Impact of rising interest rates in the U.S. ：Interest rates have been rising in the U.S. How much impact do they have on your business based on past experience?

We think that they will inevitably have some impact on housing investment. However, we assume the solid demand for housing and civil infrastructure investment will continue for some time.

Special factors (component shortages and tightening logistics)- Breakdown for FY2021 and outlook for FY2022 ：What is the breakdown of special factors for the current fiscal year and your outlook for the next fiscal year?

The cost increase accounts for approximately 60% and the component shortages account for the rest of the special factors. The trend is expected to continue until at least 1H of the next fiscal year, while there is uncertainty going forward. If the situation resolves itself in 1H, special factors for the next quarter could be smaller than the negative 5.0 billion yen.

Special factors (component shortages and tightening logistics)- Factors driving sales growth ：What are the reasons for stronger-than-expected sales growth for Q3 despite the negative special factors? Is there a significant positive impact from the sales price increase?

Although we acknowledge the impact of the price shifts, the strong market conditions and demand have had a major role in offsetting the negative factors to achieve sales growth.

Q4 forecast ：Could you explain the reasons for the decrease of sales and profit in the Q4 forecast? It appears conservative.

With regard to Eye Care Business, we would like you to look at the entire 2H because there are some shipment changes from Q4 to Q3. Overall, we expect the impact of the component shortages and the surge of component costs to be greater in Q4 in both Smart Infrastructure and Eye Care Business.

FY2022 outlook ：While sales continue to grow at a high rate, is it correct to understand that the momentum will persist in FY 2022?

Although we cannot give you a clear answer, we expect the current favorable demand environment to continue for some time thanks to increases in infrastructure investment in each country despite concerns about rising interest rates and lasting supply chain issues. As for Eye Care Business, demand for eye disease screening will expand regardless of the economy due to an increase in eye diseases resulting from the aging of the global population. The current situation is expected to continue, particularly for the strong Screening Business.

FY2022 outlook ：I think the substantial operating income for current fiscal year would be 18.5 billion yen if you disregard the special factors. Assuming that the strong momentum of Positioning Company and Eye Care Business continue, can we expect a considerable increase in profit in FY2022?

We do not deny that 18.5 billion yen would be our potential figure. However, the point is how much the special factors should be factored into FY2022. They will not be zero in the next fiscal year.

Imaginary demand, and reactionary decrease in FY2022 ：To what extent are you receiving orders of imaginary demand from OEM customers and the aftermarket that are contrary to the actual demand? I have concerns about a reactionary decrease in the next fiscal year.

Aftermarket sales are based on actual demand with no imaginary demand. On the other hand, there may be some imaginary demand on the OEM side as the growth rate of OEMs is certainly higher than the aftermarket.

Large orders ：You have been successfully winning large orders. What prospects do you have for the future?

We have won multiple large orders in the Screening Business and of tele-optometry systems. We believe we can continue to receive orders from large optical chain stores thanks to growing eye disease screening demand in familiar places other than ophthalmologic clinics where it is always crowded.

Large Orders in the UK ：What is the scale of large orders in the UK?

The nuance of large varies depending on to whom we sell, and the size of the optical chain stores. However, just to give you an idea, larger orders tend to be some tens to some hundreds.

Impact of Omicron variant ：Could you explain the impact of the Omicron variant?

There has been almost no impact in Q3 YTD, and we are not worried about it in Q4, either.