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 I Promotion and Support for Finance and Entertainment Area. Sadahiko Hayakawa, Senior Vice President, Executive Officer in charge of Finance and IR. These three will be explaining the results of FY 2023 and forecast for FY 2024 and Fifth Mid-Range Plan. After that, we are going to have Q&A. A total of 80 minutes is allocated. Now, Mr. Totoki, the floor is yours. Today, I will explain this content. Matsuoka and Hayakawa will talk about our results for FY 2023 and our result forecast for FY 2024. I will talk about the Fifth Mid-Range Plan, which started this fiscal year. Hayakawa-san, please go ahead. Thank you. FY 2023 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 1,818 billion. Furthermore, the JPY 229.4 billion in consolidated operating income for the previous quarter was the highest ever for a fourth quarter. Due to the partial spin-off 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. The performance by segment for FY 2023 is shown on this slide. Next, I will explain our consolidated results forecast for the full FY 2024. Our full year forecast is sales of JPY 12,310 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. Now, I will move on to an explanation of the overview of each business. First is G&NS segment. FY 2023 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. 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 2024 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 for this fiscal year, to be approximately JPY 52 billion, a decrease of JPY 17 billion year-on-year. PlayStation 5 sales in the previous quarter totaled 4.5 million units, and in the full FY 2023, 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 undergone price cuts of a total of $100 in the same period since its release. We expect PS5 sales for this fiscal year to be approximately 18 million units. 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 hit title to date, and as a multi-platform title, it also contributed significantly to sales and profit last quarter. 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 4th, and Concord, which is scheduled to be released this year by Firewalk Studios, which we acquired in 2023. Thanks primarily to the growing penetration 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 playtime on PS in the month of March increased 15% year-on-year. For the entire fourth quarter of the FY 2023, it reached the second highest level in history, second only to the fourth quarter of FY20, which benefited from significant stay-at-home demand due to the pandemic. 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. 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 and more stable profit growth. 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. 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 Mid-Range Plan. Next is the music segment. FY 2023 sales increased a significant 17% year-on-year to JPY 1,619 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 six business segments, as was the case last fiscal year. The FY 2023 profit contribution from visual, media, and platform accounted for approximately 10% of the segment's operating income. The FY 2024 forecast for sales is JPY 1,690 billion, and operating income is JPY 315 billion. 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 2023. Moreover, Beyoncé's new album, Cowboy Carter, released on March 29th, has become a hit, ranking number one in the U.S. album chart immediately upon its release. Streaming revenue in music publishing has grown significantly, with a CAGR of 38% over the four years since FY20, thanks to an expansion of opportunities 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 maintain the top global market share in music publishing. 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. Next is the picture segment. Although there was a decrease in the number of television program deliveries, FY 2023 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 2024 forecast for the sales is JPY 1,480 billion, and an operating income is JPY 120 billion. The negative impact on the profitability of the Hollywood strikes in FY 2023 is estimated to have been approximately JPY 118 billion caused by changes in the film releases schedules and delay in the delivery of the television programs. We believe the negative impact of the strikes and unprofitability will peak in FY 2024, and we have incorporated approximately JPY 34 billion as the impact into the four-year forecast. 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 playing subscribers and overseas distribution of anime products, as well as reduced amortization expenses associated with the acquisition. In Motion Pictures, we have plans to release major titles in FY 2024, such as a 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 then Kraven the Hunter. Next, the ET&S segment. FY 2023 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 2024 forecast for sales is JPY 2,370 billion, and an operating income is JPY 190 billion. In FY 2023, the digital cameras and the interchangeable lenses generated increased sales and operating income thanks to enhanced product appeals, and televisions and the mobile communication reduced costs, enabling the entire segment to achieve a level of operating income that exceeded FY 2022 results and our projection at the beginning of FY 2023. Moreover, four-year operating cash flow was JPY 322.8 billion, the largest amount our five-year business segment, excluding the financial services segment, due to improved profitabilities and significant inventory reductions, mainly in televisions. The market for interchangeable lens and mirrorless cameras, which is the main source of 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 fiscal year onward, but we believe this will remain stable going forward. Next, the I&SS segment. FY 2023 sales increased a significant 14% year-on-year to JPY 1,602.7 billion, mainly due to increased sales of 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 expenses, including depreciation and amortization expenses. Our FY 2024 forecast for sales is JPY 1,840 billion, and operating income is JPY 270 billion, which would be a record high for this segment. 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-sized sensors and higher added value and an expanded market share. We plan to achieve year-on-year sales growth in the FY 2024 of 10% or more for the third year in a row. 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 then improve the image quality and the performance of the extra wide-angle and telephoto camera sensors. We believe this will be the growth driver for the mobile sensor market over the next few years. To accommodate these trends towards larger die sizes and higher added value, we are focusing our sensor development on improving pixel performance and 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 are expected to contribute to future investment and efficiency in cost improvements. In addition, with regards to improving the yield of a mobile sensor, which had been a top priority since the previous fiscal year, we have been making progress at a 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. Last is the financial services segment. The financial service revenue for FY 2023 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 Sony Life, as well as recording of the gains on the stable sales of real estate at Sony Life and then recovery of funds related to unauthorized withdrawal in the previous fiscal year. These negative factors are primarily offset by the recording of the gain, mainly from the transfer of the portion of the shares of Sony Payment Services Inc. The FY 2024 forecast for the financial services revenue is 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 on Sony Life. 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. The majority of the investment gains and losses consist of unrealized valuation gains and losses. We are considering the measures to curb 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 2023 and the results forecast for FY 2024. Next, Totoki will explain our Mid-Range Plan. Totoki-san, please go ahead. Now I'd like to talk about our Mid-Range Plan. First, let me give a brief overview of our Fourth Mid-Range Plan. Under the theme of our Fourth Mid-Range Plan, Sony's evolution, we have been working to evolve our corporate architecture and business portfolio to drive growth for the entire group. In April 2021, we transitioned from a large headquarters housing support functions for our electronics business to Sony Group Corporation being a scaled-down group headquarters. By doing so, we established a structure to promote the growth of the group in an equidistant relationship with each business. 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 three entertainment businesses and the I&SS business, we were able to significantly increase the combined sales of these four business segments, creating a more growth-oriented business portfolio. Thanks to these efforts, the KPI we set as a growth indicator for the Fourth Mid-Range Plan period, three-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 mid-range plan period. In addition, our ability to generate profits is steadily improving. The average annual growth rate of consolidated operating income excluding the financial services segment was 9.0% from FY2020 to FY2023. Now I would like to talk about our Fifth Mid-Range Plan. We are presenting the plan excluding the financial services segment, and Endo, the head of that business, will provide an explanation of the mid-range plan of the financial services segment at the business segment meeting scheduled for May 31st. The themes of the Fifth Mid-Range Plan are beyond the boundaries and maximize 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. During this mid-range 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 three entertainment and image sensor businesses. At the same time, we expect the business environment to remain uncertain and volatile during the period of this mid-range plan and beyond. 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 the period of this mid-range plan, we have placed greater emphasis on profit-based growth KPIs, and we have set as KPIs for the entire group the growth rate of consolidated operating income and operating income margin. Specifically, we aim to increase consolidated operating income during this mid-range plan, primarily in G&NS and I&SS, and achieve an average annual growth rate of 10% or more and a three-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 consolidated operating cash flow, which is the source of capital allocation. I will now discuss the main focus measures for each business under the Fifth Mid-Range Plan. Further details will be provided by each business leader at the business segment meeting on May 30th and 31st. In the G&NS segment, under the theme of console and beyond, we aim to drive profit growth of the Sony Group by expanding the stable 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. 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. In the Pictures segment, which serves as the core of collaboration between the three 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. 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 axis businesses. Through this, we aim to continue to shift the business portfolio of the entire segment and generate cash that supports the Sony Group. 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 Mid-Range Plan. 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 and a long-term perspective. Next, I'd like to explain capital allocation during the term of the Fifth Mid-Range 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 Mid-Range Plan due to profit growth during the Fifth Mid-Range Plan as well as the recovery of working capital that increased during the previous Mid-Range Plan. 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. 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. The biggest change from the capital allocation strategy under the previous Mid-Range Plan is that we plan to allocate any increase in free cash flow during the period of this Mid-Range Plan primarily to shareholder returns. 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 Mid-Range Plan, aiming for approximately 40% in FY2026, 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. 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 30th, 2024, and an effective date of October 1st, 2024. These are the main points of our Fifth Mid-Range Plan. At the corporate strategy meeting scheduled for May 23rd, CEO Yoshida and I will explain the direction of our group's businesses over the longer term. That's all for the explanation. Presentation was given by Totoki, Matsuoka, and Hayakawa. After this, from 4:35, Q&A with media. From 5 o'clock, Q&A with investors and analysts will take place. We are allocating about 20 minutes for Q&A each. Those of you who have registered to ask questions in advance, please connect the telephone to the designated number in advance. 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? We will start Q&A session for media shortly. Would you kindly wait until the session begins? Thank you for waiting. We will now begin entertaining questions from the members of the media. As was the case of the presentation, the three 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 two. If you have any question, please press the star key followed by one. The first question will be by Umegaki-san from Toyo Keizai. Mr. Umegaki-san, please. Umegaki from Toyo Keizai, can you hear me? Yes, we can. I have two questions, if I may. Earlier, you talked about strengthening the shareholder returns, including that enhancing enterprise value. I would 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 mid-range plan, we'll be reducing investment and we'll be increasing returns to the shareholders compared to the previous mid-range plan. How are you going to enhance enterprise value if there's any change or differences in the thinking? Please explain. Secondly, Paramount Global acquisition, according to the media report, I'm sure that there's a limit to what you can share with us, but is it true that you are making proposals and strengthening your entertainment business in the mid-range plan? Is there any consistency? Can you please comment on that, please? Thank you very much for your questions. First, as to the thinking about enterprise value. Compared to the Fourth Mid-Range Plan, I talked about the capital allocation earlier. CapEx will be slightly less this time. Also, including the return of the working capital during the Fifth Mid-Range Plan period, as compared to the previous three years, basically, there will 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. Fourth Mid-Range 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. The Fifth Mid-Range Plan will be harvesting from the seed that we have sown in the previous mid-range plan so that we can enhance the enterprise value in the future. That is the basic thinking behind coming up with the mid-range plan. Secondly, it's reported and we have not made any announcement at all. Specific deal, I would like to refrain from making any comment about specific deal. But on the other hand, lots of information are there. At this point, our strategy, including the thinking on the capital allocation, I would like to comprehensively explain to you our thinking. 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 a hub of generating synergy. And as an entity, this has an important position. Therefore, in this area, if there's any good opportunity, then appropriate value and return on investment can be expected. On that assumption, we consider possibilities, which is only too natural. However, in the Fourth Mid-Range Plan, the capital allocation results in the past three years, three-year strategic investment itself, excluding the share buyback was JPY 1.3 trillion, of which three-quarters were allocated to three 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 three years, the basic policy will be continued. That's what we have in mind. At the risk of being repetitive, the strategic investment for the Fifth Mid-Range Plan, including flexible share buyback, is JPY 1.8 trillion. Within this amount, three-year period, 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. Thank you. Let's move on to the next question. Omitsu-san from Nikkei Shimbun, please go ahead. And can you hear me? Yeah, we can hear you. And I do have two questions. The first one is as follows. SIE, the restructuring reduction, and how much impact on the impact on FY 2023 or 24? And then also, as per today's announcement, and you made an announcement about some people changes, and does that conclude all the restructuring activities? And then also, JPY 1.2 trillion of a strategic investment you mentioned. Can you give us a breakdown by segment? Thank you very much for your questions. First, the SIE, the structural reform, and I think there's a question on that. And FY 2023, and we have the double-digit hundreds of millions of JPY of the structural reform expenses are recorded. And then also, that will continue into FY 2024. So, for the most part, I think we will need the same level of cost and expenses. And in FY 2025, there will be cost improvement. So, for overall, in terms of cost improvement in FY 2025 onward, and we expect the cost improvement effects to materialize. And then, as for the people changes, and it's not really related, and I'll just announce, it's not directly related to the structural reform. And 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 then I think we need to make a decision at the opportune timing. But just looking back on the three years that have ended and looking at the breakdown, like I said, and JPY 1.3 trillion over the three years, and then a three-fourths is given to the three entertainment segments. And then among three 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 three years. That's all. We'd like to take the next question from Asahi Shimbun. Tanaka-san, please. I'm Tanaka from Asahi Shimbun. Can you hear me? Yes, please go ahead. 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? The second question is about the image sensor. It's performing well. I'd like to ask you the reason. The smartphone market itself is shrinking. Especially FY2023, the sales units are quite low, but the image sensor by Sony was doing well. So what was the reason for that? 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 a business. That is my view. Hayakawa-san, please. Regarding the forex in the previous year's performance, the impact by that, FY2023, 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. Next, on the I&SS business-related question. As you said rightly regarding the FY2023, the smartphone market itself was not quite strong. And in FY 2024 and beyond, we believe that it will be recovering slowly. Our sensor business is performing well not because of the sales units of smartphones, but it's because of the main camera and large-sized dies of such cameras. Regarding the wide-angle cameras, it has become larger in size. But at the same time, the ultra-wide angle, as well as the telephoto cameras, they will become larger in size. And as a result, our sensor demand will become stronger. That's all. We'd like to move on to the next question. Bloomberg, Furukawa-san, please. Furukawa from Bloomberg, can you hear me? Yes, we can. Thank you. It may be difficult to comment, I'm sure. But in addition to report on Paramount, in music also, joining hands with Integral, acquiring of Infocom shares of Teijin, what is the fact and the deals? What is your thinking for the need of such deals? The second point, after that, recently, yen is depreciating. And overseas, M&A will become difficult? Or are there opportunities that are delaying M&A? And are there all the impact of the weaker yen upon M&A deal? And are there concerns? These are my questions. 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. Now, weaker yen will have impact upon M&A overseas? Or is there going to be delay or postponement of consideration of M&A? What's 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. And with limited time remaining, so we have one more question. We have time for one more question. And if you have any question, please press star, followed by one. Hiraoka-san from NewsPicks, please go ahead. This is Hiraoka from NewsPicks. And I hope you can hear me. I have questions about image sensor business. 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 2023, and for the three years in a row, the free cash flow was negative. So basically, the cash flow coming in, it's smaller. With the cash coming in, that will increase the value of the asset. I would like to know whether this is a concern from a financial perspective. Then also, in Japan, display factory buyback, and I don't think you can talk about the specific. Then OLED display with a high resolution is being manufactured by you. Will this become the growth driver going forward following the image sensor? What's your prospect on that? 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 amortization or depreciation. And so usually, the year of the depreciation is five years, usually. So in other words, the goodwill on the balance sheet, the asset that will remain on the balance sheet for long term. 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 we set our standards. And we want to recoup the investment after four to five 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. In addition to this, and in the Fifth Mid-Range Plan, we expect the free cash flow to improve. This will become a positive factor. 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. I don't expect that to make a significant contribution, the same level of contribution as the imaging. But with this, I think there will be an opportunity to take on new challenges and going into new devices. We would like to take on the challenge for the mid- to long-term perspective. Now that time has come, I 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. We will begin the Q&A with investors and analysts shortly. Please give us one moment before we resume the session. Thank you. 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 three presenters who will be answering your questions, the same as the presenters from the media session. The process of asking questions as well as the procedures are already shown in the handout. Please limit your questions to two. We now begin the Q&A. If you have a question, please press asterisk followed by one. From JPMorgan, Ayada-san, please. Thank you very much. I'm Ayada from JPMorgan. I have two questions related to mid-range plan. The first question on game. Mr. Totoki earlier said that for the next three years, the focused KPI will be software and network service in the game segment. So for these two 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 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? 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? Listening to your presentation, you said that in the previous three-year period, the return on the studio acquisition can be gained in the next fiscal year, next three years, excuse me. So what is the timeline? Do you think that there will be three years or five years to get the return from the investment? And are you going to keep that in mind as you make investment? That's the second question. 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. As for the first-party softwares, for FY 2025 and 2026, the tentpole-like titles and live services will be launched. So for FY 2025 and 2026, so this fiscal year is 2024. So in 2025 and 2026 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. 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 business will not grow. But MAU is slowly growing. That is our understanding. So in the previous year, we announced the price increase. And 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. And next, on the return on our investment and our view on that, it's 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 expected some return. But whether we can gain the originally expected return or not has been validated. In the previous year's track record, IRR on the studio acquisition was relatively high all in all. But the issue is that the return is not yielded based on the original expectation because yield 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 three-year period, how effectively can we make a portfolio, build a portfolio? That's going to be important. That's all. We'd like to move on to the next question. BofA Securities, Hirakawa-san, please. Thank you. Hirakawa from BofA Securities, two questions. First is about game. In game, PS4 user base is to be maintained. So you will come up with a record high in the next mid-range plan. Active user base is 118 million, exceeding 59 million. But the PS4, PS5, third-party burden is there as well. Why is it that the way of 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. Second question, I&SS, good impact of the larger size, I understand. But the share increase from 2020 in China, other than Huawei, 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? 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, compared to PS4, the way of profit generated is the follows. At the time of PS4, basically, network service was expanded. PS5, we succeeded the expanded base. So the launchpad is already high. And the cruising speed is going to become the cruising speed based upon that launchpad. But 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 the tailwind. So it was very difficult to see the actual underlying trend. 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 healthily grow. That is the goal 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. And then, I&SS, now vis-à-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. Thank you very much. Let's move on to Nakane-san of Mizuho Securities. Go ahead. This is Nakane from Mizuho Securities. And I do have two questions about game. The first one is Bungie. The new title will be released this year in the fiscal year. And that will be crucial. Sales and profit, when are you planning to hit the break-even? And also, your cost, which peaked last year for the next three years and including this fiscal year, what sort of costs are you expecting to spend? And then second question is the new organizational structures for G&NS in Nishino-san and Hulst-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 to sustainable growth and then also engines of growth? And then there was really provocative 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 would be great. So first, with regards to Bungie, in FY 2023, there's no profit contribution. And of course, we are developing a new IP, new contents. And this will become a really significantly large title. So we need to really carefully evaluate that. But in FY 2024, and at this moment, we are not really expecting any contribution or profit contribution from it. But the development capability and then also operational capabilities, there will be significant contribution in 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 will be. And then also, the recoupment of the cost of the acquisition. And currently, 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 2023, the first half, of course, the costs will continue to be needed. But every year, there will be expected decline by 20%-30%. And for the new organization structure, JPY 52 billion is the acquisition cost that includes acquisition of Bungie. And then G&NS organization. And the reason why I picked these two, platform business and then 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 organization? Now we have the two leaders at the top. And SIE has grown significantly in size and scale. And also, the PS Studios, the business strategy, and the need for that will continue to increase. So we need to be able to make sure that the decisions are made in a timely manner and a really granular manner. So that's why we have picked two leaders. That's my expectation. Then both of them will become really excellent talent that will create the next generation of our business. I have a huge hope and expectations for them. Also, I made some really difficult comments previously to deliver a record high profit in the Fifth MRP. Now that I was personally involved in SIE, and I gained a first-hand experience and then connected a lot of people. I believe that there are many talents in the organization. They are highly motivated. Both of them are quite motivated to deliver a record high profit. I'm sure they are thinking a lot about this. 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. Since the time is running out, we will take only one question by each questioner from now on. Now, Ezawa-san from Citigroup, please. 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 mid-range plan, for the next mid-range 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? Thank you for your question. The CapEx, I already explained that earlier. So the about 70% level of the Fourth Mid-Range 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. 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. Next person will be the last person to ask a question. SMBC Nikko Securities, Katsura-san, please. Thank you, Katsura from SMBC Nikko Securities. One question about capital allocation and the total payout ratio in the final year. You are setting 40%. What is the background and your thinking behind this? In the past three years, what was the actual numbers in the past three years? And what is the background for coming to the target of 40% total payout ratio? Final year, the Mid-Range Plan, the 40% total payout ratio. As I talked about capital allocation later and explained this point, for the next three years, operating cash flow will be increased, which will be the source for capital allocation. And the CapEx will not increase as much. And for strategic investment, we will be selective in making strategic investment. Rather, we will come to a phase where we'll be able to see results and reap results from the investment made in the past. Hence, we'll be making return to the investors, including the past three years. Hayakawa-san, could you please give some supplementary comment? Thank you, Katsura-san. Total payout ratio in the previous mid-range plan, FY21, was 19% and 19% for FY 2022, last FY 2023, JPY 200 billion of buyback included 32%. As Totoki said, operating cash flow will increase in the next three 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 2026, we are going to achieve 40%. That is the plan and the background of thinking in that way. Thank you. With this, we'd like to conclude. Sony Group Corporation's financial results announcement. I thank you very much for joining us today.