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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
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Quarterly Securities Report for the three months ended September 30, 2021

11/04/2021 | 04:03am EST

Quarterly Securities Report

For the three months ended September 30, 2021

(TRANSLATION)

Sony Group Corporation

CONTENTS

Page

Note for readers of this English translation

1

Cautionary Statement

1

Ⅰ Corporate Information

3

(1)

Selected Consolidated Financial Data

3

(2)

Business Overview

4

Ⅱ State of Business

5

(1)

Risk Factors

5

(2)

Management's Discussion and Analysis of Financial Condition, Results of Operations and Status of Cash Flows

7

(3)

Material Contracts

16

Ⅲ Company Information

17

(1)

Information on the Company's Shares

17

(2)

Directors and Corporate Executive Officers

20

Ⅳ Financial Statements

21

(1)

Condensed Consolidated Financial Statements

22

(2)

Other Information

95

Note for readers of this English translation

On November 4, 2021, Sony Group Corporation (the "Company" or "Sony Group Corporation" and together with its consolidated subsidiaries, "Sony" or "Sony Group") filed its Japanese-language Quarterly Securities Report (Shihanki Houkokusho) for the three months ended September 30, 2021 with the Director-General of the Kanto Local Finance Bureau in Japan pursuant to the Financial Instruments and Exchange Act of Japan. This document is an English translation of the Quarterly Securities Report in its entirety, and is not intended to update the information that had been previously filed with or submitted to the U.S. Securities and Exchange Commission (the "SEC") in a Form 20-F, Form 6-K or any other form.

Cautionary Statement

Statements made in this Report with respect to Sony's 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 statements 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 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 management's assumptions, judgments and beliefs in light of the information currently available to it. Sony cautions investors that a number of important 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. Please note that Sony has disclosed the consolidated financial statements and its forecast for consolidated results for the fiscal year ending March 31, 2022 based on International Financial Reporting Standards (IFRS). Investors also should not rely on any obligation of Sony to update or revise any forward-looking statements, 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:

  1. Sony's ability to maintain product quality and customer satisfaction with its products and services;
  2. 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;
  3. 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;
  4. 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;
  5. changes in laws, regulations and government policies in the markets in which Sony and itsthird-party suppliers, service providers and business partners operate, including those related to taxation, as well as growing consumer focus on corporate social responsibility;
  6. 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;
  7. 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;
  8. 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;
  9. 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;
  10. Sony's ability to forecast demands, manage timely procurement and control inventories;
  11. 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;
  12. Sony's ability to recruit, retain and maintain productive relations with highly skilled personnel;
  13. 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;

- 1 -

  1. 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;
  2. 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;
  3. risks related to catastrophic disasters, pandemic disease or similar events;
  4. the ability of Sony, itsthird-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
  5. the outcome of pending and/or future legal and/or regulatory proceedings.

Risks and uncertainties also include the impact of any future events with material adverse impact. The continued impact of the Coronavirus Disease 2019 ("COVID-19") could heighten many of the risks and uncertainties noted above. Important information regarding risks and uncertainties is also set forth in Sony's most recent Form 20-F, which is on file with the SEC.

- 2 -

Ⅰ Corporate Information

(1) Selected Consolidated Financial Data

Yen in millions, Yen per share amounts

Six months ended

Six months ended

Fiscal year ended

September 30, 2020

September 30, 2021

March 31, 2021

Sales and financial services revenue

4,068,066

4,626,208

8,998,661

Operating income

536,949

598,527

955,255

Income before income taxes

572,290

566,309

997,965

Net income attributable to Sony Group Corporation's

652,180

424,935

1,029,610

stockholders

Comprehensive income attributable to Sony Group

661,634

451,000

1,118,628

Corporation's stockholders

Equity attributable to Sony Group Corporation's stockholders

6,222,575

7,074,006

6,680,343

Total assets

26,285,786

28,666,866

27,507,843

Net income attributable to Sony Group Corporation's

532.72

342.80

836.75

stockholders per share of common stock, basic (yen)

Net income attributable to Sony Group Corporation's

522.51

339.45

823.77

stockholders per share of common stock, diluted (yen)

Ratio of stockholders' equity to total assets at end of the period

23.7

24.7

24.3

(%)

Net cash provided by operating activities

600,899

316,958

1,140,217

Net cash used in investing activities

(325,192)

(447,552)

(563,910)

Net cash provided by (used in) financing activities

114,141

(187,125)

(338,533)

Cash and cash equivalents at end of the period

1,884,568

1,473,783

1,786,982

Yen in millions, Yen per share amounts

Three months ended

Three months ended

September 30, 2020

September 30, 2021

Sales and financial services revenue

2,105,117

2,369,365

Net income attributable to Sony Group Corporation's

458,597

213,106

stockholders

Net income attributable to Sony Group Corporation's

373.50

171.85

stockholders per share of common stock, basic (yen)

Net income attributable to Sony Group Corporation's

367.08

170.26

stockholders per share of common stock, diluted (yen)

Notes:

  1. The Company's condensed consolidated financial statements are prepared in conformity with International Financial Reporting Standards ("IFRS").
  2. The Company reports the share of profit (loss) of investments accounted for using the equity method as a component of operating income.
  3. Consumption taxes are not included in sales and financial services revenue.
  4. Ratio of stockholders' equity to total assets is calculated by using equity attributable to the stockholders of the Company.
  5. The Company prepares condensed consolidated financial statements. Thereforeparent-only selected financial data is not presented.

- 3 -

Disclaimer

Sony Group Corporation published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 09:01:09 UTC.


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Sales 2022 9 957 B 86 848 M 86 848 M
Net income 2022 803 B 7 000 M 7 000 M
Net Debt 2022 520 B 4 536 M 4 536 M
P/E ratio 2022 19,6x
Yield 2022 0,49%
Capitalization 15 643 B 137 B 136 B
EV / Sales 2022 1,62x
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Number of Analysts 19
Last Close Price 12 620,00 JPY
Average target price 17 009,47 JPY
Spread / Average Target 34,8%
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Kenichiro Yoshida Chief Financial Officer & Executive Vice President
Hiroki Totoki Chief Financial Officer, Director & Vice President
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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