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- 00:51:14.1 Thank you for the presentation. I have two questions. The first is about HCB. You talked a lot about opportunities for topline growth, citing your competitive advantages and sales growth potential, which I found convincing. However, you did not talk at all about profit margins. In the past, this business generated a margin of around 13%. Do you think you can get back to aiming for margins of around 15%? Or given that you manufacture in China, would this be impossible to achieve given the forex impact? Please provide more color on this subject.
- 00:51:49.1 (Ogino) Our immediate goal has been to achieve a 10% margin. This has been the focus for the last three years. We are now closing in on achieving this goal. Once we achieve this, our focus will shift to accelerating our efforts to develop service businesses, the ECG business and other new businesses. Therefore, we want to ensure we can consistently generate a margin of 10% but beyond that, we would like to invest as we see fit in order to grow the business over the medium- to long-term. We are committed to securing baseline profitability of 10% but in terms of achieving higher margins, it will be subject to how we view growth investments at that time.
- 00:52:44.5 Thank you. My second question is about how to think about profitability for FY2017 at a high level or, in other words, how you think about expenses. If things go very well, I can see you matching the record high of ¥86.5 billion. However, a lot of this will depend on how you choose to spend. I would like more clarification in this area. Is it your aim to simply achieve your stated targets in FY2017 or is there a possibility that you might choose to aim for a big splash by aiming to set a new record high for operating income this fiscal year? Could you talk about how you think about this?
- 00:53:16.8 First of all, for FY2017, ¥85 billion would represent a recent peak in profits, albeit barely. However, our key focus is on achieving the FY2020 Medium-term Management Plan targets. On that basis, it is a question of how to invest to ensure we can achieve these targets. It is certainly true that if we chose to limit our investments, we could probably achieve new record highs for profits in FY2017. But this is not our intent. Instead, we want to accelerate our investments to ensure that we can grow our business to achieve our medium-term targets. Our priority is to execute on investments with discipline to get us as close as possible to achieving our FY2020 targets. Therefore, we want to manage our business for the medium- to long-term. Obviously, we won’t know whether we will achieve our medium-term targets until we get there but our intent is certainly to manage for the longer-term.
- 00:54:17.1 Thank you.
- 00:54:19.3 Please pass the mic back to the next questioner.