the pace that slightly exceeds our plan. As a result, we expect to be able to reduce the impact on profitability for this fiscal year to approximately JPY 18 billion, almost half of the previous fiscal year.

此外，關於提高移動感測器的良率，自上一財年以來一直是我們的首要任務，我們一直以略超計劃的速度取得進展。因此，我們預計能夠將對本財年獲利能力的影響減少至約 180 億日圓，幾乎是上一財年的一半。

Last is the Financial Services segment. The Financial Service revenue for FY '23 was JPY 1,770 billion, almost double year-on-year, mainly due to the impact of market fluctuation in Sony Life Inc. Operating income decreased a significant JPY 144.5 billion year-on-year to JPY 173.6 billion. This was primarily due to a decrease in the net gains related to market fluctuations for variable insurance and other products of the Sony Life as well as recording of the gains on the stable sales of the [SB OST] at the Sony Life and the recovery of funds related to unauthorized withdrawal in the previous fiscal year. These negative factors were primarily offset by the recording of the gain mainly from the transfer of the portion of the shares of the Sony Payment Services Inc.

最後是金融服務部門。 23財年金融服務收入為17,700億日元，年比幾乎翻番，主要是受到索尼人壽公司市場波動的影響。這主要是由於索尼人壽的變額保險和其他產品與市場波動相關的淨收益減少，以及索尼人壽[SB OST]穩定銷售的收益記錄以及索尼人壽的恢復。的資金。這些負面因素主要被主要來自轉讓索尼支付服務公司部分股份的收益記錄所抵銷。

The FY '24 forecast for the Financial Services revenues were JPY 910 billion, and operating income is JPY 145 billion, a decrease of JPY 28.6 billion from the previous fiscal year, which included the recording of the gain from the transfer I previously mentioned. Please note that this forecast does not take into account the impact of the market fluctuation in the Sony Life.

24 財年金融服務收入預測為 9,100 億日元，營業收入為 1,450 億日元，比上一財年減少 286 億日元，其中包括我之前提到的轉讓收益的記錄。請注意，這項預測並未考慮索尼人壽市場波動的影響。

Now I would like to explain the fluctuations in operating income that have been particularly notable since the adoption of IFRS 17. This is the trend of the breakdown of Sony Life's quarterly operating income while insurance services results, which are the base profit for the business, have generally remained stable. Investment gains and losses have fluctuated greatly due to the changes in the market conditions.

現在我想解釋一下自採用 IFRS 17 以來特別顯著的營業收入波動。投資損益因市場狀況的變化而發生較大波動。

The majority of the investment gains and losses consist of unrealized valuation gains and losses. We are considering the measures to curve these fluctuations in gains and losses, including the transfer of the previously controlled insurance contracts to the external parties through reinsurance transactions. This concludes our explanation of our financial results for FY '23 and the results forecast for FY '24.

大部分投資損益由未實現的估值損益組成。我們正在考慮採取措施來緩解這些損益波動，包括透過再保險交易將先前控制的保險合約轉移給外部各方。我們對 23 財年財務表現及 24 財年業績預測的解釋到此結束。

Next, Totoki will explain our midrange plan. Totoki-san, please go ahead.

接下來，Totoki 將說明我們的中程計劃。十時同學，請繼續。

Now I'd like to talk about our midrange plan. First, let me give a brief overview of our fourth midrange plan. Under the theme of our fourth midrange plan, Sony's evolution, we have been working to evolve our corporate architecture and the business portfolio to drive growth for the entire group.

現在我想談談我們的中期計劃。首先，讓我簡單概述一下我們的第四個中期計劃。在第四個中階計畫「索尼的發展」的主題下，我們一直致力於發展我們的企業架構和業務組合，以推動整個集團的成長。

In April 2021, we transitioned from a large headquarters housing support functions for our Electronics business to Sony Group Corporation being a scale-down group headquarters. By doing so, we established a structure to promote the growth of the group in an equidistant relationship with each business.

2021 年 4 月，我們從電子業務的大型總部住房支援職能轉變為索尼集團公司的規模縮小的集團總部。透過這樣做，我們建立了一個與各個業務等距離的關係來促進集團發展的結構。

Regarding our business portfolio, we are making concrete preparations for a partial spin-off of the Financial Services business in October 2025 with the aim of achieving further growth in both the Financial Services business and our other businesses. Additionally, by concentrating capital allocation on the growth areas of the 3 entertainment businesses and the I&SS business, we were able to significantly increase the combined sales of these 4 business segments, creating a more growth-oriented business portfolio.

關於我們的業務組合，我們正在為2025年10月部分剝離金融服務業務做具體準備，以實現金融服務業務和其他業務的進一步成長。此外，透過將資本配置集中在三大娛樂業務和I＆SS業務的成長領域，我們能夠大幅增加這四個業務部門的合併銷售額，從而創造更具成長導向的業務組合。

Thanks to these efforts, the KPI, we set as a growth indicator for the fourth midrange plan period, 3-year cumulative consolidated adjusted EBITDA was JPY 5.1 trillion, 19% higher than our initial target and 42% higher than the amount generated during the third midrange plan period. In addition, our ability to generate profits is steadily improving. The average annual growth rate of consolidated operating income, excluding the Financial Service segment was 9.0% from FY 2020 to FY 2023.

由於這些努力，我們為第四個中期計劃期間設定的增長指標KPI，3 年累計綜合調整後EBITDA 為5.1 兆日元，比我們最初的目標高出19%，比中期計劃期間產生的金額高出42%。此外，我們的獲利能力也在穩定提升。 2020財年至2023財年，不包括金融服務部門的綜合營業收入平均年增率為9.0%。

Now I'd like to talk about our fifth midrange plan. We are presenting the plan, excluding the Financial Services segment and Endo, the head of that business, will provide an explanation of the midrange plan of the Finance Services segment at the business segment meeting scheduled for May 31. The themes of the fifth midrange plan are Beyond the Boundaries and maximum synergies across the group. With the intention of continuing to implement the proactive initiatives, we have been implementing to further realize synergies and achieve more growth for the entire group.

現在我想談談我們的第五個中程計畫。我們正在提出該計劃，不包括金融服務部門，該業務負責人遠藤將在定於 5 月 31 日舉行的業務部門會議上解釋金融服務部門的中期計劃。在整個集團內發揮最大的協同作用。為了繼續實施積極主動的舉措，我們一直在實施，以進一步實現協同效應，為整個集團實現更多成長。

During this midrange plan, no changes are planned to our strategy of working to increase corporate value through continuous growth. While further strengthening our efforts to realize group synergies, we plan to focus on implementing measures to achieve mid- to long-term growth in our 3 entertainment and image sensor businesses. At the same time, we expect the business environment to remain uncertain and volatile during the period of this midrange plan and beyond.

在此中期計畫期間，我們不會改變透過持續成長來提高企業價值的策略。在進一步加強努力實現集團協同效應的同時，我們計劃專注於實施措施，以實現娛樂和影像感測器三大業務的中長期成長。同時，我們預計在此中期計劃期間及以後的商業環境仍將存在不確定性和波動性。

In order to further increase our resilience to such environmental changes, we aim to work to strengthen our earnings base through the ongoing evolution of our business portfolio and to improve investment efficiency and business profitability. Consequently, for a period of this midrange plan, we have placed greater emphasis on profit-based growth KPIs and we have set up KPIs for the entire group, the growth rate of consolidated operating income and operating income margin.

為了進一步增強我們對此類環境變化的抵禦能力，我們的目標是透過業務組合的持續發展來加強我們的獲利基礎，並提高投資效率和業務獲利能力。因此，在這個中期計畫的一段時間內，我們更加重視以利潤為基礎的成長KPI，我們為整個集團設立了KPI，即合併營業收入成長率和營業利潤率。

Specifically, we aim to increase consolidated operating income during this midrange plan, primarily in G&NS and I&SS and achieve an average annual growth rate of 10% or more and a 3-year cumulative consolidated operating income margin of 10% or more. In addition, we have positioned as an important indicator, the sales growth of the game software and network services businesses in G&NS, the Music, the Pictures and the image sensor businesses. We also plan to regularly report progress on the consolidated operating cash flow, which is the source of capital allocation.

具體來說，我們的目標是在此中期計劃期間增加綜合營業收入，主要是在 G&NS 和 I&SS 領域，並實現年均增長率 10% 或以上，以及 3 年累計綜合營業利潤率 10% 或以上。此外，我們將G&NS、音樂、圖片和圖像感測器業務中游戲軟體和網路服務業務的銷售成長定位為重要指標。我們也計劃定期報告合併經營現金流的進度，這是資本配置的來源。

I will now discuss the main focus measures for each business under the fifth midrange plan. Further details will be provided by each business leader at the business segment meeting on May 30 and 31. In the G&NS segment, under the theme of console and beyond, we aim to drive profit growth of the Sony Group by expanding this [cable] installed base of PlayStation consoles, providing richer gaming experiences and growing our business through the two-pronged approach of expanding into PCs and enhancing the first-party software titles originating from our in-house studios into which we have invested.

以下我將討論第五個中期計畫中各業務的主要重點措施。進一步的細節將由各業務負責人在5 月30 日至31 日的業務部門會議上提供。推動索尼集團的利潤成長PlayStation 遊戲機的基礎，提供更豐富的遊戲體驗，並透過雙管齊下的方式發展我們的業務，即擴展到 PC 和增強來自我們投資的內部工作室的第一方軟體遊戲。

In the Music segment, we continue to aim to grow faster than the market by strengthening our efforts in emerging markets, increasing monetization opportunities for our music catalog and incorporating adjacent businesses such as merchandising. We also plan to accelerate the global expansion of Japanese anime and artists.

在音樂領域，我們繼續致力於透過加強在新興市場的努力、增加音樂目錄的貨幣化機會以及整合商品推銷等鄰近業務，實現比市場更快的成長。我們也計劃加速日本動漫和藝術家的全球擴張。

In the Pictures segment, which serves as a core of collaboration between the 3 entertainment businesses, we aim to maximize the value of the IP assets held by the Sony Group. Furthermore, we aim to achieve profitable growth with Crunchyroll, a DTC service that deeply engages with anime fans and anime creators as a growth driver.

影視業務是三大娛樂業務合作的核心，我們的目標是實現索尼集團持有的智慧財產權資產的價值最大化。此外，我們的目標是透過 Crunchyroll 實現獲利成長，Crunchyroll 是一項 DTC 服務，與動漫迷和動漫創作者深入互動，作為成長動力。

In the ET&S segment, we plan to continue to control risks in businesses facing severe environments, such as televisions, while steadily growing our highly profitable and technologically differentiated imaging and sound businesses and accelerating expansion into the growth access businesses. Through this, we aim to continue to shift the business portfolio of the entire segment and generate cash that supports the Sony Group.

在ET&S領域，我們計劃繼續控制面臨嚴峻環境的業務（例如電視）的風險，同時穩步發展高利潤和技術差異化的影像和聲音業務，並加快向成長接入業務的擴張。透過這一點，我們的目標是繼續改變整個部門的業務組合，並產生支持索尼集團的現金。

In the I&SS segment, we intend to maintain our high growth rate, primarily in mobile sensors and focus especially on increasing profitability, improving investment efficiency and reinforcing development and manufacturing during the period of the fifth MRP. We also plan to proceed with the launch of new growth businesses that will follow from mobile sensors such as automotive sensors, while maintaining financial discipline in the long-term perspective.

在I&SS領域，我們打算在第五個MRP期間保持高成長率，主要是在行動感測器領域，並特別注重提高獲利能力、提高投資效率以及加強開發和製造。我們還計劃繼續推出汽車感測器等移動感測器之後的新增長業務，同時從長遠角度保持財務紀律。

Next, I'd like to explain capital allocation during the term of the fifth midrange plan. Three-year cumulative consolidated operating cash flow, the main source of allocation is expected to be JPY 4.5 trillion, significantly exceeding the results of the fourth midrange plan due to profit growth during the fifth midrange plan as well as the recovery of working capital that increased during the previous midrange plan.

接下來我想介紹第五次中期計畫期間的資本配置。三年累計合併經營現金流，主要配置來源預計為4.5萬億日元，大幅超過第四次中期計劃的結果，原因是第五次中期計劃期間的利潤增長以及增加的營運資金的回收在之前的中期計劃中。

With regard to capital expenditures, we expect to spend JPY 1.7 trillion, a decrease of JPY 0.2 trillion from the previous MRP, taking into account that investment for image sensors is expected to decrease from the previous MRP period.

關於資本支出，考慮到影像感測器的投資預計將比上一 MRP 期減少，我們預計將花費 1.7 兆日元，比上一 MRP 期減少 0.2 兆日元。

With regard to strategic investments, we plan to allocate JPY 1.8 trillion to business growth investments and flexible share repurchases. We will continue to work toward mid to long-term growth of our business through such means as acquisition of IP and M&A, but we intend to emphasize investment efficiency and be more selective in the strategic arena.

在策略投資方面，我們計劃分配1.8兆日圓用於業務成長投資和靈活的股票回購。我們將繼續透過收購智慧財產權和併購等方式致力於業務的中長期成長，但我們打算強調投資效率並在策略領域更有選擇性。

The biggest change from the capital allocation strategy under the previous midrange plan is that we plan to allocate any increase in free cash flow during the period of this midrange plan primarily to shareholder returns.

與先前中期計畫下的資本配置策略最大的變化是，我們計劃將本中期計畫期間自由現金流的增加主要分配給股東回報。

With regard to shareholder returns, we plan to place emphasis on the total payout ratio, which we expect to gradually increase throughout the period of the fifth midrange plan aiming for approximately 40% in FY 2026, the final fiscal year of the plan. To this end, we set aside JPY 250 billion for share buybacks for this fiscal year, the first year of the MRP, which exceeds the amount we acquired in the previous fiscal year.

在股東回報方面，我們計劃重點關注總派息率，我們預計總派息率將在第五個中期計劃期間逐步提高，目標是在該計劃的最後一個會計年度 2026 財年達到約 40%。為此，我們在本財年（MRP 的第一年）預留了 2,500 億日圓用於股票回購，這超過了我們上一財年的收購金額。

Regarding dividends, our policy is to continue to increase dividends steadily while accelerating the pace of dividend increases. In addition, with the aim of further expanding the investor base that holds our shares, at the Board of Directors meeting held today, it was decided to implement a stock split with a record date of September 30, 2024, and an effective date of October 1, 2024.

關於股息，我們的政策是繼續穩定增加股息，同時加快股息增加的步伐。此外，為進一步擴大持有本公司股票的投資者基礎，今天召開的董事會會議決定實施股票分拆，股權登記日為2024年9月30日，生效日期為10月2024 年 1 月。

These are the main points of our fifth midrange plan. At the corporate strategy meeting scheduled for May 23, CEO, Yoshida, and I will explain the direction of our group's businesses over the longer term. That's all for the explanation.

這是我們第五個中期計劃的要點。在定於 5 月 23 日舉行的企業策略會議上，我和執行長吉田將解釋我們集團業務的長期發展方向。這就是解釋的全部內容。

The presentation was given by Totoki, Matsuoka and Hayakawa. After this, from 4:35 Q&A with media and from 5:00, Q&A with investors and analysts will take place. We're allocating about 20 minutes for Q&A each.

報告由Totoki、Matsuoka 和Hayakawa 進行。此後，從4:35開始與媒體進行問答，從5:00開始將進行與投資者和分析師的問答。我們每人分配約 20 分鐘的問答時間。

Those of you who have registered to ask questions in advance, please connect the telephone to the designated number in advance. And as for the way of asking questions and points to be noted, please look at the invitation letter that we have sent to you in advance. Would you kindly wait until the Q&A session begins?

已提前登記提問的，請提前撥打指定號碼。至於提問方式和注意事項，請查看我們提前發給您的邀請函。請您等到問答環節開始好嗎？

Thank you for waiting. We will now begin entertaining questions from the members of the media. As was the case of the presentation, the people -- 3 people listed on the slide will be responding to your questions. Now we will begin the Q&A session. I would like to ask you to limit your questions to 2. If you have any questions, please press the star key followed by 1.

謝謝您的等待。現在我們開始回答媒體朋友的提問。與簡報的情況一樣，投影片上列出的 3 個人將回答您的問題。現在我們將開始問答環節。我想請您將問題限制為 2 個。

The first question will be by [Umek] from Toyo Keizai .

第一個問題將由 Toyo Keizai 的 [Umek] 提出。

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

東洋經濟的[梅納基]。你聽得到我嗎？

Yes, we can.

我們可以。

I have 2 questions, if I may. Earlier, you talked about strengthening the shareholder returns, including that, enhancing enterprise view, I'd like to hear the view of Totoki-san. Enterprise value will be regarded as cash flow generation and discounted value in the future. As compared to the previous midrange plan, we'll be reducing investment and increasing returns to shareholders compared to the previous midrange plan. How are you going to enhance enterprise value, if there's any change or differences in the thinking? Please explain.

如果可以的話，我有兩個問題。剛才您談到了加強股東回報，包括加強企業觀，我想聽聽Totoki先生的看法。企業價值將被視為未來的現金流量和折現價值。與先前的中期計劃相比，我們將減少投資，增加對股東的回報。如果思維有變化或差異，你將如何提升企業價值？請解釋。

Secondly, [Carmen Group] acquisition according to the media report, I'm sure that there's a limit as to what you can share with us, but is it true that you are making proposals and strengthening your entertainment business in the midrange plan, is there any consistency? Can you please comment on that, please?

其次，根據媒體報道，[卡門集團]收購，我相信您能與我們分享的內容是有限的，但您是否確實在中期計劃中提出建議並加強您的娛樂業務 有什麼一致性嗎？您能對此發表評論嗎？

Thank you very much for your questions. First, as to the thinking about enterprise value, compared to the fourth midrange plan, I talked about the capital allocation earlier. CapEx will be slightly less this time.

非常感謝您的提問。首先，關於企業價值的思考，相對於第四次中期計劃，我更早談到了資本配置。這次資本支出會稍微減少。

Also, we -- including the return of working capital during the fifth midrange plan period, as compared to the previous 3 years, basically, there'll be a better cash flow position. So we will be utilizing that for return to the shareholders, that is the basic thinking. Enterprise value has to be enhanced in a sustainable manner.

另外，我們——包括第五個中期計畫期間的營運資金回報，與前三年相比，基本上，現金流狀況會更好。所以我們將利用它來回報股東，這是基本的想法。企業價值必須持續提升。

Fourth midrange plan period, we have been making investment in advance for the growth of the future. We have been sowing seeds for the growth in the future. In the fifth midrange plan, we'll be harvesting from the seeds that we have sown in the previous midrange plan so that we can enhance the enterprise value in the future. That is the basic thinking behind coming up with the midrange plan.

第四個中期計劃期間，我們一直在為未來的成長進行提前投資。我們一直在為未來的成長播下種子。在第五個中期計畫中，我們將從上次中期計畫中播下的種子中收穫，以便我們在未來提升企業價值。這是製定中期計劃的基本想法。

And secondly, related to reported, and we have not made any announcement at all. So specific deal, I would like to refrain from making any comment about a specific deal. But on the other hand, lots of information are there. And at this point, our strategy including the thinking on the capital allocation, I would like to comprehensively explain to you our thinking.

其次，涉及報道，我們根本沒有發布任何公告。對於具體交易，我不想對具體交易發表任何評論。但另一方面，那裡有很多資訊。那麼現在我們的策略包括資本配置的思考，我想給大家全面的闡述我們的思考。

Game and Music and Pictures. With IP, we are going to generate synergy, which is a unique strength of Sony Group, and this is the core of our growth strategy. Sony Pictures is the hub of generating synergy, and as an entity, this has an important position. Therefore, in this area, if there is any good opportunity then appropriate value and return on the investment can be expected.

遊戲、音樂和圖片。透過IP，我們將產生協同效應，這是索尼集團的獨特優勢，也是我們成長策略的核心。索尼影業是產生綜效的樞紐，作為一個實體，它具有重要的地位。因此，在這個領域，如果有好的機會，那麼可以預期適當的投資價值和回報。

On that assumption, we consider possibilities, which is only too natural. However, in the fourth midrange plan, the capital allocation results in the past 3 years -- 3-year strategic investments, excluding the share buyback, was JPY 1.3 trillion, of which 3 quarters were allocated to 3 entertainment segments. Music is the largest followed by Game and Pictures about the same amount. And the purpose of investment, IP acquisition is the largest in proportion. Roughly speaking, the next 3 years, the basic policy will be continued. That's what we have in mind.

基於這個假設，我們考慮可能性，這是很自然的。然而，在第四次中期計畫中，過去3年的資本配置結果－3年策略投資（不包括股票回購）為1.3兆日元，其中3個季度分配給3個娛樂部門。音樂是最大的，其次是遊戲和圖片，數量大致相同。從投資目的來看，IP收購所佔比重最大。大致而言，未來3年，基本政策仍將延續。這就是我們的想法。

At the risk of being repetitive, the strategic investment for the fifth midrange plan, including flexible share buyback is JPY 1.8 trillion. Within this amount, 3 years period for -- without focusing upon any particular segment, we'll be making strategic investment and flexible share buyback, that is our basic thinking. So I do hope that you can understand our basic stance. That concludes my explanation.

冒著重複的風險，第五次中期計畫的策略性投資（包括彈性的股票回購）為1.8兆日圓。在這個數字內，三年的時間裡——不專注於任何特定的細分市場，我們將進行策略性投資和靈活的股票回購，這是我們的基本想法。所以我希望你能理解我們的基本立場。我的解釋到此結束。

[Umetu-san from Nikkei].

[日經新聞的 Umetu-san]。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

And I do have 2 questions. The first one is as follows, and SIE, the restructuring reduction, and how much impact on the impact on FY '23 or '24? And then also, as per today's announcement, you made an announcement about some people changes and does that include all the restructuring activities? And then also, JPY 1.2 trillion of strategic investment you mentioned, can you give us a breakdown by segment?

我確實有兩個問題。第一個如下，SIE，重組減持，對FY '23或'24的影響有多大？另外，根據今天的公告，你們宣布了一些人事變動，這是否包括所有重整活動？另外，您提到的1.2兆日圓的策略性投資，您能否給我們細分一下？

Thank you very much for your questions. First, the SIE, the structural reform, and I think there's a question on that. In FY '23, and we have the double-digit hundreds of millions of the structural reform expenses are recorded. And then also, that will continue into FY '24. So for the most part, I think we'll need the same level of cost and expenses. And in FY '25, there will be improvement. So for overall, in terms of cost improvement in FY '25 onwards, and we expect the cost improvement effects to materialize. And then as for the people changes, it's not really related and -- just announced, it's not directly related to the structural reform.

非常感謝您的提問。首先是SIE，結構性改革，我認為這是一個問題。在23財年，我們記錄了兩位數的數億結構性改革支出。而且，這種情況還會持續到 24 財年。因此，在大多數情況下，我認為我們需要相同等級的成本和費用。到 25 財年，情況將會有所改善。因此，整體而言，就 25 財年以來的成本改善而言，我們預期成本改善效果將會實現。至於人事變動，其實也沒有什麼關係，而且──剛剛宣布，與結構性改革沒有直接關係。

And another -- the other question is about the strategic investment broken down by segment. And at this point in time, we have a general idea, but we do not have the granular breakdown by segment. And I think we need to make a decision at the opportune timing. But just looking back on the 3 years that have ended, and looking at the breakdown, like I said, JPY 1.3 trillion over the 3 years and then a 3/4 is given to the 3 entertainment segments. And among 3 entertainment segments, the Music is the largest followed by Game and Pictures. So that will help you sort of visualize the strategic investment coming in the next 3 years. That's all.

另一個問題是關於按細分市場細分的策略性投資。目前，我們已經有了一個總體思路，但還沒有按細分市場進行細粒度的細分。我認為我們需要在適當的時機做出決定。但只要回顧一下已經結束的 3 年，看看細分情況，就像我說的，這 3 年 1.3 兆日元，然後 3/4 分配給 3 個娛樂領域。在三個娛樂領域中，音樂是最大的，其次是遊戲和圖片。因此，這將幫助您對未來 3 年的策略投資進行視覺化。就這樣。

We'd like to take the next question from [Asahi Newspaper, Tanaka-san,] please.

我們想回答[朝日新聞，田中先生]提出的下一個問題。

I'm Tanaka from Asahi Newspaper. Can you hear me?

我是《朝日新聞》的田中。你聽得到我嗎？

Yes. Please go ahead.

是的。請繼續。

The first question is about the foreign exchange rate. The ForEx impact for the entire group, in total, for the sales and the income, what was the upward impact, the positive impact? And the weakening of the yen is accelerating. So how are you viewing this current trend, Mr. Totoki?

第一個問題是關於外匯匯率的。外匯對整個集團的總銷售額和收入的影響是什麼，向上的影響是什麼，正面的影響是什麼？而日圓的貶值正在加速。那麼，Totoki 先生您如何看待當前的趨勢？

And the second question is about the image sensor, it's performing well, and I'd like to ask you the reason, the smartphone market itself is shrinking, and especially FY 2023, the sales units are quite low, but the image sensor by Sony was doing well. So what was the reason for that?

第二個問題是關於影像感測器，它表現良好，我想問你原因，智慧型手機市場本身正在萎縮，尤其是2023財年，銷量相當低，但是索尼的影像感測器做得很好。那麼到底是什麼原因呢？

Thank you for your questions. First, on the ForEx impact, the details will be explained by Hayakawa. But regarding the weakening of the yen, my view is the following. When it comes to the ForEx, there is no control over that. So we will have to adapt to the situation. But if there is a rapid change that is going to be unfavorable in managing business, that is my view. Hayakawa-san, please.

謝謝您的提問。首先，關於對外匯的影響，早川將詳細解釋。但對於日元走弱，我的看法如下。當涉及到外匯時，這是無法控制的。所以我們必須適應這種情況。但如果發生的快速變化對業務管理不利，這就是我的觀點。早川同學，請。

Regarding the ForEx in the previous years performance, the impact by that FY 2023, the performance by segment, the material is showing the ForEx impact. So please take a look at that. Basically, last fiscal year, versus dollar, the weakening of the yen was seen. And also the dollar was weaker versus the euro. So on a consolidated basis, in income, JPY 140 billion, positive impact from ForEx came to us. That's all from my side. Thank you.

關於前幾年的外匯表現、2023 財年的影響、按細分市場劃分的表現，資料顯示了外匯影響。所以請看一下。基本上，上一財年，日圓兌美元走弱。美元兌歐元也走弱。因此，在綜合收入方面，外匯帶來了 1,400 億日圓的正面影響。這都是我這邊的。謝謝。

Next on the I&SS business related question. As you said rightly regarding the FY 2023, the smartphone market itself was not very -- not quite strong. And in FY '24 and beyond, we believe that it will be recovering slowly.

接下來是 I&SS 業務相關問題。正如您在 2023 財年所說的那樣，智慧型手機市場本身並不是非常強勁。在 24 財年及以後，我們相信它將緩慢復甦。

Our sensor business is performing well because the -- not because of the sales units of smartphones, but it's because of the main camera and large-sized die of such cameras.

我們的感光元件業務表現良好，不是因為智慧型手機的銷量，而是因為這類相機的主相機和大尺寸晶片。

Regarding the wide-angle cameras, it has become larger in size. But at the same time, the wide -- ultra-wide angle as well as the telephonic cameras, they will become larger in size. And as a result, our sensor demand will become stronger. That's all.

廣角相機的尺寸變得更大。但同時，廣角——超廣角以及電話攝影機的尺寸將變得更大。因此，我們的感測器需求將會變得更加強勁。就這樣。

Bloomberg, [Furukawa-san], please.

彭博社，[古川先生]，有請。

Furukawa from Bloomberg. Can you hear me?

彭博社的古河。你聽得到我嗎？

Yes, we can.

我們可以。

Thank you. It may be difficult to comment, I'm sure. But in addition to report on Paramount in Music also, joining hands with [Integra], acquiring Infocom shares of (inaudible). What is the fact and the deals? What is your thinking for the need of such deals?

謝謝。我確信，可能很難發表評論。但除了音樂領域派拉蒙的報道外，也與[Integra]聯手，收購了Infocom的股份（聽不清楚）。事實和交易是什麼？您對此類交易的需求有何看法？

The second point, after that, recently, yen is depreciating. And overseas M&A will become difficult or -- are there opportunities to delaying M&A? And are they all the impact of the weaker yen upon M&A deal and are there concerns? These are my questions.

第二點，之後，最近，日圓正在貶值。海外併購將變得困難，或－是否有延後併購的機會？是否都是日圓貶值對併購交易的影響？這些都是我的問題。

Thank you for your questions. Report -- as for the media report, these are not what we have announced. So I'd like to refrain from making any comments. I'm sorry for that.

謝謝您的提問。報道－至於媒體報道，這些不是我們已經公佈的。所以我不想發表任何評論。我對此感到抱歉。

Now weaker yen, we will have the impact upon M&A overseas or is there going to be a delay or postponement of consideration of M&A was your question. M&A overseas, basically, this is out-out. Return is also in foreign currency. Therefore, it's not so difficult for us to do, but rather in each currency, we set hurdle rate. Acquisition base return is to be looked at with a hurdle rate. So looking at the hurdle rate and determine whether we are going to do that or not. That's all. Thank you.

現在日圓走弱，對海外併購是否會產生影響，或者是否會延遲或推遲考慮併購，這是您的問題。海外併購，基本上，就是out了。回報也是以外幣計算的。因此，我們做起來並不是那麼困難，而是在每種貨幣中，我們設定了門檻利率。收購基礎報酬率應以最低門檻利率來衡量。因此，請查看最低門檻率並確定我們是否要這樣做。就這樣。謝謝。

And with limited time remaining, so we have one more question. We have time for one more question. If you have any question, please press star followed by 1. [Hiroka-san] from [NewsPicks].

剩下的時間有限，我們還有一個問題。我們還有時間再問一個問題。如果您有任何疑問，請按星號，然後按 1. [NewsPicks] 中的 [Hiroka-san]。

This is Hiroka from NewsPicks, and I hope you can hear me. And I have a question about image sensor business. And on the profit and loss, the image sensor business seems to be doing fine. But when looking at the cash flow, if my memory serves me right, in FY '23 and for the 3 years in a row, the free cash flow was negative. And so basically, the cash flow coming in is smaller.

我是 NewsPicks 的 Hiroka，希望你能聽到我的聲音。我有一個關於影像感測器業務的問題。從獲利和虧損來看，影像感測器業務似乎表現良好。但在查看現金流時，如果我沒記錯的話，在 23 財年以及連續 3 年，自由現金流為負值。所以基本上，流入的現金流量較小。

And with the cash coming in, and that will increase the value of the asset. And I believe and -- I would like to know whether this is a concern financially -- financials perspective. And then also in Japan, display factory buyback and I don't think you can talk about the specific and in OLED display with a high level of resolution is being manufactured by you? And will this become the growth driver going forward following the image sensor? And what's your prospect on that?

隨著現金的流入，資產的價值將會增加。我相信——我想知道這是否是一個財務問題——財務角度。然後在日本，顯示器工廠也進行了回購，我想你不能具體談談你們正在製造的高解析度 OLED 顯示器嗎？這是否會成為繼影像感測器之後的成長動力？您對此有何展望？

So let me answer your questions. The first question. So looking at our image sensor investment in our image sensor, basically, most of it is CapEx. And then so depending on the capital expenditure, the investment, of course, we need to do the monetization or amortization and depreciation. And so usually, the year of the depreciation is 5 years usually. So in other words, the goodwill on the balance sheet, the asset that will remain on the balance sheet for long term.

那麼就讓我來回答你的問題。第一個問題。所以看看我們在影像感測器上的投資，基本上，大部分都是資本支出。然後，根據資本支出、投資，當然，我們需要進行貨幣化或攤提和折舊。因此，折舊年份通常為5年。換句話說，資產負債表上的商譽是長期保留在資產負債表上的資產。

And depending on the company performance, we will decide to write off or not, that's different in nature. So for our CapEx and then there are -- we set our standards, and we want to recoup the investment after 4 to 5 years. And that is one of the criteria for the investment. So the current investment that we are making, we don't have any concerns. And in addition to this, and the fifth midrange plan, we expect the free cash flow to increase or improve, and this will become a positive factor.

而且根據公司的業績，我們會決定是否要核銷，這是性質不同的。因此，對於我們的資本支出，我們設定了標準，我們希望在 4 到 5 年後收回投資。這是投資的標準之一。因此，我們目前正在進行的投資沒有任何擔憂。除此之外，還有第五個中程計劃，我們預計自由現金流將增加或改善，這將成為一個積極因素。

And as for the OLED factory buyback, which could potentially become the next growth driver after imaging sensor, well, still, this business is still small in scale, and I don't expect that to make a significant contribution -- the same level of contribution as the imaging bar. But with this, I think there will be an opportunity to go in -- take on new challenges and going into new devices. So we would like to take on the challenge for the mid- to long-term perspective.

至於OLED工廠回購，它有可能成為繼成像感測器之後的下一個成長動力，但這個業務的規模仍然很小，我不認為它會做出重大貢獻——與作為成像欄的貢獻。但有了這個，我認為將有機會接受新的挑戰並進入新的設備。因此，我們願意從中長期的角度來迎接挑戰。

And now the time has come, we would like to conclude the Q&A session for the members of the media. The Q&A session for investors and analysts will start at 5:00 p.m.

現在時間到了，我們為媒體朋友準備的問答環節就結束了。投資人和分析師問答環節將於下午 5:00 開始。

(Break)

（休息）

Thank you very much for waiting. We now begin the Q&A with investors and analysts. I will be serving as a moderator. I'm [Kondo] from IR division. These are the 3 presenters who will be answering your questions, the same as the presenters from the media session.

非常感謝您的等待。我們現在開始與投資者和分析師進行問答。我將擔任主持人。我是 IR 部門的 [Kondo]。這 3 位演講者將回答您的問題，與媒體會議的演講者相同。

The process of asking questions as well as the procedures are already shown in the handout. And please limit your questions to 2. We now begin the Q&A. If you have a question, please press asterisk followed by one. From JPMorgan, Ayada-san.

提問的過程以及程序已經在講義中展示了。請將您的問題限制為 2 個。如果您有疑問，請按星號，然後按 1。來自摩根大通的綾田先生。

I'm Ayada from JPMorgan. I have 2 questions related to midrange plan. The first question on Game. Mr. Totoki earlier said that for the next 3 years, the focused KPI will be software and network service in the Game segment. So for these 2 areas, for the next 3 years, what kind of path or growth are you expecting? For example, in software, the play title will be at the juncture this year, but Concord and other live services were introduced earlier. Do you think that there will be growth in this area, and beyond the next fiscal year onward? AAA titles, is that what you are expecting highly? Similarly, for network, it's not clear how many members you can expect. But what is your view for the next fiscal year?

我是來自摩根大通的綾田。我有 2 個與中期計劃相關的問題。第一個問題關於遊戲。 Totoki先生先前表示，未來3年，重點KPI將是遊戲領域的軟體和網路服務。那麼對於這兩個領域，未來3年，您期望有什麼樣的路徑或成長？例如，在軟體方面，播放標題將在今年的緊要關頭，但Concord和其他直播服務較早推出。您認為這一領域以及下一財年之後還會有成長嗎？ AAA級作品，是你期待已久的作品嗎？同樣，對於網路來說，也不清楚您可以期望有多少成員。但您對下一財政年度有何看法？

The second question, you talked about the CapEx and the depreciation period will be 5 years. On the other hand, the strategic investment, especially the studio acquisition and other acquisitions, related return timeline, what is your view on that?

第二個問題，你談到了資本支出，折舊期是5年。另一方面，策略性投資，尤其是工作室收購等收購，相關的回報時間表，您對此有何看法？

Listening to your presentation, you said that in the previous 3-year period, the return on the studio acquisition can be gained in the next fiscal year -- next 3 years, excuse me. So what is the timeline? Do you think that there will be 3 years or 5 years to get the return from the investments? And are you going to keep that in mind as you make investment? That's the second question.

聽你的介紹，你說在之前的3年裡，收購工作室的回報可以在下一個財年——接下來的3年裡獲得，請問。那麼時間表是怎樣的呢？您認為投資需要3年還是5年才能回本？當你進行投資時，你會牢記這一點嗎？這是第二個問題。

Thank you for your questions. First, the software and network service. Software, the first party and third party, that's how we should distinguish them. The third-party software, we believe that we are going to move along with the market growth. So we will grow in line with the growth of the market. That is at the center of our plan.

謝謝您的提問。一是軟體和網路服務。軟體，第一方和第三方，我們應該這樣區分。對於第三方軟體，我們相信我們將隨著市場的成長而發展。因此，我們將隨著市場的成長而成長。這是我們計劃的核心。

As for the first-party softwares, for FY '25 and '26, the tent-pole like titles and live services will be launched. So for FY '25 and '26, so this fiscal year is 2024. So in '25 and '26 fiscal years, the first-party software-related revenue will be larger than this fiscal year. That is our expectation that's incorporated into this plan.

至於第一方軟體，25 財年和 26 財年將推出支柱類遊戲和直播服務。所以對FY '25和'26來說，所以本財年是2024年。這是我們納入該計劃的期望。

And another point is about network service. So all in all, MAU growth -- versus the MAU growth, we believe that our growth will be linear to that. So unless MAU grows, then our segment grow -- business will not grow, but MAU is slowly growing. That is our understanding. So in the previous year, we announced the price increase and impact -- positive impact from that will be gained. So the market, as a whole, software growth is one, but we believe that our growth will be stronger in terms of value. That is our rough idea.

還有一點是關於網路服務。總而言之，與每月活躍用戶成長相比，我們相信我們的成長將與此呈線性關係。因此，除非每月活躍用戶數成長，否則我們的細分市場就會成長——業務不會成長，但每月活躍用戶數正在緩慢成長。這是我們的理解。所以在去年，我們宣布了價格上漲和影響——將會產生正面的影響。因此，整個市場，軟體成長是其中之一，但我們相信我們的成長在價值方面會更強。這就是我們的粗略想法。

And next, on the return on our investments and our view on that is the following, so studio acquisition, basically, the first-party software lineup needs to be ramped up. So for this reason, we are making investment in the area, and we are continuing to develop this area. And originally, we expect a solid return, but whether we can gain the originally expected return or not has been validated.

接下來，關於我們的投資回報以及我們對此的看法如下，因此工作室收購基本上需要加強第一方軟體陣容。所以出於這個原因，我們正在這個領域進行投資，我們正在繼續開發這個領域。本來我們期望有豐厚的回報，但能否獲得最初預期的回報已經得到了驗證。

In the previous year's track record, IRR on the studio acquisition was relatively high, all in all. But the issue is that based on -- the return is not yielded based on the original expectation because youth has slippages. The brushing up of the titles and also, the quality may not be as high as expected by the users. So we have to brush up the titles. So there has been more slippages than we expected at the beginning. So we have to factor them in. For the next 3 years' period, how effectively can we make our portfolio, build out portfolio, that's going to be important. That's all.

總而言之，根據前一年的記錄，收購工作室的內部收益率相對較高。但問題是，基於——回報並沒有按照最初的預期產生，因為年輕有滑點。標題的打磨以及品質可能沒有用戶期望的那麼高。所以我們必須溫習標題。因此，滑點比我們一開始預期的要多。所以我們必須把它們考慮進去。就這樣。

We'd like to move on to the next question. BofA Securities, Hirakawa-san, please.

我們想繼續討論下一個問題。美國銀行證券公司，平川先生，有請。

Hirakawa from BofA Securities, 2 questions. First is about Game. In Game, PS4 user base is to be maintained. So in the -- you will come up with a record high in the next midrange plan. Active user base is 118 million, exceeding 59 million. But PS4, PS5, third-party burden is there as well. Why is it that the way of where profit generated is going to be different from the previous console cycle in order to realize record-high profit? What are you going to focus upon? That's my first question.

來自美國銀行證券的 Hirakawa，2 個問題。首先是關於遊戲。在遊戲方面，PS4的使用者基礎是要維持的。因此，在下一個中期計劃中，您將創下歷史新高。活躍用戶基數為1.18億，突破5900萬。但PS4、PS5、第三者負擔也有。為什麼利潤產生的方式要與先前的主機週期不同，才能達到創紀錄的利潤？你要關注什麼？這是我的第一個問題。

Second question, I&SS, a good impact of the larger size, I understand, but the share increase from 2020 in China other than fair way, you have increased market share. The real semiconductor is there and high-end -- entered into high-end area as well. And the share expansion is continuing in China or you have come to a plateau in China. Can you please enlighten us as to that point as well?

第二個問題，I&SS，更大規模的良好影響，我理解，但從 2020 年開始，中國的份額增加，除了公平之外，市場份額也有所增加。真正的半導體就在那裡，而且是高端的——也進入了高端領域。中國的份額擴張仍在繼續，或者說中國已經達到了一個平台期。您能否也向我們介紹一下這一點？

Thank you very much for your questions. Firstly, PS4, in my presentation, I talked about the growth during the PS4 and PS5 and the growth in that generation, I have explained in different ways. In the past, PS -- compared to PS4, the way of profit generated is as follows, at the time of PS4, basically, network service was expanded. PS5, we continue with -- we succeeded the expanded base. So the launch path is already high. And the cruising speed is going to become the cruising speed based upon that launch path.

非常感謝您的提問。首先是PS4，在我的演講中，我談到了PS4和PS5期間的成長以及那一代的成長，我從不同的角度進行了解釋。過去，PS——相對於PS4來說，獲利的方式是這樣的，到了PS4的時候，基本上就是擴展了網路服務。 PS5，我們繼續——我們成功擴大了基礎。所以發射路徑已經很高了。巡航速度將成為基於該發射路徑的巡航速度。

But in that -- what was difficult to forecast is the impact of COVID-19, and the tailwind. Game market, whether this will lead to increase in the Game market or it's a temporary tailwind, there was a discussion back then as well. And then in addition to that, specific titles, live service titles, big hit was a tailwind. So it was very difficult to see the actual underlying trend.

但在這方面，難以預測的是 COVID-19 的影響和順風。遊戲市場，這是否會帶動遊戲市場的成長，還是暫時的順風車，當時也有討論過。除此之外，特定的遊戲、即時服務遊戲的大受歡迎也是一個順風車。因此很難看到實際的潛在趨勢。

But what we are focusing upon now is what we call platform health, for instance, MAU, play time. Whether these are stable or not and whether these are expanding, these are the important indicators, and number of data points are set, and we analyze the data and maintain platform health and healthy growth. That is the core of our strategy. Therefore, cumulative sales unit is 59 million units or plus compared to MAU. Still, about half of the people are playing this on PS4. So console generation overlap will be handled well, and MAU will steadily increase. We will be managing in this way going forward.

但我們現在關注的是我們所謂的平台健康狀況，例如 MAU、遊戲時間。穩定與否，是否在擴張，這些都是重要的指標，設定了數據點的數量，我們對數據進行分析，保持平台健康、健康成長。這是我們策略的核心。因此，與 MAU 相比，累計銷售量為 5,900 萬台以上。儘管如此，仍有大約一半的人在 PS4 上玩這款遊戲。因此，主機世代重疊將得到很好的處理，MAU 將穩定成長。今後我們將繼續以這種方式進行管理。

And then I&SS. Now vis-a-vis specific customer in China, you are not able to sell unless you have a license. So with the technology, it is not a market where we can compete freely with the technology that we have. So it's very difficult to analyze competitors' movement. It's not that we are operating in a free market. So what we do is to try and increase our market share in the market where we can compete freely.

然後是 I&SS。現在面對中國的特定客戶，除非你有許可證，否則你無法銷售。因此，就技術而言，這不是一個我們可以用我們擁有的技術自由競爭的市場。所以要分析競爭對手的動向是非常困難的。這並不是說我們在自由市場中運作。因此，我們所做的就是嘗試在我們可以自由競爭的市場中增加我們的市場份額。

Let's move on to Nakane-san of Mizuho Securities.

讓我們轉向瑞穗證券的中根先生。

This is Nakane from Mizuho Securities. And I do have 2 questions about Game. The first one is Bungie, the new title will be released in the next -- this year and the fiscal year, and that will be crucial. And in sales and in profit, when are you planning to hit the breakeven? And also your cost, and I think which peaked last year, for the next 3 years and including this fiscal year, what sort of costs are you expecting to spend?

我是瑞穗證券的中根。我確實有兩個關於遊戲的問題。第一個是 Bungie，新遊戲將在明年和本財年發布，這將是至關重要的。在銷售額和利潤方面，您計劃什麼時候達到收支平衡？還有你的成本，我認為去年達到頂峰，未來三年，包括本財年，你預計會花什麼樣的成本？

And then second question is the new August structures for Game in Nishino-san and Atana-san? And then what are the strengths that they have? And what are the key changes from their successors? And I'm sure they are going to talk about their resolution at the next meeting, but what's your expectation from Totoki-san's perspective?

第二個問題是西野先生和阿塔納先生的遊戲八月的新結構？那麼他們有什麼優勢呢？他們的繼任者的主要變化是什麼？我確信他們會在下次會議上討論他們的決議，但是從十時先生的角度來看，你的期望是什麼？

And to sustainable growth and also margin growth, and there is a really productive comments about not understanding that. So what sort of changes that led to these changes in the personnel? And if you could just talk about your perspective on this, that will be great.

對於永續成長和利潤成長，有一些關於不理解這一點的非常有成效的評論。那麼究竟是什麼樣的改變導致了這些人事變動呢？如果你能談談你對此的看法，那就太好了。

So first, with regards to Bungie, in FY '23, there's no profit contribution. And of course, we are developing new IP, new contents and this will become a really significantly large title. So we need to really carefully evaluate that. But in FY '24, and at this moment, we are not really expecting any contribution or profit contribution from it.

首先，對於 Bungie，23 財年沒有利潤貢獻。當然，我們正在開發新的IP、新的內容，這將成為一個非常大的遊戲。所以我們需要非常仔細地評估這一點。但在 24 財年，此時此刻，我們並沒有真正期望它能帶來任何貢獻或利潤貢獻。

But the development capability and then also operational capabilities, there will be significant contribution. And this upcoming release in July, and there's one title that we are planning to release in July, so we will take a wait-and-see approach and how that would be.

但開發能力，然後還有營運能力，都會有很大的貢獻。這個即將在 7 月發布的遊戲，我們計劃在 7 月發布一款遊戲，所以我們將採取觀望態度，看看具體情況如何。

And then also the recoupment of the cost of the acquisition. And currently, in the JPY 52 billion based on the current exchange rate is expected. And this will gradually decline in phases. But for the most part, in FY '23, the first half, of course, the costs will continue to be needed. But every year, there will be expected decline by 20% to 30%. And for the new org structure, the JPY 52 billion is the acquisition cost that includes acquisition aside of Bungie.

然後還要收回收購成本。而目前，基於目前匯率的預期為520億日圓。而且這種情況會分階段逐漸下降。但在大多數情況下，在 23 財年上半年，當然仍然需要成本。但每年預計會下降20%至30%。對於新的組織結構，520億日圓是收購成本，其中包括收購Bungie。

And in G&NS organization, and the reason why I picked these 2 individual, in platform business and in studio business, they have a really strong background and then talents and then experience and then insights. And so what would be the expected changes under the new -- the organization. Now we have the 2 leaders at the top.

在 G&NS 組織中，我選擇這兩個人的原因是在平台業務和工作室業務方面，他們擁有非常強大的背景，然後是人才，然後是經驗，然後是洞察力。那麼在新的組織下預期會發生什麼變化。現在我們有兩位領導者。

And SIE will grow -- or has grown significantly in size and scale. And also the PS studio, the business strategy and the need for that will continue to increase. So we need to be able to make sure that our decisions are made in a timely manner and a really granular manner. So that's why we have picked 2 leaders. And that's my expectation.

SIE 將會成長——或者說在規模和規模上已經顯著成長。 PS 工作室的業務策略和需求也將持續增加。因此，我們需要能夠確保我們的決策及時且非常細緻地做出。這就是我們選出 2 位領導者的原因。這就是我的期望。

And in both of them, will become a really excellent talent that will create the next generation of our business, and I have a huge hope and expectations for them. And also, and I made some really difficult comments previously, and to deliver a record-high profit in the fifth MRP and now that we -- I was personally involved in SIE and I gained a firsthand experience and then connected a lot of people. And I believe that there are many talents in the organization. They are highly motivated. So -- and both of them will -- are quite motivated to deliver record-high profit. And I'm sure they are thinking a lot about this.

他們兩人都將成為真正優秀的人才，創造我們企業的下一代，我對他們抱持著巨大的希望和期望。而且，我之前做了一些非常困難的評論，並在第五個 MRP 中實現了創紀錄的高利潤，現在我們 - 我親自參與了 SIE，我獲得了第一手經驗，然後聯繫了很多人。而且我相信組織裡有很多人才。他們的積極性很高。因此，他們都非常有動力去創造創紀錄的高利潤。我確信他們對此進行了很多思考。

And then from an objective perspective, and given the current situation, I don't think -- well, naturally, the record-high profit can be delivered. That's all I have.

然後從客觀的角度來看，考慮到目前的情況，我認為——當然，創紀錄的高利潤是不可能實現的。這就是我的全部。

Since the time is running out, we will take only one question by each questioner from now on. Now Ezawa-san from Citigroup.

由於時間緊迫，從現在起我們將只回答每位提問者的一個問題。現在是花旗集團的江澤先生。

I'm Ezawa from Citigroup. So I will ask one question. Semiconductor, ROIC 10%, that's the plan for the new fiscal year. So from the profit plan-wise, the invested capital will increase to about JPY 2 trillion. That is my understanding. So that's the plan for this fiscal year, but for the midrange plan -- for the next midrange plan period, the capital invested may continue to be on the level of JPY 100 billion increase on a yearly basis. Would that be the case?

我是花旗集團的江澤。所以我會問一個問題。半導體，ROIC 10%，這是新財政年度的計畫。因此從獲利計畫來看，投入資金將增加至約2兆日圓。這是我的理解。這就是本財年的計劃，但對於中期計劃來說——在下一個中期計劃期間，投資資本可能會繼續保持每年增加1000億日元的水平。會是這樣嗎？

Thank you for your question. The CapEx, I already explained that earlier. So the -- about 17% level of the fourth midrange plan will continue. As for the increase of the invested capital, basically, we have grown the sales significantly, which means that the business scale will grow as well. Accordingly, the capital invested will also increase naturally. The invested capital, the absolute value increasing is not the focus, but rather whether it is leading to the appropriate increase of the business as well as the margin increase, that will be the key focus, that will be more important. But of course, when we reach peak, then we will have to get return from the invested capital. So that's what we have demonstrated in the Game business.

謝謝你的問題。資本支出，我之前已經解釋過。因此，第四個中期計劃的大約 17% 的水平將繼續下去。至於投入資金的增加，基本上，我們的銷售額有了很大的成長，這意味著業務規模也會成長。相應地，投入的資金自然也會增加。投入的資金、絕對值的增加不是重點，而是是否能夠帶動業務的適當增加以及利潤率的增加，才是重點，才是更重要的。當然，當我們達到頂峰時，我們必須從投入的資金中獲得回報。這就是我們在遊戲業務中所展示的。

And I believe that capital investment will become slower. So we will maintain the soundness of the financial status and maintain our competitiveness as we invest our capital to grow our business. That's all.

而且我相信資本投資將會變得更慢。因此，當我們投資資本發展業務時，我們將保持財務狀況的穩健性並保持我們的競爭力。就這樣。

Next person will be the last person to ask question. SMBC Nikko Securities, Katsura-san, please.

下一個將是最後一個提問的人。有請 SMBC 日興證券、桂先生。

Katsura from SMBC Nikko Securities. One question. So about the capital allocation and the total payout ratio in the final year, 40% -- you are setting 40%. What is the background and your thinking behind this? In the past 3 years, what was the actual numbers in the past 3 years? And what is the background for coming to the target of 40% total payout ratio?

來自SMBC日興證券的Katsura。一個問題。那麼關於最後一年的資本配置和總派息率，40%——你設定的是40%。這背後的背景和你的想法是什麼？過去3年，過去3年的實際數字是多少？總派息率達到40%的目標有何背景？

Final year, the midrange plan, the 40% total payout ratio, as I talked about capital allocation later and explained at this point. For the next 3 years, operating cash flow will be increased, which will be the source for capital allocation. And the CapEx will not increase as much.

去年，中期計劃，40%的總派息率，正如我稍後談到資本配置並在這一點上解釋的那樣。未來3年，經營現金流將會增加，成為資本配置的來源。而且資本支出不會增加那麼多。

And for strategic investment, we'll be selective in making strategic investment. And rather, we will come to face where we'll be able to see results and we -- result from the investment made in the past. Hence, we'll be making a return to the investors, including past 3 years.

對於策略投資，我們會選擇性地進行策略性投資。相反，我們將面對我們能夠看到結果的地方，以及我們過去投資的結果。因此，我們將為投資者帶來回報，包括過去的三年。

Hayakawa-san, could you please explain -- give some supplementary comments?

早川先生，您能解釋一下－補充一下嗎？

Thank you, Katsura-san. Total payout ratio in the previous midrange plan, FY '21 was 19%, and 19% for FY '22. Last FY '23, JPY 200 billion of buyback, included 32%. Totoki said operating cash flow will increase in the next 3 years, and also investment, we'll be looking at the efficiency of investment -- we'll make investment. But well-balanced capital allocation will be done and strengthened return to the shareholders. Therefore, in FY '26, we are going to achieve 40%. That is the plan and the background of thinking in that way.

謝謝你，桂桑。在先前的中期計畫中，21 財年的總支付率為 19%，22 財年為 19%。去年 23 財年，回購金額為 2,000 億日元，其中 32%。 Totoki表示，未來3年營運現金流將會增加，投資也會增加，我們將專注於投資的效率－我們將進行投資。但會均衡資本配置，加強股東回報。因此，在 26 財年，我們將達到 40%。這就是這樣的計劃和思考的背景。

With this, we'd like to conclude Sony Group Corporation's financial results announcement. Thank you very much for joining us today.

索尼集團公司的財務業績公告到此結束。非常感謝您今天加入我們。

[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。