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- 00:28:11.3 First, on the increase in added value on page 5, as I touched upon earlier, we have seen improvements in the ratio of added value, effectively the GPMs, in all of our businesses. Enhancing GPM has been a longstanding objective throughout our medium-term business plans. One reason for the recent improvement is certainly the result of ongoing medium-term initiatives. We have also benefited from changes in product mix. In addition, the elimination of unprofitable businesses through either divestments or PPM, also has had a positive impact on margins. Individual initiatives have contributed 0.3％ or 0.4％ point each to GPM. In summary, it is the aggregation of these initiatives, combined with the impact of PPM that has led to improved added value. On the second part of your question regarding fixed costs, there were some costs that were pushed out. Earlier, I indicated that we closed the quarter about ￥5 billion short of our Q3 budget for fixed expenses, including some R&D costs. About half of this was pushed out into Q4. In response to an earlier question, I indicated that we will be undertaking necessary expenditures in Q4 to lay the groundwork for further growth. Each of our businesses reviewed their spending plans to better understand what is necessary, including potentially pulling forward some expenditures from the next fiscal year. This is reflected in our forecasts and the businesses are executing on these plans now. Therefore, there is no need to worry that fixed costs have come down because we have chosen to shelve necessary spending.
- 00:29:14.8 Thank you. My second question is related to the recently announced personnel changes. Close to half of the board members will change. You are planning to make relatively significant changes. Can you talk about what your objectives are in making such sweeping changes?
- 00:31:13.1 There isn’t a single underlying objective to the changes. That said, we will be starting a new medium-term plan from the next fiscal year. Any other changes are based on our own internal guidelines.
- 00:31:32.2 Thank you.
- 00:31:57.2 Are there any other questions? The person in the front row, please.
- 00:32:01.0 I would like to ask about the China business, which you discuss on slides 9 and 10. Can you comment specifically on the four focus industries as it relates to the significant improvement reported in Q3? Also, for the two factors shown in the box below on slide 9, the increase in the number of items sold per transaction and the increase in new customers, in terms of relative impact, is one significantly larger than the other? I would like to have a better understanding of what is happening and the sustainability of the current strength.
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