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1、Consolidated Financial Summary for the Third Quarter Ended December 31,2024(In accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board(“IFRS Accounting Standards”)February 13,2025Company name:Sony Group CorporationStock exchange listing:Tokyo Stock Exchang

2、e(“TSE”)Securities code:6758URL:https:/ Yoshida,Representative Corporate Executive OfficerContact person:Sadahiko Hayakawa,Senior Vice PresidentTelephone:+81-3-6748-2111Scheduled date to commence dividend payment:-Preparation of supplementary materials on financial results:YesHolding of financial re

3、sults briefing:Yes(for investors and analysts)(Amounts are rounded to the nearest million yen,unless otherwise noted.)(1)Consolidated operating results(cumulative)(Percentages indicate year-on-year changes.)ConsolidatedSales and financial services revenueOperating incomeIncome before income taxesNet

4、 incomeNet income attributable to Sony Group Corporations stockholdersNine months endedYen in millions%Yen in millions%Yen in millions%Yen in millions%Yen in millions%December 31,202410,326,8208.21,203,51422.91,261,16727.1951,22520.9943,87320.8December 31,20239,539,80220.2979,389-15.3992,184-10.8786

5、,469-9.6781,568-9.6ConsolidatedTotal comprehensive incomeAdjusted OIBDA*Adjusted EBITDA*Basic earningsper share*1Diluted earningsper share*1Nine months endedYen in millions%Yen in millions%Yen in millions%YenYenDecember 31,2024946,01510.71,722,26918.81,717,57619.5155.83155.25December 31,2023854,544-

6、3.71,450,301-5.11,437,607-5.0126.79126.39For all segments excluding Financial Services*Sales and financial services revenueOperating incomeIncome beforeincome taxesNet income attributable to Sony Group Corporations stockholdersAdjusted OIBDA*Adjusted EBITDA*Nine months endedYen in millions%Yen in mi

7、llions%Yen in millions%Yen in millions%Yen in millions%Yen in millions%December 31,20249,236,5629.31,061,43727.61,119,06625.1842,97715.91,559,73521.71,555,01817.9December 31,20238,454,05612.3831,933-6.4894,7611.0727,4712.11,281,9191.51,319,2582.3Total assetsTotal equityEquity attributable to Sony Gr

8、oup Corporations stockholdersRatio of equity attributable to Sony Group Corporations stockholders to total assetsAs ofYen in millionsYen in millionsYen in millions%December 31,202435,991,5478,524,9228,185,19922.7March 31,202434,107,4907,756,1057,587,17722.21.Consolidated financial results for the ni

9、ne months ended December 31,2024(from April 1,2024 to December 31,2024)*1 Sony Group Corporation conducted a five-for-one stock split of its common stock effective October 1,2024,with a record date of September 30,2024.The above figures for basic earnings per share and diluted earnings per share are

10、 calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31,2024.(2)Consolidated financial positionAnnual dividends per shareFirst quarter-endSecond quarter-endThird quarter-endYear-endTotalYenYenYenYenYenFiscal year endedMarch 31,2024-40

11、.00-45.0085.00Fiscal year endingMarch 31,2025-50.00-Fiscal year endingMarch 31,2025(Forecast)*210.00-(Percentages indicate year-on-year changes.)Fiscal year ending March 31,2025Sales and financial services revenueOperating incomeIncome before income taxesNet income attributable to Sony Group Corpora

12、tions stockholdersAdjusted OIBDA*Adjusted EBITDA*Yen in millions%Yen in millions%Yen in millions%Yen in millions%Yen in millions%Yen in millions%Consolidated13,200,0001.41,335,00010.41,385,0009.21,080,00011.32,020,00010.62,010,00010.6For all segments excluding Financial Services*11,900,0005.61,190,0

13、0014.91,240,0008.3975,0008.71,850,00012.51,840,0009.12.DividendsNote:Revisions to the forecast of dividends most recently announced:No*2 Sony Group Corporation conducted a five-for-one stock split of its common stock effective October 1,2024,with a record date of September 30,2024.The above year-end

14、 dividend per share forecast for the fiscal year ending March 31,2025 is based on a number of shares taking into account the stock split.The total annual dividend per share forecast for the fiscal year ending March 31,2025 is not presented because the total of the interim dividend and the year-end d

15、ividend cannot be calculated due to the effect of the stock split.Without taking the stock split into account,the year-end dividend per share forecast for the fiscal year ending March 31,2025 would be 50 yen and the total annual dividend per share forecast for the fiscal year ending March 31,2025 wo

16、uld be 100 yen.3.Forecast for Consolidated Results for the Fiscal Year Ending March 31,2025(from April 1,2024 to March 31,2025)Note:Revisions to the forecast for the fiscal year ending March 31,2025 most recently announced:Yes*Adjusted OIBDA(Operating Income Before Depreciation and Amortization),Adj

17、usted EBITDA(Earnings Before Interest,Taxes,Depreciation and Amortization)and figures for all segments excluding Financial Services are not measures in accordance with IFRS Accounting Standards.However,Sony Group Corporation believes that these disclosures may be useful information to investors.Adju

18、sted OIBDA and Adjusted EBITDA are calculated by the following formulas,respectively.For the reconciliations for Adjusted OIBDA and Adjusted EBITDA,please refer to“Q3 FY2024 Consolidated Financial Results”(the presentation material for the earnings announcement)disclosed on the same date as this doc

19、ument on the Timely Disclosure Network(“TDnet”)of the TSE,the Electronic Data Gathering,Analysis,and Retrieval(“EDGAR”)system of the U.S.Securities and Exchange Commission(the“SEC”)and the website of Sony Group Corporation.Adjusted OIBDA=Operating income+Depreciation and amortization expense excludi

20、ng amortization for film costs and broadcasting rights,as well as for internally developed game content and master recordings included in Content assets-the profit and loss amount that Sony deems non-recurring.Adjusted EBITDA=Net income attributable to Sony Group Corporations stockholders+Net income

21、 attributable to noncontrolling interests+Income taxes+Interest expenses,net,recorded in Financial income and Financial expense-Gain on revaluation of equity instruments,net,recorded in Financial income and Financial expense+Depreciation and amortization expense excluding amortization for film costs

22、 and broadcasting rights,as well as for internally developed game content and master recordings included in Content assets-the profit and loss amount that Sony deems non-recurring.For details about the preparation of the Financial Statements for all segments excluding Financial Services,please refer

23、 to page 17 of the Appendix.As of December 31,20246,149,810,645 sharesAs of March 31,20246,306,159,445 sharesAs of December 31,2024124,626,241 sharesAs of March 31,2024198,915,015 sharesNine months ended December 31,20246,057,239,707 sharesNine months ended December 31,20236,164,393,200 shares*Notes

24、(1)Significant changes in scope of consolidation during the period :No(2)Changes in accounting policies and changes in accounting estimates:(i)Changes in accounting policies required by IFRS Accounting Standards:Yes(ii)Changes in accounting policies due to other reasons :No(iii)Changes in accounting

25、 estimates :No(3)Number of issued shares(common stock):(i)Total number of issued shares at the end of the period(including treasury stock)(ii)Number of shares of treasury stock at the end of the period(iii)Average number of shares outstanding during the period(cumulative from the beginning of the fi

26、scal year)Notes:1 Please refer to“Notes to Condensed Quarterly Consolidated Financial Statements-Accounting Policy and Other Information(Net Income Attributable to Sony Group Corporations Stockholders and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of Common Stock)”

27、for number of shares used as basis for calculating consolidated per share data.2 Sony Group Corporation conducted a five-for-one stock split of its common stock effective October 1,2024,with a record date of September 30,2024.The above figures for the number of issued shares(common stock)are calcula

28、ted based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31,2024.*Review of the attached condensed quarterly consolidated financial statements by certified public accountants or an audit firm:No*Proper use of earnings forecasts,and other special

29、matters:Please refer to“Cautionary Statement”on page 24 of the Appendix for assumptions and other matters related to the forecast of financial results.Supplementary materials on financial results including the presentation material for the earnings announcement are available on Sony Group Corporatio

30、ns website along with this document.Condensed Quarterly Consolidated Financial Statements(Unaudited)2Condensed Quarterly Consolidated Statements of Financial Position2Condensed Quarterly Consolidated Statements of Income(Three months ended December 31)4Condensed Quarterly Consolidated Statements of

31、Comprehensive Income(Three months ended December 31)5Condensed Quarterly Consolidated Statements of Income(Nine months ended December 31)6Condensed Quarterly Consolidated Statements of Comprehensive Income(Nine months ended December 31)7Condensed Quarterly Consolidated Statements of Changes in Stock

32、holders Equity(Nine months ended December 31)8Condensed Quarterly Consolidated Statements of Cash Flows(Nine months ended December 31)9Notes to Condensed Quarterly Consolidated Financial Statements11-Business Segment Information11-Going Concern Assumption21-Accounting Policy and Other Information21-

33、Subsequent Event23Overview of Operating Results24Cautionary Statement24(Appendix)Table of Contents for AppendixAll financial information is presented on the basis of IFRS Accounting Standards.Sony Group Corporation and its consolidated subsidiaries are together referred to as“Sony”or“Sony Group.”-1-

34、Yen in millionsMarch 31,2024December 31,2024Change fromMarch 31,2024ASSETSCurrent assets:Cash and cash equivalents1,907,1132,491,949584,836Investments and advances in the Financial Services segment398,153435,26037,107Trade and other receivables,and contract assets2,158,1962,457,067298,871Inventories

35、1,518,6441,389,047(129,597)Other financial assets125,365148,49723,132Other current assets669,335635,654(33,681)Total current assets6,776,8067,557,474780,668Non-current assets:Investments accounted for using the equity method423,744364,988(58,756)Investments and advances in the Financial Services seg

36、ment18,939,79419,253,057313,263Property,plant and equipment1,522,6401,526,7774,137Right-of-use assets503,395541,45138,056Goodwill1,487,1001,562,40075,300Content assets1,928,1132,383,009454,896Other intangible assets615,602679,79164,189Deferred tax assets499,550504,9495,399Other financial assets897,3

37、411,069,333171,992Other non-current assets513,405548,31834,913Total non-current assets27,330,68428,434,0731,103,389Total assets34,107,49035,991,5471,884,057(Unaudited)Condensed Quarterly Consolidated Financial StatementsCondensed Quarterly Consolidated Statements of Financial Position(Continued on t

38、he following page.)-2-Yen in millionsMarch 31,2024December 31,2024Change fromMarch 31,2024LIABILITIESCurrent liabilities:Short-term borrowings1,812,6052,088,195275,590Current portion of long-term debt217,711296,94579,234Trade and other payables2,064,9052,297,806232,901Deposits from customers in the

39、banking business3,670,5673,709,47738,910Income taxes payables152,074129,850(22,224)Participation and residual liabilities in the Pictures segment251,743252,9341,191Other financial liabilities116,044123,5117,467Other current liabilities1,906,3962,187,364280,968Total current liabilities10,192,04511,08

40、6,082894,037Non-current liabilities:Long-term debt2,058,1171,992,953(65,164)Defined benefit liabilities247,583246,499(1,084)Deferred tax liabilities166,424184,64818,224Insurance contract liabilities12,931,99513,042,135110,140Participation and residual liabilities in the Pictures segment206,081202,86

41、3(3,218)Other financial liabilities386,761560,323173,562Other non-current liabilities162,379151,122(11,257)Total non-current liabilities16,159,34016,380,543221,203Total liabilities26,351,38527,466,6251,115,240EQUITYSony Group Corporations stockholders equity:Common stock881,357881,357-Additional pai

42、d-in capital1,483,4101,483,004(406)Retained earnings6,002,4076,469,060466,653Accumulated other comprehensive income(376,063)(361,752)14,311Treasury stock,at cost(403,934)(286,470)117,464Equity attributable to Sony Group Corporations stockholders7,587,1778,185,199598,022Noncontrolling interests168,92

43、8339,723170,795Total equity7,756,1058,524,922768,817Total liabilities and equity34,107,49035,991,5471,884,057Condensed Quarterly Consolidated Statements of Financial Position(Continued)-3-Yen in millionsThree months ended December 3120232024ChangeSales and financial services revenue:Sales3,438,0923,

44、693,394255,302Financial services revenue Insurance revenue146,801158,57611,775 Other financial services revenue162,634557,604394,970 Total financial services revenue309,435716,180406,745Total sales and financial services revenue3,747,5274,409,574662,047Costs and expenses:Cost of sales2,504,4102,695,

45、564191,154Selling,general and administrative554,712576,75422,042Financial services expenses Insurance service expenses99,375117,13817,763 Insurance finance expenses(income)89,750508,504418,754 Other financial services expenses42,95444,0961,142 Total financial services expenses232,079669,738437,659Ot

46、her operating(income)expense,net(3,691)(5,934)(2,243)Total costs and expenses3,287,5103,936,122648,612Share of profit(loss)of investments accounted for using the equity method3,321(4,121)(7,442)Operating income463,338469,3315,993Financial income33,95941,9427,983Financial expenses38,74217,220(21,522)

47、Income before income taxes458,555494,05335,498Income taxes91,184118,48127,297Net income367,371375,5728,201Net income attributable toSony Group Corporations stockholders363,918373,7399,821Noncontrolling interests3,4531,833(1,620)YenThree months ended December 3120232024ChangePer share data:Net income

48、 attributable to Sony Group Corporations stockholders -Basic59.1362.072.94 -Diluted58.9661.822.86Condensed Quarterly Consolidated Statements of Income-4-Yen in millionsThree months ended December 3120232024Change Net income367,371375,5728,201 Other comprehensive income,net of tax-Items that will not

49、 be reclassified to profit or lossChanges in equity instruments measured at fair value through other comprehensive income(15,272)14515,417Remeasurement of defined benefit pension plans(578)(45)533Share of other comprehensive income of investments accounted for using the equity method(127)143270 Item

50、s that may be reclassified subsequently to profit or lossChanges in debt instruments measured at fair value through othercomprehensive income173,013(322,396)(495,409)Cash flow hedges3,8251,599(2,226)Insurance finance income(expenses)(104,893)221,173326,066Exchange differences on translating foreign

51、operations(155,748)296,282452,030Share of other comprehensive income of investments accounted for using the equity method(1,868)3,8835,751Other136(362)(498)Total other comprehensive income,net of tax(101,512)200,422301,934 Comprehensive income265,859575,994310,135 Comprehensive income attributable t

52、o Sony Group Corporations stockholders262,765571,386308,621 Noncontrolling interests3,0944,6081,514Condensed Quarterly Consolidated Statements of Comprehensive Income-5-Yen in millionsNine months ended December 3120232024ChangeSales and financial services revenue:Sales8,449,6479,229,979780,332Financ

53、ial services revenue Insurance revenue433,228467,80834,580 Other financial services revenue656,927629,033(27,894)Total financial services revenue1,090,1551,096,8416,686Total sales and financial services revenue9,539,80210,326,820787,018Costs and expenses:Cost of sales6,096,3956,524,604428,209Selling

54、,general and administrative1,548,3801,657,605109,225Financial services expenses Insurance service expenses291,961333,01541,054 Insurance finance expenses(income)528,075490,647(37,428)Other financial services expenses122,319130,9418,622 Total financial services expenses942,355954,60312,248Other opera

55、ting(income)expense,net(15,813)(18,578)(2,765)Total costs and expenses8,571,3179,118,234546,917Share of profit(loss)of investments accounted for using the equity method10,904(5,072)(15,976)Operating income979,3891,203,514224,125Financial income65,737107,85842,121Financial expenses52,94250,205(2,737)

56、Income before income taxes992,1841,261,167268,983Income taxes205,715309,942104,227Net income786,469951,225164,756Net income attributable toSony Group Corporations stockholders781,568943,873162,305Noncontrolling interests4,9017,3522,451YenNine months ended December 3120232024ChangePer share data:Net

57、income attributable to Sony Group Corporations stockholders -Basic126.79155.8329.04 -Diluted126.39155.2528.86Condensed Quarterly Consolidated Statements of Income-6-Yen in millionsNine months ended December 3120232024Change Net income786,469951,225164,756 Other comprehensive income,net of tax-Items

58、that will not be reclassified to profit or lossChanges in equity instruments measured at fair value through other comprehensive income(33,276)(16,967)16,309Remeasurement of defined benefit pension plans(1,030)(880)150Share of other comprehensive income of investments accounted for using the equity m

59、ethod190(1,001)(1,191)Items that may be reclassified subsequently to profit or lossChanges in debt instruments measured at fair value through othercomprehensive income(522,959)(537,982)(15,023)Cash flow hedges3,523183(3,340)Insurance finance income(expenses)411,886458,00346,117Exchange differences o

60、n translating foreign operations207,67791,568(116,109)Share of other comprehensive income of investments accounted for using the equity method2,2702,30434Other(206)(438)(232)Total other comprehensive income,net of tax68,075(5,210)(73,285)Comprehensive income854,544946,01591,471 Comprehensive income

61、attributable to Sony Group Corporations stockholders847,369937,06989,700 Noncontrolling interests7,1758,9461,771Condensed Quarterly Consolidated Statements of Comprehensive Income-7-Yen in millionsCommonstockAdditionalpaid-incapitalRetainedearningsAccumulatedothercomprehensiveincomeTreasurystock,atc

62、ostSony GroupCorporationsstockholdersequityNoncontrollinginterestsTotal equityBalance at April 1,2023880,3651,463,8075,092,442(614,570)(223,507)6,598,53758,6136,657,150Comprehensive income:Net income781,568781,5684,901786,469Other comprehensive income,net of tax65,80165,8012,27468,075Total comprehen

63、sive income781,56865,801847,3697,175854,544Transfer to retained earnings191(191)-Transactions with stockholders and other:Exercise of stock acquisition rights and other992(1,533)(144)12,85812,17312,173Stock-based compensation9,4729,4729,472Dividends declared(98,685)(98,685)(4,866)(103,551)Purchase o

64、f treasury stock(74,705)(74,705)(74,705)Reissuance of treasury stock1,7863,2905,0765,076Transactions with noncontrolling interests shareholders and other8,9288,92899,626108,554Balance at December 31,2023881,3571,482,4605,775,372(548,960)(282,064)7,308,165160,5487,468,713Yen in millionsCommonstockAdd

65、itionalpaid-incapitalRetainedearningsAccumulatedothercomprehensiveincomeTreasurystock,atcostSony GroupCorporationsstockholdersequityNoncontrollinginterestsTotal equityBalance at April 1,2024881,3571,483,4106,002,407(376,063)(403,934)7,587,177168,9287,756,105Comprehensive income:Net income943,873943,

66、8737,352951,225Other comprehensive income,net of tax(6,804)(6,804)1,594(5,210)Total comprehensive income943,873(6,804)937,0698,946946,015Transfer to retained earnings(21,115)21,115-Transactions with stockholders and other:Exercise of stock acquisition rights and other3,009(1,631)32,05933,43733,437St

67、ock-based compensation3,6543,6543,654Dividends declared(115,312)(115,312)(4,873)(120,185)Purchase of treasury stock(257,609)(257,609)(257,609)Reissuance of treasury stock1455Cancellation of treasury stock(3,848)(339,162)343,010-Transactions with noncontrolling interests shareholders and other(3,222)

68、(3,222)166,722163,500Balance at December 31,2024881,3571,483,0046,469,060(361,752)(286,470)8,185,199339,7238,524,922Condensed Quarterly Consolidated Statements of Changes in Stockholders Equity-8-Yen in millionsNine months ended December 3120232024Cash flows from operating activities:Income before i

69、ncome taxes992,1841,261,167 Adjustments to reconcile income before income taxes to net cash provided by operating activities:Depreciation and amortization,including amortization of contract costs852,030847,846Other operating(income)expense,net(15,813)(18,578)Gain on securities,net(other than Financi

70、al Services segment)(31,340)(57,512)Share of(profit)loss of investments accounted for using the equity method,net of dividends(3,032)16,304Changes in assets and liabilities:Increase in trade receivables and contract assets(592,206)(228,107)(Increase)decrease in inventories(88,517)147,099Increase in

71、investments and advances in the Financial Services segment(988,372)(1,096,394)Increase in content assets(358,830)(574,959)Increase in trade payables252,967308,828Increase in insurance contract liabilities,net of insurance contract assets789,883761,584Increase in deposits from customers in the bankin

72、g business419,223169,618Increase in borrowings in the life insurance business and the banking business72,995271,148Increase(decrease)in taxes payable other than income taxes,net(16,593)22,958Increase in other financial assets and other current assets(67,033)(88,325)Increase in other financial liabil

73、ities and other current liabilities12,806125,487Income taxes paid(251,431)(208,780)Other(46,963)(35,384)Net cash provided by operating activities931,9581,624,000Condensed Quarterly Consolidated Statements of Cash Flows(Continued on the following page.)-9-Yen in millionsNine months ended December 312

74、0232024Cash flows from investing activities:Payments for property,plant and equipment and other intangible assets(450,017)(536,313)Proceeds from sales of property,plant and equipment and other intangible assets10,83813,685 Payments for investments and advances(other than Financial Services segment)(

75、75,072)(45,389)Proceeds from sales or return of investments and collections of advances (other than Financial Services segment)80,47636,558 Payments for purchases of businesses and other(170,925)(291,559)Other(15,253)44,850Net cash used in investing activities(619,953)(778,168)Cash flows from financ

76、ing activities:Increase in short-term borrowings,net402,15220,892 Proceeds from issuance of long-term debt63,66015,138 Payments of long-term debt(99,311)(138,204)Dividends paid(98,424)(115,027)Payments for purchases of treasury stock(74,705)(257,609)Capital contribution from non-controlling interest

77、s-150,804 Other8,82114,423Net cash provided by(used in)financing activities202,193(309,583)Effect of exchange rate changes on cash and cash equivalents24,01448,587Net increase in cash and cash equivalents538,212584,836Cash and cash equivalents at beginning of the fiscal year1,480,9001,907,113Cash an

78、d cash equivalents at end of the period2,019,1122,491,949Condensed Quarterly Consolidated Statements of Cash Flows(Continued)-10-Yen in millionsThree months ended December 3120232024ChangeSales and financial services revenue:Game&Network Services-Customers1,428,8861,619,876190,990Intersegment15,5416

79、2,45446,913Total1,444,4271,682,330237,903Music-Customers417,651476,96859,317Intersegment4,4534,726273Total422,104481,69459,590Pictures-Customers365,133397,18632,053Intersegment1,1941,038(156)Total366,327398,22431,897Entertainment,Technology&Services-Customers725,563693,370(32,193)Intersegment10,1751

80、1,149974Total735,738704,519(31,219)Imaging&Sensing Solutions-Customers477,513481,2153,702Intersegment27,64519,703(7,942)Total505,158500,918(4,240)Financial Services-Customers309,435716,180406,745Intersegment2,3082,308-Total311,743718,488406,745All Other-Customers20,19220,801609Intersegment3,7034,974

81、1,271Total23,89525,7751,880Corporate and elimination(61,865)(102,374)(40,509)Consolidated total3,747,5274,409,574662,047Notes to Condensed Quarterly Consolidated Financial StatementsBusiness Segment Information(Business Segments)Segment sales and financial services revenueNote:Game&Network Services(

82、“G&NS”)intersegment amounts primarily consist of transactions with the Entertainment,Technology&Services(“ET&S”)segment.ET&S intersegment amounts primarily consist of transactions with the G&NS segment.Imaging&Sensing Solutions(“I&SS”)intersegment amounts primarily consist of transactions with the G

83、&NS segment and the ET&S segment.Corporate and elimination includes certain brand and patent royalty income.-11-Yen in millionsThree months ended December 3120232024ChangeOperating income(loss):Game&Network Services86,139118,06331,924Music76,08697,42421,338Pictures41,62634,025(7,601)Entertainment,Te

84、chnology&Services77,16477,105(59)Imaging&Sensing Solutions99,71597,545(2,170)Financial Services77,27446,362(30,912)All Other2,596(3,029)(5,625)Total460,600467,4956,895Corporate and elimination2,7381,836(902)Consolidated operating income463,338469,3315,993Segment profit(loss)Operating income(loss)is

85、sales and financial services revenue less costs and expenses,and includes the share of profit(loss)of investments accounted for using the equity method.-12-Yen in millionsNine months ended December 3120232024ChangeSales and financial services revenue:Game&Network Services-Customers3,114,0263,498,362

86、384,336Intersegment56,377120,40964,032Total3,170,4033,618,771448,368Music-Customers1,172,7671,356,694183,927Intersegment16,28215,219(1,063)Total1,189,0491,371,913182,864Pictures-Customers1,082,6581,087,1324,474Intersegment3,6714,234563Total1,086,3291,091,3665,037Entertainment,Technology&Services-Cus

87、tomers1,892,0691,893,2611,192Intersegment28,99231,9322,940Total1,921,0611,925,1934,132Imaging&Sensing Solutions-Customers1,122,6461,324,292201,646Intersegment81,56865,673(15,895)Total1,204,2141,389,965185,751Financial Services-Customers1,090,1551,096,8416,686Intersegment6,9146,92915Total1,097,0691,1

88、03,7706,701All Other-Customers57,01260,2893,277Intersegment10,60110,465(136)Total67,61370,7543,141Corporate and elimination(195,936)(244,912)(48,976)Consolidated total9,539,80210,326,820787,018(Business Segments)Segment sales and financial services revenueNote:G&NS intersegment amounts primarily con

89、sist of transactions with the ET&S segment.ET&S intersegment amounts primarily consist of transactions with the G&NS segment.I&SS intersegment amounts primarily consist of transactions with the G&NS segment and the ET&S segment.Corporate and elimination includes certain brand and patent royalty inco

90、me.-13-Yen in millionsNine months ended December 3120232024ChangeOperating income(loss):Game&Network Services184,201322,121137,920Music230,463273,67743,214Pictures87,03563,808(23,227)Entertainment,Technology&Services193,843211,34317,500Imaging&Sensing Solutions158,807226,60467,797Financial Services1

91、47,469142,083(5,386)All Other7,140(8,237)(15,377)Total1,008,9581,231,399222,441Corporate and elimination(29,569)(27,885)1,684Consolidated operating income979,3891,203,514224,125Segment profit(loss)Operating income(loss)is sales and financial services revenue less costs and expenses,and includes the

92、share of profit(loss)of investments accounted for using the equity method.-14-Yen in millionsThree months ended December 31Sales and financial services revenue:20232024ChangeGame&Network ServicesDigital Software and Add-on Content631,981718,22186,240Network Services137,182176,91539,733Hardware and O

93、thers659,723724,74065,017Total1,428,8861,619,876190,990MusicRecorded Music-Streaming186,520209,59823,078Recorded Music-Others100,021105,7415,720Music Publishing86,08495,3259,241Visual Media and Platform45,02666,30421,278Total417,651476,96859,317PicturesMotion Pictures130,441168,47538,034Television P

94、roductions130,844121,085(9,759)Media Networks103,848107,6263,778Total365,133397,18632,053Entertainment,Technology&ServicesTelevisions210,967183,143(27,824)Audio and Video133,823128,969(4,854)Still and Video Cameras188,609183,278(5,331)Mobile Communications76,50865,409(11,099)Other115,656132,57116,91

95、5Total725,563693,370(32,193)Imaging&Sensing Solutions477,513481,2153,702Financial Services309,435716,180406,745All Other20,19220,801609Corporate3,1543,978824Consolidated total3,747,5274,409,574662,047(Sales to Customers by Product Category)The following table is a breakdown of sales and financial se

96、rvices revenue to external customers by product category for each segment.Sony management views each segment as a single operating segment.-15-Yen in millionsNine months ended December 31Sales and financial services revenue:20232024ChangeGame&Network ServicesDigital Software and Add-on Content1,420,

97、4231,709,997289,574Network Services395,568497,040101,472Hardware and Others1,298,0351,291,325(6,710)Total3,114,0263,498,362384,336MusicRecorded Music-Streaming525,265595,73270,467Recorded Music-Others252,787309,12256,335Music Publishing243,948283,53239,584Visual Media and Platform150,767168,30817,54

98、1Total1,172,7671,356,694183,927PicturesMotion Pictures385,154452,33067,176Television Productions408,460316,098(92,362)Media Networks289,044318,70429,660Total1,082,6581,087,1324,474Entertainment,Technology&ServicesTelevisions507,951473,714(34,237)Audio and Video332,072323,845(8,227)Still and Video Ca

99、meras509,686536,90327,217Mobile Communications236,644220,404(16,240)Other305,716338,39532,679Total1,892,0691,893,2611,192Imaging&Sensing Solutions1,122,6461,324,292201,646Financial Services1,090,1551,096,8416,686All Other57,01260,2893,277Corporate8,4699,9491,480Consolidated total9,539,80210,326,8207

100、87,018In the G&NS segment,Digital Software and Add-on Content includes distribution of software titles and add-on content through the network;Network Services includes network services relating to game,video and music content;Hardware and Others includes home gaming consoles,packaged software,game s

101、oftware sold bundled with home gaming consoles,peripheral devices and first-party software for third-party platforms.In the Music segment,Recorded Music-Streaming includes the distribution of digital recorded music by streaming;Recorded Music-Others includes the distribution of recorded music by phy

102、sical media and digital download as well as revenue derived from artists live performances and merchandising;Music Publishing includes the management and licensing of the words and music of songs;Visual Media and Platform includes the production and distribution of animation titles and game applicat

103、ions,and various service offerings for music and visual products.In the Pictures segment,Motion Pictures includes the worldwide production,acquisition and distribution of live-action and animated motion pictures;Television Productions includes the production,acquisition and distribution of televisio

104、n programming;Media Networks includes the operation of television networks and direct-to-consumer streaming services worldwide.In the ET&S segment,Televisions includes LCD and OLED televisions;Audio and Video includes Blu-ray disc players and recorders,home audio,headphones and memory-based portable

105、 audio devices;Still and Video Cameras includes interchangeable lens cameras,compact digital cameras,consumer video cameras and video cameras for broadcast;Mobile Communications includes smartphones and an internet-related service business;Other includes display products such as projectors and medic

106、al equipment.-16-Yen in millionsFinancial ServicesSony withoutFinancial ServicesConsolidatedMarch 31,2024December 31,2024March 31,2024December 31,2024March 31,2024December 31,2024 ASSETSCurrent assets:Cash and cash equivalents913,8151,076,644993,2981,415,3051,907,1132,491,949Investments and advances

107、 in the Financial Services segment398,153435,260-398,153435,260Trade and other receivables,and contract assets127,016156,3462,033,1702,303,7522,158,1962,457,067Inventories-1,518,6441,389,0471,518,6441,389,047Other financial assets57,254106,15168,11142,346125,365148,497Other current assets50,48713,18

108、8625,539630,422669,335635,654 Total current assets1,546,7251,787,5895,238,7625,780,8726,776,8067,557,474Non-current assets:Investments accounted for using the equity method4,9053,009418,839361,979423,744364,988Investments and advances in the Financial Services segment18,939,79419,253,057-18,939,7941

109、9,253,057Investments in Financial Services,at cost-550,483550,483-Property,plant and equipment14,16213,7051,508,1511,512,7451,522,6401,526,777Right-of-use assets76,28877,829428,224464,696503,395541,451Goodwill and intangible assets,including content assets77,32381,8983,953,4924,543,3024,030,8154,625

110、,200Deferred tax assets-520,613512,092499,550504,949Other financial assets52,88251,727848,5991,021,850897,3411,069,333Other non-current assets165,049161,153421,258459,558513,405548,318 Total non-current assets19,330,40319,642,3788,649,6599,426,70527,330,68428,434,073 Total assets 20,877,128 21,429,9

111、67 13,888,421 15,207,577 34,107,490 35,991,547 LIABILITIES AND EQUITYCurrent liabilities:Short-term borrowings1,802,3372,075,078227,979310,0622,030,3162,385,140Trade and other payables61,15343,5372,005,1122,257,0622,064,9052,297,806Deposits from customers in the banking business3,670,5673,709,477-3,

112、670,5673,709,477Income taxes payables10,0502,370142,024127,480152,074129,850Participation and residual liabilities in the Pictures segment-251,743252,934251,743252,934Other financial liabilities77,52392,26938,52231,241116,044123,511Other current liabilities209,555213,8601,704,1581,981,6951,906,3962,

113、187,364 Total current liabilities5,831,1856,136,5914,369,5384,960,47410,192,04511,086,082Non-current liabilities:Long-term debt703,106703,1101,355,0111,289,8432,058,1171,992,953Defined benefit liabilities39,28438,751208,299207,748247,583246,499Deferred tax liabilities36,36821,833165,877184,710166,42

114、4184,648Insurance contract liabilities12,931,99513,042,135-12,931,99513,042,135Participation and residual liabilities in the Pictures segment-206,081202,863206,081202,863Other financial liabilities214,414347,634175,263215,758386,761560,323Other non-current liabilities7,6077,793176,767164,743162,3791

115、51,122 Total non-current liabilities13,932,77414,161,2562,287,2982,265,66516,159,34016,380,543 Total liabilities19,763,95920,297,8476,656,8367,226,13926,351,38527,466,625Equity:Stockholders equity of Financial Services1,113,1691,132,120-Stockholders equity of Sony without Financial Services-7,062,65

116、77,641,715-Sony Group Corporations stockholders equity-7,587,1778,185,199Noncontrolling interests-168,928339,723168,928339,723 Total equity1,113,1691,132,1207,231,5857,981,4387,756,1058,524,922 Total liabilities and equity 20,877,128 21,429,967 13,888,421 15,207,577 34,107,490 35,991,547(Condensed Q

117、uarterly Financial Services Separate Financial Statements)The following schedules show unaudited condensed quarterly financial statements for the Financial Services segment and all other segments excluding Financial Services.These presentations are not in accordance with IFRS Accounting Standards,wh

118、ich is used by Sony to prepare its condensed quarterly consolidated financial statements.However,because the Financial Services segment is different in nature from Sonys other segments,Sony believes that a comparative presentation may be useful in understanding and analyzing Sonys condensed quarterl

119、y consolidated financial statements.Both financial statements include transactions between the Financial Services segment and Sony without the Financial Services segment.The figures shown in the respective presentations for the Financial Services segment and Sony without the Financial Services segme

120、nt are prior to the elimination and/or offset of such transactions and deferred tax assets and deferred tax liabilities of each.The consolidated column is presented net of the elimination and/or offset of such intercompany balances and deferred tax assets and liabilities.Condensed Quarterly Statemen

121、ts of Financial Position-17-Yen in millionsThree months ended December 31Financial ServicesSony withoutFinancial ServicesConsolidated202320242023202420232024Sales-3,439,360 3,695,684 3,438,092 3,693,394Financial services revenue311,743718,488-309,435716,180Total sales and financial services revenue3

122、11,743718,4883,439,3603,695,6843,747,5274,409,574Cost of sales-2,508,0212,697,9912,504,4102,695,564Selling,general and administrative-552,365576,615554,712576,754Financial services expenses234,387672,046-232,079669,738Other operating(income)expense,net8294(3,773)(6,027)(3,691)(5,934)Total costs and

123、expenses234,469672,1403,056,6133,268,5793,287,5103,936,122Share of profit(loss)of investments accounted for using the equity method-143,321(4,135)3,321(4,121)Operating income77,27446,362386,068422,970463,338469,331Financial income(expenses),net-(4,784)24,698(4,783)24,722Income before income taxes77,

124、27446,362381,284447,668458,555494,053Income taxes22,12113,70369,063104,77191,184118,481Net income55,15332,659312,221342,897367,371375,572 Net income of Financial Services54,999 32,659-Net income of Sony without Financial Services-308,923 341,064-Net income attributable to Sony Group Corporations sto

125、ckholders-363,918 373,739 Net income attributable to noncontrolling interests154-3,298 1,833 3,453 1,833Condensed Quarterly Statements of Income-18-Yen in millionsNine months ended December 31Financial ServicesSony withoutFinancial ServicesConsolidated202320242023202420232024Sales-8,454,056 9,236,56

126、2 8,449,647 9,229,979Financial services revenue1,097,0691,103,770-1,090,1551,096,841Total sales and financial services revenue1,097,0691,103,7708,454,0569,236,5629,539,80210,326,820Cost of sales-6,106,4276,531,6206,096,3956,524,604Selling,general and administrative-1,542,7441,657,1671,548,3801,657,6

127、05Financial services expenses949,269961,532-942,355954,603Other operating(income)expense,net331238(16,144)(18,817)(15,813)(18,578)Total costs and expenses949,600961,7707,633,0278,169,9708,571,3179,118,234Share of profit(loss)of investments accounted for using the equity method-8310,904(5,155)10,904(

128、5,072)Operating income147,469142,083831,9331,061,437979,3891,203,514Financial income(expenses),net-62,82857,62912,79557,653Income before income taxes147,469142,083894,7611,119,066992,1841,261,167Income taxes42,87541,199162,840268,737205,715309,942Net income104,594100,884731,921850,329786,469951,225

129、Net income of Financial Services104,143 100,884-Net income of Sony without Financial Services-727,471 842,977-Net income attributable to Sony Group Corporations stockholders-781,568 943,873 Net income attributable to noncontrolling interests451-4,450 7,352 4,901 7,352Condensed Quarterly Statements o

130、f Income-19-Yen in millionsNine months ended December 31Financial ServicesSony withoutFinancial ServicesConsolidated202320242023202420232024Cash flows from operating activities:Income(loss)before income taxes147,469142,083894,7611,119,066992,1841,261,167Adjustments to reconcile income(loss)before in

131、come taxes to net cash provided by(used in)operating activities:Depreciation and amortization,including amortization of contract costs20,92620,457831,104827,389852,030847,846Other operating(income)expense,net331237(16,144)(18,815)(15,813)(18,578)(Gain)loss on securities,net(other than Financial Serv

132、ices segment)-(31,340)(57,512)(31,340)(57,512)Changes in assets and liabilities:(Increase)decrease in trade receivables and contract assets(38,263)(29,329)(550,147)(199,818)(592,206)(228,107)(Increase)decrease in inventories-(88,517)147,099(88,517)147,099(Increase)decrease in investments and advance

133、s in the Financial Services segment(988,372)(1,096,394)-(988,372)(1,096,394)(Increase)decrease in content assets-(358,830)(574,959)(358,830)(574,959)Increase(decrease)in trade payables7,637(13,892)241,635324,208252,967308,828Increase(decrease)in insurance contract liabilities,net of insurance contra

134、ct assets789,883761,584-789,883761,584Increase(decrease)in deposits from customers in the banking business419,223169,618-419,223169,618Increase(decrease)in borrowings in the life insurance business and the banking business72,995271,148-72,995271,148Increase(decrease)in taxes payable other than incom

135、e taxes,net782489(17,375)22,469(16,593)22,958Other(69,134)(34,733)(286,665)(156,443)(355,653)(190,698)Net cash provided by(used in)operating activities363,477191,268618,4821,432,684931,9581,624,000Cash flows from investing activities:Payments for property,plant and equipment and other intangible ass

136、ets(13,281)(20,265)(436,772)(516,105)(450,017)(536,313)Payments for investments and advances(other than Financial Services segment)-(75,072)(45,389)(75,072)(45,389)Proceeds from sales or return of investments and collections of advances(other than Financial Services segment)-80,47636,55880,47636,558

137、Other(3,603)(315)(171,737)(232,709)(175,340)(233,024)Net cash provided by(used in)investing activities(16,884)(20,580)(603,105)(757,645)(619,953)(778,168)Cash flows from financing activities:Increase(decrease)in borrowings,net(8,609)(8,291)375,110(93,883)366,501(102,174)Dividends paid(50,037)-(98,42

138、4)(115,027)(98,424)(115,027)Other(1,793)432(64,019)(92,709)(65,884)(92,382)Net cash provided by(used in)financing activities(60,439)(7,859)212,667(301,619)202,193(309,583)Effect of exchange rate changes on cash and cash equivalents-24,01448,58724,01448,587Net increase(decrease)in cash and cash equiv

139、alents286,154162,829252,058422,007538,212584,836Cash and cash equivalents at beginning of the fiscal year756,493913,815724,407993,2981,480,9001,907,113Cash and cash equivalents at end of the period1,042,6471,076,644976,4651,415,3052,019,1122,491,949Condensed Quarterly Statements of Cash Flows-20-Goi

140、ng Concern AssumptionNot ApplicableAccounting Policy and Other Information(Changes in accounting policies)Sony newly adopted the following accounting standards from the fiscal year ending March 31,2025:Amendments to IAS 1“Presentation of Financial Statements”In January 2020,the International Account

141、ing Standards Board(“IASB”)issued“Classification of Liabilities as Current or Non-current(Amendments to IAS 1).”The amendments clarify the right of a company to defer settlement of a liability,which is one of the existing requirements when classifying a liability to current or non-current.In additio

142、n,in October 2022,the IASB issued“A Non-current Liability with Covenants(Amendments to IAS 1).”The amendments require companies to disclose information about covenants in order for investors to understand the risk that such non-current debt with covenants could become repayable within twelve months.

143、Both of these amendments were effective for Sony as of April 1,2024.The adoption of these amendments has no material impact on Sonys results of operations and financial position.Amendments to IAS 7“Statement of Cash Flows”and IFRS 7“Financial Instruments:Disclosures”In May 2023,the IASB issued“Suppl

144、ier Finance Arrangements(Amendments to IAS 7 and IFRS 7).”These amendments require companies to disclose information about supplier finance arrangements and were effective for Sony as of April 1,2024.Since these amendments only affect disclosures,they have no impact on Sonys results of operations an

145、d financial position.-21-Yen in millionsThree months ended December 3120232024Net income attributable to Sony Group Corporations stockholders for basic and diluted EPS computation363,918373,739Thousands of sharesThree months ended December 3120232024Weighted-average shares outstanding for basic EPS

146、computation6,154,0276,021,151Effect of dilutive securities:Stock options16,27919,028Restricted stock units1,4905,747Weighted-average shares for diluted EPS computation6,171,7966,045,926Yen in millionsNine months ended December 3120232024Net income attributable to Sony Group Corporations stockholders

147、 for basic and diluted EPS computation781,568943,873Thousands of sharesNine months ended December 3120232024Weighted-average shares outstanding for basic EPS computation6,164,3936,057,240Effect of dilutive securities:Stock options18,01716,682Restricted stock units1,5915,672Weighted-average shares fo

148、r diluted EPS computation6,184,0016,079,594(Net Income Attributable to Sony Group Corporations Stockholders and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of Common Stock)Note:Sony Group Corporation conducted a five-for-one stock split of its common stock effective

149、 October 1,2024,with a record date of September 30,2024.Basic and diluted EPS are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31,2024.-22-(Segmentation)The G&NS segment includes the network services businesses,the manufacture

150、and sales of home gaming products and the production and sales of digital software and add-on content.The Music segment includes the Recorded Music,Music Publishing and Visual Media and Platform businesses.The Pictures segment includes the Motion Pictures,Television Productions and Media Networks bu

151、sinesses.The ET&S segment includes the Televisions business,the Audio and Video business,the Still and Video Cameras business,the smartphone business and the internet-related service business.The I&SS segment includes the image sensors business.The Financial Services segment primarily represents ind

152、ividual life insurance and non-life insurance businesses and the banking business in Japan.All Other consists of various operating activities,including the disc manufacturing and recording media businesses.Sonys products and services are generally unique to a single operating segment.(Supplemental c

153、ash flow information)During the nine months ended December 31,2024,Sony established a new joint venture in the Music segment with a third party partner,which acquired interests in companies that own certain music and other assets(the“target companies”)as well as music assets directly from other righ

154、ts holders.Sony consolidated the joint venture through Sonys majority interest and reflected the consideration of 133,064 million yen for the acquisition of the interests in the target companies in cash flows from investing activities as“Payments for purchases of businesses and other.”Sony primarily

155、 recognized 116,289 million yen of content assets(music catalogs)and 11,501 million yen of other intangible assets from the acquisition of the interests in the target companies.The acquisition of the interests in the target companies is accounted for as an acquisition of a group of assets that does

156、not constitute a business.The consideration for the content assets(music catalogs)directly acquired from other rights holders was 84,382 million yen,which was recorded in cash flows from operating activities as“Increase in content assets.”Subsequent Event(Setting of parameters for repurchase of shar

157、es of its own common stock)Sony Group Corporation approved the setting of the following parameters for repurchase of its own common stock pursuant to the Companies Act of Japan and Sony Group Corporations Articles of Incorporation at the meeting of its Board of Directors held on February 13,2025.1.T

158、otal number of shares for repurchase:30 million shares(maximum)2.Total purchase price for repurchase of shares:50 billion yen(maximum)3.Period of repurchase:February 14,2025 to May 14,2025-23-Overview of Operating ResultsFor the overview of operating results for the third quarter ended December 31,2

159、024,including the results forecast for the fiscal year ending March 31,2025,please refer to“Q3 FY2024 Consolidated Financial Results”(the presentation material for the earnings announcement)disclosed on the same date as this document on the TDnet of the TSE,the EDGAR system of the SEC and the websit

160、e of Sony Group Corporation.(i)Sonys ability to maintain product quality and customer satisfaction with its products and services;(ii)Sonys ability to continue to design and develop and win acceptance of,as well as achieve sufficient cost reductions for,its products and services,including image sens

161、ors,game and network platforms,smartphones and televisions,which are offered in highly competitive markets characterized by severe price competition and continual new product and service introductions,rapid development in technology and subjective and changing customer preferences;(iii)Sonys ability

162、 to implement successful hardware,software,and content integration strategies,and to develop and implement successful sales and distribution strategies in light of new technologies and distribution platforms;(iv)the effectiveness of Sonys strategies and their execution,including but not limited to t

163、he success of Sonys acquisitions,joint ventures,investments,capital expenditures,restructurings and other strategic initiatives;(v)changes in laws,regulations and government policies in the markets in which Sony and its third-party suppliers,service providers and business partners operate,including

164、those related to taxation,as well as growing consumer focus on corporate social responsibility;(vi)Sonys continued ability to identify the products,services and market trends with significant growth potential,to devote sufficient resources to research and development,to prioritize investments and ca

165、pital expenditures correctly and to recoup its investments and capital expenditures,including those required for technology development and product capacity;(vii)Sonys reliance on external business partners,including for the procurement of parts,components,software and network services for its produ

166、cts or services,the manufacturing,marketing and distribution of its products,and its other business operations;(viii)the global economic and political environment in which Sony operates and the economic and political conditions in Sonys markets,particularly levels of consumer spending;(ix)Sonys abil

167、ity to meet operational and liquidity needs as a result of significant volatility and disruption in the global financial markets or a ratings downgrade;(x)Sonys ability to forecast demands,manage timely procurement and control inventories;(xi)foreign exchange rates,particularly between the yen and t

168、he U.S.dollar,the euro and other currencies in which Sony makes significant sales and incurs production costs,or in which Sonys assets,liabilities and operating results are denominated;(xii)Sonys ability to recruit,retain and maintain productive relations with highly skilled personnel;(xiii)Sonys ab

169、ility to prevent unauthorized use or theft of intellectual property rights,to obtain or renew licenses relating to intellectual property rights and to defend itself against claims that its products or services infringe the intellectual property rights owned by others;(xiv)the impact of changes in in

170、terest rates and unfavorable conditions or developments(including market fluctuations or volatility)in the equity and bond markets on the revenue and operating income of the Financial Services segment;(xv)shifts in customer demand for financial services such as life insurance and Sonys ability to co

171、nduct successful asset liability management in the Financial Services segment;(xvi)risks related to catastrophic disasters,geopolitical conflicts,pandemic disease or similar events;(xvii)the ability of Sony,its third-party service providers or business partners to anticipate and manage cybersecurity

172、 risk,including the risk of unauthorized access to Sonys business information and the personally identifiable information of its employees and customers,potential business disruptions or financial losses;and(xviii)the outcome of pending and/or future legal and/or regulatory proceedings.Cautionary St

173、atementStatements made in this material with respect to Sonys current plans,estimates,strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Sony.Forward-looking statements include,but are not limited to,those statemen

174、ts using words such as“believe,”“expect,”“plans,”“strategy,”“prospects,”“forecast,”“estimate,”“project,”“anticipate,”“aim,”“intend,”“seek,”“may,”“might,”“could”or“should,”and words of similar meaning in connection with a discussion of future operations,financial performance,events or conditions.From

175、 time to time,oral or written forward-looking statements may also be included in other materials released to the public.These statements are based on managements assumptions,judgments and beliefs in light of the information currently available to it.Sony cautions investors that a number of important

176、 risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements,and therefore investors should not place undue reliance on them.Investors also should not rely on any obligation of Sony to update or revise any forward-looking statements,

177、whether as a result of new information,future events or otherwise.Sony disclaims any such obligation.Risks and uncertainties that might affect Sony include,but are not limited to:Risks and uncertainties also include the impact of any future events with material adverse impact.The continued impact of

178、 developments relating to the situations in Ukraine and Russia and in the Middle East could heighten many of the risks and uncertainties noted above.Important information regarding risks and uncertainties is also set forth in Sonys most recent Form 20-F,which is on file with the U.S.Securities and Exchange Commission.-24-