Sony Group
Q4 2021 Earnings Call
May 10, 2022, 3:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
We now like to begin our Sony Group Corporation's earnings announcement. I'll be serving as the emcee. My name is Okada from corporate communications. First, executive deputy president and CFO, Mr.
Totoki will present the consolidated results for FY '21 [Audio gap] and consolidated results forecast for FY '22 followed by Q&A. We are scheduled to end in about 70 minutes. Mr. Totoki, the floor is yours.
Hiroki Totoki -- Executive Deputy President and Chief Financial Officer
Today, I will start by talking about the situation in Ukraine and Russia. At first, I want to express my deepest sympathies to the victims of the conflict. I hope that the conflict will be resolved as soon as possible and our peace will be restored. Our business in Ukraine and Russia was about 0.7% of consolidated sales in the fiscal year ended March 31, 2022, FY '21.
And although, these regions have minimal impact on our financial performance, we are monitoring the impact of the situation on the global economy going forward. Now I'll discuss the following three topics. Because our daily results in FY '21 and the consolidated results forecast for fiscal year ending March 31, '23. FY consolidated sales increase 10% compared to the previous fiscal year to JPY 9,921.5 trillion and consolidated operating income increased JPY 247.1 billion to JPY 1,202.3 trillion, both of which are record highs.
Income before income taxes increased JPY 119.5 billion to JPY 1,117.5 trillion. And net income attributable to Sony Group Corporations shareholders was JPY 882.2 billion or JPY 147.4 billion decrease compared to the previous fiscal year. It was JPY 256.8 billion in reversals of valuation allowances against deferred tax assets were recorded. Please see pages 4 to 10 of the materials of presentation materials were each a profit metrics adjusted to exclude onetime items.
Consolidated operating cash flow, excluding the Financial Services segment, was JPY 813.3 billion. The actual cash flow by segment is shown on the slide. This slide shows the results by segment for FY '21. And next, I will show the consolidated results focus for FY '22.
And sales are expected to be -- JPY 11,400 billion and operating income expected to be JPY 1,160 billion. This slide shows the factors leading to the change in forecasted operating income compared to the actual operating income of the previous fiscal year. Consolidated operating cash flow, excluding the Financial Services segment is expected to be JPY 1,050 billion. The assumed foreign currency exchange rates are JPY 123 to the U.S.