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- 00:44:20.4 Thank you for the presentation. My two questions are about the H1 results and full-year guidance for IAB. First, you indicated that H1 sales grew 23％. Can you tell us how much of a contribution came from the solutions proposals you highlight on slide 22? Were you able to raise your global market share as a result of the solutions-based approach? Or, given the strength of your peers, is your share unchanged? Any color you can provide on the background to the 22％ increase in sales would be greatly appreciated. I believe the operating environment was quite good, but was there anything else that contributed to the strong growth?
- 00:45:03.0 Mr. Miyanaga will respond. (Miyanaga) Thank you. I remember someone asked a similar question three years ago. Very simplistically, the growth is a combination of our capabilities and the external environment. The last time around, my response was that the contribution was evenly split but I believe that the split is now skewed more toward the contribution from our own efforts. That said, I am not saying that we did not benefit at all from improved market conditions. In particular for digital, we did benefit from a tailwind from semiconductors but we also reallocated resources internally and proposed a number of differentiated applications in an effort to maximize the opportunity as well. It is a little difficult to provide a breakdown of the 22％ growth but, we did see very strong growth in Asia. What I will say is a conservative estimate of the contribution of our own efforts would be 50％, although it is probably a higher than half. What makes it difficult is whether you attribute the efforts to seize the day in capturing revenue opportunities to our own efforts. If so, then it would be more than half. However, if you are looking at a narrowly defined contribution from solutions proposals, it may be a little lower at this stage. On share, the FA industry generally does not tend see major shifts in market shares. However, given that we saw significant growth in Asia, my sense is that we have been able to improve our share in Asian market.
- 00:46:53.7 Thank you. My second question is related to slide 41 and the outlook you have for IAB in H2. You spoke about many things in your presentation but relative to the H1 sales of ￥193.5 billion, you are projecting H2 sales of ￥194.5 billion, which is largely flat to up only slightly. You have provided qualitative commentary, but is there any further quantitative information you can provide? For instance, do you expect domestic to be up only slightly? Is Europe going to show relatively healthy growth? Will China fall around 10％? Can you give a little more insight into the basis for the ￥194.5 billion H2 forecast?
- 00:47:38.7 (Miyanaga) In terms of trends, Japan should gradually improve on the back of increased investments in the automotive sector on the back of EVs. For Asia, there will probably be a slight lull in Q3 before a pick-up in Q4 on the back of higher semiconductor investments in a number of geographies. If you are comparing H1 to H2, optically, it will probably be flat HoH, but Q4 is likely to go out on an uptick. Otherwise, we expect the other geographies to be largely flat. Putting this all together, sales are likely to therefore be largely flat HoH, although there may be some patches of lumpiness. The overall macro backdrop is not bad at all so we are relatively positive.
- 00:49:10.4 Thank you.
- 00:49:14.8 Next, the person in a little further back in the same section.
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