Sony Group Corp 6-K, filed May 10, 2022

Sony Group Corp (SONY)

6-K 2022-05-10 For: 2022-05-10

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Added on July 04, 2026

About this 6-K

Sony Group Corp filed this 6-K on May 10, 2022.

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	SONY GROUP CORPORATION
	(Registrant)


	By: /s/ Hiroki Totoki
	(Signature)
	Hiroki Totoki
	Executive Deputy President and
	Chief Financial Officer

Financial Statements (Unaudited)	F-1

Consolidated Statements of Financial Position	F-1
Consolidated Statements of Income (Fiscal year ended March 31)	F-3
Consolidated Statements of Comprehensive Income (Fiscal year ended March 31)	F-4
Consolidated Statements of Income (Three months ended March 31)	F-5
Consolidated Statements of Comprehensive Income (Three months ended March 31)	F-6
Consolidated Statements of Changes in Stockholders’ Equity (Fiscal year ended March 31)	F-7
Consolidated Statements of Cash Flows (Fiscal year ended March 31)	F-8
Notes to Consolidated Financial Statements	F-10
- Business Segment Information	F-10
- Going Concern Assumption	F-20
- Accounting Policy and Other Information	F-20
- First-Time Adoption	F-23
- Subsequent Event	F-37

Consolidated Results for the Fiscal Year Ended March 31, 2022	1

Outlook for the Fiscal Year Ending March 31, 2023	4

Business Segment Information	5

Progress on the Fourth Mid-Range Plan	10

Basic Views on Selection of Accounting Standards	10

Cautionary Statement	11

	Yen in millions
	April 1, 2020		March 31, 2021		March 31, 2022		Change from March 31, 2021
ASSETS
Current assets:
Cash and cash equivalents		1,512,523		1,786,982		2,049,636		262,654
Investments and advances in the Financial Services segment		327,092		411,982		360,673		(51,309	)
Trade and other receivables, and contract assets		1,194,334		1,365,493		1,628,521		263,028
Inventories		559,779		636,668		874,007		237,339
Other financial assets		135,482		117,682		149,301		31,619
Other current assets		441,974		396,210		473,070		76,860
Total current assets		4,171,184		4,715,017		5,535,208		820,191
Non-current assets:
Investments accounted for using the equity method		204,291		225,086		268,513		43,427
Investments and advances in the Financial Services segment		16,352,285		17,296,546		18,445,088		1,148,542
Property, plant and equipment		917,198		990,541		1,113,213		122,672
Right-of-use assets		373,282		358,034		413,430		55,396
Goodwill		690,929		726,109		952,895		226,786
Content assets		992,644		1,062,547		1,342,046		279,499
Other intangible assets		377,500		391,055		450,103		59,048
Deferred insurance acquisition costs		187,904		623,986		676,526		52,540
Deferred tax assets		210,333		215,669		298,589		82,920
Other financial assets		321,721		695,764		696,306		542
Other non-current assets		167,795		207,489		289,050		81,561
Total non-current assets		20,795,882		22,792,826		24,945,759		2,152,933
Total assets		24,967,066		27,507,843		30,480,967		2,973,124

	Yen in millions
	April 1, 2020			March 31, 2021			March 31, 2022			Change from March 31, 2021
LIABILITIES
Current liabilities:
Short-term borrowings		824,045			1,201,747			1,976,553			774,806
Current portion of long-term debt		98,923			205,406			171,409			(33,997	)
Trade and other payables		1,310,536			1,596,563			1,843,242			246,679
Deposits from customers in the banking business		2,347,387			2,682,156			2,886,361			204,205
Income taxes payables		85,346			84,431			106,092			21,661
Participation and residual liabilities in the Pictures segment		163,007			161,433			190,162			28,729
Other financial liabilities		56,152			54,341			97,843			43,502
Other current liabilities		1,263,944			1,367,527			1,488,488			120,961
Total current liabilities		6,149,340			7,353,604			8,760,150			1,406,546
Non-current liabilities:
Long-term debt		939,030			1,053,636			1,203,646			150,010
Defined benefit liabilities		329,621			267,222			254,548			(12,674	)
Deferred tax liabilities		1,041,156			816,587			696,492			(120,095	)
Future insurance policy benefits and other		6,519,577			6,614,585			7,039,034			424,449
Policyholders’ account in the life insurance business		3,640,010			4,328,894			4,791,295			462,401
Participation and residual liabilities in the Pictures segment		119,702			116,537			220,113			103,576
Other financial liabilities		146,834			139,417			211,959			72,542
Other non-current liabilities		87,320			93,022			106,481			13,459
Total non-current liabilities		12,823,250			13,429,900			14,523,568			1,093,668
Total liabilities		18,972,590			20,783,504			23,283,718			2,500,214
EQUITY
Sony Group Corporation’s stockholders’ equity:
Common stock		880,214			880,214			880,365			151
Additional paid-in capital		1,297,554			1,489,597			1,461,053			(28,544	)
Retained earnings		1,949,697			2,914,503			3,760,763			846,260
Accumulated other comprehensive income		979,476			1,520,257			1,222,332			(297,925	)
Treasury stock, at cost		(232,503	)		(124,228	)		(180,042	)		(55,814	)
Equity attributable to Sony Group Corporation’s stockholders		4,874,438			6,680,343			7,144,471			464,128
Noncontrolling interests		1,120,038			43,996			52,778			8,782
Total equity		5,994,476			6,724,339			7,197,249			472,910
Total liabilities and equity		24,967,066			27,507,843			30,480,967			2,973,124

	Yen in millions
	Fiscal year ended March 31
	2021			2022			Change
Sales and financial services revenue:
Sales		7,333,670			8,396,702			1,063,032
Financial services revenue		1,664,991			1,524,811			(140,180	)
Total sales and financial services revenue		8,998,661			9,921,513			922,852
Costs and expenses:
Cost of sales		5,065,879			5,845,804			779,925
Selling, general and administrative		1,473,154			1,588,473			115,319
Financial services expenses		1,501,674			1,374,037			(127,637	)
Other operating (income) expense, net		14,250			(65,494	)		(79,744	)
Total costs and expenses		8,054,957			8,742,820			687,863
Share of profit (loss) of investments accounted for using the equity method		11,551			23,646			12,095
Operating income		955,255			1,202,339			247,084
Financial income		83,792			19,304			(64,488	)
Financial expenses		41,082			104,140			63,058
Income before income taxes		997,965			1,117,503			119,538
Income taxes		(45,931	)		229,097			275,028
Net income		1,043,896			888,406			(155,490	)

Net income attributable to
Sony Group Corporation’s stockholders		1,029,610			882,178			(147,432	)
Noncontrolling interests		14,286			6,228			(8,058	)

	Yen in millions
	Three months ended March 31
	2021			2022			Change
Sales and financial services revenue:
Sales		1,799,258			1,986,559			187,301
Financial services revenue		437,362			277,427			(159,935	)
Total sales and financial services revenue		2,236,620			2,263,986			27,366
Costs and expenses:
Cost of sales		1,324,280			1,444,635			120,355
Selling, general and administrative		437,059			449,754			12,695
Financial services expenses		387,161			229,197			(157,964	)
Other operating (income) expense, net		26,691			5,353			(21,338	)
Total costs and expenses		2,175,191			2,128,939			(46,252	)
Share of profit (loss) of investments accounted for using the equity method		4,984			3,582			(1,402	)
Operating income		66,413			138,629			72,216
Financial income		7,522			6,924			(598	)
Financial expenses		32,037			55,928			23,891
Income before income taxes		41,898			89,625			47,727
Income taxes		(25,210	)		(23,346	)		1,864
Net income		67,108			112,971			45,863

Net income attributable to
Sony Group Corporation’s stockholders		66,699			111,082			44,383
Noncontrolling interests		409			1,889			1,480

	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive income			Treasury stock, at cost			Sony Group Corporation’s stockholders’ equity			Noncontrolling interests			Total equity
Balance at April 1, 2020		880,214		1,297,554			1,949,697			979,476			(232,503	)		4,874,438			1,120,038			5,994,476
Comprehensive income:
Net income							1,029,610									1,029,610			14,286			1,043,896
Other comprehensive income, net of tax										89,018						89,018			(25,135	)		63,883
Total comprehensive income							1,029,610			89,018						1,118,628			(10,849	)		1,107,779
Transfer to retained earnings							5,472			(5,472	)					-						-
Transactions with stockholders and other:
Exercise of stock acquisition rights				(354	)		(735	)					18,074			16,985						16,985
Conversion of convertible bonds				(3,671	)		(8,198	)					89,402			77,533						77,533
Stock-based compensation				1,577												1,577						1,577
Dividends declared							(61,343	)								(61,343	)		(12,996	)		(74,339	)
Purchase of treasury stock													(366	)		(366	)					(366	)
Reissuance of treasury stock				354									1,165			1,519						1,519
Transactions with noncontrolling interests shareholders and other				194,137						457,235						651,372			(1,052,197	)		(400,825	)
Balance at March 31, 2021		880,214		1,489,597			2,914,503			1,520,257			(124,228	)		6,680,343			43,996			6,724,339

	Yen in millions
	Financial Services						Sony without Financial Services						Consolidated
	April 1, 2020		March 31, 2021		March 31, 2022		April 1, 2020		March 31, 2021		March 31, 2022		April 1, 2020		March 31, 2021		March 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	¥	550,039	¥	497,218	¥	889,140	¥	962,484	¥	1,289,764	¥	1,160,496	¥	1,512,523	¥	1,786,982	¥	2,049,636
Investments and advances in the Financial Services segment		327,092		411,982		360,673		–		–		–		327,092		411,982		360,673
Trade and other receivables, and contract assets		115,592		119,791		169,929		1,086,457		1,261,321		1,478,620		1,194,334		1,365,493		1,628,521
Inventories		-		-		-		559,779		636,668		874,007		559,779		636,668		874,007
Other financial assets		79,721		73,349		81,174		55,762		44,498		68,124		135,482		117,682		149,301
Other current assets		51,765		51,147		72,441		390,915		357,582		450,953		441,974		396,210		473,070
Total current assets		1,124,209		1,153,487		1,573,357		3,055,397		3,589,833		4,032,200		4,171,184		4,715,017		5,535,208
Non-current assets:
Investments accounted for using the equity method		–		–		–		204,291		225,086		268,513		204,291		225,086		268,513
Investments and advances in the Financial Services segment		16,352,285		17,296,546		18,445,088		–		–		–		16,352,285		17,296,546		18,445,088
Investments in Financial Services, at cost		–		–		–		153,968		550,483		550,483		–		–		–
Property, plant and equipment		18,256		19,260		18,010		899,185		971,336		1,095,241		917,198		990,541		1,113,213
Right-of-use assets		57,892		65,775		73,774		315,431		292,262		339,658		373,282		358,034		413,430
Goodwill and intangible assets, including content assets		62,660		66,133		72,578		1,998,413		2,113,578		2,672,466		2,061,073		2,179,711		2,745,044
Deferred insurance acquisition costs		187,904		623,986		676,526		–		–		–		187,904		623,986		676,526
Deferred tax assets		8,129		–		–		202,217		309,341		332,330		210,333		215,669		298,589
Other financial assets		34,319		28,043		37,037		291,373		671,683		663,233		321,721		695,764		696,306
Other non-current assets		87,933		86,287		77,657		155,643		195,713		284,834		167,795		207,489		289,050
Total non-current assets		16,809,378		18,186,030		19,400,670		4,220,521		5,329,482		6,206,758		20,795,882		22,792,826		24,945,759
Total assets	¥	17,933,587	¥	19,339,517	¥	20,974,027	¥	7,275,918	¥	8,919,315	¥	10,238,958	¥	24,967,066	¥	27,507,843	¥	30,480,967

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	¥	768,100	¥	1,160,896	¥	1,964,776	¥	154,884	¥	246,257	¥	183,187	¥	922,968	¥	1,407,153	¥	2,147,962
Trade and other payables		43,975		80,189		118,921		1,273,946		1,531,502		1,744,011		1,310,536		1,596,563		1,843,242
Deposits from customers in the banking business		2,347,387		2,682,156		2,886,361		–		–		–		2,347,387		2,682,156		2,886,361
Income taxes payables		22,509		5,407		4,444		62,837		79,024		101,648		85,346		84,431		106,092
Participation and residual liabilities in the Pictures segment		–		–		–		163,007		161,433		190,162		163,007		161,433		190,162
Other financial liabilities		44,668		29,106		68,793		11,484		25,235		29,050		56,152		54,341		97,843
Other current liabilities		179,652		192,728		242,937		1,085,330		1,187,975		1,296,205		1,263,944		1,367,527		1,488,488
Total current liabilities		3,406,291		4,150,482		5,286,232		2,751,488		3,231,426		3,544,263		6,149,340		7,353,604		8,760,150
Non-current liabilities:
Long-term debt		276,409		361,106		470,498		662,644		692,531		733,148		939,030		1,053,636		1,203,646
Defined benefit liabilities		34,856		35,293		37,167		294,765		231,929		217,381		329,621		267,222		254,548
Deferred tax liabilities		879,683		802,830		634,576		176,839		122,489		110,715		1,041,156		816,587		696,492
Future insurance policy benefits and other		6,519,577		6,614,585		7,039,034		–		–		–		6,519,577		6,614,585		7,039,034
Policyholders’ account in the life insurance business		3,640,010		4,328,894		4,791,295		–		–		–		3,640,010		4,328,894		4,791,295
Participation and residual liabilities in the Pictures segment		-		-		-		119,702		116,537		220,113		119,702		116,537		220,113
Other financial liabilities		115,949		109,537		128,208		33,399		32,446		86,391		146,834		139,417		211,959
Other non-current liabilities		4,217		5,309		5,864		106,693		109,808		121,558		87,320		93,022		106,481
Total non-current liabilities		11,470,701		12,257,554		13,106,642		1,394,042		1,305,740		1,489,306		12,823,250		13,429,900		14,523,568
Total liabilities		14,876,992		16,408,036		18,392,874		4,145,530		4,537,166		5,033,569		18,972,590		20,783,504		23,283,718
Equity:
Stockholders’ equity of Financial Services		3,054,361		2,928,525		2,577,705		–		–		–		–		–		–
Stockholders’ equity of Sony without Financial Services		–		–		–		3,084,820		4,341,109		5,156,059		–		–		–
Sony Group Corporation’s stockholders’ equity		–		–		–		–		–		–		4,874,438		6,680,343		7,144,471
Noncontrolling interests		2,234		2,956		3,448		45,568		41,040		49,330		1,120,038		43,996		52,778
Total equity		3,056,595		2,931,481		2,581,153		3,130,388		4,382,149		5,205,389		5,994,476		6,724,339		7,197,249
Total liabilities and equity	¥	17,933,587	¥	19,339,517	¥	20,974,027	¥	7,275,918	¥	8,919,315	¥	10,238,958	¥	24,967,066	¥	27,507,843	¥	30,480,967

	Yen in millions
Cash and cash equivalents		8,379
Trade and other receivables, and contract assets		3,714
Inventories		3,295
Right-of-use assets		4,962
Goodwill		81,250
Content assets		36,266
Other intangible assets		35,697
Other		2,512
Total assets		176,075
Trade and other payables		17,365
Other current liabilities		7,723
Long-term debt		4,386
Deferred tax liabilities		9,408
Other		659
Total liabilities		39,541

Accounts under U.S. GAAP	Yen in millions					Accounts under IFRS
Accounts under U.S. GAAP	U.S. GAAP*	Reclassification	Recognition and measurement differences	IFRS	Note	Accounts under IFRS
ASSETS						ASSETS
Current assets:						Current assets:
Cash and cash equivalents	1,512,357	–	166	1,512,523		Cash and cash equivalents
Marketable securities	1,847,772	(1,847,772)	–	–	a
	–	327,092	–	327,092	a,f	Investments and advances in the Financial Services segment
Notes and accounts receivable, trade and contract assets	1,028,793	(1,028,793)	–	–	b
	–	1,195,228	(894)	1,194,334	b,c	Trade and other receivables, and contract assets
Allowance for credit losses	(26,153)	26,153	-	–	b
Inventories	558,452	-	1,327	559,779		Inventories
Other receivables	188,076	(188,076)	-	-	c
	–	135,265	217	135,482	d	Other financial assets
Prepaid expenses and other current assets	594,009	(153,473)	1,438	441,974	d	Other current assets
Total current assets	5,703,306	(1,534,376)	2,254	4,171,184		Total current assets

						Non-current assets:
Film costs	458,853	(458,853)	–	–	e
Investments and advances:
Affiliated companies	207,922	(608)	(3,023)	204,291		Investments accounted for using the equity method
Securities investments and other	12,526,990	(12,526,990)	–	–	f
Allowance for credit losses	(6,341)	6,341	–	–
	–	13,906,535	2,445,750	16,352,285	a,f,D	Investments and advances in the Financial Services segment
Property, plant and equipment:
Land	81,482	(81,482)	–	–
Buildings	659,556	(659,556)	–	–
Machinery and equipment	1,725,720	(1,725,720)	–	–
Construction in progress	76,391	(76,391)	–	–
Less - Accumulated depreciation	1,634,505	(1,634,505)	–	–
	–	921,513	(4,315)	917,198		Property, plant and equipment
Other assets:
Operating lease right-of-use assets	359,510	(359,510)	–	–	g
Finance lease right-of-use assets	33,100	(33,100)	–	–	g
	–	376,998	(3,716)	373,282	g	Right-of-use assets
Intangibles, net	906,310	(906,310)	–	–	e
Goodwill	783,888	–	(92,959)	690,929	C	Goodwill
	–	991,611	1,033	992,644	e	Content assets
	–	373,552	3,948	377,500	e	Other intangible assets
Deferred insurance acquisition costs	600,901	–	(412,997)	187,904	E	Deferred insurance acquisition costs
Deferred income taxes	210,417	87	(171)	210,333		Deferred tax assets
	–	298,469	23,252	321,721	f,h,D	Other financial assets
Other	339,284	(154,853)	(16,636)	167,795	h,B	Other non-current assets
	17,329,478	1,526,238	1,940,166	20,795,882		Total non-current assets
Total assets	23,032,784	(8,138)	1,942,420	24,967,066		Total assets

a.	“Marketable securities,” which were separately presented under U.S. GAAP, have been reclassified into “Investments and advances in the Financial Services segment” as current assets under IFRS. Investments held for variable annuities and variable life insurance contracts in the life insurance business, which were included in “Marketable securities” under U.S. GAAP, have been reclassified into “Investments and advances in the Financial Services segment” as current assets or non-current assets under IFRS, after considering the current/non-current distinction based on the purpose of the investments related to the insurance liabilities in accordance with paragraph 66 of International Accounting Standards 1 “Presentation of Financial Statements” (“IAS 1”).
b.	“Notes and accounts receivable, trade and contract assets” and “Allowance for credit losses,” which were separately presented under U.S. GAAP, have been reclassified into “Trade and other receivables, and contract assets” under IFRS.
c.	“Other receivables,” which were separately presented under U.S. GAAP, have been reclassified into “Trade and other receivables, and contract assets” under IFRS.
d.	“Other financial assets,” which were included in “Prepaid expenses and other current assets” under U.S. GAAP, are separately presented under IFRS.
e.	“Film costs,” which were presented separately, and music catalogs, artist contracts, music distribution rights and other content assets, which were included in “Intangibles, net” under U.S. GAAP are collectively reclassified and presented as “Content assets” under IFRS. “Intangibles, net” other than those reclassified and presented as “Content assets” have been reclassified into “Other intangible assets” under IFRS.
f.	“Securities investments and other,” which were separately presented under U.S. GAAP, have been reclassified into “Investments and advances in the Financial Services segment” as non-current assets for the amounts related to the Financial Services segment and “Other financial assets” as non-current assets for the amounts related to all segments excluding the Financial Services segment under IFRS. Housing loans in the banking business, which were included in “Securities investments and other” under U.S. GAAP, have been reclassified into “Investments and advances in the Financial Services segment” as current assets or non-current assets under IFRS after considering the current/non-current distinction based on the terms of the contract in accordance with paragraph 66 of IAS 1.
g.	“Operating lease right-of-use assets” and “Finance lease right-of-use assets,” which were separately presented under U.S. GAAP, have been reclassified into “Right-of-use assets” under IFRS.
h.	“Other financial assets,” which were included in “Other” in other assets under U.S. GAAP, are separately presented under IFRS.
i.	“Current portion of long-term operating lease liabilities” and “Long-term operating lease liabilities,” which were separately presented under U.S. GAAP, have been reclassified into “Current portion of long-term debt” and “Long-term debt,” respectively under IFRS.
j.	“Notes and accounts payable, trade,” which were separately presented under U.S. GAAP, have been reclassified into “Trade and other payables” under IFRS.
k.	“Accounts payable, other and accrued expenses,” which were separately presented under U.S. GAAP, have been reclassified into either “Trade and other payables,” “Participation and residual liabilities in the Pictures segment,” “Other financial liabilities” or “Other current liabilities” under IFRS.
l.	“Deposits from customers in the banking business,” which were separately presented under U.S. GAAP, have been reclassified into “Other financial liabilities” of non-current liabilities under IFRS, after considering the current/non-current distinction based on the terms of the contract in accordance with paragraph 69 of IAS 1.
m.	“Trade and other payables” and “Other financial liabilities,” which were included in current liabilities “Other” under U.S. GAAP, are separately presented under IFRS.
n.	“Participation and residual liabilities in the Pictures segment” and “Other financial liabilities,” which were included in “Other” in other than current liabilities under U.S. GAAP, are separately presented under IFRS.
o.	“Redeemable noncontrolling interest,” which was separately presented under U.S. GAAP, has been reclassified into “Other financial liabilities” under IFRS.
p.	Under U.S. GAAP, securities received as collateral other than cash in lending transactions are accounted for as “Marketable securities” and also as “Other current liabilities” representing Sony’s obligation to return the collateral, which was 373,274 million yen as of March 31, 2021. Under IFRS, the securities received as collateral other than cash shall be recognized in the consolidated statements of financial position if they are sold or the transferor defaults. None of the securities was recognized in the consolidated statements of financial position as of March 31, 2021.
q.	“Other operating revenue,” which was separately presented under U.S. GAAP, has been reclassified into “Sales” under IFRS.
r.	Under IFRS, “Financial services revenue” and “Financial services expenses” have increased by the same amount due to the gross up of revenue and expenses related to service transactions, based on the presentation requirements.
s.	Under IFRS, “Financial income” and “Financial expenses” have been presented separately, based on the presentation requirements.

	Yen in millions
	April 1, 2020			March 31, 2021
(Consolidated Statements of Financial Position)
Accumulated other comprehensive income		(509,872	)		(510,091	)
Adjustment to retained earnings		(509,872	)		(510,091	)

	Yen in millions
	Fiscal year ended March 31, 2021
(Consolidated Statements of Income)
Cost of sales		(2,193	)
Selling, general and administrative		(244	)
Financial expenses		9,476
Increase (decrease) in adjustment to income before income taxes		7,039

	Yen in millions
	Fiscal year ended March 31, 2021
Income before income taxes under U.S. GAAP		1,192,370
1 Post-employment benefits *B		7,039
2 Impairment of goodwill *C		(968	)
3 Equity instruments and debt instruments *D		(192,108	)
4 Other		(8,368	)
Total		(194,405	)
Income before income taxes under IFRS		997,965

	Yen in millions
	Fiscal year ended March 31, 2021
	Cash flows from operating activities			Cash flows from investing activities			Cash flows from financing activities
Consolidated statements of cash flows under U.S. GAAP		1,350,150			(1,781,516	)		666,967
1. Principal payments for operating lease liabilities^*1		72,098			-			(72,098	)
2. Additions and disposals of content assets^*2		(34,751	)		34,751			-
3. Changes in assets and liabilities in the Financial Services segment^*3
(1) Investments and advances in the Financial Services segment		(1,181,744	)		1,181,744			-
(2) Deposits from customers in the banking business		332,987			-			(332,987	)
(3) Borrowings in the life insurance business and the banking business		463,783			-			(463,783	)
(4) Future insurance policy benefits and other and policyholders’ account in the life insurance business		134,299			-			(134,299	)
4. Other		3,395			1,111			(2,333	)
Total		(209,933	)		1,217,606			(1,005,500	)
Consolidated statements of cash flows under IFRS		1,140,217			(563,910	)		(338,533	)

	Yen in millions
	Fiscal year ended March 31
	2021			2022			Change
Sales and financial services revenue:
Game & Network Services -
Customers		2,604,713			2,674,356			69,643
Intersegment		51,565			65,407			13,842
Total		2,656,278			2,739,763			83,485
Music -
Customers		927,250			1,100,532			173,282
Intersegment		12,617			16,417			3,800
Total		939,867			1,116,949			177,082
Pictures -
Customers		751,800			1,236,399			484,599
Intersegment		1,187			2,512			1,325
Total		752,987			1,238,911			485,924
Electronics Products & Solutions -
Customers		2,016,887			2,297,886			280,999
Intersegment		51,200			41,300			(9,900	)
Total		2,068,087			2,339,186			271,099
Imaging & Sensing Solutions -
Customers		937,859			992,200			54,341
Intersegment		74,638			84,224			9,586
Total		1,012,497			1,076,424			63,927
Financial Services -
Customers		1,664,991			1,524,811			(140,180	)
Intersegment		9,011			9,018			7
Total		1,674,002			1,533,829			(140,173	)
All Other -
Customers		84,202			82,264			(1,938	)
Intersegment		16,534			16,519			(15	)
Total		100,736			98,783			(1,953	)
Corporate and elimination		(205,793	)		(222,332	)		(16,539	)
Consolidated total		8,998,661			9,921,513			922,852

	Yen in millions
	Fiscal year ended March 31
	2021			2022			Change
Operating income (loss):
Game & Network Services		341,718			346,089			4,371
Music		184,786			210,933			26,147
Pictures		79,851			217,393			137,542
Electronics Products & Solutions		127,859			212,942			85,083
Imaging & Sensing Solutions		145,884			155,597			9,713
Financial Services		154,765			150,111			(4,654	)
All Other		7,178			17,981			10,803
Total		1,042,041			1,311,046			269,005
Corporate and elimination		(86,786	)		(108,707	)		(21,921	)
Consolidated operating income		955,255			1,202,339			247,084

	Yen in millions
	Three months ended March 31
	2021			2022			Change
Sales and financial services revenue:
Game & Network Services -
Customers		645,330			646,928			1,598
Intersegment		14,975			18,322			3,347
Total		660,305			665,250			4,945
Music -
Customers		263,372			287,396			24,024
Intersegment		4,050			7,197			3,147
Total		267,422			294,593			27,171
Pictures -
Customers		200,046			311,153			111,107
Intersegment		125			1,082			957
Total		200,171			312,235			112,064
Electronics Products & Solutions -
Customers		460,607			483,867			23,260
Intersegment		13,656			10,186			(3,470	)
Total		474,263			494,053			19,790
Imaging & Sensing Solutions -
Customers		211,629			234,271			22,642
Intersegment		20,564			21,020			456
Total		232,193			255,291			23,098
Financial Services -
Customers		437,362			277,427			(159,935	)
Intersegment		2,256			2,256			-
Total		439,618			279,683			(159,935	)
All Other -
Customers		15,822			19,586			3,764
Intersegment		3,543			5,322			1,779
Total		19,365			24,908			5,543
Corporate and elimination		(56,717	)		(62,027	)		(5,310	)
Consolidated total		2,236,620			2,263,986			27,366

	Yen in millions
	Three months ended March 31
	2021			2022			Change
Operating income (loss):
Game & Network Services		31,689			87,255			55,566
Music		35,822			49,854			14,032
Pictures		(286	)		11,038			11,324
Electronics Products & Solutions		(20,033	)		(11,556	)		8,477
Imaging & Sensing Solutions		17,542			10,743			(6,799	)
Financial Services		41,880			47,837			5,957
All Other		(4,860	)		(2,969	)		1,891
Total		101,754			192,202			90,448
Corporate and elimination		(35,341	)		(53,573	)		(18,232	)
Consolidated operating income		66,413			138,629			72,216

	(Billions of yen, except per share amounts) Fiscal Year ended March 31
	2021		2022		Change
Sales ^*1	¥	8,998.7	¥	9,921.5	¥	+922.9
Operating income		955.3		1,202.3		+247.1
Income before income taxes		998.0		1,117.5		+119.5
Net income attributable to Sony Group Corporation’s stockholders		1,029.6		882.2		-147.4
Net income attributable to Sony Group Corporation’s stockholders per share of common stock:
- Basic	¥	836.75	¥	711.84		-124.91
- Diluted		823.77		705.16		-118.61

	(Billions of yen, except per share amounts) Fiscal Year ended March 31
For all segments excluding the Financial Services segment ^*2	2021			2022			Change
Net cash provided by operating activities	¥	1,150.3		¥	813.3			-337.0
Net cash used in investing activities		(542.2	)		(711.1	)		-169.0
Total		608.1			102.1			-506.0

	(Billions of yen)
	March 31, 2022 Results		March 31, 2023 May Forecast		Change from March 31, 2022 Results
Sales	¥	9,921.5	¥	11,400	+ ¥1,478.5 bil	+ 14.9	%
Operating income		1,202.3		1,160	- 42.3 bil	- 3.5
Income before income taxes		1,117.5		1,130	+ 12.5 bil	+ 1.1
Net income attributable to Sony Group Corporation’s stockholders		882.2		830	- 52.2 bil	- 5.9

	(For your reference) Average foreign currency exchange rates for the fiscal year ended March 31, 2022	Assumed foreign currency exchange rates for the fiscal year ending March 31, 2023
1 U.S. dollar	112.3 yen	approximately 123 yen
1 Euro	130.5 yen	approximately 135 yen

	(Billions of yen)
	March 31, 2021 Results			March 31, 2022 Results			March 31, 2023 May Forecast
Game & Network Services (G&NS)
Sales		2,656.3			2,739.8			3,660
Operating income		341.7			346.1			305
Music
Sales		939.9			1,116.9			1,240
Operating income		184.8			210.9			230
Pictures
Sales		753.0			1,238.9			1,330
Operating income		79.9			217.4			100
Entertainment, Technology & Services (ET&S) ^{1, 2}
Sales		2,068.1			2,339.2			2,400
Operating income		127.9			212.9			180
Imaging & Sensing Solutions (I&SS)
Sales		1,012.5			1,076.4			1,470
Operating income		145.9			155.6			200
Financial Services
Financial services revenue		1,674.0			1,533.8			1,440
Operating income		154.8			150.1			220
All Other, Corporate and elimination ^*2
Operating loss		(79.6	)		(90.7	)		(75	)
Consolidated
Sales		8,998.7			9,921.5			11,400
Operating income		955.3			1,202.3			1,160

(i)	Sony’s ability to maintain product quality and customer satisfaction with its products and services;
(ii)	Sony’s 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 sensors, 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)	Sony’s ability 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 Sony’s strategies and their execution, including but not limited to the success of Sony’s 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 those related to taxation, as well as growing consumer focus on corporate social responsibility;
(vi)	Sony’s 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 capital expenditures correctly and to recoup its investments and capital expenditures, including those required for technology development and product capacity;
(vii)	Sony’s reliance on external business partners, including for the procurement of parts, components, software and network services for its products 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 Sony’s markets, particularly levels of consumer spending;
(ix)	Sony’s ability to meet operational and liquidity needs as a result of significant volatility and disruption in the global financial markets or a ratings downgrade;
(x)	Sony’s ability to forecast demands, manage timely procurement and control inventories;
(xi)	foreign exchange rates, particularly between the yen and the U.S. dollar, the euro and other currencies in which Sony makes significant sales and incurs production costs, or in which Sony’s assets, liabilities and operating results are denominated;
(xii)	Sony’s ability to recruit, retain and maintain productive relations with highly skilled personnel;
(xiii)	Sony’s ability 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 interest rates and unfavorable conditions or developments (including market fluctuations or volatility) in the Japanese equity 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 Sony’s ability to conduct 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 risk, including the risk of unauthorized access to Sony’s 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.