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- 00:33:20.8 Thank you. I have two questions. I realize this may be a small point but the full-year forecast for EMC as shown on page 4 of the data book shows Q4 sales dropping off quite significantly. Even for IAB, where Q4 domestic sales typically rise, you do not appear to be factoring in as much of a push-up this fiscal year. Qualitatively, you have described Q4 trends as strong, but are there some specific factors that have been taken into account to produce these numbers? Or, should we not read too much into the Q4 figures? This is my first question.
- 00:33:59.3 (Takeda) With regard to EMC and the Q4 growth forecast, as you know, EMC includes the Amusement business where we are providing components for game equipment. We expect Amusement revenues to slow down in Q4 and have factored this into our forecast.
For IAB, if you look at YoY growth in Q4 FY2016, it was very strong, rising between 15-18% YoY. Therefore, the base for comparison for Q4 FY2017 is high. This is why Q4 appears optically weaker relative to YoY growth rates for Q2 and Q3. That said, the underlying business is very firm and is still growing on a YoY basis.
- 00:34:48.2 I understand EMC. May I confirm that for IAB, you are saying that with distributor inventories back up to solid levels, you would not expect to see a further significant acceleration on the back of restocking driven by the domestic business in Q4.
- 00:35:00.8 (Takeda) It is true that demand is rising.
- 00:35:03.7 But the domestic momentum, while positive, is not strong enough that you would be pushing significant volumes into the distributors, correct?
- 00:35:10.5 (Takeda) Setting aside the issue of whether it is appropriate to say that we are ‘pushing’ volume into the distributor channel, we are continuing to see strong demand from the automotive and semiconductor industries. Maybe the best way to describe the current situation to say that the flow is smooth, so it may well be that restocking that might have been seen in previous quarters is absent in Q4.
- 00:35:29.8 Understood. Thank you.
My second question is on HCB. You have a stated FY2020 target of ¥150 billion, as shown on slide 38 but on slide 37, you show an additional ¥20 billion in revenue to come from services. Given the graphic representation on slide 37, it does not appear that the ¥20 billion is included in the ¥150 billion number. How should we interpret the ¥20 billion figure you show for services? Is this a specific FY2020 target?
- 00:35:58.0 (Nitto) Slide 37 is specifically quantifying the scale of the blood pressure-related market, while slide 38 is about OMRON’s HCB targets. It is a little confusing since we cite ¥150 billion on both but slide 37 is our estimate of the scale of the blood pressure-related market.
- 00:36:17.0 Pardon me. In that case, with regard to your FY2020 target of ¥150 billion in net sales, do you have a specific numerical target for the portion of revenues to be generated from services? Or, timing-wise, are you not expecting to see significant revenue contributions from services (non-hardware revenues) yet in FY2020?
- 00:36:34.3 (Ogino) At this stage, we think we will really only start to see revenue contributions from services in FY2020.
- 00:36:43.6 Moving on to the person behind the current questioner.