Sony Group Corp 6-K, filed Aug 9, 2023

Sony Group Corp (SONY)

6-K 2023-08-09 For: 2023-08-09

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Added on April 12, 2026

About this 6-K

Sony Group Corp filed this 6-K on August 9, 2023.

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	SONY GROUP CORPORATION
	(Registrant)


	By: /s/ Hiroki Totoki
	(Signature)
	Hiroki Totoki
	President, Chief Operating Officer and Chief Financial Officer

Quarterly Financial Statements (Unaudited)	F-1

Condensed Consolidated Statements of Financial Position	F-1
Condensed Consolidated Statements of Income (Three months ended June 30)	F-3
Condensed Consolidated Statements of Comprehensive Income (Three months ended June 30)	F-4
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Three months ended June 30)	F-5
Condensed Consolidated Statements of Cash Flows (Three months ended June 30)	F-6
Notes to Condensed Consolidated Financial Statements	F-8
- Business Segment Information	F-8
- Going Concern Assumption	F-14
- Accounting Policy and Other Information	F-14

Results for Adjusted OIBDA and Adjusted EBITDA for the Three Months Ended June 30, 2023	1

Outlook for the Fiscal Year Ending March 31, 2024	2

Supplemental Information	5

Cautionary Statement	10

	Yen in millions
	April 1, 2022 Restated		March 31, 2023 Restated		June 30, 2023		Change from March 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		2,049,636		1,480,900		1,532,099		51,199
Investments and advances in the Financial Services segment		360,681		328,358		356,329		27,971
Trade and other receivables, and contract assets		1,621,629		1,770,948		1,891,298		120,350
Inventories		874,007		1,468,042		1,829,510		361,468
Other financial assets		149,301		110,950		197,196		86,246
Other current assets		428,522		563,334		669,220		105,886
Total current assets		5,483,776		5,722,532		6,475,652		753,120
Non-current assets:
Investments accounted for using the equity method		268,513		325,220		359,223		34,003
Investments and advances in the Financial Services segment		18,251,612		18,237,761		18,669,354		431,593
Property, plant and equipment		1,113,213		1,344,864		1,378,300		33,436
Right-of-use assets		413,430		478,063		483,823		5,760
Goodwill		952,895		1,275,112		1,400,107		124,995
Content assets		1,342,046		1,561,882		1,758,548		196,666
Other intangible assets		450,103		563,842		580,101		16,259
Deferred tax assets		300,924		393,107		439,790		46,683
Other financial assets		696,306		832,344		864,815		32,471
Other non-current assets		379,137		419,368		450,304		30,936
Total non-current assets		24,168,179		25,431,563		26,384,365		952,802
Total assets		29,651,955		31,154,095		32,860,017		1,705,922

	Yen in millions
	April 1, 2022 Restated			March 31, 2023 Restated			June 30, 2023			Change from March 31, 2023
LIABILITIES
Current liabilities:
Short-term borrowings		1,976,553			1,914,934			2,166,112			251,178
Current portion of long-term debt		171,409			187,942			179,629			(8,313	)
Trade and other payables		1,843,338			1,866,101			2,122,057			255,956
Deposits from customers in the banking business		2,886,361			3,163,237			3,297,378			134,141
Income taxes payables		105,437			154,543			142,510			(12,033	)
Participation and residual liabilities in the Pictures segment		190,162			230,223			248,500			18,277
Other financial liabilities		127,079			108,049			146,398			38,349
Other current liabilities		1,465,326			1,693,380			1,651,835			(41,545	)
Total current liabilities		8,765,665			9,318,409			9,954,419			636,010
Non-current liabilities:
Long-term debt		1,203,646			1,767,696			1,807,171			39,475
Defined benefit liabilities		254,548			236,121			242,620			6,499
Deferred tax liabilities		120,582			117,621			138,210			20,589
Insurance contract liabilities		13,042,875			12,364,973			12,888,235			523,262
Participation and residual liabilities in the Pictures segment		220,113			192,952			206,077			13,125
Other financial liabilities		231,463			371,580			397,418			25,838
Other non-current liabilities		106,481			127,593			147,289			19,696
Total non-current liabilities		15,179,708			15,178,536			15,827,020			648,484
Total liabilities		23,945,373			24,496,945			25,781,439			1,284,494
EQUITY
Sony Group Corporation’s stockholders’ equity:
Common stock		880,365			880,365			880,365			-
Additional paid-in capital		1,461,053			1,463,807			1,479,902			16,095
Retained earnings		4,170,417			5,092,442			5,261,615			169,173
Accumulated other comprehensive income		(677,989	)		(614,570	)		(389,839	)		224,731
Treasury stock, at cost		(180,042	)		(223,507	)		(229,055	)		(5,548	)
Equity attributable to Sony Group Corporation’s stockholders		5,653,804			6,598,537			7,002,988			404,451
Noncontrolling interests		52,778			58,613			75,590			16,977
Total equity		5,706,582			6,657,150			7,078,578			421,428
Total liabilities and equity		29,651,955			31,154,095			32,860,017			1,705,922

	Yen in millions
	Three months ended June 30
	2022 Restated			2023			Change
Sales and financial services revenue:
Sales		2,016,037			2,284,543			268,506
Financial services revenue
Insurance revenue		135,570			142,750			7,180
Other financial services revenue		78,153			536,359			458,206
Total financial services revenue		213,723			679,109			465,386
Total sales and financial services revenue		2,229,760			2,963,652			733,892
Costs and expenses:
Cost of sales		1,391,667			1,624,510			232,843
Selling, general and administrative		406,766			474,939			68,173
Financial services expenses
Insurance service expenses		89,506			97,366			7,860
Insurance finance expenses (income)		(38,185	)		489,352			527,537
Other financial services expenses		23,143			37,825			14,682
Total financial services expenses		74,464			624,543			550,079
Other operating (income) expense, net		(2,725	)		(8,742	)		(6,017	)
Total costs and expenses		1,870,172			2,715,250			845,078
Share of profit (loss) of investments accounted for using the equity method		5,277			4,640			(637	)
Operating income		364,865			253,042			(111,823	)
Financial income		14,382			31,912			17,530
Financial expenses		29,969			8,920			(21,049	)
Income before income taxes		349,278			276,034			(73,244	)
Income taxes		88,074			58,092			(29,982	)
Net income		261,204			217,942			(43,262	)

Net income attributable to
Sony Group Corporation’s stockholders		261,094			217,545			(43,549	)
Noncontrolling interests		110			397			287

	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, 2022	880,365	1,461,053		3,760,763		1,222,332		(180,042	)	7,144,471		52,778		7,197,249
Cumulative effects of the application of new accounting standards	–	–		409,654		(1,900,321	)	–		(1,490,667	)	–		(1,490,667	)
Restated balance at April 1, 2022	880,365	1,461,053		4,170,417		(677,989	)	(180,042	)	5,653,804		52,778		5,706,582
Comprehensive income (restated):
Net income				261,094						261,094		110		261,204
Other comprehensive income, net of tax						178,452				178,452		3,439		181,891
Total comprehensive income (restated)				261,094		178,452				439,546		3,549		443,095
Transfer to retained earnings				116		(116	)			–				–
Transactions with stockholders and other:
Exercise of stock acquisition rights		(1	)	(8	)			943		934				934
Conversion of convertible bonds		(125	)	(1,191	)			3,775		2,459				2,459
Stock-based compensation		2,493								2,493				2,493
Dividends declared				(43,295	)					(43,295	)	(4,219	)	(47,514	)
Purchase of treasury stock								(12,805	)	(12,805	)			(12,805	)
Reissuance of treasury stock		1						2		3				3
Transactions with noncontrolling interests shareholders and other		(4,283	)							(4,283	)	2,257		(2,026	)
Restated balance at June 30, 2022	880,365	1,459,138		4,387,133		(499,653	)	(188,127	)	6,038,856		54,365		6,093,221

	Yen in millions
	Financial Services						Sony without Financial Services						Consolidated
	April 1, 2022 Restated		March 31, 2023 Restated		June 30, 2023		April 1, 2022 Restated		March 31, 2023 Restated		June 30, 2023		April 1, 2022 Restated		March 31, 2023 Restated		June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	¥	889,140	¥	756,493	¥	816,248	¥	1,160,496	¥	724,407	¥	715,851	¥	2,049,636	¥	1,480,900	¥	1,532,099
Investments and advances in the Financial Services segment		360,681		328,358		356,329		–		–		–		360,681		328,358		356,329
Trade and other receivables, and contract assets		163,037		127,413		149,325		1,478,620		1,668,257		1,763,614		1,621,629		1,770,948		1,891,298
Inventories		–		–		–		874,007		1,468,042		1,829,510		874,007		1,468,042		1,829,510
Other financial assets		81,174		47,044		60,339		68,124		63,906		136,855		149,301		110,950		197,196
Other current assets		27,893		16,029		37,587		450,953		562,442		650,681		428,522		563,334		669,220
Total current assets		1,521,925		1,275,337		1,419,828		4,032,200		4,487,054		5,096,511		5,483,776		5,722,532		6,475,652
Non-current assets:
Investments accounted for using the equity method		–		–		–		268,513		325,220		359,223		268,513		325,220		359,223
Investments and advances in the Financial Services segment		18,251,612		18,237,761		18,669,354		–		–		–		18,251,612		18,237,761		18,669,354
Investments in Financial Services, at cost		–		–		–		550,483		550,483		550,483		–		–		-
Property, plant and equipment		18,010		15,316		15,160		1,095,241		1,329,219		1,362,812		1,113,213		1,344,864		1,378,300
Right-of-use assets		73,774		84,023		82,030		339,658		395,210		402,964		413,430		478,063		483,823
Goodwill and intangible assets, including content assets		72,578		78,197		76,193		2,672,466		3,322,639		3,662,563		2,745,044		3,400,836		3,738,756
Deferred tax assets		2,335		2,687		–		332,330		431,533		467,360		300,924		393,107		439,790
Other financial assets		37,037		46,941		56,370		663,233		789,470		812,528		696,306		832,344		864,815
Other non-current assets		167,744		172,565		169,387		284,834		319,306		353,238		379,137		419,368		450,304
Total non-current assets		18,623,090		18,637,490		19,068,494		6,206,758		7,463,080		7,971,171		24,168,179		25,431,563		26,384,365
Total assets	¥	20,145,015	¥	19,912,827	¥	20,488,322	¥	10,238,958	¥	11,950,134	¥	13,067,682	¥	29,651,955	¥	31,154,095	¥	32,860,017

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	¥	1,964,776	¥	1,891,856	¥	1,830,328	¥	183,187	¥	211,020	¥	515,413	¥	2,147,962	¥	2,102,876	¥	2,345,741
Trade and other payables		119,017		77,703		71,093		1,744,011		1,812,670		2,072,273		1,843,338		1,866,101		2,122,057
Deposits from customers in the banking business		2,886,361		3,163,237		3,297,378		–		–		–		2,886,361		3,163,237		3,297,378
Income taxes payables		3,789		15,213		180		101,648		139,330		142,330		105,437		154,543		142,510
Participation and residual liabilities in the Pictures segment		–		–		–		190,162		230,223		248,500		190,162		230,223		248,500
Other financial liabilities		98,029		77,605		98,675		29,050		30,444		47,727		127,079		108,049		146,398
Other current liabilities		218,865		194,174		230,579		1,297,115		1,514,792		1,440,648		1,465,326		1,693,380		1,651,835
Total current liabilities		5,290,837		5,419,788		5,528,233		3,545,173		3,938,479		4,466,891		8,765,665		9,318,409		9,954,419
Non-current liabilities:
Long-term debt		470,498		663,353		668,285		733,148		1,104,344		1,138,886		1,203,646		1,767,696		1,807,171
Defined benefit liabilities		37,167		37,183		37,638		217,381		198,938		204,982		254,548		236,121		242,620
Deferred tax liabilities		58,666		60,554		50,113		110,715		112,938		130,425		120,582		117,621		138,210
Insurance contract liabilities		13,042,875		12,364,973		12,888,235		–		–		–		13,042,875		12,364,973		12,888,235
Participation and residual liabilities in the Pictures segment		–		–		–		220,113		192,952		206,077		220,113		192,952		206,077
Other financial liabilities		147,712		175,026		186,923		86,391		199,327		213,285		231,463		371,580		397,418
Other non-current liabilities		5,864		7,225		7,449		121,558		142,096		161,366		106,481		127,593		147,289
Total non-current liabilities		13,762,782		13,308,314		13,838,643		1,489,306		1,950,595		2,055,021		15,179,708		15,178,536		15,827,020
Total liabilities		19,053,619		18,728,102		19,366,876		5,034,479		5,889,074		6,521,912		23,945,373		24,496,945		25,781,439
Equity:
Stockholders’ equity of Financial Services		1,087,948		1,180,905		1,117,475		–		–		–		–		–		–
Stockholders’ equity of Sony without Financial Services		–		–		–		5,155,149		6,006,267		6,474,151		–		–		–
Sony Group Corporation’s stockholders’ equity		–		–		–		–		–		–		5,653,804		6,598,537		7,002,988
Noncontrolling interests		3,448		3,820		3,971		49,330		54,793		71,619		52,778		58,613		75,590
Total equity		1,091,396		1,184,725		1,121,446		5,204,479		6,061,060		6,545,770		5,706,582		6,657,150		7,078,578
Total liabilities and equity	¥	20,145,015	¥	19,912,827	¥	20,488,322	¥	10,238,958	¥	11,950,134	¥	13,067,682	¥	29,651,955	¥	31,154,095	¥	32,860,017

	(Yen in billions)
	Three months ended June 30
	2022 Restated			2023
Segment Adjusted OIBDA
Game & Network Services (G&NS)		70.2			75.9
Music		74.8			82.9
Pictures		61.8			28.5
Entertainment, Technology & Services (ET&S)		76.9			80.9
Imaging & Sensing Solutions (I&SS)		67.3			70.0
Financial Services		145.6			61.4
All Other, Corporate and elimination		(7.8	)		(3.5	)
Consolidated Adjusted OIBDA		488.9			396.1
Consolidated Adjusted EBITDA*		496.9			406.2

	(Yen in billions)
	March 31, 2023 Results Restated		April Forecast		August Forecast		Change from April Forecast
Sales *¹		10,974.4		11,500		12,200	+700 bil		+6.1	%
Operating income		1,302.4		1,170		1,170		-	-
Income before income taxes		1,274.5		1,140		1,140		-	-
Net income attributable to Sony Group Corporation’s stockholders		1,005.3		840		860	+20 bil		+2.4	%

Adjusted OIBDA		1,816.9		1,770		1,770		-	-
Adjusted EBITDA		1,797.6		1,750		1,750		-	-

For all segments excluding the Financial Services segment *²	March 31, 2023 Results		April Forecast		August Forecast		Change from April Forecast
Net cash provided by operating activities		415.5		1,250		1,250		-	-

	Assumed foreign exchange rates for the nine months ending March 31, 2024	(For your reference) Assumed foreign exchange rates for the fiscal year ending March 31, 2024 at the time of the April forecast
1 U.S. dollar	approximately 135 yen	approximately 130 yen
1 Euro	approximately 146 yen	approximately 138 yen

	(Yen in billions)
	March 31, 2023 Results Restated			April Forecast			August Forecast
Game & Network Services (G&NS)
Sales		3,644.6			3,900			4,170
Operating income		250.0			270			270
Adjusted OIBDA		337.0			365			375
Music
Sales		1,380.6			1,410			1,490
Operating income		263.1			265			280
Adjusted OIBDA		316.4			325			335
Pictures
Sales		1,369.4			1,520			1,470
Operating income		119.3			120			120
Adjusted OIBDA		168.2			165			165
Entertainment, Technology & Services (ET&S)
Sales		2,476.0			2,380			2,430
Operating income		179.5			180			180
Adjusted OIBDA		276.9			280			280
Imaging & Sensing Solutions (I&SS)
Sales		1,402.2			1,600			1,560
Operating income		212.2			200			180
Adjusted OIBDA		408.9			445			425
Financial Services
Financial services revenue		889.1			870			1,320
Operating income		318.1			180			180
Adjusted OIBDA		322.4			205			205
All Other, Corporate and elimination
Operating loss		(39.8	)		(45	)		(40	)
Adjusted OIBDA		(12.9	)		(15	)		(15	)
Consolidated
Sales		10,974.4			11,500			12,200
Operating income		1,302.4			1,170			1,170
Adjusted OIBDA		1,816.9			1,770			1,770
Adjusted EBITDA		1,797.6			1,750			1,750

	(Yen in billions)
	Three months ended June 30, 2023
(Profit) / loss amount that Sony deems non-recurring
Remeasurement gain resulting from the consolidation of a company previously accounted for using the equity method (Music segment)		(6.0	)
Total		(6.0	)

	(Yen in billions)
	Fiscal year ended March 31, 2023
	Restated
Game & Network Services (G&NS)
Operating income		250.0
Depreciation and amortization expense^*		87.0
(Profit) / loss amount that Sony deems non-recurring^**		-
Adjusted OIBDA		337.0
Music
Operating income		263.1
Depreciation and amortization expense^*		59.0
(Profit) / loss amount that Sony deems non-recurring^**		(5.7	)
Adjusted OIBDA		316.4
Pictures
Operating income		119.3
Depreciation and amortization expense^*		48.9
(Profit) / loss amount that Sony deems non-recurring^**		-
Adjusted OIBDA		168.2
Entertainment, Technology & Services (ET&S)
Operating income		179.5
Depreciation and amortization expense^*		97.4
(Profit) / loss amount that Sony deems non-recurring^**		-
Adjusted OIBDA		276.9
Imaging & Sensing Solutions (I&SS)
Operating income		212.2
Depreciation and amortization expense^*		196.7
(Profit) / loss amount that Sony deems non-recurring^**		-
Adjusted OIBDA		408.9
Financial Services
Operating income		318.1
Depreciation and amortization expense^*		26.3
(Profit) / loss amount that Sony deems non-recurring^**		(22.1	)
Adjusted OIBDA		322.4
All Other, Corporate and elimination
Operating loss		(39.8	)
Depreciation and amortization expense^*		26.8
(Profit) / loss amount that Sony deems non-recurring^**		-
Adjusted OIBDA		(12.9	)
Consolidated
Operating income		1,302.4
Depreciation and amortization expense^*		542.2
(Profit) / loss amount that Sony deems non-recurring^**		(27.8	)
Adjusted OIBDA		1,816.9

(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.

	Yen in millions
	Three months ended June 30
	2022 Restated			2023			Change
Sales and financial services revenue:
Game & Network Services -
Customers		588,461			755,003			166,542
Intersegment		15,655			16,877			1,222
Total		604,116			771,880			167,764
Music -
Customers		305,353			355,756			50,403
Intersegment		2,717			2,473			(244	)
Total		308,070			358,229			50,159
Pictures -
Customers		341,247			320,178			(21,069	)
Intersegment		130			188			58
Total		341,377			320,366			(21,011	)
Entertainment, Technology & Services -
Customers		543,906			563,292			19,386
Intersegment		8,404			8,491			87
Total		552,310			571,783			19,473
Imaging & Sensing Solutions -
Customers		219,223			270,476			51,253
Intersegment		18,619			22,264			3,645
Total		237,842			292,740			54,898
Financial Services -
Customers		213,723			679,109			465,386
Intersegment		2,299			2,302			3
Total		216,022			681,411			465,389
All Other -
Customers		15,557			16,402			845
Intersegment		3,777			3,091			(686	)
Total		19,334			19,493			159
Corporate and elimination		(49,311	)		(52,250	)		(2,939	)
Consolidated total		2,229,760			2,963,652			733,892

	Yen in millions
	Three months ended June 30
Sales and financial services revenue:	2022 Restated		2023		Change
Game & Network Services
Digital Software and Add-on Content		285,845		365,346		79,501
Network Services		106,523		124,499		17,976
Hardware and Others		196,093		265,158		69,065
Total		588,461		755,003		166,542
Music
Recorded Music - Streaming		139,111		164,887		25,776
Recorded Music - Others		60,456		72,885		12,429
Music Publishing		63,057		75,139		12,082
Visual Media and Platform		42,729		42,845		116
Total		305,353		355,756		50,403
Pictures
Motion Pictures		123,125		125,504		2,379
Television Productions		139,161		104,231		(34,930	)
Media Networks		78,961		90,443		11,482
Total		341,247		320,178		(21,069	)
Entertainment, Technology & Services
Televisions		141,793		135,982		(5,811	)
Audio and Video		91,060		89,149		(1,911	)
Still and Video Cameras		139,703		161,874		22,171
Mobile Communications		99,030		87,362		(11,668	)
Other		72,320		88,925		16,605
Total		543,906		563,292		19,386
Imaging & Sensing Solutions		219,223		270,476		51,253
Financial Services		213,723		679,109		465,386
All Other		15,557		16,402		845
Corporate		2,290		3,436		1,146
Consolidated total		2,229,760		2,963,652		733,892

	Yen in millions
	Three months ended June 30
	Financial Services						Sony without Financial Services						Consolidated
	2022 Restated			2023			2022			2023			2022 Restated			2023
Cash flows from operating activities:
Income (loss) before income taxes	¥	139,208		¥	54,514		¥	251,408		¥	271,559		¥	349,278		¥	276,034
Adjustments to reconcile income (loss) before income taxes to net cash provided by (used in) operating activities:
Depreciation and amortization, including amortization of contract costs		6,377			6,915			239,094			244,852			245,471			251,767
Other operating (income) expense, net		51			51			(2,776	)		(8,793	)		(2,725	)		(8,742	)
(Gain) loss on securities, net (other than Financial Services segment)		–			–			21,197			(14,189	)		21,197			(14,189	)
Changes in assets and liabilities:
(Increase) decrease in trade receivables and contract assets		(7,090	)		(21,911	)		(33,625	)		13,650			(37,107	)		(11,342	)
(Increase) decrease in inventories		–			–			(176,257	)		(283,152	)		(176,257	)		(283,152	)
(Increase) decrease in investments and advances in the Financial Services segment		(338,551	)		(560,038	)		–			–			(338,551	)		(560,038	)
(Increase) decrease in content assets		–			–			(125,595	)		(137,465	)		(125,595	)		(137,465	)
Increase (decrease) in trade payables		(15,854	)		(3,391	)		12,505			174,965			(6,828	)		174,512
Increase (decrease) in insurance contract liabilities, net of insurance contract assets		9,181			561,732			–			–			9,181			561,732
Increase (decrease) in deposits from customers in the banking business		83,965			144,119			–			–			83,965			144,119
Increase (decrease) in borrowings in the life insurance business and the banking business		(102,932	)		(54,691	)		–			–			(102,932	)		(54,691	)
Increase (decrease) in taxes payable other than income taxes, net		14,333			27,995			(33,552	)		(7,981	)		(19,219	)		20,014
Other		(9,847	)		(37,230	)		(319,841	)		(334,115	)		(329,896	)		(371,228	)
Net cash provided by (used in) operating activities		(221,159	)		118,065			(167,442	)		(80,669	)		(430,018	)		(12,669	)

Cash flows from investing activities:
Payments for property, plant and equipment and other intangible assets		(7,121	)		(5,602	)		(99,929	)		(124,929	)		(106,968	)		(130,501	)
Payments for investments and advances (other than Financial Services segment)		–			–			(146,838	)		(21,319	)		(146,838	)		(21,319	)
Proceeds from sales or return of investments and collections of advances (other than Financial Services segment)		–			–			3,645			4,410			3,645			4,410
Other		–			1			(64,896	)		(51,238	)		(64,896	)		(51,237	)
Net cash provided by (used in) investing activities		(7,121	)		(5,601	)		(308,018	)		(193,076	)		(315,057	)		(198,647	)

Cash flows from financing activities:
Increase (decrease) in borrowings, net		(2,757	)		(2,671	)		31,343			273,895			28,586			271,224
Dividends paid		(41,335	)		(50,037	)		(42,932	)		(48,955	)		(42,932	)		(48,955	)
Other		(1	)		(1	)		(15,630	)		(8,399	)		(15,631	)		(8,402	)
Net cash provided by (used in) financing activities		(44,093	)		(52,709	)		(27,219	)		216,541			(29,977	)		213,867

Effect of exchange rate changes on cash and cash equivalents		–			–			97,283			48,648			97,283			48,648

Net increase (decrease) in cash and cash equivalents		(272,373	)		59,755			(405,396	)		(8,556	)		(677,769	)		51,199
Cash and cash equivalents at beginning of the fiscal year		889,140			756,493			1,160,496			724,407			2,049,636			1,480,900