Thank you for waiting. We'd like to start the meeting on KDDI's financial results for the fiscal year ended March 2021. We appreciate your participation out of your busy schedules via internet. I'm Hongou with IR department and serve as emcee today. To prevent COVID transmission spread, we are holding this meeting live on the internet with simultaneous interpretation in Japanese and English. Please be advised that this session will be later made available for on-demand viewing from our IR website. Let me introduce today's participants. President Takahashi. Executive Vice President, Executive Director, Corporate Sector, Muramoto. Executive Vice President, Executive Director, Personal Business and Global Consumer Business Sector, Shoji. Senior Managing Executive Officer, Executive Director, Solution Business Sector, Mori. Managing Executive Officer, Executive Director, Technology Sector, Yoshimura. Executive Officer, General Manager, Corporate Management Division, Saishoji. Today, three materials for the business results presentation, and detailed information, and three items for TSE disclosure. Total of six documents have been posted on our IR website. Regarding the content of the materials, performance, and target numbers such as subscribers that might be mentioned in the Q&A session, please check the disclaimer in each material. Regarding today's proceedings, first, President Takahashi will brief you on the business results, followed by the questions and answers session. Mr. Takahashi, the floor is yours. Thank you very much for taking time out of your busy schedules to view KDDI's earnings briefing. I would like to present the financial results of the year ended March 2021. Today, I will explain the following five points on the slide. First, on the consolidated financial results for the year ended March 2021. Amidst a rapidly changing environment, growth fields drove both our operating revenue and operating income. Next, to take a look at the consolidated operating income, I will explain the factors behind a year-on-year increase of plus JPY 12.2 billion of operating income. Starting from the left, au communications ARPA revenue fell by JPY 40.9 billion. In contrast, the growth fields such as the life design domain, excluding energy business and the Business Services segment, contributed greatly with a year-on-year increase of JPY 58.2 billion. Energy business saw a decline of JPY 20.5 billion year-on-year, this is going to be transient because we will be taking steps to add power sources moving forward. On our growth strategy. Starting from the bottom of the diagram, building on the basis of our existing telecommunications business, we will leverage our multi-brand strategy to actively promote the use of 5G while reducing costs to aim at achieving stable growth. Above that are the growth fields to be further expanded. In the life design domain on the left, au Economic Zone will be advanced through customer contact and broad point circulation. In the Business Services segment on the right, we will look to expand our business domains focusing on telecommunications and IoT. This is about the growth strategy for the life design domain. Based on the telecommunications business, we will strengthen customer contacts described at the center of the diagram. au PAY, which is a payment service using a smartphone at real physical stores, we have a membership of 32 million. For au Smart Pass, our online service, the number of members exceeded 15 million, doing very well. Regarding point circulation, we will continue to increase the number of places where points can be used and make them more attractive as well. Through strengthened customer contacts and point circulation, au Economic Zone, centering around finance, energy, and commerce, will be expanded and maximized. KPIs in the core service offerings of the life design domain are all successfully growing, as you can see. Next, this slide shows the financial results of the life design domain. We will strive to achieve a double-digit growth for both the operating revenue and operating income. This regards the profit growth driver in the life design domain. KDDI's financial business contributed a profit of JPY 19 billion to the group overall for the year ended March 2021. Its contribution to the bottom line is becoming prominent with an increase of JPY 20 billion year-on-year. We are projecting a further growth of JPY 52 billion in income from this business by the end of March 2022. On the financial business, which is our growth driver, as is on the right, growth in the transaction volume of settlements and loans pushed up the operating income significantly to JPY 49.8 billion on KDDI's group-wide basis at the end of March 2021, up 1.6 times the level of a year before. In view of the next medium-term management plan, we will aim to grow financial business even further. At this moment, we are proactively promoting au PAY to be used not just by au's customers, but also by those who are not au customers. That is because we would like to strengthen collaboration and interoperability between the bank and the credit card business through the promotion of the use of au PAY so that we can expand the business further. By leveraging the synergies with our telecommunications services, we are increasing the number of core service users for the financial business already today with preferential rates and privileges offered for an au Jibun Bank housing loan and au PAY Gold Card users. Going forward, we will seek to further advance the interoperability and collaboration of our financial services provided by the bank and the credit cards and promote online financial services in securities and finance as well. Next is on financial results of the Business Services segment. We will aim at having a double-digit growth in our operating income. Next is on the growth strategy for the Business Services segment. We have positioned our fixed-line mobile and 5G services as our core business, and centering around our strength in telecommunications, so over 21 million IoT connections. We will expand our business domain both in and outside of Japan into the Next Core, which is comprised of Corporate DX, Business DX, and business infrastructure service. Our Next Core Business is a set of value-added solutions, all three of which utilizes existing telecom services. They support the overall business of the customer. Next Core Business in the year ending March 2022 will aim to account for more than 30% of the total operating revenue. Promotion of Next Core Business can bring about expansion in synergies with our core business, such as increased IDs and engagements. Through this, we will strive to grow the entire Business Services segment. Corporate DX will focus mainly on telework and zero-trust. We will be supporting the development of the environment and evolution into smart work. The key areas for Business DX are IoT and cloud. As the growth of IoT accelerates, KDDI Group as a whole will be bringing its capabilities to bear to support creating customers' business opportunities. The main offerings of the business infrastructure services are data centers and call centers. We will pursue growth together with our customers globally and here in Japan. Next concerns Personal Services segment. This shows area, 5G area construction. Left-hand side, we focus on customers' lives and activity places in the area development. In addition to the new frequencies, 3.7, 4.0, 28 GHz, 5G conversion of existing frequencies is also underway. In preparation for the standalone era, we are promoting 5G network in preparation for that. Next is about the number of smartphone contracts, left-hand side. The right shows the cumulative 5G unit sales, which exceeded 2.4 million at the end of March, far surpassing the target set at the beginning of the term. Next shows the multi-brand strategy. Left, au offers unlimited use without anxiety. Centering on UQ mobile with simple and secure price and povo, where customers can freely choose toppings, we aim to achieve a higher increase in new subscriptions. Multiple brands communications ARPU tends to decline. As the X-axis shows, in the medium term, we aim to achieve data utilization increase by 5G services expansion. In the Y-axis, by adding more services in life design domain, that is au Economic Zone, we aim to enhance engagement and grow total ARPU further. Concerns enhancing corporate value and SDGs. The top shows financials. In addition to promoting the medium-term management plan, we intend to improve profitability and efficiency. The bottom shows non-financials based on KDDI Sustainable Action announced May last year. We'll address various societal issues, seeking solutions through our business. Our company did an empirical analysis with data on the relation between non-financial initiatives and the corporate value. Various undertakings such as disaster countermeasures, global environmental conservation, and promotion of the advancement of women are positively correlated with the corporate value, and we will accelerate these efforts further. From both financial and non-financial aspects, we are promoting efforts to enhance the corporate value. Next is on global environmental conservation. We're promoting initiatives aimed at decarbonization across the KDDI Group. To reduce our CO2 emissions, we'll explore all possibilities, including technological development, and pursue the reduction. We are promoting the creation of new energy businesses. On April 26th, we expressed our agreement with recommendations by the TCFD task force on climate-related financial disclosures. The right shows the results of data analysis of a relation between ESG and the corporate value by KDDI. By cutting greenhouse gas emissions intensity 10%, PBR will improve 2.4% after six years, thus showing the positive correlation. We are promoting further efforts and active information disclosure. Transforming into a company that puts human resources first. The right shows installing zero-trust secure PCs for all the employees along the internal DX, while visualizing work style data for further productivity increase. By practicing these ourselves and promoting them as a business, we intend to contribute to the society. Financial forecast for FY 2022 March period. This is the brief financial forecast for FY 2022 March term. Environmental changes such as reduction of communication charges, intensifying competitive environments, and major changes in lifestyle by COVID are regarded as business opportunities, and we aim for sustainable growth. Specifically, further expansion of growth fields, promoting cost reduction, and strengthening shareholder returns by creating cash flow. This shows consolidated financial forecast for FY 2022 March period. For FY 2022 March, a consolidated operating revenue forecast is JPY 5,350 billion. An operating income forecast is JPY 1.05 trillion. We believe that double-digit growth can be achieved both in life design domain and Business Services segment for operating income. Next, on promoting cost reduction. The left shows improving marketing efficiency. Here, we aim to improve efficiency with UQ mobile integration and reduce marketing cost. The center concerns making networks more efficient and optimal. We are promoting a structural reform, including internalization following a construction process review. The right shows enhancing cost efficiency by promoting work style reforms in the corporate aspect. Leveraging all our strength, we aim to achieve sustainable growth. Next, on dividend per share, DPS. We attach importance to DPS growth with sustainable growth. We're aiming for 20th consecutive DPS with JPY 125 dividend for FY 2022 March period. Lastly, today's summary. Regarding performance, growth fields drove higher operating revenue and operating income in FY 2021 March period amid a rapidly changing environment. Promoting growth strategy and cost reduction to achieve sustainable growth in FY 2022 March term. Aiming to achieve double-digit growth in the growth fields in the final year of the medium-term management plan. On growth strategy and SDGs, expanding the economic sphere through customer contact and broader point circulation in life design domain. Expanding our business domains to create our next core centering on telecommunications and IoT in Business Services segment. Promoting initiatives aimed at decarbonization across the KDDI Group. Lastly, regarding shareholder returns, aiming for 20th consecutive DPS growth. In addition, we resolved to repurchase our own shares up to JPY 150 billion. Thank you so much for your kind attention. At this moment, we would like to take questions from the audience. We would like to take as many questions as possible, so we would like to limit the number of questions to two questions per person. If you have two questions, after your first question is answered, please move on to the second question. As we have notified you beforehand, you must be signed up already and connected to the system, and we will take questions from those of you who have done so. Let me explain how to ask a question. Those of you with questions, please tap the raise hand button on the Zoom app at your hand. Those of you who are connected via the telephone line, please push star nine. Once you're recognized, the moderator will announce your affiliation and name. On your screen, you will find a pop-up message saying, "Host is requesting you to unmute." Please tap the unmute button and ask your question. We will take questions until we run out of time, until the scheduled ending time. Any questions, please? Ando from Daiwa Securities, please press unmute and start your questions. Go ahead. Ando from Daiwa speaking. Can you hear me? Yes, we can. I would like to ask two questions. The first question is as follows. After the new price plan was announced, how has that affected competitiveness? In March, there was March campaign. Rakuten has had a last-minute surge in demand because their free plan has expired, and there were other moves as seen in the market. Throughout the next year, what will be the average turnover or churn. As you asked, up until early April, Rakuten ran their campaign. Until that time, KDDI did struggle a little bit. After that, I think we have recovered quite nicely. Given that, what's going to happen going forward? Well, with respect to UQ, in October last year, we integrated UQ mobile, and it's performing very well, thanks to everyone's effort. Povo, our online brand, it's been received very well by our customers, so it is performing well as well. Customer subscribers, they're interested in this middle-range services. For the time being, with our multi-brand strategy, we would like to offer what meets our customer's needs. They can choose UQ mobile, or they can choose povo. Those who want to use large volumes, au MAX can still be used. We will notify our customers as to what's best for them. For the group overall, through our multi-brand strategy, we would like to promote the use of our services. The question is, how well can we do that? That's going to be crucial. Thank you. Thank you. Here's my second question. In growth fields, you're going to expect a great growth. I think that was the message that you have given this time. In the past 12 months, profit increase in growth fields, what were the factors behind that? What were the reasons behind that? Going forward for the next 12 months, what will be the driver behind profit growth in these growth fields? If you could share the names of the products that are expected to grow so that I can develop better understanding, please. Thank you for the question. On this, with respect to growth fields, as we said in our presentation, finance, energy, and commerce, these are the areas of focus. Finance and energy in particular, we would like to see a growth. Over to Shoji-san for further answer. Shoji speaking. As our president spoke, finance, energy, and commerce, especially with respect to financial services, since 2008, we started au Jibun Bank. We've been doing this for quite some time, and it's successful. Credit cards, securities, and insurance business, all of them are growing. On top of that, we have energy and commerce-related business. Of late, these are also increasing and growing. For the next year, we would like to offer these products and services. The question is how to offer them in an accelerated manner to our customers. That's going to be most important. As was presented, in terms of customer touchpoints, we are focusing on au PAY right now. By using au PAY, customers will be able to charge on their account at au Jibun Bank. If they use credit cards, Ponta points will be given, and they can be used for payments and settlements in different stores. That's the kind of a favorable cycle that we would like to reinforce. Housing loan at au Jibun Bank, that also can be offered more. With respect to energy, as was presented, this is an area that can grow even further. I'll just add, with respect to financial services or finance, the greatest expectation we have is in credit card business. The Gold Card is very popular, so there's a potential to grow. As Shoji-san said, housing loan offered by au Jibun Bank is very, very successful. It's not just au users alone. Our users from other carriers are also enjoying this housing loan. If you become an au customer, you're given preferential interest rate, which is good for the customer. Since before, a carrier billing that we have offered since before under COVID-19, this is performing extremely well. These are going to be the growth drivers. With respect to energy business, this term, there was a reduction in profit by JPY 20 billion. That was because of increased prices, surging prices at JEPX. We should have known better. We should have done more homework, and there were lots of lessons learned. We have learned that JEPX is a highly volatile market. Drawing upon these lessons, next year, we would like to stabilize our energy business while securing profitability. What happened last term was transient. I'm sure we can get profit back this term. Just to supplement what was said. Thank you. We are ready for the next question. If you have a question, use the raise hand icon in your Zoom application. Goldman Sachs, Mr. Tanaka, unmute yourself by tapping the button. Please state your question. Goldman Sachs, Tanaka speaking. I have two questions, one by one. First, business results, detailed information, page six, please. Personal Services segment. There has been change in this Personal Services segment, ARPU Personal Services segment, communications ARPU forecast. About JPY 200 reduction in forecast. Could you give us some follow-up detailed information? In terms of revenues, close to JPY 70 billion reduction, I think, is forecast for operating revenue. Could you give us some more detailed information on that? Thank you for your question. Regarding the disclosure, until the last minute, we really thought about it, kept wondering about it. Number of group IDs and communications ARPU that has been asked for quite a long time. We wanted to disclose them, that's why we are disclosing it in this way. JPY 4,400 and JPY 4,200, that was the result from the term that ended. As you said, if you just do the multiplication with business to customers or the impact of the reduction of JPY 60 billion-JPY 70 billion, approximately. Excuse me. Breakdown by brand, we are not disclosing that. Roughly speaking, JPY 200 differential au brand to, for instance, UQ, to povo. Regarding the transfer from them, I think you can imagine them. About the breakdown, please forgive us for not disclosing them. Understood. Thank you. Second question. In your presentation, page 16, growth fields, Business Services segment, one of the growth segment. The Business Services segment as breakdown, next to core, some items have been disclosed. In this term, you forecast a growth. What are the actual areas that you enjoy growth? In terms of profitability, compared with where you have mobile, I think it's likely to be lower. What about the profitability? That's the second question. Thank you. This time, we are really focused on these areas in terms of the information. About the including profitability, I'd like to ask Keiichi Mori to address your question. Thank you for your question. Core and next core, these are the categories that we are using. We emphasize both of them so that we can grow both of them. In particular, expanding business domain in next core. As you can see in page 16, roughly speaking, there are three areas. What's called Corporate DX, digitalization of work style. We'd like to extend support in that area. It's been here for a while, but starting from last year, with COVID-19, this has been highlighted. Grasping the needs for working from home, teleworking, and within office, outside of office, in-house, outside. Flexible work style is likely to increase. We are practicing that ourselves, including how to go ahead with this to corporate customers. We would like to offer such services. Second concerns Business DX. For their businesses to their clients and customers, they're working on digitalization. Here, IoT has been one of the four areas. The periphery of the IoT, cloud service, data analysis, to promote digital transformation, there are many things in the periphery, and we would like to focus on those as well. First concerns business infrastructure services. For corporate customers to advance digitalization more than data centers, call centers will become even more important. We have such Concerns business infrastructure services. For corporate customers to advance digitalization more than data centers, call centers will become even more important. We have such core business infrastructure services. Internally by increasing top line JPY 30 billion and cost reduction of JPY 70 billion. In total, JPY 100 billion, in our medium term management plan. Of that amount, JPY 70 billion, we would like to cut through cost reduction initiatives. What is the breakdown of JPY 70 billion? One is marketing efficiency enhancement. Through that, we will reduce costs. As was presented, integration of UQ mobile, that's included as part of the steps. Storefront DX is also promoted quite proactively, so we will leverage that. Regarding CapEx on networks, it has increased slightly, but we are controlling it at around 11% of the revenue. I think it's within that band. Network optimization, efficiency enhancement using AI, and cost efficiency enhancement through work style reform. Altogether, JPY 70 billion, I believe we can achieve. Just to sort this out. Impact of a reduction in prices, I said JPY 70 billion or so, JPY 60 billion-JPY 70 billion. That can be offset by growth fields, JPY 70 billion, and cost reduction, JPY 70 billion. So that's the vision. 3G migration to 4G, we would like to work on the cost of doing that. We will include accelerated depreciation, there's increased labor cost as well, or roaming cost. Through these, we would like to achieve the number that I mentioned. Well, thank you. A follow-up question. Accelerated depreciation for 3G that you mentioned, that's already included in the plan, and that is why you're saying that depreciation cost is going to rise. Is that the correct understanding? CapEx. Are you going to keep the CapEx level flat, or are you looking to decrease CapEx? You said 11%. Telecom revenue is going to go down. If that's the case, perhaps you may need to control CapEx tighter. What's going to be the future direction of CapEx going forward? Well, regarding 3G, Muramoto-san, I ask him to follow up later. Just as you said, actually, when top-line declines, we will have to reduce CapEx because we would like to control it at 11% of revenue. Network-related revenue is going to go down slightly according to this year's plan. Through multi-brand strategy, from au to UQ mobile and from au to povo, there will be some migrations. With the deployment of 5G, in terms of ARPU and value-added ARPU, they are to grow. If they grow, we will be able to sustain CapEx. That needs to be understood internally. Having this 11% threshold vis-à-vis revenue is going to be important, and it's important to keep this. On 3G, I would like to turn to Muramoto. Muramoto speaking. Allow me to add a few comments. This year, as Takahashi said, on a company-wide basis, we are engaging in cost reduction efforts. Where cost is reduced, next year onwards, for the growth to happen, we're going to reinvest the cost savings into growth in next year and onward. The largest portion of that will be the cost reduction in 3G area. In terms of facilities or CapEx, this is about accelerated depreciation. We have posted quite considerable amount of that. Since last year into this year, additionally, asset retirement liability is also posted. By the end of this fiscal year, we will be posting these amounts, dealing with them. Next year onward, I think there will be a reduction in these costs by JPY 60 billion. On the sales side, we are spending cost to migrate 3G users to 4G. We will be spending somewhere around JPY 30 billion for this year. This is an upfront investment that we need for our future growth. By spending these costs, in other areas, we are saving costs. Where cost needs to be spent, we are spending costs. Thank you. Second question. You talked about non-telecom business. It seems that you are having successful initiatives in finance and energy, and you also mentioned the third pillar of commerce. It seems that commerce is somewhat behind the other two pillars. Given the current structure, perhaps the commerce business may be having difficulty growing. With respect to the commerce strategy, are you going to keep doing what you're doing right now, or are you thinking of having new initiatives or conducting M&A so that you may be able to have discontinuous growth in commerce? If you could share with us your commerce strategy. In relation to commerce, in the commerce business, we are providing a business in the form of malls. I don't think they will be making a great contribution to our profit. Well, Shoji-san may reprimand me for saying that, but in the centers, we have au PAY, we offer au PAY. Via the network, people get connected, and au points will be given. Through a collaboration, we are giving the points back to the customers so that they can spend them. On the extension of that, there's commerce business. If customers can use their points in our commerce business, we can offer them 1.5 times the benefit. It seems to be working. Commerce leads to greater engagement on the part of our customer. We're not running up losses in this, of course. It's not greatly profitable, but it is slightly profitable at least. With respect to M&A, not that there is a major potential M&A transaction at hand. There are, however, some investment deals that we are contemplating, and once we make a decision, we would like to announce that in due time. Thank you. We are waiting for the next question. If you have a question, please tap the raise hand icon of your Zoom application. Nomura Securities, Mr. Masuno, the floor is yours. Unmute yourself by tapping the button at the icon. Nomura Securities, Masuno speaking. First, March 2022 profits. Let me clarify this. Life Design, JPY 52 billion increase in operating income. Business services, JPY 17 billion increase. In total, JPY 69 billion increase. Decrease is -JPY 57 billion. Regarding the mobile, JPY 60 billion or JPY 70 billion decrease in revenues, but with cost reduction, you're trying to make that up. Other than that, the JPY 60 billion cost, so that's a negative contribution with accelerated depreciation and reserve for the retirement liability, and then JPY 60 billion and migration cost, JPY 30 billion. I think in the last fiscal year, you used about that much. In terms of the change delta, this is plus and minus zero. JPY 13 billion increase in terms of the profit, that's where you're landing. Financial areas, there is an increase in profitability. I understand it has already been disclosed. The au Jibun Bank profit is about JPY 3 billion, almost no changes. With the actual results in the last fiscal year, and then it's likely to increase. In terms of this, the most of them is coming carrier billing. The significant part of the increase of profitability, I think, comes from this carrier billing. I would like to seek some clarification about the profits. Masuno-san, you gave us the analysis. That's almost all true. Let me sort this out. Growth field, LD, Life Design, and Business Services, a little less than JPY 90 billion cost reduction, JPY 70 billion cost reduction, as I said before, and communications price decrease, JPY 60 billion-JPY 70 billion return to the customers. 3G migration, as was mentioned, JPY 60 billion. Accelerated depreciation, as Muramoto mentioned before. Regarding the JPY 30 billion, compared with last fiscal year and this fiscal year, it's the last year, a little higher, so that's the differential. The roaming revenues in this term, it's likely to increase slightly. I hope you could understand the numbers in this way. About finance, the breakdown in the finance. As you said, carrier billing contribution to profits, that was significant. Yes, I agree with you. With au Jibun Bank, centering on loans, we can see the good growth. I hope that you will acknowledge the contribution from Jibun Bank as well. I hope I answered your question. Understood. Next question, my second question. The March 2021 period, JPY 840 billion a year. Net debt, net debt to EBITDA ratio, that's 0.9. If you look at this industry, leverage, double the leverage, if we look at the balance sheet utilization, they are making some kind of shareholder returns. With this kind of net assets and in terms of investment and returns to investors, I think there's still room for making such returns. You could, of course, make an investment. On the leverage, what is your thought on leverage, please? In our company, yes, that's the comment we often receive. As you know, in this fiscal year, that is the last year of the midterm management plan. Partly because of COVID-19 in M&A. In the last fiscal year, we were not able to do a significant investment. This fiscal year, it's also the year to devise a new midterm management plan to realize EPS growth. Existing business needs to be grown, and also creating new business is something we have to do. Investment for growth along that on M&A as well, we need to keep that in our mind. About returns to shareholders, share buyback, repurchasing our shares and increasing the dividend to what's already announced. We would like to address them from both aspects. I hope I answered your question. Understood. Thank you. Let us move on to the next questions. Those of you with questions, please tap the Raise Hand button on your Zoom app. Mitsubishi UFJ Morgan Stanley Securities, Tanaka-san, please start your questions. Please unmute and start your questions. Tanaka from Mitsubishi UFJ Morgan Stanley Securities. Can you hear me? Yes, we can. I have two questions. Allow me to ask one by one. My first question is about the detailed financial results paper, page five. On page five of the material, the transaction volume for settlements and loans in the new plan for the new year, JPY 9.3 trillion. Compared to the past, it's not growing all that much. Although the absolute amount is pretty large, it's not growing all that much compared to the past. What is the background to that? IoT connections, the number in total. I hope I'm not sounding too rude, it seems to be growing. Automotive sales are coming back. They are recovering globally. Given that, the plan does not seem very ambitious. If we could please touch upon that. Thank you for the question. I would like to turn to Shoji-san for the first half, and Mori-san will answer about IoT. Transaction volume for settlements and loans. As you rightly pointed out, we're sorry, not that there's a clear factor, but as a person responsible, I apologize because we came up with too conservative a plan this time, and we would like to make sure to exceed JPY 10 trillion in this at the earliest possible stage. I hope you will understand. Yes. Automotive global communications platform. This fiscal year, we will be growing that business solidly as we've been doing. One thing that we can say is large markets such as China, North America, and Europe, this platform has penetrated these markets and there will be developing markets who will start to adopt this. Overall, we were working on this. Isn't there more growth? Well, there's just one market that is declining, and that's power smart meter market. There's still going to be some growth, but the growth in volume is becoming smaller and smaller. This power meter market is huge. So if we combine all of them, the growth is going to be more or less the same as last year. Right. Thank you, and our apologies. Well, allow me to ask a follow-up question. Well, smart meter growth, it's going to become duller, I understand. Global automotive platform. Well, if cars are sold on a cumulative basis, I'm sure your business will grow, so I still think your plan is too conservative. Financial service, you said that you would like to reach JPY 10 trillion at the earliest possible stage. What's your real plan for the transaction volume? Well, our apologies. I do think that both numbers, both plans are rather conservative, perhaps too much so. Well, these are disclosed numbers, and both numbers, compared to the numbers we announced in the medium-term management plan, these numbers in the medium-term management plan were achieved ahead of time, and that's why we're being conservative. In the next plan to be announced, or try to make sure to have more aggressive numbers. Right. Thank you. The second question is about Myanmar. In the company report, you said that you're not too concerned about Myanmar. Once again, let me ask. The assets that you have allocated to Myanmar on the balance sheet, what is the amount of the assets tied to Myanmar? What is the status of profit and loss of the business in Myanmar? If you could share with us some more details, please. With respect to Myanmar, we are causing concerns on your part. Our apologies for that. Just to give you the outline of what's happening in Myanmar. With respect to accounting issues, I would like to turn to Muramoto-san for an answer. As you well know, the form of business that we have in Myanmar is such that, for example, Telenor has a business operation in Myanmar, but we're somewhat different. In the case of Telenor, they have acquired their own license, have made their CapEx to run their business. In our case, it's different. We have KSGM, that we set up with Sumitomo Corporation. They're engaged in MPT business, telecom business. It's like NTT before it was privatized here in Japan. We have this joint operation. MPT is who's running the business, and we are a joint partner engaged in joint operations in Myanmar. We have this revenue share scheme. Yes, we are greatly concerned about Myanmar. Our employees and the employees of our associated partners, they are our greatest concern. KDDI's Human Rights Declaration, based on that, we have issued a statement. This is an IR meeting. The impact on our management, what's our view on that? I would like to turn to Muramoto for that part of the answer. Allow me to answer. As Takahashi just said, we have this subsidiary that we set up called KSGM in Myanmar. Between KSGM and MPT, we have this joint operation contract, and that's how we conduct our business in Myanmar. KSGM. On our financial statements, what we invest as CapEx becomes leasing assets on a balance sheet. These leased assets are leased to MPT. In terms of cash flow from operating activities, in terms of JOA, it is treated in a negative number. I think it's described on the financial report. Leased assets for MPT, that's around JPY 110 billion or so. That's the large part of the assets on the balance sheet. We are collecting credits. We are collecting debts on that over time. Because of the JOA contract, MPT has the full responsibility of repaying this, according to the contract that we have. Of late, collection of leased assets is proceeding smoothly. In the case of Telenor, they had to have an impairment. In our case, the risk of the leased assets turning bad, there's that risk. As I said, MPT or the Burmese government has full responsibility for repayment. That's how the contract is designed. There's no need for an allowance. That's the structure of the business. In terms of the profit and loss, we have commitment with the other party not to disclose, so we cannot disclose this part. In line with the outlook of the business this year, we have factored in all the potential risks. Given the viewpoint of the overall Personal Services segment, the business in Myanmar is very limited, very small. Did we answer your questions? Yes. Thank you. Since it's the scheduled time, with this, we would like to conclude the meeting of KDDI's financial results for the fiscal year ended March 2021. Thank you very much for your kind participation.