Was there a shift in the momentum in the fourth quarter compared with the third quarter? What is your outlook for the current fiscal year?

Things started to pick up in the fourth quarter but uncertainty remains. In particular, agriculture is being impacted by the trade woes. We have kept our growth forecast at or below 4% for this fiscal year.

What about the growth rate of IT Construction and IT Agriculture?

The figures are not disclosed, but IT Agriculture put more of a drag on the growth.

What is the status of i-Construction?

There were orders but this did not quite lead to an increase in sales. However, as the government allocated a budget for its plan to strengthen the national resilience and mitigate natural disasters, we are positive about the outlook going forward.

The estimated market sizes for FY2018 and FY2025 were presented. Do you see any market expansion compare to the market size for FY2015?

Given the number of players in the markets where we compete has been limited, and market shares have not changed much, it can be said that our sales and the market size are, to a certain degree, correlated.

What will the volume of the subscription service be after the 3-year mid-term business plan is completed?

We do not disclose specific figures for that.

How do you plan to finance and growth investment?

We expect funds generated from operating cash flow will mainly be used. But as our financial position (D/E ratio) has improved over the last three years, we can afford to take on debt and we plan to procure funds that way.

Your company has been aggressively making investments in the last three years, but what will happen to that stance under the third mid-term business plan?

We will continue to make aggressive investments in all segments during the third mid-term business plan.

What is your variance analysis on increase/decrease of profits for the current fiscal year?

We estimate that sales change and sales mix amount to 4 to 5 billion yen. With about 1 billion yen worth of cost reduction and a fixed cost of 4 to 5 billion yen, we expect an increase of about one billion yen profit in total.

You have not disclosed the breakdown of operating income figures by segment for the fiscal year just ended, but can you tell us your views on the outlook for each segment?

We expect the Smart Infrastructure to have a steady growth while sales and operating income ratio at the Positioning will likely improve. We also expect a two-digit increase in operating income ratio for the Eye Care as we have changed its business model for a better revenue structure.

Can you give us the review on the M&As your company has conducted so far?

We would like to set up a meeting for that in the future.