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Sony Corp Ord (NYSE:SNE)
Q1 2018 Earnings Conference Call
July 31, 2018, 3:40 a.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


At this point, we will start the earnings announcement for the first quarter of Fiscal Year 2018. I'd like to introduce our speakers today. We have Executive Vice President, Chief Financial Officer, Hiroki Totki, a corporate executive, Senior General Manager of the Finance Department, Atusko Murakami, VP, Senior General Manager of the Global Accounting Division, Hirotoshi Korenaga.

Today, Mr. Totoki will give you the consolidated financial results for the first quarter of Fiscal 18 as well as the forecast for the full year of Fiscal 2018 to be followed by time for questions and answers. We should be spending some 40 minutes all together. Mr. Totoki, would you please start.

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

Thank you for your time today. Today, I'd like to explain these two topics in the next 15 minutes. Fiscal 18 Q1 consolidated sales increased 5% year on year to ¥1,953.6 billion and consolidated operating income increased 24% year on year to ¥195 billion. Net income attributable to Sony Corporation stockholders for the quarter was ¥226.4 billion, approximately 2.8 times that of the same quarter the previous year.

As is shown in this slide, operating income in the same quarter the previous year included some extraordinary items. Excluding these extraordinary items, adjusted operating income would have increased ¥74.2 billion from the ¥120.8 billion of the previous year to ¥195 billion in the current quarter.

This slide shows income before income taxes excluding certain extraordinary items. During the current quarter, a total of ¥112.8 billion was recorded in non-operating income for unrealized and realized gains on the share of Spotify. Excluding these extraordinary items, adjusted income before income taxes would have increased ¥87.2 billion from the ¥112.1 billion of the same quarter the previous year to ¥199.3 billion in the current quarter.

This is not shown in the slide, but if the impact of the income taxes of these extraordinary items was approximated using the effective tax rate of each quarter then excluding these extraordinary items, adjusted net income would have increased ¥83.3 billion from the ¥57.5 billion of the same quarter the previous fiscal year to ¥140.8 billion in the current quarter. This slide shows the results by segment for Q1.

Next is a consolidated sales forecast for Fiscal 18. The consolidated sales forecast has increased ¥300 billion to ¥8.6 trillion as a result of upward revisions primarily in the game and network services segment. There's no change to the consolidated operating income forecast, primarily because the amount of unrealized and realized gains on the share of Spotify that I mentioned earlier exceeded the amount in our April forecast.

We have revised upwards our forecast for income before income taxes to ¥760 billion and our forecast for net income to ¥500 billion. We have changed assumed foreign exchange rate for the nine months ending March 31st, 2019 to ¥110 to the US dollar and ¥127 to the euro. We expect to issue an interim dividend of ¥15 per share.

The fiscal year forecast for each segment shown on this slide -- as you can see, we have changed the forecast for several segments and I will explain each when I discuss segment results in a moment. We have incorporated ¥73 billion contingency budget in all other corporate elimination.

In addition to general risks such as those related to the economy, the competitive environment, and changes in foreign exchange rates, we believe there are risks related to our smartphone business, which I will explain later, and the risks related to the component procurement, especially multi-layer ceramic capacitors, which we use in a variety of products.

I will now turn to the situation in each of our business segments. First, I will talk about the game and network services segment. Fiscal 18 Q1 sales increased 36% year on year to ¥472.1 billion and operating income increate of approximately 4.7 times year on year to ¥83.5 billion. This significant increase in sales and operating income was primarily due to an increase in the sales of PS4 software, including the network.

We have revised upward our sales forecast to ¥2,180 billion and our operating income forecast to ¥250 billion. The upward revision in forecasted sales is primarily due to an upward revision in PS4 software sales and impact on foreign exchange rates and an upward revision in our unit sales of PS4 hardware.

We revised upward PS4 software sales to reflect the fact that our first-party title, "God of War" and other third-party titles are significantly exceeding our expectation and the titles we announced at E3 are receiving strong feedback. We revised our PS4 hardware unit sales forecast to reflect recent strengths in annual sales. Primarily due to the impact of this increase in sales, we revised upward our operating income forecast.

Atsuko Murakami -- Senior Vice President, Senior General Manager, Finance Department

Next, I will talk about the music segment. Fiscal 18 first quarter sales increased 8% from the previous year to ¥181.5 billion. Despite the negative impact of a change in accounting standards, sales increased mainly due to an increase in streaming revenue and continued strong performance in mobile gaming applications, such as "Fate/Grand Order." Operating income increased ¥7.1 billion year on year to ¥32.1 billion.

Due to an increase in one-time expenses, equity and net loss for EMI, which operates the music publishing business, was recorded in the current quarter compared to equity net income in the same quarter of the previous fiscal year, but in fact, the increase in sales resulted in overall segment profitability. We have revised upward our April forecast for sales and operating income to ¥760 billion and ¥115 billion, respectively.

So, revised upward operating income mainly due to an expected benefit of cost improvements and positively intact foreign exchange rates, which partially offset by the deterioration of equity net income that I just mentioned. Today, we announced the Nile Acquisition LLC, a conservatory which owns some 40% of EMI, has become a wholly owned subsidiary of ours.

In addition to this, we were able to close our previously announced transaction to acquire the remaining 60% interest in EMI. EMI will become a wholly owned subsidiary of Sony's and that will make Sony one of the world's largest music publishers, administering over 4 million songs. We hope to continue to capitalize on the growth of the music publishing business, resulting from the growth of streaming services, among others.

Next, talking about the Pictures segment -- the Fiscal 2018 first quarter sales dropped 15% year on year to ¥175.1 billion. This decline in sales was primarily due to lower licensing revenue from US television series compared to the same quarter the previous year and a decrease in advertising revenues in media networks business compared to the second quarter from the previous year when we had the broadcast rights for the Indian Premier League Cricket competition. An operating loss of ¥7.6 billion was recorded.

Despite the impact of the decrease in sales loss, a decrease of ¥1.9 billion compared to the same quarter previous year in which advertising costs were recorded for the 2017 release of "Spider-Man: Homecoming." Due to the impact of foreign exchange rates, we have revised upward the Fiscal 18 forecast for sales to ¥990 billion and operating income to ¥44 billion.

Next, talking about Home Entertainment & Sound segment -- for the quarter, sales increased 6% year on year to ¥272.1 billion and operating income declined ¥5.2 billion to ¥17.4 billion. This increase in sales was primarily due to an increase in unit sales of televisions mainly in Europe and an increase in sales of audio products, mostly headphones.

Operating income declined primarily due to an increase in the allocation for indirect expenses incurred by sales companies despite an increase in sales. The full-year forecast remains unchanged from April. We expect to record the same level of operating income as we did last year.

During the quarter, we began selling four lines of new 4K Bravia TVs, including OLED TVs thanks to Sony's proprietary high-performance image enhancement engine. These TVs render superb images which make you feel as if you are really there by leveraging the unique characteristics of OLED and LCDs. In addition, OLED TVs continue to use the acoustic surface technology, which creates sound by vibrating the screen. We aim to differentiate our products using these proprietary technologies and continue to bring high value-added products to our customers.

Next is about imaging products and solutions segment -- for the quarter, sales increased 6% from the previous year to ¥164.2 billion and operating income increased ¥2.9 billion to record ¥26.1 billion. The increase in sales and operating income was mainly due to an increase in sales of high value-added products, primarily interchangeable lens mirrorless cameras and lenses themselves. The full-year forecast was revised to ¥670 billion for sales and ¥78 billion for operating income, primarily due to the impact of foreign exchange.

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

On June the 28th, we announced the world's lightest large aperture super telephoto lens with a 400mm focal lens, a maximum large aperture of F2.8, which is designed for the 35mm format. Aside from the high-quality images that this G Master lens can render, its light weight and maneuverability meets the high-level demands of professional photographers, not only when shooting sports in venues, but also in capturing wildlife.

Once we start selling this product, we will have 29 full-frame interchangeable E-mount lenses. We will continue to expand our lens lineup in order to meet the diverse needs of professionals and we will work to solidify our position in the full-frame mirrorless camera market.

Next, I will talk about the mobile communications segment. FY18 Q1 sales decreased 27% year on year to ¥132.5 billion due to a decrease in unit sales of smartphones, mostly in Europe and Japan. An operating loss of ¥10.8 billion was recorded in the current quarter compared to a profit in the same quarter of the previous fiscal year, primarily due to the impact of the decrease in sales.

We have revised our sales forecast downward to ¥610 billion and our operating loss forecast to ¥30 billion. This downward revision is primarily due to the negative impact of foreign exchange rates and the reduction in expected unit sales of smartphones primarily in the first half of the fiscal year, reflecting recent sales results.

Since there is a risk that the competitive environment will become even more severe, we have begun to assess the impact of smartphone unit sales in the second half of the fiscal year and the countermeasures we will implement if the risk becomes reality. As a result of this assessment, there is a risk that we will have to revise our forecast downward further for the current fiscal year and revise our midrange plan.

Next, I will talk about Semiconductor segment. The Q1 sales were essentially flat year on year at ¥202.2 billion, although insurance recoveries related to the earthquakes were recorded in the same quarter of the previous fiscal year. Sales of image sensors primarily for mobile devices increased.

Operating income decreased ¥26.3 billion year on year to ¥29.1 billion. As it's showing on this slide, several extraordinary items were contained in the same quarter of the previous fiscal year. Excluding these items, adjusted operating income would have increased ¥7.5 billion. This increase was mostly due to the increase in sales of image sensors for mobile devices.

We have revised our F1 '18 sales forecast upward to ¥890 billion and operating income to ¥120 billion. This change is mostly due to the positive impact of foreign exchange rates. On July the 23rd, we announced the release of an image sensor which has an ultra-compact pixel size of 0.8 microns, making it possible to pack 48 effective megapixels into a one-half type unit. 0.8 micron is a world-first and 48 megapixels is the highest pixel count in the industry.

One of our strengths is the unparalleled ability to develop cutting edge technology that also has practical use well ahead of our competitors. We aim to continue this advanced product development going forward.

Next, I will explain the financial services segment. In Q1, financial services revenue increased 11% year on year to ¥335.2 billion, primarily due to an increase in the policy amount enforced at Sony Life. Operating income decreased ¥5.6 billion to ¥40.6 billion. This decrease was primarily due to an increase in operating expenses and the recording of a valuation loss on investment securities in the general count at Sony Life, as well as a change from a foreign exchange gain and foreign currency denominated customer deposit at Sony Bank in the same quarter of the previous fiscal year due to foreign exchange loss in the current quarter. The FY 18 forecast remains unchanged from April.

Lastly, I will show you the results on a segment basis again. This concludes my remarks.

Questions and Answers:


Now, the floor is open to your questions. Those of you with questions, please wait for the microphone and please identify yourself by stating your name and affiliation before asking the questions. Please confine the number of questions to two per person.

Thank you. [Inaudible] of Citigroup.

Unidentified Analyst -- Citigroup -- Analyst

Three questions, if I may.


Confine to two, please.

Unidentified Analyst -- Citigroup -- Analyst

Okay. Then two questions. The headquarters in elimination, ¥73 billion downward revision -- what's the break down of it? And you said smartphones, but for one thing, is smartphone all included in this number or to what extent is it included? And also, the downward revision in conjunction with the second half, what you assume would be is a [inaudible] of the business or do you think there will be another possible impairment, another step of it, and have this number here?

And the second -- PlayStation Plus' subscriber number is on the decline based on the earnings. I'd like to find out the reason behind that. And the second results of game was very good, but then the profit generation mainly comes from game software. What is the degree of contribution of PS Plus to the results of the segment?

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

So, the first question about risk buffer of ¥73 billion -- it is included in the headquarters and the elimination, corporate elimination. We did not disclosure the breakdown of this, but the main part has to do with the mobile communication. Other than that, as I mentioned, the electronics component procurement difficulties in multi-layer ceramic capacitors or macroeconomic situations like China, US trade conflict and also the exchange rates, these, I included that.

The second question, PS Plus subscribers number -- compared to the initial assumption and the current point, there are no such major differences, especially the fourth quarter of the previous year, the online multiplayer hit title was put on the market, but that timing, the number of subscribers of PS Plus increased substantially and in view of that, this time, the number is on the [inaudible]. But from September to October, the major title release is planned.

Then at that time, there may be another step upward in increase of subscribers and also games profit. We made upward revision and the major factor there was in terms of contribution to profit. The first-party titles hit and that was the biggest contribution in terms of absolutely amount. Then third-party title hit as well. Our assumption is that the third-party titles contribution was much greater than our expectation and we could not really foresee such contribution.


Please raise your hands if you have questions.

Masaru Sugiyama -- Goldman Sachs -- Analyst

Thank you. Sugiyama, Goldman Sachs -- I would also like to ask two questions, please. First of all, movies -- the TV production saw a decline in sales revenue. Can you give us the background as to why this decline? And also, in-house production of programs is happening in the industry. So, how does Sony fare in this trend, many players producing programs in-house?

Secondly, about the game market, first-party and third-party free-to-play titles were subject to upward revision in profitability, but how do you look at this market mid-term, particularly comparing the pipelines from first-party and third-party game makers? Do you think there's room for further growth for next year over mid-term?

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

Thank you. About our Pictures segment, particularly TV production, the revenue declined. Why this is happening, the background situation was what you asked for. Now, last year, "Last Tycoon," the title which contributed has ended. So, we no longer have this this year. Also, last year, "Better Call Saul," which we had the first quarter, but there was a delay in the broadcasting. Therefore, it's going to be posted in the second quarter. Therefore, the first quarter saw a decline due to these reasons.

As for the game business, we've seen [inaudible] first quarter how this will impact mid-term results, it will be difficult to measure such impact as of yet. But as you know, there's a shifting to a digitalization and also network service is increasing and so-called add-on services, there's a diversity of revenue models on this platform. Therefore, the business composition, business structure is changing little by little. But the platform is supported by the hit titles and the business by nature is volatile. So, we'll continue to watch this business very carefully.


Next question, please. [Inaudible] Mizuho Securities, thank you.

Unidentified Analyst -- Mizuho Securities -- Analyst

I have two questions. First slide, page 18 and 19, cashflow is my question. Globally, what is the segment breakdown of this cashflow. Now, the revision was made. However, annual outlook forecast, how has it changed after the revision? Could you please be very specific and give us the details of the breakdown, especially details of game in short-term. How did that impact the cashflow?

The second question is about semiconductor. Seamless sensor demand condition has changed in the last several months as well as triple. It's likely to increase to product at Samsung, for example. DRAM plant conversion was announced by Samsung. It's my personal estimate that in order to try to keep your major customers, maybe two years from now, your capacity will be too short during the first half of two years from now.

So, what is the latest analysis of the business environment as by making use of your currently available space, how can you expand your production capacity 20k or 50k into something that was mentioned. Can you further increase your capacity? For example, a new plant that you can consider, and so on -- what is the capacity increase plan?

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

Thank you. As to the cashflow, Miss Murakami will comment on this.

Atsuko Murakami -- Senior Vice President, Senior General Manager, Finance Department

Thank you very much. The segment breakdown of cashflow -- so, the actual result of this period, the first quarter, the major positive contribution was thanks to the game and network services -- big profit thanks to that section. Necessary operating expenses take into account that the operating income is positive. The investment cashflow was rather small. So, the operating cashflow and investment cashflow, the total positive contribution made by that.

The second one is the music segment because of good profit. So, operating cashflow is positive. Spotify stock was sold and [inaudible] was recorded, but investment cashflow was a major positive. Spotify, the security sold to a ¥2.5 billion cash in. Except for that Spotify sale, the operating cashflow and then investment cashflow in total positive figure was recorded in addition.

For example, the semiconductor side, the operating expenses take into account an operating cashflow -- it was similar to the investment cashflow. So, actually, it was an almost break-even state. The other branded hardware and others, IP [inaudible]. So, the operating cashflow was at the end of March, the inventory was rather heavy, a lot of inventory. But the inventory stock level, [inaudible], the inventories are slightly heavy. And semiconductor, we had slightly big inventory. Because of that, for example, in total, inventory was not increasing at all.

So, let me come back to the branded hardware. Because of the impact in stock, inventory was not increasing. So, the cash out level was rather small. So, that operating cashflow negative figure was rather contained, small in total. It was small. Capital investment spending, that cashflow was a negative. So, in total, it was a negative.

The remaining mobile communication and pictures, the profit was also negative there. So, cashflow also was negative-minus. Then what is outlook forecast? The forecast in total -- first, in the upcoming three years in the midterm, more than ¥2 trillion of cashflow should be created as of FY18 for this term.

The operating cashflow of over ¥700 billion is expected. So, the 2017 actual figure was due to an extraordinary factor like the earthquake insurance payment received by us. Tax payment was delayed, postponed to 2018. At the end of the period, the unpaid portion was also recorded. So, compared to that, the 2017, 2018, the operating cashflow is slightly lower or declining. But still, ¥700 billion was secured.

So, year on year comparison, there's a slight decline into it, but stable cashflow is likely to be generated. As to the investment cashflow, except for the financial services, ¥335 billion, so, no change to that figure. But actually, the cash out timing -- there's a timing delay at the end of the term so that the ¥335 billion, plus/minus certain delayed timing issue.

Then the strategic investment already we have announced EMI investment. Then cash out timing is not yet decided, but we are still scheduled to do that. As to the others, strategic investment [inaudible] investment, ¥177 million or ¥17.7 billion or ¥177 million, rather. The Spotify sales made a big revenue. So, these are all the factors to take into account in our forecast. Thank you very much.

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

About the answer to the mobile sensor and the semiconductor, which was the part of the question, let me answer part of the question on semiconductor. The demand in the overall market in Fiscal 2017 last year, ¥3.8 billion. Then for Fiscal 18, this year, ¥4.2 billion. So, there's an increase in this fiscal year.

So, what are the driving forces in the multi-lens cameras and so on? These cameras are to be applied to those cameras, 30% the last fiscal year. That will increase to about 40% or so this year. So, that is external analysts' view on how that kind of a camera will increase. So, it's not that different from our internal forecast.

So, based upon that assumption, what about the future capacity expansion plan? That was, I think, your question, specifically. Very strategic story is capacity increase. We cannot refer to that specifically. But as of now, taking into account business environment, what way should we approach the issue of capacity? Well, at present, that is maybe the major challenge for business management. So, the top management is continuing a discussion on this because it is a priority matter in capacity.


Next question, please.

Unidentified Analyst -- Deutsche Bank -- Analyst

Thank you. [Inaudible] of Deutsche Bank Securities. Two points, mobile and music -- first, about mobile communications -- Mr. Totoki earlier mentioned that this year, risk may surface and they've taken counter measures in preparation for that.

If you could further expand on that, the type of risks you were talking about -- is that market-wise risks or internal operations-based risks? Which is it? Then counter-measures, it may be very difficult to elucidate, but you have risk asset in excess of ¥60 billion. Would you be cutting into that? As a result of devising the counter measures, what do you think the picture you'd like to achieve the next fiscal year, if you could share?

The second point, the music segment -- you talked about the acquisition of equity of Nile, including the acquisition of EMI, so you have decided on the investment to the tune of ¥300 billion in the coming three months or so. What is the background to such accelerating investment? Yesterday, there was an announcement that Vivendi will release half of Universal shares. If the landscape is changing in a substantial way in recent months, what do you think would be the opportunity for you and how are you going to capture such opportunity?

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

First, the risks related to mobile communications -- so far, as current fiscal year is concerned, the biggest possible risk would be a further decline in sales. That would be the biggest risks we would anticipate. Therefore, the first half, there has been a drop in sales in both Europe and Japan.

As we discussed during the IR day, we are trying to establish a setup so that we can generate stable profit with the sales of about 10 million units. In this regard, we will keep this policy direction. Whether we should accelerate such a policy implementation or not, something we will further verify in the process of working on the counter measures.

Then basically, what is the major challenge for us in this business? As we have been saying, operation itself has been improved substantially, but the product competitiveness is still lagging behind the top class competitors. So, this continues to be a challenge for us.

So, this time, we see the change of management so that as a part of Sony's branded hardware and generate a good synergy with technology and the branded hardware business as a whole to enhance our product competitiveness. Based on that, we like to identify how we can maintain a sustainable business on that scale. So, we will not be changing our policy direction in a major way, but we will be taking measures for that.

You spoke about the risk asset for mobile communication segment. I said there's about ¥30 billion after the first quarter. Half of that comes from smartphone business, smartphone asset.

About the music segment -- the background to making the decision about the substantial investment is that at this timing, we were about to decide whether to acquire the partner's equity of EMI or not. There was the option. When we made this deal in 2012, there was this provision for the option. So, this is one of the timings.

Another factor is the global growth of streaming business. To that market of streaming, we are to capture the upside part of that and through that, we can achieve a major synergy. That's one of the factors. As you know, this asset is really a cash cow type of asset and a low-risk and low return type of asset. It is an annuity type of asset.

So, after we made this decision and announced this investment, our credit rating was upgraded. That's one of the indicators to see the degree of risk about sales of this asset at this timing. Next question.


The next question will have to be the last one. We are losing time.

Ryosuke Katsura -- SMBC Nikko Securities -- Analyst

Thank you. Katusra, SMBC Nikko Securities, two questions, one on semiconductors and also about your revisions you're making. First of all, in semiconductors, I always ask this question -- what's the [inaudible] for your business? Also, what's your view of the market currently? [Inaudible] is tight and prices being raised, but in your imaging sensors business, I think in the market, prices are being raised. So, can you talk about your business situation and also your view of the market and also the rate of [inaudible]?

And the second point is about you have now the buffer of ¥73 billion, but excluding this buffer budget, you've made revisions, some up, some down. Can you give us some additional explanation why you're making these revisions? I imagine currency is down and you have the buffer of ¥30 billion for that. How are you making the revision on that account? Are you making revisions because of the results you've seen in the first quarter? What stands out about your revisions you're planning to make?

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

So, first of all, about the current situation in the semiconductors business, particularly the rate of operations, Mr. Korenaga will answer that question.

Hirotoshi Korenaga -- Vice President and Senior General Manager, Global Accounting Division

So, how we are using our capacity -- for the master process, we have 100K per month is capacity. In the first quarter, the actual results was 91,000. Our forecast for the second quarter, on average, we produce 99K, which is basically full operation of our capacity. And about price, there's no major change to what you mentioned here.

We've made several upward revisions in our business segments. I can explain in different terms. And forex impact is significant. So, Miss Murakami will talk about that.

Atsuko Murakami -- Senior Vice President, Senior General Manager, Finance Department

The impact on the emerging currencies in 2018 in our full forecast compared to the results for Fiscal 2017. In the electronics business in total, there's an impact of ¥21 billion from forex [inaudible], emerging markets, including China, excluding Japan, Europe, and the United States, they account for 25% in sales on the [inaudible] basis. So, as we include China, this [inaudible] is very significant for us.

The assumption for the emerging currencies between April and July, there was some change made. Back in April, Brazil real was ¥30.8, but in July, it's ¥28.7. That's the difference between the second quarter and fourth quarter. In China, it's changed from originally ¥16.2 to ¥16.9. The rupee, ¥1.56 to ¥18.61, Russian ruble also changed from ¥1.71 to ¥1.76. So, assumptions change over time and compared to Fiscal 2017. Therefore, the results were negative.

The dollar-yen, particularly since [inaudible] on this was the same as we've announced in April. The higher yen means positive ¥30.5. Again euro, if yen is stronger by ¥1, it's negative ¥5.6 billion. Also, the [inaudible] currencies, 1% strength in yen is translated to negative ¥3.5 billion.


This concludes our session for the earnings announcement. Thank you very much for your participation.

Duration: 44 minutes

Call participants:

Hiroki Totoki -- Senior Executive Vice President, Chief Financial Officer 

Atsuko Murakami -- Senior Vice President, Senior General Manager, Finance Department

Hirotoshi Korenaga -- Vice President and Senior General Manager, Global Accounting Division

Unidentified Analyst -- Citigroup -- Analyst

Masaru Sugiyama -- Goldman Sachs -- Analyst

Unidentified Analyst -- Mizuho Securities -- Analyst

Unidentified Analyst -- Deutsche Bank -- Analyst

Ryosuke Katsura -- SMBC Nikko Securities -- Analyst

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