索尼 (SONY) 2022 Q4 法說會逐字稿

We'd now like to begin Sony Group Corporation's earnings announcement. I'll be serving as the MC. My name is [Okada] from Corporate Communications. First, Executive Deputy President and CFO, Mr. Totoki, will present the consolidated results for FY '21 and consolidated results forecast for FY '22 and followed by Q&A. We are scheduled to end in about 70 minutes.

我們現在想開始索尼集團公司的收益公告。我將擔任MC。我的名字是來自企業傳播部的 [Okada]。首先，執行副總裁兼首席財務官 Totoki 先生將介紹 21 財年的綜合業績和 22 財年的綜合業績預測，然後進行問答。我們計劃在大約 70 分鐘後結束。

Mr. Totoki, the floor is yours.

Totoki 先生，發言權是你的。

Today, I will start by talking about the situation in Ukraine and Russia. First, I want to express my deepest sympathies to the victims of the conflict. I hope that the conflict will be resolved as soon as possible and that peace will be restored.

今天，我將首先談談烏克蘭和俄羅斯的局勢。首先，我要對沖突的受害者表示最深切的同情。我希望衝突盡快解決，恢復和平。

Our business scale in Ukraine and Russia was about 0.7% of consolidated sales in the fiscal year ended March 31, 2022, FY '21. And although these regions have minimal impact on our financial performance, we are monitoring the impact of the situation on the global economy going forward.

在截至 2022 年 3 月 31 日的 21 財年，我們在烏克蘭和俄羅斯的業務規模約佔合併銷售額的 0.7%。儘管這些地區對我們的財務業績影響微乎其微，但我們正在監測形勢對未來全球經濟的影響。

Now I'll discuss the following 3 topics: the consolidated results for FY '21 and the consolidated results forecast for fiscal year ending March 31, '23. FY's consolidated sales increased 10% compared to the previous fiscal year to JPY 9.9215 trillion, and consolidated operating income increased JPY 247.1 billion to JPY 1.2023 trillion, both of which are record highs. Income before income taxes increased JPY 119.5 billion to JPY 1.1175 trillion, and net income attributable to Sony Group Corporation's shareholders was JPY 882.2 billion or JPY 147.4 billion decrease compared to the previous fiscal year, in which JPY 256.8 billion in reversals or valuation allowances against deferred tax assets were recorded. See -- please see Pages 4 to 10 of the material -- presentation materials for each profit metrics adjusted to exclude onetime items.

現在我將討論以下 3 個主題：21 財年的綜合業績和截至 23 年 3 月 31 日的財政年度的綜合業績預測。 FY的綜合銷售額比上一財年增長10%至99,215億日元，綜合營業收入增長2,471億日元至12,023億日元，均創歷史新高。所得稅前收入增加 1,195 億日元至 1.1175 億日元，歸屬於索尼集團公司股東的淨利潤為 8,822 億日元，較上一財年減少 1,474 億日元，其中轉回或遞延估值準備金為 2,568 億日元稅收資產被記錄下來。請參閱——請參閱材料的第 4 至 10 頁——針對每個利潤指標進行調整以排除一次性項目的演示材料。

Consolidated operating cash flow excluding the Financial Services segment was JPY 813.3 billion. The actual cash flow by segment is shown on the slide. This slide shows the results by segment for FY '21.

不包括金融服務部門的合併經營現金流為 8,133 億日元。幻燈片上顯示了按部門劃分的實際現金流量。這張幻燈片按部分顯示了 21 財年的結果。

And next, I will show the consolidated results forecast for FY '22. And sales are expected to be JPY 11.400 trillion, and operating income is expected to be JPY 1.160 trillion.

接下來，我將展示 22 財年的綜合業績預測。銷售額預計為11.400萬億日元，營業收入預計為1.160萬億日元。

And this slide shows the factors leading to the change in forecasted operating income compared to the actual operating income of the previous fiscal year. Consolidated operating cash flow, excluding the Financial Services segment, is expected to be JPY 1.050 trillion. The assumed foreign currency exchange rates are JPY 123 to the U.S. dollar and JPY 135 to the euro. A JPY 1 depreciation against the U.S. dollar is estimated to have an approximately JPY 1 billion positive impact on operating income for the year, and JPY 1 depreciation against the euro is estimated to have an approximately JPY 7 billion positive impact for the year. Our forecast is based on assumptions such as the projected growth rate of the global economy published by IMS in January, and it incorporates, as much as possible, recent major risks such as the direct impact of the situation of Ukraine and Russia and the impact of COVID-19 in China.

這張幻燈片顯示了導致預測營業收入與上一財年實際營業收入相比發生變化的因素。不包括金融服務部門的合併經營現金流預計為 1.050 萬億日元。假定的外幣匯率為 123 日元兌美元和 135 日元兌歐元。估計對美元貶值 1 日元對本年度營業收入產生約 10 億日元的積極影響，對歐元貶值 1 日元估計對本年度產生約 70 億日元的積極影響。我們的預測是基於 IMS 發布的 1 月份全球經濟預期增長率等假設，並儘可能納入近期重大風險，如烏克蘭和俄羅斯局勢的直接影響以及中國的 COVID-19。

This slide shows our forecast by segment for FY '22. I will now explain the situation in each of our business segments.

這張幻燈片顯示了我們對 22 財年的分部預測。我現在將解釋我們每個業務部門的情況。

Game & Network Services. FY '21 results at first is -- the FY '21 sales increased 3% year-on-year to JPY 2.7398 trillion. Operating income increased JPY 4.4 billion year-on-year to JPY 346.1 billion, primarily due to improvements in the profitability of PlayStation 5 hardware despite the impact of lower sales of nonfirst-party software.

遊戲和網絡服務。 21 財年的最初結果是——21 財年的銷售額同比增長 3% 至 2.7398 億日元。營業收入同比增長 44 億日元至 3,461 億日元，這主要是由於 PlayStation 5 硬件的盈利能力有所提高，儘管非第一方軟件的銷售額有所下降。

FY '22 sales are expected to increase a significant 34% year-on-year to JPY 3.660 trillion due to an expected increase in sales in all categories. Operating income is expected to decrease JPY 41.1 billion year-on-year to JPY 305 billion. This forecast is based on the assumption that the acquisition of Bungie, Inc., which is currently under review by the relevant authority, will close in the third quarter ending December 31, 2022. Excluding the approximately JPY 44 billion in expenses associated with acquisitions, including Bungie, operating income is estimated to be essentially flat year-on-year. In addition, we plan to increase software development expenses aimed at strengthening first-party software at our existing studios by approximately JPY 40 billion year-on-year, and we have incorporated that impact into this forecast. Our unit sales forecast for PS5 hardware is 18 million units, a number based on our current visibility into parts pre-COVID.

22 財年的銷售額預計將同比大幅增長 34% 至 3.660 萬億日元，原因是所有類別的銷售額均有望增長。營業收入預計將同比減少 411 億日元至 3050 億日元。該預測是基於對 Bungie, Inc. 的收購（目前正在由相關當局進行審查）將於截至 2022 年 12 月 31 日的第三季度完成的假設。不包括與收購相關的約 440 億日元的費用，包括 Bungie 在內，預計營業收入同比基本持平。此外，我們計劃將旨在加強我們現有工作室的第一方軟件的軟件開發費用同比增加約 400 億日元，我們已將這一影響納入該預測。我們對 PS5 硬件的銷量預測為 1800 萬台，這個數字基於我們目前對 COVID 之前零件的可見性。

In order to strengthen our content development capabilities further, we entered into a definitive agreement this March to acquire Haven Entertainment Studios, in addition to our acquisition of Bungie. Haven is a studio founded by Jade Raymond, one of the primary creators of the blockbuster assassin's Creed franchise. The studio has gathered many excellent developers in Montreal, Canada, known as a haven for game development, and it is currently developing a new game title. In addition to acquiring studios such as Bungie and Haven, in recent years, we have significantly increased our investment in content development in our existing studios. As a result, our first-party software revenue has grown at a high rate. Going forward, we aim to grow the game business by strengthening our first-party software and deploying that software on multiple platforms.

為了進一步加強我們的內容開發能力，我們在今年 3 月簽署了一項最終協議，除了收購 Bungie 之外，還收購了 Haven Entertainment Studios。 Haven 是由大片刺客信條系列的主要創作者之一 Jade Raymond 創立的工作室。該工作室在被譽為遊戲開發天堂的加拿大蒙特利爾聚集了眾多優秀的開發者，目前正在開發一款新遊戲。除了收購 Bungie 和 Haven 等工作室，近年來，我們還大幅增加了對現有工作室內容開發的投資。結果，我們的第一方軟件收入高速增長。展望未來，我們的目標是通過加強我們的第一方軟件並在多個平台上部署該軟件來發展遊戲業務。

Next is the Music segment. Although sales of Visual Media and Platform decreased, fiscal '21 sales increased a significant 19% year-on-year to JPY 1.1169 trillion, mainly due to an increase in streaming revenue. Operating income increased JPY 26.1 billion year-on-year to JPY 210.9 billion, mainly due to the impact of the increase in sales. The contribution to operating income from Visual Media and Platform accounted for approximately 20% of the operating income of the segment for the fiscal year.

接下來是音樂部分。儘管視覺媒體和平台的銷售額有所下降，但 21 財年的銷售額同比大幅增長 19% 至 1.1169 億日元，這主要是由於流媒體收入的增加。營業收入同比增加 261 億日元至 2109 億日元，主要是受銷售額增加的影響。視覺媒體和平台對營業收入的貢獻約佔該部門本財年營業收入的20%。

Fiscal '22 sales are expected to increase 11% year-on-year to JPY 1.240 trillion. And operating income is expected to increase JPY 19.1 billion year-on-year to JPY 230 billion.

'22 財年銷售額預計將同比增長 11% 至 1.240 萬億日元。營業收入預計將同比增加191億日元至2300億日元。

In the fourth quarter ended March 31, 2022, streaming revenue increased 32% year-on-year in Recorded Music and 36% year-on-year in Music Publishing, continuing to contribute significantly to the growth of the segment. In Recorded Music, we are strengthening our ability to discover and nurture artists, expanding a roster and acquiring new labels such as Alamo Records. As a result of these efforts, our ability to continuously create hits has steadily increased, with having an average of 36 songs in Spotify's weekly global top 100 songs in fiscal '21. Moreover, new business opportunities with digital partners such as TikTok, Meta and Roblox are steadily increasing and are expanding our base load of profitability.

截至 2022 年 3 月 31 日的第四季度，錄製音樂的流媒體收入同比增長 32%，音樂出版的流媒體收入同比增長 36%，繼續為該細分市場的增長做出重大貢獻。在 Recorded Music 中，我們正在加強我們發現和培養藝術家的能力，擴大陣容並收購 Alamo Records 等新唱片公司。由於這些努力，我們持續創造熱門歌曲的能力穩步提高，在 21 財年 Spotify 每周全球前 100 首歌曲中平均有 36 首歌曲。此外，與 TikTok、Meta 和 Roblox 等數字合作夥伴的新商機正在穩步增加，並正在擴大我們的基本盈利能力。

Next is the Pictures segment. With box office revenue in the U.S. recovering to approximately 50% of pre-COVID-19 levels, the operating environment for the segment is starting to return to normal, chiefly in Motion Pictures. In addition, mainly due to the historic blockbuster hit Spider-Man: No Way Home and significant licensing revenue from the popular television series Seinfeld, FY '21 sales increased a significant 65% year-on-year to JPY 1.2389 trillion. Operating income increased a significant JPY 137.5 billion year-on-year to JPY 217.4 billion due to the impact of the increase in sales and recording of a JPY 70 billion gain from the transfer of GSN Games.

接下來是圖片部分。隨著美國票房收入恢復到 COVID-19 之前水平的約 50%，該部門的運營環境開始恢復正常，主要是在電影領域。此外，主要由於歷史性大片《蜘蛛俠：無路可歸》和熱門電視劇《宋飛正傳》的大量授權收入，21 財年銷售額同比大幅增長 65% 至 1.2389 萬億日元。營業收入同比大幅增長 1,375 億日元至 2,174 億日元，原因是銷售額增加和 GSN Games 轉讓錄得 700 億日元收益的影響。

Although Motion Pictures revenue is expected to decrease due to the lack of major releases on par with the previous fiscal year, fiscal '22 sales are expected to increase 7% to JPY 1.330 trillion year-on-year, mainly due to the impact of exchange rates and expected increase in Media Networks revenue. Operating income is expected to decrease a significant JPY 117.4 billion year-on-year to JPY 100 billion, mainly due to our net forecasting onetime items such as in the previous fiscal year. The focus for fiscal '22 operating income margin for the segment is 7.5%, a decreasing -- a decrease compared to the last 2 fiscal years, which benefited from lower expenses resulting from fewer releases and the licensing of films to digital distribution services. However, when compared to before the COVID-19 pandemic, the profitability of the segment has steadily improved.

儘管由於缺乏與上一財年相當的主要版本，預計電影收入將減少，但預計 22 財年的銷售額將同比增長 7% 至 1.330 萬億日元，主要是由於交易所的影響費率和媒體網絡收入的預期增長。營業收入預計將同比大幅減少 1174 億日元至 1000 億日元，主要是由於我們對上一財年等一次性項目的淨預測。該部門 22 財年營業利潤率的重點是 7.5%，與過去 2 個財年相比有所下降，這得益於發行量減少和電影授權數字發行服務導致的費用降低。然而，與 COVID-19 大流行之前相比，該部門的盈利能力穩步提高。

In this segment, we see the increase in demand for content chiefly from video distribution services as an opportunity, and we are strengthening our content IP as a result. Our pillar of IP strategy is leveraging the Sony Pictures universe of Marvel characters, and we are following up on Venom and Morbius with the production of another Spider-Man character spin-off called Kraven the Hunter. In addition, following the success of the first movie adaptation of the popular PlayStation game title Unchartered in Motion Pictures, we are leveraging our game IP by proceeding with the adaptation of Ghost of Tsushima and The Last of Us into video content.

在這一領域，我們認為主要來自視頻分發服務的內容需求增加是一個機會，因此我們正在加強我們的內容 IP。我們的 IP 戰略支柱是利用索尼影業的漫威角色世界，我們正在跟進毒液和莫比烏斯，製作另一個蜘蛛俠角色衍生產品，稱為獵人克萊文。此外，繼廣受歡迎的 PlayStation 遊戲《Unchartered in Motion Pictures》的第一部電影改編大獲成功後，我們正利用我們的遊戲 IP 繼續將《對馬之魂》和《最後生還者》改編成視頻內容。

In Television Productions, we are pursuing strategic investments such as the acquisition of Industrial Media, which has a reputation for producing variety and documentary content such as the popular TV show American Idol, and the acquisition of Bad Wolf, a leading drama production studio in the U.K.

在電視製作方面，我們正在尋求戰略投資，例如收購以製作綜藝和紀錄片內容而聞名的 Industrial Media，例如受歡迎的電視節目《美國偶像》，以及收購美國領先的戲劇製作工作室 Bad Wolf。英國。

Next is the Electronics Products & Solutions segment. Fiscal '21 sales increased 13% year-on-year to JPY 2.3392 trillion, mainly due to an increase in sales of TVs and digital cameras resulting from an improvement in product mix. Mainly due to the impact of the increase in sales, operating income increased JPY 85.1 billion year-on-year to JPY 212.9 billion. During the previous fiscal year, we faced various supply constraints such as continued disruption of manufacturing and logistics resulting from the COVID-19 pandemic and a shortage of components, mainly semiconductors. However, we were able to overcome these issues mainly through close management of the supply chain and achieved operating income margin of over 9%.

接下來是電子產品和解決方案部門。 '21 財年銷售額同比增長 13% 至 23,392 億日元，主要是由於產品組合的改善導致電視和數碼相機的銷售額增加。主要受銷售額增加的影響，營業收入同比增加851億日元至2129億日元。在上一財年，我們面臨各種供應限制，例如 COVID-19 大流行導致製造和物流持續中斷以及組件（主要是半導體）短缺。然而，我們主要通過對供應鏈的密切管理來克服這些問題，並實現了超過 9% 的營業利潤率。

Fiscal '22 sales are expected to increase 3% year-on-year to JPY 2.400 trillion, mainly due to the impact of exchange rates despite a decrease in unit sales of TVs. Operating income is expected to decrease JPY 32.9 billion to JPY 180 billion. This forecast incorporates the total of an already observable impact and an estimated additional impact going forward of approximately JPY 30 billion on our supply chain due to the spread of COVID-19 in China.

22財年的銷售額預計將同比增長3%至2.400萬億日元，這主要是由於儘管電視機的單位銷售額有所下降，但受到匯率的影響。營業收入預計將減少 329 億日元至 1800 億日元。由於 COVID-19 在中國的傳播，該預測包含了已經可觀察到的總影響以及預計對我們的供應鏈造成約 300 億日元的額外影響。

Going forward, due to the continuous spread of infection, there is a possibility that the operation at factories in Shanghai and the surrounding region as well as procurement of parts from the region will be constrained. This, we currently expect it will take approximately 3 months for the situation to normalize. With the situation in Ukraine and Russia and the slowdown of the global economy resulting from rapid inflation, we expect the demand environment this fiscal year to be even more severe than recent years. By quickly responding to the changes in the market going forward and further enhancing our resilience to changes in the environment through digitization and streamlining of our operation, we will aim to maintain and improve our profitability.

展望未來，由於感染的持續蔓延，上海及周邊地區工廠的運營以及從該地區採購的零部件可能會受到限制。我們目前預計情況需要大約 3 個月才能恢復正常。隨著烏克蘭和俄羅斯的局勢以及快速通脹導致全球經濟放緩，我們預計本財年的需求環境將比近幾年更加嚴峻。通過快速響應未來市場的變化，並通過數字化和精簡運營進一步增強我們對環境變化的適應能力，我們將致力於保持和提高我們的盈利能力。

Now I'd like to explain the change in the name of this segment. We have been using visual-audio communication and other technologies to deliver KANDO in the form of entertainment experiences to our customers in this segment for quite some time. Going forward, we will work with creators to create an entertainment of the future by providing technology that enables new visual and audio experiences while also providing new services such as virtual production and sports entertainment.

現在我想解釋一下這部分名稱的變化。很長一段時間以來，我們一直在使用視聽通信和其他技術以娛樂體驗的形式向我們的客戶提供 KANDO。展望未來，我們將與創作者合作，通過提供可實現新視覺和音頻體驗的技術，同時提供虛擬製作和體育娛樂等新服務，創造未來的娛樂。

To further clarify the direction of these businesses, we have changed the name of this segment to Entertainment, Technology & Services. The details of the change will be explained by Mr. Maki, the Head of the segment, at the business segment briefing to be held this month.

為進一步明確這些業務的方向，我們已將此部門的名稱更改為娛樂、技術和服務。部門負責人Maki先生將在本月舉行的業務部門簡報中解釋變更的細節。

Next is the Imaging & Sensing Solutions segment. FY '21 sales increased 6% year-on-year to JPY 1.0764 trillion, primarily due to impact of exchange rates and sales increase of sensors for digital cameras and industrial equipment. Operating income increased JPY 9.7 billion year-on-year to JPY 155.6 billion, primarily due to the impact of the sales increase.

接下來是成像和傳感解決方案部分。 21 財年銷售額同比增長 6% 至 1.0764 億日元，主要是由於匯率的影響以及數碼相機和工業設備傳感器的銷售額增長。營業收入同比增長 97 億日元至 1556 億日元，主要是由於銷售額增長的影響。

FY '22 sales are expected to increase 37% year-on-year to JPY 1.470 trillion. And operating income is expected to increase JPY 44.4 billion to JPY 200 billion.

預計 22 財年銷售額將同比增長 37% 至 1.470 萬億日元。營業收入預計將增加444億日元至2000億日元。

During the previous fiscal year, we achieved a certain level of success, expanding and diversifying our customer base and recovering our unit market share, but the business environment throughout the year was quite severe due to the stagnation of the smartphone market in China. Recently, however, we are seeing manufacturers refocusing on increasing the size, image quality and added value of the image sensors. They are purchasing from their -- for their high-end smartphones scheduled for release in FY '22 and beyond. Thus, we expect the growth of the mobile image sensor market to accelerate again going forward. There is also a movement to purchase -- pursue better image quality even in the mid-range phones, and thus, we believe there is a room for us to further increase our market share.

在上一財年，我們取得了一定程度的成功，擴大和多樣化了我們的客戶群，恢復了我們的單位市場份額，但由於中國智能手機市場的停滯，全年的經營環境相當嚴峻。然而，最近，我們看到製造商重新關注增加圖像傳感器的尺寸、圖像質量和附加值。他們正在從他們的 - 購買計劃在 22 財年及以後發布的高端智能手機。因此，我們預計移動圖像傳感器市場的增長將在未來再次加速。還有一種購買運動——即使在中端手機中也追求更好的圖像質量，因此，我們相信我們還有進一步增加市場份額的空間。

Due to growth in sensors for mobile devices, stable growth in the market for sensors used in digital cameras and industrial applications and the significant market expansion for automotive sensors, we have upwardly revised our forecast revenue CAGR for this segment over the course of the current mid-range plan to approximately 20% per year.

由於移動設備傳感器的增長、用於數碼相機和工業應用的傳感器市場的穩定增長以及汽車傳感器的顯著市場擴張，我們上調了該部門在當前中期的預測收入複合年增長率- 範圍計劃到每年大約 20%。

To respond to this more robust demand and to ensure that we can capture growth opportunities, we plan to increase capital expenditure during this mid-range plan from approximately JPY 700 billion to approximately JPY 900 billion primarily due to the capital expenditure increase and an increase in the R&D expenditures to maintain and expand our technological competitiveness. The time line for improving profitability has been slightly delayed from our initial plan, but we do expect that the profit will continue to grow along with the increase in sales over the medium term.

為了應對這一更強勁的需求並確保我們能夠抓住增長機會，我們計劃在此中期計劃中將資本支出從約 7,000 億日元增加到約 9,000 億日元，主要是由於資本支出增加和研發開支以維持和擴大我們的技術競爭力。提高盈利能力的時間線比我們最初的計劃略有延遲，但我們確實預計利潤將隨著中期銷售額的增加而繼續增長。

Last in the -- is the Financial Services segment. FY '21 Financial Services revenue decreased 8% year-on-year to JPY 1.5338 trillion, primarily due to the decrease in the net gains on investments in the separate account at Sony Life Insurance. Despite the impact of an increase in insurance premium revenue at Sony Life, operating income decreased JPY 4.7 billion year-on-year to JPY 150.1 billion, primarily due to onetime loss at a subsidiary of Sony Life related to the unauthorized withdrawal of funds. New policy enforced at Sony Life during the FY '21 grew 3% year-on-year, driven by our success in selling insurance to corporations.

最後一個是金融服務部門。 21 財年金融服務收入同比下降 8% 至 1.5338 億日元，主要是由於索尼人壽保險單獨賬戶投資的淨收益減少。儘管受到索尼人壽保險費收入增加的影響，營業收入同比下降 47 億日元至 1501 億日元，主要是由於索尼人壽子公司因未經授權提取資金而導致的一次性虧損。受我們成功向企業銷售保險的推動，索尼人壽在 21 財年實施的新保單同比增長 3%。

FY '22 Financial Services revenue is expected to increase 6% to JPY 1.440 trillion, and operating income is expected to increase JPY 69.9 billion to JPY 220 billion. The operating income forecast includes the combined impact of approximately JPY 43 billion from a gain on the real estate sales completed last month and the impact of the recovery of the funds associated with the unauthorized withdrawal, about which we recorded a loss in the previous fiscal year, both at Sony Life.

22財年金融服務收入預計將增長6%至1.440萬億日元，營業收入預計將增加699億日元至2200億日元。營業收入預測包括上個月完成的房地產銷售收益帶來的約 430 億日元的綜合影響以及與未經授權的提款相關的資金回收的影響，我們在上一財年記錄了虧損，都在索尼生活。

Now I would like to explain the progress of our fourth mid-range plan. Under the theme of Sony's evolution during this mid-range plan, we aim to evolve Sony into a company that achieves fast and high growth through investment and business expansions in growth markets and through further collaboration across our businesses.

現在我想解釋一下我們第四個中檔計劃的進展情況。在這個中端計劃中索尼的進化主題下，我們的目標是通過在增長市場中的投資和業務擴張以及我們在各個業務之間的進一步合作，將索尼發展成為一家實現快速和高增長的公司。

Sales are on a higher growth curve than originally expected, driven by growth in our 4 priority investment areas: the G&NS, Music, Pictures and I&SS segments. Operating income has also increased significantly compared to the previous plan, and we now expect it to exceed JPY 1 trillion per year. Based on this, we expect the 3-year cumulative total adjusted EBITDA, which is our consolidated group KPI, to increase to JPY 4.9 trillion, up 14% compared to the target of JPY 4.3 trillion.

在我們的 4 個優先投資領域：G&NS、音樂、圖片和 I&SS 領域的增長推動下，銷售額的增長曲線高於最初的預期。與之前的計劃相比，營業收入也大幅增加，我們現在預計每年將超過 1 萬億日元。基於此，我們預計 3 年累計調整後 EBITDA 總額（即我們的合併集團 KPI）將增加到 4.9 萬億日元，與 4.3 萬億日元的目標相比增長 14%。

Now I would like to update you on the progress of our capital allocation. The amount of consolidated operating cash flow generated during the 3 years of this mid-range plan, excluding the Financial Services segment, is expected to increase by JPY 200 billion compared to the original plan to JPY 3.3 trillion or more, mainly due to the operating income improvement. Added to this amount will be the carryover from the previous mid-range plan, borrowing and asset sales, leaving a total of more than JPY 4 trillion available to be allocated.

現在，我想向您介紹我們資本配置的最新進展。該中期計劃的 3 年內產生的合併經營現金流量（不包括金融服務部門）預計將比原計劃增加 2,000 億日元至 3.3 萬億日元或更多，主要是由於經營收入改善。加上之前的中期計劃、借貸和資產出售的結轉，總共有超過 4 萬億日元可供分配。

As for how this amount will be allocated, I explained earlier that we will increase capital expenditures in the I&SS segment by approximately JPY 200 billion. Thus, we have made no change to our plan to make strategic investment to JPY 2 trillion or more, a total OpEx of approximately JPY 1.060 trillion of strategic investment has -- have been executed or decided, including JPY 97.4 billion in repurchase of Sony stock. And we believe our investment for long-term growth are progressing rapidly. Lastly, we have obtained another authorization to repurchase this maximum of JPY 200 billion of Sony's stock over the next year. These repurchases continue to be part of our strategic investments and will be implemented in a flexible manner.

至於這筆款項將如何分配，我之前已經解釋過，我們將在 I&SS 部門增加約 2000 億日元的資本支出。因此，我們沒有改變戰略投資至 2 萬億日元或更多的計劃，總計約 1.060 萬億日元的戰略投資已經執行或決定，其中包括 974 億日元的索尼股票回購.我們相信我們對長期增長的投資正在迅速取得進展。最後，我們獲得了另一項授權，可以在明年回購這一最高 2,000 億日元的索尼股票。這些回購仍然是我們戰略投資的一部分，並將以靈活的方式實施。

We believe that the external environment in FY '22 will be quite harsh, with many risks and issues that we will have to address, and as CFO, I am managing Sony with the highest sense of caution. At the same time, we will continue to take steps to achieve growth over the long term while responding swiftly to changes in the environment.

我們認為，22 財年的外部環境將相當嚴峻，我們必須解決許多風險和問題，作為首席財務官，我以最高的謹慎態度管理索尼。與此同時，我們將繼續採取措施實現長期增長，同時迅速應對環境變化。

This concludes my remarks.

我的發言到此結束。

And that was the explanation by Mr. Totoki. From 4:25 p.m., we will start the media Q&A, and from 4:50 p.m., we will start the investors and analysts Q&A. Each Q&A session is scheduled to last for about 20 minutes. Those of you who have preregistered to ask questions, please connect it to the designated phone number beforehand. As for the method of asking questions and other points to be noted, please refer to the information that we have provided to you beforehand. Those of you who have not preregistered, you can view the Q&A session through the Internet. Please wait a while until we resume.

這就是時時先生的解釋。下午4點25分開始媒體問答，下午4點50分開始投資者和分析師問答。每個問答環節計劃持續約 20 分鐘。已預約提問的朋友，請事先與指定的電話號碼聯繫。至於提問方式及其他注意事項，請以我們事先提供給您的資料為準。沒有預註冊的可以通過網絡查看問答環節。請稍等片刻，直到我們恢復。

(Break)

（休息）

We'll be starting the media Q&A shortly. We ask you for your indulgence.

我們很快就會開始媒體問答。我們請求您的寬容。

Thank you for waiting. We'd now like to take questions from the media. Those who'll be responding will be Hiroki Totoki, Executive Deputy President and CFO; and Naomi Matsuoka, Senior Vice President in charge of Corporate Planning and Control, Support for Finance Business and Entertainment Area; and Sadahiko Hayakawa, Senior Vice President in charge of Finance and IR.

謝謝你的等待。我們現在想接受媒體的提問。將作出回應的將是執行副總裁兼首席財務官 Hiroki Totoki； Naomi Matsuoka，負責企業計劃和控制、支持金融業務和娛樂領域的高級副總裁；以及負責財務和 IR 的高級副總裁早川貞彥。

We'd now like to begin.

我們現在想開始。

(Operator Instructions) The first question of NHK, Shimai-san, please? Shimai from NHK, can you hear me?

（操作員說明）NHK的第一個問題，Shimai-san，好嗎？ NHK 的 Shimai，你能聽到我的聲音嗎？

Yes. My first question about the yen depreciation earlier, and the FY '21 results. It seems that the depreciation of the yen has benefited you. Meanwhile, the raw material price is increasing, and the weakened negative impact is being talked about. For your company, what are the negatives of the depreciation of the yen? And also what measures do you have this year to cope with the depreciation of the yen?

是的。我早些時候關於日元貶值的第一個問題，以及 21 財年的結果。看來日元貶值讓你受益了。同時，原材料價格上漲，負面影響減弱被議論紛紛。對貴公司而言，日元貶值的負面影響是什麼？以及今年有哪些措施應對日元貶值？

My second question. Earlier, you talked about COVID-19 in China and taking about 3 months for recovery and normalize. Other than that, there are the shortage of semiconductors as well as other shortages. So looking at the business going forward, for this fiscal year, where do you think the biggest challenges exist? And what measures are you contemplating?

我的第二個問題。早些時候，您談到了中國的 COVID-19，需要大約 3 個月的時間才能恢復和正常化。除此之外，還有半導體短缺以及其他短缺。因此，展望未來的業務，對於本財年，您認為最大的挑戰在哪裡？您正在考慮採取哪些措施？

Thank you for your question. Let me talk first about the exchange rate. And then after, Hayakawa will add some more explanation.

謝謝你的問題。我先說一下匯率。之後，早川會補充一些說明。

First, about the exchange rate. Well, if I talk about each of the segments, about Game & Network Services and the EP&S and I&SS, for these segments, we estimate a JPY 1 depreciation would be JPY 1 billion positive euro of JPY 7 billion positive for our operating income.

首先，關於匯率。好吧，如果我談論每個細分市場，關於遊戲和網絡服務以及 EP&S 和 I&SS，對於這些細分市場，我們估計 1 日元的折舊將為我們的營業收入帶來 70 億日元的正面收益 10 億日元。

Now for each business segment, there are different characteristics. And therefore, Hayakawa will add some more explanation.

現在對於每個業務部門，都有不同的特點。因此，早川會補充一些解釋。

I'd like to explain about the different business segments. Well, our G&NS and ET&S, both the raw materials that we are purchasing, mostly in U.S. dollars. And therefore, the raw material prices rise and, also, the adjustments we have to do in adding on to the prices, and this will undermine our profit structure. Meanwhile, those which are yen-denominated, in I&SS, we think that this will be a positive for us. About Music and Pictures, well, basically, the business is being consolidated in U.S. dollar and converted to Japanese yen. And this -- therefore, the depreciation of the yen will be positive for our sales and operating income. And that is about the U.S. dollar.

我想解釋一下不同的業務部門。好吧，我們的 G&NS 和 ET&S，都是我們購買的原材料，主要是美元。因此，原材料價格上漲，而且我們必須進行調整以增加價格，這將破壞我們的利潤結構。同時，在 I&SS 中以日元計價的那些，我們認為這對我們有利。關於音樂和圖片，基本上，該業務正在以美元合併並轉換為日元。這 - 因此，日元貶值將對我們的銷售和營業收入產生積極影響。那是關於美元的。

And next is about euro. For euro, we -- the cost that is generated in euro is limited in our business and, therefore, euro and yen. The yen depreciation is a positive for our profit. That is all. Thank you.

接下來是關於歐元的。對於歐元，我們——以歐元產生的成本在我們的業務中是有限的，因此是歐元和日元。日元貶值對我們的利潤有利。就這些。謝謝你。

Thank you very much. Basically, the exchange rate fluctuation, we have the tolerance to cope with these fluctuations. And we have DX some of our operations, improved efficiency, and the margin of the businesses are being increased to cope with these fluctuations, and we will continue to do so going forward.

非常感謝你。基本上，匯率波動，我們有能力應對這些波動。我們有 DX 我們的一些業務，提高了效率，並且正在增加業務的利潤率以應對這些波動，我們將繼續這樣做。

And about your second question, China and the impact of COVID-19. For this fiscal year, there are a variety of risks, as you know.

關於第二個問題，中國和 COVID-19 的影響。如您所知，本財年存在多種風險。

About the parts procurement, we think that, to quite an extent -- well, last fiscal year, the second -- compared to the second half, I think in different areas, for example, we have changed our source of procurement and also changed our design, amongst others. So we have been capable of coping. So for the parts procurement, I think that we have a good outlook.

關於零部件採購，我們認為在很大程度上——嗯，上一財年，第二財年——與下半年相比，我認為在不同的領域，例如，我們改變了採購來源，也改變了我們的設計等等。所以我們已經有能力應對了。所以對於零部件採購，我認為我們的前景很好。

Meanwhile, the spread of the virus in China. Well, how long this will continue and to what extent it will continue and spread. This is something that is very difficult to predict. At this point in time, we think that it will take about 3 months. Especially for the Shanghai lockdown, it will take about 3 months to normalize. That is what we're thinking right now, but we should not be complacent and look at logistics and procurement and try to detect this risk early on so as to be able to cope with them. We want to be active in coping with these risks. Thank you.

與此同時，病毒在中國的傳播。那麼，這將持續多久，它將持續和蔓延到什麼程度。這是非常難以預測的事情。在這個時間點，我們認為大約需要 3 個月的時間。尤其是上海封城，恢復正常需要3個月左右。這就是我們現在的想法，但我們不應該自滿，看看物流和採購，並嘗試及早發現這種風險，以便能夠應對它們。我們希望積極應對這些風險。謝謝你。

We'll take the next question from Nikkei newspaper, [Tsutsumi-san], please.

請接受日經報紙[Tsutsumi-san]的下一個問題。

My name is [Tsutsumi] from Nikkei newspaper. Can you hear me?

我的名字是日經報紙的[Tsutsumi]。你能聽到我嗎？

Yes, we can clearly hear you.

是的，我們可以清楚地聽到您的聲音。

Two questions. First, in the game business, about your outlook for this fiscal year. Against assumptions, you may have the upsides or -- and also, at the same time, downside risks, so upside and downside, both. So if you could mention on both sides, I would appreciate it.

兩個問題。首先，在遊戲業務方面，關於您對本財年的展望。與假設相反，你可能有好處，或者——同時也有下行風險，所以既有上行也有下行。因此，如果您能在雙方都提及，我將不勝感激。

Well, you have only one question. Please proceed to the second question.

好吧，你只有一個問題。請繼續第二個問題。

My second question, in the MRP's amendment revision, EBITDA -- cumulative EBITDA, I think there was this number of 54% or so. Well, if you could give me the breakdown of the increase, I would appreciate it.

我的第二個問題，在 MRP 的修訂版中，EBITDA——累計 EBITDA，我認為這個數字是 54% 左右。好吧，如果你能給我增加的細目，我將不勝感激。

And about your strategic investment, if you could give us your philosophy and the strategic investment, I would appreciate it.

關於您的戰略投資，如果您能告訴我們您的理念和戰略投資，我將不勝感激。

Thank you. About G&NS outlook or forecast, let me start with that. About our assumptions, at this moment, the risks and upsides are both factored in to come up with the best estimation. If there's one upside, how much sales can we expect about our hits? Software, titles and the number of hits, these are the variables, and we expect highly on this, too. As we announced already, PS Plus included, network services are to be renewed. After June, there will be gradual releases stage by stage. And for this, we want the users to enjoy this and find them higher quality and easier to use or play, and that should be our upside.

謝謝你。關於 G&NS 的前景或預測，讓我從那開始。關於我們的假設，目前，風險和好處都被考慮在內，以得出最佳估計。如果有一個好處，我們可以期望我們的點擊量有多少銷售？軟件、標題和點擊次數，這些都是變量，我們對此也寄予厚望。正如我們已經宣布的，包括 PS Plus，網絡服務將被更新。 6月後，將分階段逐步發布。為此，我們希望用戶享受這一點，並發現它們的質量更高、更易於使用或玩，這應該是我們的優勢。

And about the risks or downside, needless to say, and it's not only restricted to game business at this moment, 18 million units is the forecast for the -- this fiscal year. For components, we do have a good feel about how to procure the components and parts. But going forward, for example, the situation of the pandemic in China, if it worsens going forward and if the lockdowns will expand further, then that will have a possibility of affecting the production, and that can be a downside risk. However, this will not happen overnight. So for us, we need to be proactive, have a focus and take appropriate measures.

至於風險或不利因素，不用說，目前不僅限於遊戲業務，本財年的預測為 1800 萬台。對於組件，我們確實對如何採購組件和零件有很好的了解。但展望未來，例如中國的大流行情況，如果它進一步惡化，如果封鎖進一步擴大，那麼這將有可能影響生產，這可能是一個下行風險。然而，這不會在一夜之間發生。所以對我們來說，我們需要積極主動，有重點，採取適當的措施。

Now about your second question, about MRP. Now concerning EBITDA, and there's the change or revision of EBITDA's forecast. About this forecast, including the supplementary documents of the financial results and others, all the data are available for you to see. Basically, the baseload of our profitability has been enhanced. Now we are expecting 14% growth now. And using this, we can make this for the -- to be allocated to the JPY 2 trillion strategic investment if there are good opportunities. But at this moment, we look at the market environment now. At this moment, we can leave this fund as it is. And if necessary, we will review the situation, and then we'll make an announcement accordingly. Thank you.

現在關於你的第二個問題，關於 MRP。現在關於 EBITDA，還有 EBITDA 預測的變化或修正。關於本次預測，包括財務業績的補充文件等，所有數據都可以看到。基本上，我們盈利能力的基數得到了增強。現在我們預計增長 14%。如果有好的機會，我們可以利用這一點將其分配給 2 萬億日元的戰略投資。但此時此刻，我們看看現在的市場環境。此時，我們可以保留這個基金。如有必要，我們將審查情況，然後我們將作出相應的公告。謝謝你。

Next, I'd like to move on to the next questions. [Nishida-san], a freelance writer, please.

接下來，我想繼續下一個問題。 [西田先生]，請自由撰稿人。

This is [Nishida] speaking. Can you hear me?

這是[西田]說的。你能聽到我嗎？

Yes, we can.

我們可以。

Please, I also have 2 questions, the first about the game business. PlayStation 5's procurement is pretty much in place, and the shortage of components, you're expecting that will be resolved and 18 billion unit -- 18 million units, is that enough to the demand -- compared with the demand? And the semiconductors, sensors, high-end sensors are expected to sell and leading to the increase in sales. Now without depending on the Chinese market, overall product mix is improved, thus improvement, or you're largely relying on the Chinese market for this improvement, if you could educate us.

拜託，我還有兩個問題，第一個是關於遊戲業務的。 PlayStation 5 的採購已經基本到位，組件短缺，您預計將得到解決，與需求相比，180 億台——1800 萬台，是否足以滿足需求？半導體、傳感器、高端傳感器有望銷售，帶動銷售額增加。現在在不依賴中國市場的情況下，整體產品組合得到了改進，因此得到了改進，或者你在很大程度上依賴於中國市場來實現這種改進，如果你能教育我們的話。

Thank you for your questions. Two questions, you asked this. First, question regarding the PS5-related procurement. Maybe it's more of a demand side, is the question. 18 million units is what we feel very comfortable that we can get the parts and components. And we feel that there was a little bit higher demand than that. And so whether -- if the question is whether we can meet the demand, I think we're still short somewhat. And regarding our stock or inventory, still remain very low. So in order to provide our PlayStation units to customers smoothly and timely basis, in that sense, we are still behind or short.

謝謝你的問題。兩個問題，你問這個。首先，關於PS5相關採購的問題。也許這更多的是需求方面，這是個問題。 1800萬台是我們能拿到的零部件，感覺很舒服。我們覺得需求比這要高一點。那麼是否 - 如果問題是我們是否能夠滿足需求，我認為我們仍然有些短缺。而關於我們的庫存或庫存，仍然很低。因此，為了順利和及時地向客戶提供我們的 PlayStation 設備，從這個意義上說，我們仍然落後或短缺。

And regarding I&SS, the sensors, as I mentioned in my earlier stage, there is an increase in the size and higher added value in the market. That's a trend. Regardless of the regions and the large smartphone set manufacturers are going through that trend, and it is becoming very visible. And that's what we feel through discussion with our customers -- communicating with customers, and we want to make sure to respond to that demand. That way, we can increase the sales.

而關於 I&SS 傳感器，正如我在前面階段提到的，市場的尺寸和附加值都在增加。這是一個趨勢。無論在哪個地區，大型智能手機製造商都在經歷這一趨勢，並且變得非常明顯。這就是我們通過與客戶討論的感受——與客戶溝通，我們希望確保響應這種需求。這樣，我們就可以增加銷售額。

And also, if we talk about the Chinese market, that we are still cautious. And we do have a slow movement and also the stock level -- inventory level, low in China. And we hope by the end of this year, it will normalize.

而且，如果我們談論中國市場，我們仍然持謹慎態度。而且我們確實有一個緩慢的動作，還有庫存水平——庫存水平，在中國很低。我們希望到今年年底，它會正常化。

Next question, please. Asahi Shimbun, [Hisaha-san] please?

下一個問題，請。朝日新聞，[久葉同學]好嗎？

Can you hear me?

你能聽到我嗎？

Yes, please?

是的，請？

I have 2 questions both about PS5. In 2022 or this fiscal year, you said that the unit sales target -- you said 22.6 million. I think it was to exceed PS5. But you say 18 million. So why did you have to reduce the number?

我有兩個關於 PS5 的問題。 2022年或者本財年，你說單位銷售目標——你說2260萬。我認為它超過了PS5。但是你說1800萬。那你為什麼要減少數量呢？

And second, in -- earlier, you said FY '21, the PS5 result -- can you explain about the PS5 result for FY '21?

其次，在 - 早些時候，你說 21 財年，PS5 結果 - 你能解釋一下 21 財年的 PS5 結果嗎？

So you have a first question about the fact that we originally were talking about 22.6 million that was more than PS5. And well, this was reduced because of the constraint of components. And well, when it comes to procurement of components, we have not given up on this. We would like to continue to work on this. But at this point in time, what we can say safely is that we can achieve the necessary components for 18 million units. So that is the reason for this change in the number.

所以你有第一個問題，我們最初談論的是 2260 萬，比 PS5 還多。好吧，由於組件的限制，這減少了。而且，在採購組件方面，我們並沒有放棄這一點。我們願意繼續為此努力。但在這個時間點，我們可以放心地說，我們可以實現 1800 萬台所需的組件。所以這就是人數變化的原因。

And also, about FY '21, the actual result, did you say? The actual unit sales -- FY '21 unit sales number, yes, we have presented that. PS5, 11.5 million units. Have I answered your question?

還有，關於 21 財年的實際結果，你說了嗎？實際的單位銷售額——21 財年的單位銷售額，是的，我們已經提出了這一點。 PS5，1150 萬台。我回答你的問題了嗎？

So that is the actual unit sales for FY '21?

那麼這是 21 財年的實際單位銷售額嗎？

Yes. Thank you.

是的。謝謝你。

Time is running out on us. So the next person will be the last one to ask questions, from Toyo Keizai, [Sasaki-san], please.

我們的時間不多了。所以接下來的人將是最後一個提問的人，請來自東洋經濟，[佐佐木先生]。

Do you hear me?

你聽到我了嗎？

Yes. Yes.

是的。是的。

My name is [Sasaki] from Toyo Keizai. Two questions. You stopped the disclosure -- individual disclosure of the smartphones. Compared to the previous year, the sales is increasing, but what about profitability? If you could disclose that, I would appreciate it.

我的名字是來自東洋經濟的【佐佐木】。兩個問題。你停止了披露——對智能手機的個人披露。與上一年相比，銷售額在增加，但盈利能力如何？如果您能透露這一點，我將不勝感激。

Second, the plan to increase both sales and earnings of the semiconductors. Well, you're talking about the larger size and higher added value. But what would be the percentage of the contribution to the profit for each -- from each?

第二，半導體銷售和收益雙增長計劃。嗯，你說的是更大的尺寸和更高的附加值。但是，每個人對利潤貢獻的百分比是多少？

Well, I couldn't hear, I'm sorry, your second question. Could you repeat again?

嗯，我聽不見，對不起，你的第二個問題。你能再重複一遍嗎？

Can you hear me?

你能聽到我嗎？

Yes, please, go ahead.

是的，請繼續。

About the image sensor, the plan to increase both revenue and sales and the earnings. In terms of volume and price, I would like to -- you to explain the contribution of each.

關於圖像傳感器，計劃增加收入和銷售以及收益。在數量和價格方面，我想 - 你解釋每個的貢獻。

I see. About the smartphones, well, we don't disclose individually, but in a qualitative way, I can say that the profitability improvement, the level of fixed cost has declined by a large margin, and the merchandise appeal improved. So profitability improved. So it can contribute to the stable sales increase. That's the structure we have already established. And then the image sensors, both increased both in terms of the sales and the earnings of the image sensor.

我懂了。關於智能手機，嗯，我們不單獨透露，但從質量上講，我可以說盈利能力的提高，固定成本水平大幅下降，商品吸引力有所提高。所以盈利能力提高了。因此，它可以有助於穩定的銷售增長。這就是我們已經建立的結構。然後是圖像傳感器，無論是從圖像傳感器的銷售額還是收益來看，均有所增長。

In terms of the market share compared to this fiscal year, there will be -- seems to be a slight decrease in the market share. Now the larger size and higher value added will be the direction. So the unit price will drastically increase, and that can push up or drive the sales.

就市場份額而言，與本財年相比，市場份額將——似乎略有下降。現在更大的尺寸和更高的附加值將是方向。因此，單價將大幅上漲，這可能會推高或推動銷售。

Thank you. Okay, it is time. And we'd like to conclude the Q&A session for media people. And we will start the Q&A session for investors at 4:50 or 16:50.

謝謝你。好的，是時候了。我們想結束媒體人的問答環節。我們將在4:50或16:50開始投資者問答環節。

(Break)

（休息）

We're starting the investor/analyst Q&A shortly. We ask for your indulgence.

我們很快就會開始投資者/分析師問答。我們請求您的寬容。

Thank you for waiting. And now we would like to start the investor, analyst Q&A session. I'll be serving as the MC. I'm from the finance group, IR group. My name is [Shinchi], Sony Group Corporation.

謝謝你的等待。現在我們想開始投資者、分析師問答環節。我將擔任MC。我來自財務組，IR 組。我的名字是[Shinchi]，索尼集團公司。

At the beginning, the moderator is not correcting a mistake in the Japanese version of the CFO speech. Please wait a moment. Please note that there was no mistake in the English script.

一開始，版主並沒有糾正日文版CFO演講中的錯誤。請稍候。請注意，英文腳本沒有錯誤。

And now we'd like to take questions. And those who will be responding is Executive Deputy President and CFO, Hiroki Totoki; and Senior Vice President in charge of Corporate Planning and Control, support for finance business and Entertainment area, Naomi Matsuoka; and Senior Vice President in Charge of Finance and IR, Sadahiko Hayakawa. (Operator Instructions)

現在我們想提出問題。將作出回應的是常務副總裁兼首席財務官 Hiroki Totoki；負責企業計劃和控制、金融業務和娛樂領域支持的高級副總裁松岡直美；負責財務和投資者關係的高級副總裁早川貞彥。 （操作員說明）

And now we'd like to proceed to the Q&A. (Operator Instructions)

現在我們想繼續進行問答。 （操作員說明）

Now first, the Morgan Stanley MUFG Securities, we have Ono-san.

現在首先是摩根士丹利 MUFG 證券，我們有小野先生。

This is Ono speaking of Morgan Stanley. And can you hear me?

這是小野說的摩根士丹利。你能聽到我的聲音嗎？

Yes, we can. Please go ahead.

我們可以。請繼續。

The first, I have a question regarding games and another question on the imaging sensors. And first about the forecast for game sales this year. Bungie cost will be JPY 44 billion and software development, also JPY 40 billion. Those are the expected expenditures. And JPY 44 billion for Bungie expenditure, it will be -- that's quite a large amount of investment this year. And how much do you plan on continuing to invest in Bungie from next year? And also the effect of the software development expenditure, you will be spending more R&D costs this year compared with the next year and further down? Or do you plan to make similar level of investment?

首先，我有一個關於遊戲的問題和另一個關於成像傳感器的問題。首先是關於今年遊戲銷量的預測。 Bungie 成本為 440 億日元，軟件開發成本也為 400 億日元。這些是預期的支出。 Bungie 支出 440 億日元，這將是今年相當大的投資。從明年開始，您計劃繼續對 Bungie 進行多少投資？還有軟件開發支出的影響，今年的研發費用會比明年多，而且還會更低？還是您打算進行類似水平的投資？

Second point is about the image sensing, and Chinese smartphone cells have been stagnating, especially in high-end segment, more in comparison to the expectation. Now the CMOS sensors usually have 5 months lead time. So you should have inventory built up, and it will have an impact on your revenue. That will be my first hunch. If you could expound on how you incorporate these factors into your forecast.

第二點是關於圖像傳感，中國智能手機的細胞一直停滯不前，尤其是在高端領域，與預期相比更是如此。現在CMOS傳感器通常有5個月的交貨時間。因此，您應該建立庫存，這將對您的收入產生影響。這將是我的第一個預感。如果您能詳細說明如何將這些因素納入您的預測。

Okay. First, for Game & Network Services first. And not just for Bungie, but the -- we have posted JPY 44 billion for acquisitions, and large portions will be used for Bungie acquisition. And in this fiscal year, we have this forecast, but this forecast is soft -- well, is assuming that the -- we will complete this acquisition in the third quarter this year. In the fiscal year '23, we have to have an expenditure -- expenses for the whole year. And so we will expect 50% more expenses next year for Bungie.

好的。首先，首先是遊戲和網絡服務。不僅是 Bungie，而且我們已經公佈了 440 億日元用於收購，其中大部分將用於 Bungie 收購。在本財年，我們有這個預測，但這個預測是軟的——好吧，假設我們將在今年第三季度完成這次收購。在 23 財年，我們必須有一個支出——全年的支出。因此，我們預計明年 Bungie 的支出將增加 50%。

And we said that we will increase the R&D cost for software titles, but the game titles -- but looking at the current market trend and our capabilities, we feel by investing into R&D and thus create the upside factors for the future. And I think that's the healthy investment -- strategic investment, which we want to execute. It will cost us. But together with that, we can expect the growth in sales, at least we hope. So next year, this added investment would not reduce the operating income directly.

我們說我們會增加軟件標題的研發成本，但遊戲標題 - 但從當前的市場趨勢和我們的能力來看，我們認為通過投資研發，從而為未來創造上行因素。我認為這是健康的投資——我們想要執行的戰略投資。這會讓我們付出代價。但與此同時，我們可以期待銷售額的增長，至少我們希望如此。所以明年，這種增加的投資不會直接減少營業收入。

And next about I&SS. The Chinese smartphone market and the demand, our forecast of the Chinese market, right now, there is an inventory in the supply chain. And so there is slightly slow in Chinese market. And we hope that the -- in the second half of FY '22, it will return to normal conditions. And for general purpose products, a number of customers can use them. So a little bit higher inventory is -- that's acceptable to us, and to cope with the changes in the demand and also, at the same time, respond to the higher demand in the market, we want to have a healthy stock and consider the good timing for capital expenditures. And that's our thought.

接下來是關於 I&SS。中國智能手機市場和需求，我們對中國市場的預測，目前，供應鏈中有庫存。因此中國市場略有放緩。我們希望 - 在 22 財年的下半年，它將恢復正常狀態。對於通用產品，許多客戶可以使用它們。所以稍微高一點的庫存對我們來說是可以接受的，為了應對需求的變化，同時為了應對市場更高的需求，我們希望有一個健康的庫存並考慮資本支出的好時機。這就是我們的想法。

Thank you. And next question, Mizuho Securities. Mr. Nakane, please. Mizuho, Nakane, can you hear me?

謝謝你。下一個問題，瑞穗證券。中根先生，請。瑞穗，中根，你能聽見我說話嗎？

Again, two questions. First, I&SS sales. Totoki-san earlier said, the unit volume will be a slight increase, and the price will increase more significantly. As for the price increase, will it be higher value added and also the logic procurement cost will increase? I think there are these 2 factors. So can you give me the breakdown of the 2? And second, how much of this cost increase are you going to add on to the sales price? For example, you can -- and will be able to maintain the margin -- gross margin? That's the first question.

再次，兩個問題。首先，I&SS 銷售。 Totoki-san 早些時候表示，單位數量會略有增加，而價格將增加更顯著。至於漲價，是不是附加值更高，邏輯採購成本也會增加？我認為有這兩個因素。那麼你能告訴我2的細分嗎？其次，您要在銷售價格上增加多少成本？例如，您可以——並且將能夠保持利潤率——毛利率？這是第一個問題。

And about the second question, about inventory. Page 7 of the handout. I&SS, I see that the inventory is high and G&NS, too. And there's COVID-19 and also the logistics and semiconductor, there are a number of factors. And I&SS, aside from the -- I think the cost increase is also included here, in addition to the strategy. So can you talk about this? And towards September, what is the inventory level that you're assuming at this point in time in your budget?

關於第二個問題，關於庫存。講義的第 7 頁。 I&SS，我看到庫存很高，G&NS 也是。還有 COVID-19，還有物流和半導體，有很多因素。 I&SS，除了 - 我認為除了戰略之外，成本增加也包括在這裡。那你能談談這個嗎？到 9 月，您在預算中的這個時間點假設的庫存水平是多少？

Well, then first about I&SS, the unit price. Well, is it because of the higher value added on the larger size or increase in logic price? So you want to know the breakdown. Well, either or, I guess, you're asking. But in regards to this, basically, the larger size and higher value added, this has a bigger impact, we think.

那麼首先關於I&SS，單價。那麼，是因為更大尺寸的附加值更高還是邏輯價格的增加？所以你想知道故障。好吧，或者，我猜，你在問。但在這方面，我們認為，基本上，更大的規模和更高的附加值，這會產生更大的影響。

And about the logic procurement cost, the increase and the device increase and how much of this can be added on to the product price. Well, it depends on the transaction, the deal. And therefore, I cannot give you the details, I'm afraid. But basically, we think that we will be securing a proper margin. And for this, we have to add on to our sales price.

關於邏輯採購成本，增加和設備增加以及其中多少可以添加到產品價格中。好吧，這取決於交易，交易。因此，恐怕我不能告訴你細節。但基本上，我們認為我們將獲得適當的利潤。為此，我們必須增加我們的銷售價格。

But the shortage of devices, we have to look at both the market and customer. And I think the customers understand the situation. And it's not the case that they will not listen. I think that describes the current status.

但設備短缺，我們必須同時關注市場和客戶。我認為客戶了解情況。他們也不是不聽。我認為這描述了當前的狀態。

And about ET&S, about the shortage of materials, yes, we have put in place the necessary measures. And about logistics, the lead time, it's long. And therefore, this will have an impact on the inventory level. We think that the fiscal year that's ended, the inventory level was high. But this was intentional. And therefore, for ET&S, the inventory level, we do not have any significant concern at this point in time.

關於 ET&S，關於材料短缺，是的，我們已經採取了必要的措施。關於物流，交貨時間很長。因此，這將對庫存水平產生影響。我們認為，在結束的財政年度，庫存水平很高。但這是故意的。因此，對於 ET&S，庫存水平，我們目前沒有任何重大擔憂。

And as for I&SS, well, naturally, our capacity needs to be efficiently and effectively used. So we have to run at full capacity. That's what we're doing right now. And for this fiscal year, this will -- is intended to meet the demand. And also the capital investment, and also the starting of the equipment, this is also being taken into consideration. And that is the reason why we intend to increase the inventory.

至於 I&SS，當然，我們的能力需要得到有效利用。所以我們必須滿負荷運行。這就是我們現在正在做的事情。對於本財年，這將 - 旨在滿足需求。還有資本投資，還有設備的啟動，這也在考慮之中。這就是我們打算增加庫存的原因。

About September inventory level. I don't think that there will be any major change. At the end of the fiscal year -- towards the end of the fiscal year, well, it might not change that much. And we will -- we are already discussing the FY '23 demand. And with that in mind, we want to have the appropriate inventory to satisfy that. So we want to control the inventory properly with these things in mind.

大約九月份的庫存水平。我認為不會有任何重大變化。在財政年度結束時 - 在財政年度結束時，它可能不會發生太大變化。我們將 - 我們已經在討論 23 財年的需求。考慮到這一點，我們希望有適當的庫存來滿足這一點。因此，我們要牢記這些事情來正確控制庫存。

And I think I've answered all the questions, I hope. Is that right? Can you hear me? I cannot hear you. Is it right?

我想我已經回答了所有的問題，我希望如此。是對的嗎？你能聽到我嗎？我聽不到你。這樣對嗎？

We'll proceed to the next question from SMBC Nikko Securities, Katsura-san, please?

請繼續回答 SMBC Nikko Securities 的下一個問題，Katsura-san，好嗎？

Katsura. Can you hear me?

桂。你能聽到我嗎？

Yes.

是的。

G&NS and I&SS, for these, I have questions. About G&NS, on Page 9 of the supplementary documents, PS Plus subscribers. Basically, it has shown some decline. Going forward, what's your take on this? And what is your plan? There will be a renewal of PS Plus in June. On this renewal, how did you take into consideration the past trend? If you could give me some idea, I would appreciate it.

G&NS 和 I&SS，對於這些，我有疑問。關於 G&NS，在補充文件的第 9 頁，PS Plus 訂閱者。基本上，它已經顯示出一些下降。展望未來，您對此有何看法？你的計劃是什麼？ PS Plus 將於 6 月更新。在這次更新中，你是如何考慮過去的趨勢的？如果你能給我一些想法，我將不勝感激。

Second, I&SS. Well, you talked about the full capacity utilization. As usual, capacity and the number of wafers, if you could give me an idea. On Page 21, there's the CapEx number, JPY 370 billion for this fiscal year against JPY 900 billion. Next fiscal year, the CapEx is going to decline, and this year will be the peak in my view. And you're excluding the joint venture deal from these numbers -- I mean, joint venture of TSMC.

第二，I&SS。好吧，您談到了全部產能利用率。像往常一樣，容量和晶圓的數量，如果你能給我一個想法。在第 21 頁，有資本支出數字，本財年為 3700 億日元，而本財年為 9000 億日元。下個財年，資本支出將下降，我認為今年將是頂峰。而且你從這些數字中排除了合資交易——我的意思是，台積電的合資企業。

The Game & Network Services first. Now PS Plus subscribers, before going into the discussion of that, let me give you an overall trend for us. The total gameplay time is so important. Year-on-year, there has been a decline, but the stay-home demand was not so strong. From January to February in 2021 compared to that, there was an increase by 8% quite recently compared to January and February in 2022. And compared to the end of March in 2020, there's an increase by 5.9 million. So the stay-at-home demand was a temporary factor. But after it has subsided, it seems to me that the high level of engagement is maintained. So on a midterm basis, I don't see much concern on PS Plus. So I am sure that the high level of engagement will continue. That's a positive take that I have.

首先是遊戲和網絡服務。現在 PS Plus 訂閱者，在討論這個問題之前，讓我給你一個整體趨勢。總的遊戲時間非常重要。同比有所下降，但居家需求並不那麼強勁。與 2021 年 1 月至 2 月相比，最近與 2022 年 1 月和 2 月相比增加了 8%。與 2020 年 3 月底相比，增加了 590 萬。因此，居家需求只是暫時的因素。但在它消退之後，在我看來，高水平的參與度得以維持。所以在中期的基礎上，我對 PS Plus 沒有太多關注。因此，我相信高水平的參與將繼續下去。這是我的積極態度。

About the renewal, we will start the renewal from June onward in a staged manner, and we would like it to be stably grow and be supported by users. So I would like you to have great expectations on this together with me.

關於續訂，我們將從6月起分階段開始續訂，希望能夠穩定成長，得到用戶的支持。所以我希望你和我一起對此抱有很大的期望。

Now I&SS capacity and the number of input wafers -- number of wafers. FY '21, at the end of fourth quarter, 122,000, that's the rough estimate. That's the capacity. With the change of model, product mix and the facility maintenance caused some interruptions. As of the end of the first quarter in 2022, 130,000 will be achieved as originally scheduled. The number of wafers in FY '21 and the fourth quarter, actual, the 3 months average -- simple average is 121,000. And there was this great earthquake in January, and there's a Miyagi earthquake in March and, excluding that, flat. And then 3 months average -- simple average, of this fiscal year is 126,000. With these assumptions, what about the investment for fiscal '23? There will be a slight decrease, but still, there will be a high level to be maintained.

現在 I&SS 產能和輸入晶圓的數量——晶圓數量。 21 財年，在第四季度末，122,000，這是粗略的估計。這就是能力。隨著型號、產品組合和設施維護的變化，造成了一些中斷。截至2022年一季度末，按原計劃實現13萬。 21 財年和第四季度的實際晶圓數量為 3 個月平均數——簡單平均數為 121,000。 1 月發生了大地震，3 月發生了宮城地震，除此之外，都是平的。然後 3 個月的平均值——簡單的平均值，這個財政年度是 126,000。有了這些假設，23 財年的投資呢？會略有下降，但仍將保持較高水平。

About the joint venture with TSMC. Well, this is separate from the investment in -- with TSMC. Thank you.

關於與台積電的合資。嗯，這與對台積電的投資是分開的。謝謝你。

We are running short of time. So the next person will be the last person asking questions. We like to have Okazaki-san of Nomura Securities.

我們的時間不多了。所以下一個人將是最後一個提問的人。我們喜歡野村證券的岡崎先生。

This is Okazaki speaking of Nomura. I also have a question, one each at the games and semiconductor. First of all, games and that the renewal of PlayStation, the content will be incorporated into the fleet, and that's what the competitor is doing. And in strengthening your content, would that be an option for you in the future?

這是岡崎說野村。我還有一個問題，遊戲和半導體各一個。首先，遊戲和PlayStation的更新，內容將被納入艦隊，這就是競爭對手正在做的事情。在加強你的內容方面，這會是你未來的選擇嗎？

As for imaging, the sales are expected to grow substantially. Imaging sensor will grow. But how about the other segments within that? I see they're expected to grow. If you could share with us, what are some other growth element?

影像方面，預計銷售額將大幅增長。成像傳感器將增長。但是其中的其他部分呢？我看到他們有望成長。如果您可以與我們分享，還有哪些其他增長元素？

And first, regarding the Game & Network Services, the IED -- I will refrain from making comments on the competitor's strategy. And our current thinking is to have a development cost -- appropriate R&D investment for quality products and that will improve the platform and also improve the business in the long run. And the AAA-type titles on games -- PlayStation 5, if we distribute that on the subscription services and the -- we may need to shrink the investment needed for that, and that will deteriorate the first-party title quality, and that's our concern. So we want to make sure that we spend appropriate development cost to have a solid product with solid titles to be introduced in the right manner.

首先，關於遊戲和網絡服務，IED——我不會對競爭對手的策略發表評論。而我們目前的想法是有一個開發成本——對優質產品進行適當的研發投資，從長遠來看，這將改善平台並改善業務。還有遊戲中的 AAA 級遊戲——PlayStation 5，如果我們在訂閱服務上分發它——我們可能需要縮減所需的投資，這將降低第一方遊戲的質量，這就是我們的關心。因此，我們希望確保我們花費適當的開發成本來以正確的方式推出具有可靠標題的可靠產品。

And in terms of renewal, Eternals and Spider-Man and the first-party popular titles, we will be providing those titles for the new platform. And so we want to have an overall good balance in growing our business further.

在續訂、永恆族和蜘蛛俠以及第一方熱門遊戲方面，我們將為新平台提供這些遊戲。因此，我們希望在進一步發展業務方面取得整體良好的平衡。

And as for the FY '22 sales for I&SS, what are driving factors, and mobile sensor is the driving factor. And laser and other products are experiencing sales growth. But in terms of the magnitude of sales growth, and that comes largely from mobile sensors. That's all.

至於 I&SS 的 22 財年銷售額，驅動因素是什麼，而移動傳感器是驅動因素。而激光等產品正在經歷銷售增長。但就銷售增長幅度而言，這主要來自移動傳感器。就這樣。

Okay. That finish our allocated time for the -- today's earnings announcement of Sony Group Corporation. We thank you for your attending this session. Thank you.

好的。這結束了我們為索尼集團公司今天的收益公告分配的時間。我們感謝您參加本次會議。謝謝你。

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

[本成績單上的英文陳述由現場通話中的一名口譯員說出。]