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- 00:59:12.0 I have one question. I apologize if it is something that you may have covered in the presentation. What are your expectations for IAB organic growth in FY2017 on a local currency basis? Last year, IAB grew 9% on a local currency basis excluding the impact of business divestments.
- 00:59:40.8 (Ohue) Actually, our forex assumptions for the FY2017 forecasts are virtually equal to the actual forex rates for FY2016. Therefore, as we show on slide 41, we expect IAB to grow just under 6% YoY on a local currency basis.
- 01:00:11.5 So FY2016 organic growth for IAB was 9% and you are projecting growth of around 6%. How should we think about IAB’s ability to generate profits in light of these figures?
- 01:00:31.9 (Ohue) We are currently in an investment phase, in terms of not only technology but our products and our sales capabilities. Our IAB growth for this fiscal year is therefore 5.8% but after we have made our investments, we expect growth to rise toward our targeted 10% level as the investments bear fruit.
- 01:01:17.5 (Yamada) When we were formulating our forecasts, indications from the auto industry, which is a major customer base were for conservative stance on investments. This is reflected in our forecasts. However, we expect investments will pick up now that we have more clarity on taxation. We will work to exceed our forecasts.
- 01:01:47.0 I apologize for being persistent. The 9% growth in FY2016 was supported by the strong growth in focus industries in China, but is it fair to say that it also reflects the initial impact of new initiatives and that the growth rates going forward will moderate? Will IAB growth dip down from last year’s level?
- 01:02:18.1 There are differing rates of growth for various industries. Cycles in the digital industry tend to be quite short. We were able to capture significant growth from digital in FY2016. We will be applying what we learned to the automotive, food & beverage and infrastructure industries this fiscal year. The key for FY2017 will be how successful we are at generating growth in these industries. Current conditions continue to be strong, so we would hope we can exceed our forecasts and revise up over the course of the year. For IAB, we continue to see strong trends.
- 01:03:03.8 Please hand the mic to the person next to you.
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