Now, we'd like to start the Q&A session. First, we'd like to have the opportunities for the people in the venue to ask questions. Then, after that, we'd like to accommodate questions from participants on Zoom. So let us start. If there's anybody who has a question, please mention your company name and your name as well. [Foreign language] Thank you. Morgan Stanley MUFG. My name is Ogino. [Foreign language] I'd like to ask about Optage and Kanden Realty and Development for both companies. [Foreign language] You have three approaches. The first question is free cash flow, the past and the future outlook, and the second is ROA level, and the third question is comparison with peers in the industry, so the first question, I would like to ask Optage first, so I am a user, by the way. [Foreign language] So I feel very close to your company. [Foreign language] I'd like to ask about free cash flow first. Until last year, the ICT segment, if you look at that, free cash flow was positive. And this is segment information, so I cannot understand just for Optage how much it is. And based on your explanation, you will be making investments, and the investments will increase compared to JPY 40 billion of investments. And for that investment, I think it will be negative in the cash flow, but in 5 to 10 years, it might be positive, maybe after 5 years or 10 years. This is my question related to free cash flow first. And then the next question is related to ROA. 15% ROA is significant, the latest number. So it's all thanks to your effort, and you have been able to achieve results now. And is this maximum, or is it too good now? For growth investment in the future. Achieving ROA 15% might be very difficult. Going forward, it might be lower than 15%. But looking at ROA on a consolidated basis, ROA capability would be something like 5% level or 5.5%. If it's above that, you'll be able to drive the ROA of the group as a whole. Is my understanding correct? 15%, is it too good? I'm not sure if it's too good. I would like to hear the background about that. The last question is compared to peers in the industry. It might be difficult for you to mention it all in one word, but compared to Japanese companies, so existing business entity or new business competitor or peers be a different company maybe. If you can give some names which I can compare. The next question is very important. Compared to your peers up until now, your ROA, has it been higher compared to peers? Were you on par with others or better or worse, lower? How is your track record up until now? How do you see that? This is my first question. Starting with Optage, let me change the order of my answer. I'd like to talk about ROA 15% level, how we see that. As you pointed out up until now, the assets that we have invested in, we are utilizing that most efficiently. We have been focusing on that in the past decade. I'm not sure if the word too good is right, but this is an ultimate figure, which is ROA 15%. And therefore, going forward, 15%. 15%. [Foreign language] We have not been able to have a clear vision about how we will be in 10 years' time, but up until now, we have been, compared to the completed business or perfect business that we have had up until now, we'll be taking on new challenges in new areas, so compared to conventional businesses, we do believe that our ROA will be decreasing. However, having said that, the current ROA, we have been brushing up and brushing up, and we have been able to achieve 15%, and we have submarine cable and data centers. We will be taking new initiatives, and 2035 is 10 years from now. If we try to brush up and continue to brush up, when we start a new business next year or the year after, it's not that we will be able to achieve this level right away, but we would like to aim for this. That's how we have described it in the material. Looking at the peers in the industry, it depends on how we separate the segments. Peers, from my perspective, well, there are many peers. For example, for FTTH, we are competing against Docomo Hikari, SoftBank Hikari, and J:COM, and Sony's Nuro Hikari or Optix. These are our competitors. In terms of mobile phone, so major carriers, they are too big, and the peers would be NTT. There are many, many competitors in the industry, but typical tier for us would be fixed line communication players. I would say, so in that sense, NTT East, NTT West, J:COM, these would be segmental key data that are unspecified. So it depends on how you look at the segment, but these would be the typical peers, and how are their ROA? [Foreign language] I cannot say anything specific about the competitors, but ROA, I think we are higher. I mean, these are other companies' numbers, so I cannot say anything specific, but looking at the current latest number, not just the latest numbers, but also for a certain period of time, we have been able to maintain higher level, and free cash flow, you are right, so free cash flow outlook, so please wait, because about the future, we are currently discussing, so this is as much as we can say, so as President Nabeshima tried to say, it's been free cash flow positive, so because we have been refining and sophisticating and brushing up after brushing up, and so how much we can accelerate, so I think what was mentioned earlier is all we can talk about. Sorry, I'm not so used to this kind of a venue, so I talk too much. Sorry. Okay, thank you. And then I have a similar question, same question to Kanden Realty and Development. ROA from ROA perspective on a consolidated basis, my understanding is like 5% or 5.5%. And in the presentation material, the number seemed lower than that. And the parent company, what is it saying? Well, Realty and Development, as long as they are able to generate stable cash flow, so ROE-wise, it can be accepted, or going forward, it might achieve 5.5%, which will be an average for the consolidated group. So my question is related to ROA level, and the second question is free cash flow. So life business solutions, fiscal 2024, depreciation JPY 1.3 billion, and life business solutions cash out is JPY 7.2 million. I understand that it's not just for Kanden Realty and Development. What is the free cash flow? Kanden Realty and Development, how has it been up until now? I understand you may not be able to talk about the future, so please let me know about the free cash flow. Also the third question is peers' comparison to peers. ROA-wise, were you higher or were you on par with the Japanese domestic peers, or do you think you were lower in terms of some other KPIs? Thank you for the question. First, ROA to compare to others, looking at the criteria, fiscal 2024, I have the numbers for 2024. Other companies disclose the numbers as well, so I think I can share. Fiscal 2024, other company was 4.2%. Mitsui Fudosan, 4.1%. Mitsubishi Estate, 4%. Sumitomo Realty and Development, 3.4%. So to be honest, real estate development business ROA is not so high, to be honest, because investment is required. And depending on the timing of investment and also the recovery timing, the collection timing, sometimes they match and sometimes they don't. And other company also, we have a major property which we are investing in, and the timing to recover is in the future. And therefore, in 2025 or so, we expect ROA to exceed 5%. So we would like to aim for that now. This is a low figure, and whether Kansai Electric Power Company, the parent company, will allow us to do that. But because of us, we are contributing to revitalizing Kansai area. We are able to develop such properties, many of such properties, and also services. Power demand will be stimulated because of that. So we can contribute. So that's how we're thinking. And Tanaka-san, how is it? I think I don't think Ogino-san would like me to speak about this so that next time when there's an opportunity arises, then that time I would like to speak about the free cash flow. I don't think I have the data on hand, so let me. That was negative in the past. I think the figures you cited are the figures. Thank you so much. All right, about the nuclear power plant, just one question about that, about the periodic inspection. So 13 months to the 15 months cycle. So the regulatory authorities try or the challenge, is it try or challenge? Well. Would you like to try? Or would you like to do it even next year? So if there's anything you can comment on that, would you please go ahead? All right, thank you for the question. You did not ask about the nuclear power, so maybe I was a little bit taken by surprise. But there is a regulation in place. From 13, there are three types so that the businesses can choose. In our case, it's 13 months. And for the safety, well, 13 months and 15 months, so two more months. Maybe at the 15 months time, something would break, something that had not broken at 13 months time. But we have the past achievements, and also we are accumulating our data. That for the legislation, I think there is the operation cycle, and then we would like to put the filing, and we are putting together the data so that we can file to the regulatory authorities about this change in the inspection cycle. Yes. So as a company, for about a year or so, I think you had been alluding to this. In the 2030s, mid of the 2030s, maybe about the same kind of utilization rate as the United States. I think that's the kind of expression that you were using. Yes. I think that's the purpose. Is that correct? [Foreign language] Yes. Thank you. My name is Yamazaki from Nomura Securities, and I'd like to ask each one of the three presenters today. Thank you very much for giving me this very precious opportunity to ask questions. First of all, about Optage, and this is a very basic figure, but about the consumer business and the mobile business, and how is it in the big picture. The basic picture for those two firms. Optage, another thing I'd like to ask about is that data center demand is quite high, especially the GPU data center. That would demand very high volume. O n the other hand, as Optage, is that really going to come as the demand? Well, it's kind of a funny question, I might say, but recently in the United States, so it's kind of like an AI bubble. And then in Japan, when I talk with the analysts, CPU data center, yes, that's already in place, but then what half is for the GPU data center? So we don't know whether the data center would be actually full or not. So in that kind of a background, as Optage, do you think this demand is really going to come? So that's a very basic kind of a fundamental kind of a question. So those two questions to Optage. All right, so first, well, maybe I should explain this first upfront, but I think I asked about the analyst, Nabeshima-san, that you don't speak about that, and then maybe the growth percentage, well, can I? I'd like to discuss this, Nabeshima-san. Yes. Okay, thank you, so this really tells the room for growth, so we will not be going into, and the second question is quite a difficult one to answer also, so do you think really the demand is going to come or not? But, well, putting this in perspective, in today's explanation, the core data center that we have is for not AI GPU, and this is rather for the internet traffic customers, so want to connect this. And it's not the AI GPU, but I talked about GPU today, but the competitors of us, so the connectivity, those people who put emphasis on connectivity, but then they are ones that have the GPU that you would increase. And then maybe when you have that on cloud, this is maybe something that is included as AI, so that the data center, maybe you have kind of this type of container type data center. Yes. And another question that you posed, this is something that I cannot answer. So is there a demand? Yes, I think so. There is demand. I have more and more demands. And then I can look at the big perspective and where would be the ending point. This is something that I cannot answer you. Sorry, did that answer your question? So overseas, well, that kind of a trend, that might not come to Japan in mass demand, but you think that you have a certain amount of demand. So maybe it is something different from what is happening overseas. Yes, so we would study, review more about that. And as the real estate and for the real estate business, you talked about the capital recycling, and you said that 50% of the balance sheet, you want to do the capital recycling, and we'd like to increase more of that. But then the more turnover, yes, I can understand about more recycling, but talking about the rest of the rent business, the efficiency of the lease or the rental housing, how do you do that? So are you going to have the cycles, or would you like to sell and get the gain from the purchase? Is the first question. Another question is, so you are having various kinds of development in Yumeshima and Tokyo Metropolitan Area. I was in the real estate business a long time ago, so I think everybody would talk about their dreams. What they want to do. Is it really attainable? Tokyo Metropolitan Area, I don't think I understand very well, but Nakanoshima and Yumeshima, very close to you. Yumeshima, maybe you're going to have a planning, and then are you going to go with that Yumeshima development? Nakanoshima 5, Nakanoshima 6, is that close to your headquarters? Nakanoshima development is a big project, but you can probably tell us more about how you want to do about it. Okay, thank you. As for the rental housing, how do we select? How do we have the efficiency for the rental housing type? The rental housing, well, so in 10-15 years, we would own, and then we would sell after 10-15 years. So it's kind of like a capital gain type. And then we would like to have for the long term. So I think we can classify into those two categories. And for the long-term holding, the location is optimum so that the rents can be increased. And then for the electric power, that Kanden has those kind of assets. So there's the electric power facilities as well. So that even if we sell, the development might not be quite difficult. Those I think we will hold for the long term. And aside from that, for 10-15 years' time, those kind of assets is for the large-scale development. And for those large-scale development, yes, we would sell, and then you get the capital gain. Selling, and are you going to have it for the rental housing? How do we distinguish between the two? It depends on the market condition, the environment. Maybe 50% is the right timing, but, well, I think I will look into it and look at the market conditions very closely in order to make a judgment. Another thing about Nakanoshima development: well, Nakanoshima 5 and 6. We already have residential property plans. There's a lot of idle land. There, we have around 1,600 units of condominium. One for ourselves and the other for Sumitomo Realty and Development. It's a joint effort. It's in the press release. Centering around these two buildings, not just residential, but also Nakanoshima, there will be a new subway station developed. We can develop offices, commercial facilities, centering around the new station. I think this will be the first initiative. In 2031, the station will be opened. And in line with that, we would like to do development. So this is not something that we can do on our own. So collaborating with companies in Kansai, we would like to collaborate to proceed by having partnerships to do the development of the site. Thank you very much. So to say more, this area in Shin-Osaka and Kansai International Airport, it's a connection point. And the new line will be developed. New subway will be developed. So this is a focus of attention, so including railway companies as well. So I think people can talk a lot about this. So whether it's feasible as a business, we would like to take a look as a corporate. And also, nuclear power. So my question is, so you currently have seven units operating in the future. You cannot talk so much about it because it takes like 20 years. And also investment and funding. Maybe somebody else can talk about this, but for existing operating units, how do you improve that? Capacity. So output and cycle, online maintenance. You talked about them today. And by doing all of them, how much capacity can you enhance at maximum? So the maximum would be this much, but not clear. Of course, you can answer that way. So how much expectation do you have? This is what I would like to understand. Basically, the operation factor is 90%, and we are up and down. And this is room for growth, I mentioned. But this 90%, it's not that we are targeting to achieve 90%. The US capacity utilization. This is something that the U.S. has a track record, and they can perform this way, but Japan has regulations, and we need to gain understanding of the local community. Even if we say it's safe, if the residents say they are concerned, we cannot just continue to operate. We cannot operate. It's not that we have a numerical target. We just mentioned that this is something that's achieved overseas safely. How much can we achieve in Japan? Maybe there is a unique way in Japan, and we will consider that. We'd like to take steps to increase capacity utilization rate. Therefore, unfortunately, I don't have any numerical answers that I can give you. Nominal capacity, you will not change either. If we were to change the nominal output, we need to have a facility revamp. So nominal capacity means how much output can be achieved with 100% utilization rate. So maybe steam generation can be enlarged. This time, 26 hours, you have plans of replacing steam generator. So it's the same size. But a power source will become cleaner, and the pipes will increase. But nominal capacity will not change with the replacement. Okay. [Foreign language] Thank you for the explanation. I am Mizuho Securities. My name is Shinya. Thinking about time, maybe I cannot ask questions to all the companies. So I would like to ask questions to Kanden Realty and Development and Nuclear Power. My first question, so based on the flow of the discussion, I would like to start asking about nuclear power generation. So capacity utilization and for new build. So how do you think about the future developments? So in terms of capacity utilization rate, you cannot mention any specific KPIs, but you are paying attention to and referring to the U.S., so that means maybe you are paying attention to capacity utilization rate in the U.S., around 90%. But as was mentioned earlier, you need to comply with the regulation, and also, what may be difficult is that although you have security, how are the response of the community. That might be a bit difficult, so 2030s, aiming for 2030s, what is the most biggest difficulty. Is it the regulation, or do you need to focus more on the understanding by the community? What would be the biggest challenge for you? And also, for the business viability, currently, I'm not sure whether there's discussion ongoing or not. Maybe it's just going back and forth. But from time to time, what becomes open is that for power source development, it's not that it's limited to nuclear power, but there's guarantee or government can spend or provide some subsidies. And when the financing environment improves, on the equity side, we are worried. So low interest rate environment has been prepared, so the return should not be so high. And this is the biggest problem from equity side, equity investors. So from that perspective, what would be the appropriate level of return? Maybe not only that, but debt financing. You wouldn't think that it's acceptable to accept low return if the low rate funding was offered. This is what I would like to confirm. So the first point, so we have to clear the screening. Is it the burden, or is it more difficult to gain understanding of the local residents? I think both are very important. Both are very burdensome, and we need to do our best. So technology-wise, we will accumulate data to demonstrate certain things. We need to gather this and this and this type of data. And if we have been able to gather this data, then we can apply. So this is relatively simple. But security and safety, this is not something you can think quantitatively. We need to be thorough in explaining. Stable and safe plant operation needs to be continued. And we need to have the people trust Kansai Electric Power Company. And this is the priority. And based on that, that we are learning this much, and we have all the data. And therefore, please let us operate. And whether people nod their heads and say yes. So it's very difficult for me to say whether it's easy or difficult. So I think I would like to finish my answer here. And the second question is, well, we are very particular about ROE and also about spread of growth. And if it's not feasible as a business, we will not do it. So you're not feeling the concern that I shared with you. So in dialogue with the government, that should be understood as apprehension in Japan. So it applies to the equity market investors and also lenders, the debt market. So we're only hearing voices to push your back to move forward. Depending on [Foreign language] w hat they're focusing on, what they say may be different, but we are a listed company. We need to face the market, and we have no intention to draw back on this. So in the five years, JPY 1.1 trillion, and then about the capital recycling, JPY 900 billion. It's a JPY 1.1 trillion investment, and then JPY 900 billion, that is for recycling. Is that meaningful? Or JPY 1.1 trillion, but then it's not an add-on, this JPY 900 billion. That's what I wanted to ask. Maybe you might think this is a foolish question, but I'd like to talk to you about that. About the future project on page 11, from page 9, it says that the Kansai projects, but then you would go into the Tokyo Metropolitan Area and also international. This is not going to be a high-risk exposure internationally. I think that's what you wanted to say. Looking from the outside, it seems that the real estate business itself. Why is an electric power company going into this real estate business? Then Kanden is going to Tokyo Metropolitan Area, and moreover, go international. Why is that? This is something that might be of a concern. Going to Tokyo Metropolitan Area, but going overseas, as a track record, are you going to have the same profitability as what you do in the Kansai area? Why do you have that kind of a strength? If you can explain about that, I appreciate that. Lastly, it might be a kind of a funny question, but the Kanden Group, what is your merit of being within the Kanden umbrella? Are you really, for you, necessary to stay within the Kanden umbrella? Because generally speaking, from outside, we might think that it's more advantageous for you to stay under the umbrella. Maybe it might be the opposite. If Mr. Tanaka is too argumentative about that, but why do you think the Kanden Realty and Development would like to stay within the umbrella? People from outside are nodding now, but why is that? But why is it that the Kanden Realty and Development, for you, you think it's more advantageous to stay under the umbrella? But if you want to go independent, please say so. And how do you acknowledge yourself? Okay, so that's my question. All right, first up, about the assets and the investment and the capital recycling. So yes, this is within JPY 900 billion, is within the JPY 1.1 trillion. And about the Tokyo Metropolitan Area and international, what is our strength, you ask? Well, the profitability from that perspective, Tokyo Metropolitan Area or overseas, they have higher profitability. And yes, of course, in Kansai, it's not that we have low profitability, but Tokyo Metropolitan Area, the market is quite big. In that sense, I think that's one of the markets we'd like to go into, and also international. And not taking too big a risk, maybe 10% of the total assets we want to go into international, to go into the less risk, and especially for the housing projects. And the profitability, I think overseas, is higher for us. And the portfolio, as one of the portfolios, that's how we take it. The Kanden Realty and Development, what is the merit you ask of being under the umbrella of KEPCO. Well, if you go overseas, so it's the number two power company. We are the subsidiary of the number one electric power company. So we gain trust by saying that. And real estate, we will need to have a large amount of money in order to go into real estate. In that sense, if you go overseas, we like to have this high credit rating of KEPCO. And that I really felt by myself going overseas. So independence, no, I don't think of being independent. Okay, thank you. And about the Tokyo Metropolitan Area, you said the overseas is 10%, but on page 9, so comparing the Tokyo Metropolitan Area and Kansai, when you do business, the area exposures, Kansai and the Tokyo Metropolitan Area and overseas, if overseas is 10%, what is the Tokyo Metropolitan Area? Well, the new development, maybe half of the new development we want to get from Tokyo Metropolitan Area. That's how we think about it. So now, currently, how much is it, Tokyo Metropolitan Area? Maybe 20%-30%, around 20%, I would say. Okay, thank you very much. [Foreign language] All right. Thank you so much for your explanation. My name is Nishikawa of Daiwa Securities. And from the second question of Shinya-san, this is the exact same question to Optage that Shinya-san had posed for the real estate business. ROA is high for Optage, and you're going to grow so that it's a large-scale company, so that you really don't need to be under the KEPCO, and you can be a listed company, independent listed company. So why is it that Optage is remaining under the umbrella of KEPCO? Okay. As Fukumoto-san said, I think we have a similar explanation. So let's say we're going to the data center, so the power source and location we need to find, and Kanden Realty and Development also, and KEPCO itself. So even though we're in the ICT business, we want to grapple with the data center, so we need to have the basic data and the basic support from the KEPCO group. That is a definite plus. And in listening to our explanation, maybe you understood, but the ICT business is a very broad business. Where we think is winning is the infrastructure-related business. In that sense, we need the synergies and the human resources and the mentality of the KEPCO so that we have a very solid infrastructure so that the customers of ours would be quite comfortable. Then we'll be profitable also, on the other hand. That is the advantage of staying under the KEPCO group. That is how I feel about it. All right, thank you. A related question. CyrusOne, hyperscaler data center that you have. Well, so we have a different vehicle, and you're having it in a separate way. But about the connectivity data center and the hyperscaler data center, is it going to be integrated? No. Or is there a merit in becoming integrated? But from the corporate and first, the hyperscaler data center, when you start. I think you asked the question, are you really going to do it? And then, so Nabeshima-san has explained about that, but the electric power and the ICT and the real estate business, so it's really one large business to find the land for the electric power. Well, we're doing it as a corporate, but we don't know about the future plans. Maybe we can ask the Optage to do that, but the current stage, when we started to go into this. So we really wanted to have those three businesses going together and to have synergies. That's how we see it. So two data centers, maybe it looks similar, but it's very different. So Sonezaki is very close, so it's in the urban area, and there's something in the suburbs. So we have the networks so that we have the customers connected to that. T he hyperscale data center is different in that there is the connectivity with large-scale businesses. Now we are good at, and we are doing the market development. So that's the current stage. Okay, thank you very much. And the second question about Kanden Realty and Development. So I'm not very knowledgeable about the real estate business, but as your company, are you going to grow with the M&A? Is that a viable strategic option? That's one question I have. So in the Kansai area, the existence of your company, that is really the key. But if you think the profitability is higher in the Tokyo Metropolitan Area, but maybe there are medium-sized companies there. So is it really a strategy for you to have an M&A? Or I don't think there's many developers doing M&A, so maybe you think it is more efficient to go it alone. So it's really like asking a very basic question about the real estate business. Thank you for the questions. [Foreign language] I have the intention to say we don't have the intention to do that. Nor it's not clear whether I can say we have the capability sufficiently to do that. Tokyo Metropolitan Area. [Foreign language] So partnering with companies that are strong in these areas might be a shortcut. We haven't been able to fully consider that yet. Thank you. As a developer. [Foreign language] They want to grow. [Foreign language] So as a developer, they want to grow. [Foreign language] They have the intention to grow that way. And in this context. [Foreign language] There's no way that what you mentioned is not an option. So there is such an option. There is such an intention, but as a corporate, we need to think about what will be the what we will be choosing. T hat's why it was a low tone today. T he third question is related to nuclear power. I t might be not common because it might be hard for you to talk about, a nd the successor plant after Mihama, page 14. So depending on the position, some might say you should rush or you should continue stably. R eplacing nuclear power generation. B asic Energy Plan is promoting the rebuilding. B uilding the new next generation plant. I think you're the only company that's talking about it, a nd the primary survey will be completed in 2030. I think people who want to have nuclear power plants will say, you know, you should rush. T here are people who are willing to build new plants and some who are not, a nd if you strike a balance, your approach is the right way. I'm not saying what you're doing is not good. W ould you say that that is your explanation, or would you say that this plan? So this is as much as we can proceed because we have to go through so many processes. Is it the way you will be explaining, or? The survey will take until 2030. What will be the bottleneck, and why is it so long? What is the timeline that you have to go through? What do you have to do? So thank you for the question. It's 2025. A boring survey has started in November and from 2029. So maybe this page would be better to use. 2030, it will be completed. So it's a long plan, as you mentioned. I n resuming the research, we cannot move forward without the understanding from the community. So we explain thoroughly to them. As you mentioned, there are some people who want to have the new plant as soon as possible. There are people who are cautious at the same time. It is true. There are different opinions. That's why we are slow. That's not what we're thinking at all. Boring. We need to drill the ground deep down. The experts will be checking the core. How's the stability and others? This is a very cautious study that's done. It takes some time to do that. Boring. We have to do a boring survey for all of these locations shown here. We will continue with a preliminary survey. Detailed survey will have boring as a part of the survey. We don't know whether that will be enough. We will do boring this time. M aybe we need to do more boring surveys. So now, this is the minimum we need to do, a nd this is the plan we have. W e had gained understanding, and we have started. If you are going to do thorough analysis, it will take this much time. So it's not that we are taking a lot of time because there are cautious views. We want to secure safety and what kind of plant can be built where. We need to evaluate that appropriately t his is the first step, a nd the second step after that will be created. So based on this plan and the results, we will create the next plan. I f we continue this process, it will take some time. It's not that we are taking time intentionally, and we don't need to rush. Fukushima was a very big accident, and we reflect on that. Mihama, a major incident. This is something we should never forget about. We have to be cautious in proceeding with this. It doesn't matter who said what. We'd like to make sure that we secure safety and proceed. Thank you. [Foreign language] My name is Kamichika from SMBC Nikko. I have two questions for our real estate and also information communications. The first, I would like to ask about real estate business. Page 5, you have described your business model. Capital gain, income gain, management fees are described here. And as of now, what is your revenue profit structure? And historically, how have you been growing up until now? If you can share that, and also the current status. This is my first question. And the second is about IT communications. I would like to ask my question here as well. So connectivity data center, what is the business model that you have? I could not fully understand that. What kind of demand are there? Who are the customers? Are you assuming? Where are the business opportunities? How shall we understand that? These are basic questions, but I would like to gain better understanding. [Foreign language] Yes. Looking at the current capital gain, accounts for around half. And income gain is the remaining half. And management fee is around 4% or so. And capital gain, we'd like to increase that to maybe 60% or so. Income gain, 30%. And management fee, 10%. So we'd like to change the makeup. To that way, this is what we're thinking about right now. We need to take a look at the market. And change the ratio. There is a possibility you might change the ratio because of the market changes. [Foreihn language] T hank you for the question. And connectivity data center, I understand it's difficult to understand this business. Customers are telecom carriers, for example, or IX, cloud. Or content. And they have a platform to distribute these contents. So these would be the customers. And these customers usually are rather than being enterprise customers, strong network, high speed. And internet is not created by just one company. Being able to connect with multiple. So these are the wishes of the customers. So these are people in the industry. So data center are people where people like us are working. And it's location and connection fee. That's the business model. Within one data center, for example, optic fiber. Company A and Company B customers connect. And other than that, so in between data centers, we charge fees. The usual data center, it's colocation fee. But connectivity is a connection fee on top of that. I mentioned we'd like to offer everything in an integrated way. We view our customers through data center, and we'd like to gain the telecom line business from many of the customers. [Foreign language] My name is Sei from Kyoto Capital. As similar to Yamazaki-san's question about the power, nuclear power, about the capacity ratio. You're going to have three ways so that how are you going to enhance the capacity utilization rate and about the stability of the capacity utilization rate. This is my question. About the profitability ratio, I think this has an impact on the capacity utilization rate. How can you make it a higher visibility so that you can have high visibility for the profitability from the capacity utilization rate? I think that would give a more kind of a comfort to the investors who are investing in you. [Foreign language] All right. So about the total power, it is, of course, very important to have the stability. And the capacity utilization rate is for the 13-month operation cycle. So we are going to have it to go on to 15 months. And the periodic inspection, we said that we'd like to have the optimized so that every time we were doing the detailed analysis, but then that would be done just once every 2x. And on the right-hand side, this is the very, very simple arithmetic that we can have. So that, yes, by our efforts, I think we can go up to that stage. So getting back to the graph. So this is the part that is dipping. And there are the explanations for the troubles that happen. So, we want to avoid this kind of accidents so that people would be reliable and trustworthy, so that we would be not having this kind of accidents. So, if we have accidents, then people will not trust us. So, that is the most important to have the trustworthiness of operation. And about the unit 3 of Takahama, and we said that we had changed the steam generator, but then we'll be having more power. But when we are in the middle of replacing the generator, so maybe the capacity utilization is dipping lower because of the replacement. But unit 3 of Takahama, because of the periodic inspection, and then because of the replacement, then one month or two months, we'd like to extend the period for the inspection. But then we'll be doing away with that. So if we have a very long inspection, then we can be doing away with the instability of the inspection so that we can have the capacity utilization in a more stable manner, not have this big dip in the capacity utilization. Yes, we'll be ensuring the safety and doing the long-term so that we would raise the base for the long-term. And we want to keep the constant kind of operation usage. And in the future, in order to have this capacity operation, then we might need to have a longer periodic inspection. So we want to have this kind of long-term visibility. And then I think about which way we should go in discussion with the corporate to decide how we are going to go about it. Okay, thank you. [Foreign language] M y name is Shiota, from EY Strategy and Consulting, t wo things. I n your case, so you are having the residential housing. So that is different from the other big players, I think. But in the Kyushu Electric, maybe they have the logistics and the transportation. Maybe that's the investment that the Kyushu Electric is making. But what is the merit from going into the residential housing? Is there any advantages from focusing on that? But if you're going to have the real estate enlarged, so B2B business or the logistics, are you going to enlarge that, expand that to the logistics? Or is it really that you'll be just focusing on the residential housing? And is that really the way to go, your presence in the market? Which is it? Okay. So I'll start with the ICT. Thank you for your question. About the data center business, so the return, how do we get the return from the data center business? I think that is exactly how you said, so connectivity, it's not just leasing out, renting out, but within the data center, we will be selling the data center connectivity lines, and the network outside the data center, we are going to do as an integrated business. In that sense, it's not just an urban kind of data center, but it is easier for us to get adequate returns. That's how I acknowledge this, but on the other hand, if we want to have the lines, the customers, we have to have the customers in order to get the line connectivity, so when we go on a marketing expedition and we go to the conference overseas, and then we talk to the carriers overseas and talk business with those people. When we do that, the data center location and the lines that we connect, people would ask us to have it in an integrated way. So, not just cherry-pick, but we have the data center and have the customers there so that we can have the business of selling connectivity as well, not just the data center. Okay, thank you for the question about the real estate business. We are focusing on the residential housing. Yes, I should say we have more in the residential housing business. That is to say, the residential housing architecture cost is going up so that it is easier to go into the residential housing as an asset. That's why we select that. The logistics, well, also has a plan. There are ones that we had already sold. And the logistics and the office, yes, we did develop office buildings. So just based on the timing, what is the most profitable, that is how we choose. I hope that answers your question. Thank you very much for your explanation. [Foreign language] My name is Sei from Asset Management, Elliott Advisors. And it's a simple question that I want to pose on you. So about the merit of being within the umbrella of Kepco and the ICT within Optage. So how are we going to construct a portfolio is the one way to think about it. And that's one important point that you should think about. And then you are going to have the growth investment. So that you want to have the data center or you want to have the connectivity in the ICT. So those are the main areas. It's not that the consumer side of mineo are not much talked about. But are you going to have the CapEx? And then to have the mineo that's a stable growth, are you going to sell that and then use that money in order to put the funds into the more high growth area? That's one way of thinking. So what are you saying within the company, debating within the company about how to use the funds? Thank you for the question. So what should the portfolio be? Consumer, corporate? We'd like to strike a balance between the two. And in the latter part of my presentation, as corporate business, I talked about that. Maybe it sounded like consumer business will not grow. That is not the case. Out of 300 consumer or existing business, we would like to continue to grow. There's room for us to grow here as well, mineo, so I rushed to talk about this. Maybe that was not right. We'd like to make new investments to be able to offer services similar to large players. T hat is the case for mineo and for eo. We'd like to grow by shifting customers to higher-price services. Sorry if I couldn't explain that well, a nd eo, it will grow. Y ou are asking whether we will sell it. Maybe I should have explained this more. Our strength is that consumer business, we have optic fiber in consumer business. B ecause we have optic fibers, we have been able to capture high demand, a nd because of that, on the corporate side, we will be able to develop lines economically. S elling a part of the consumer business will be giving away our strength. We'd like to maintain the retail business, consumer business, a nd it's not that they will not grow anymore. Consumers, we expect that there's room for us to grow further. T hat is what we are discussing internally. Maybe I gave a wrong impression, but we'd like to grow both the consumer side and corporate side. Next, I'd like to ask about real estate presentation material, page 9 and page 7, asset recycling track record. So if I compare the numbers in the past six years, JPY 90 billion of asset recycling has been done. G oing forward, it will be JPY 180 billion or so. D isposal will double in a year based on simple calculation. Is that the right way to understand? Also, page 9, JPY 100 billion, this is the asset recycling amount. Is this based on book value or market value? Also this investment amount, there is JPY 1.1 trillion. Against that, asset recycling is JPY 900 billion. If it's book value in the real estate business, you will be circulating the fund within your company, within the real estate business. How are you thinking about this? Thank you for the question. Disposal will double, and that's exactly what will happen. We're planning. We have already acquired some land. If we sell, we have some projects. If we sell them and dispose of them, it will be close to this amount. What we're assuming right now is until 2030, 80%. We have the assets visible. For the remainder, we will be acquiring. Whether it's book value or market value, this is market value. There could be additional investments. Therefore, your assets will increase. Yes, that's right. Thank you. Also, page 7, left side, there is a chart. So total asset is increasing, but AUM has not increased on par with the growth of total asset management market. Thinking about these markets, it might be difficult to do the acquisition now, or is it the reason? R ight now, currently, you want to increase this to 10%. D o you need to grow this much more going forward? W hat kind of measures would you take? Would you establish a new REIT? [Foreign language] We don't have any plans to create a new REIT as of now. We'd like to recycle these assets utilizing REIT as much as possible. I f we increase the assets to recycle, it will be generated as a fee to the REIT. And thinking about that, we are thinking about increasing this ratio to 10%. [Foreign language] It doesn't look like it's increasing. [Foreign language] So if you try to maintain it, you need to acquire, and you need to recycle. Otherwise, it's not difficult to maintain. So this has been maintained, which means this demonstrates that there has been a recycling of assets. So that's what I wanted to show the investors today. [Foreign language] I see. So if it's not sufficient, we take that as your feedback. Well, thank you. I have another question about real estate. Going forward, you will double the disposal going forward, an d against that ROA, does it look like it will increase significantly? For new investment, growing might be low. Is this the right way to look at it? And also, right now, the competition is very severe for real estate. L arge developers are saying they cannot increase the condominium sales anymore. But your answer was you will continue to make efforts in the condominiums. Is the market in Osaka different? Or is your business different compared to other developers? Where is the gap coming from? Why do you believe that you can grow? Other companies are saying it's very difficult to grow in the condominium market. [Foreign language] So as for the disposal increase, we have projects that we have acquired, and we will dispose of them. And that's how we want to increase the disposal of assets. As you mentioned, it is a very difficult environment, and it will not be easy for us to acquire land and other companies. There are ways to hold rather than divest. And we would like to increase the recycling of assets. But we need to take into consideration the market situation. Therefore, the ratio to hold, we would like to monitor the situation closely. I hope this answered your question. Well, thank you. Other companies, [Foreign language] it's difficult for them to grow going forward, but against that, construction cost is rising, and therefore they'd like to focus more on recycling of offices. Some companies are talking about that, but for you, not only condominium sales, but for other properties, would you be proactive in disposing after acquiring, so would it be a business model of the condominium business? [Foreign language] N ot only condominiums, but rental residences as well as offices, we would like to develop them and dispose of them, so recycling of assets is what we are assuming. As for condominium sales, Kansai area, it's the first time in 52 years that population has been increasing last year, and looking at Japan overall, a compact city concept will advance in major cities. We do believe that the demand will continue for a while for major cities. T herefore, condominiums, we will continue to plan for condominium projects. In such a case, location, we need to have good locations close to stations or in central city. We will be targeting to acquire such land. [Foreign language] Thank you so much, a nd about the real estate, there is another question I'd like to ask you about. And you had said that within the Kanden Group, there is an advantage to be within the umbrella. A s a group, Kanden, so PBR is like 10 x, and PBR is like 15 x for the real estate developers. So if you want to have a new equity, probably going outside is from the valuation more advantageous. But what do you think in this respect? So about the real estate, what do you think about that? In terms of valuations, might be more advantageous to raise capital outside the group. [Foreign language] Well, I don't think we think of going outside to raise capital for the time being. So you say for the time being. [Foreign language] Okay, thank you and lastly, one question. So about the nuclear power, I'd like to ask one question. About the power of. You're going to have more and the stability increase. So it's like an equity story of KEPCO. I think it's a very exciting equity story of KEPCO. I'd like to be very straight about that. But how much can we expect? How much can we really expect? In what kind of a time span to realize this kind of a story? So what kind of output are you going to get? I think that was a no comment from you about how much output. So about the expectation, how highly expectant can we be about this? [Foreign language] Yes, so I think it's going to be the same answer as I said last time around, but it's exciting. So do you think that you're commenting us by saying exciting, or are you saying that nuclear power, you should be really, really cautious in order to progress about it? Because otherwise, it's going to be very, very difficult. So that we have to be very, very cautious in developing with it. So the right blue letters I had explained so that we'd be very cautious about it. And then now, so it's until what time? Well, I cannot say, and it's something that it's very difficult for us to go into. So we cannot say that, well, we'll be getting the stability and trustworthiness and to improve the business. Yes, to improve the business as well. Okay, and please support us in this respect. Thank you. We ask for your kind understanding and support. All right. And maybe one thing that I want to tell you about on page 7, the real estate page 7. I'd like to confirm whether your understanding is correct about it, about the condominium sales. Your question was about the condominium sales. I was a little taken aback because, well, this is not everything here is condominium sales. If you had understood that this is all condominium sales, no, that is not the case. Because we have a very short cycle of our sales. So the rental housing, yes. So we hold that kind of a rental asset, having in mind to sell it at a very short-term interval. So I just wanted to confirm with you that this is not all condominium sales. But we do have the rental assets with very short term. [Foreign language] T hank you very much for this very precious opportunity. My name is Yokoyama from Nomura Asset Management. I'd like to ask about the real estate and also Optage. I want to ask a question each about Optage and the real estate. So first of all, about the real estate connectivity data center and the group synergy, as you have been saying. The hyperscale data center, so CyrusOne and connectivity data center is from Optage. So that's a distinction you have within your group. So on page 6, the group synergy that you have on page 6, as a data center, this is especially for the hyperscale data centers, I think, but the alliance in hyperscale data center business. But on the other hand, you had said about the ICT that the data center, the visitation segment is growing. Until 2035, it's going to be a segment that is going to grow significantly. The connectivity data center synergy, I think then for the KEPCO and Kanden Realty development, I think it's a very big business. That kind of thinking I want to ask you about. Another question is about Optage and the business solutions business that you have, but the competitive advantage that you have. On page 6 of your material, on the right-hand side graph, the competitive advantage and the network of Optage and the NTT network, you said it's half and half. But then so you have the more trustworthy connectivity would come to you. I think that was your explanation. About NTT and you, that distinction of network at the. How do you distinguish that network between the two NTT and yourself? [Foreign language] Okay. About the connectivity. It's not something that is in a project, but well, we are coordinating in all senses. So this is within the Osaka City, and we need to have the land within the Osaka City. So there has been several proposals, but it's not something that we had already put into a project. But until now, for example, the land information we have, and then so it's not in a project so that we don't have any clear picture about it. But yes, we do coordinate with the real estate. But about the entity, it's not that the carrier diversity. The carrier diversity is that I think it's the same for the financial institutions, but you have the high trustworthiness. So for those with the high trustworthiness, you want to have the different route and a backup route. So, let's say that there is a you might fall, both of you together if there is some kind of a crisis. So the kind of a logistics physical network and the cut route is one route is entity, and the other route is Optage. Yeah. So it's not that we are more trustworthy or not. But in order to have a higher trustworthiness, they would come to us to have one route with us and the other route with the entity. Maybe I did not explain in the right way, but yeah, I just want to add it. [Foreign language] Excuse me for my lack of understanding. Thank you for the explanation. And as for the first question that I posed, so that you are collaborating with each other, although it doesn't appear on the surface. About the asset recycling and on the left-hand side, that's a growth strategy that you have, the hyperscale data center, and that you're going to put more investments, so that is the Kanden Realty and Development. I think, are you going to have the capital recycling? Is that the correct understanding? Yes, that's the correct understanding. Yes, thank you so much. [Foreign language] All right, so thank you and from the people in the room, that's it from you, but for those who are connected online, if there's anybody who would like to ask a question, would you raise your hand or can you push the button? I don't have any question from those who are connected online, but if there's anybody who would like to pose a question, yes, please press the button or raise your hand to ask a question. Please use your raise hand button to let us know. Anybody? All right. If we don't have no, from Resona. Yes, Mr. Lomo, from Resona. Yes, would you unmute yourself and pose your question? [Foreign language] Can you hear me? [Foreign language] I have one question. [Foreign language] IT and communications. [Foreign language] You have JV with CyrusOne. [Foreign language] Generative AI learning data center, who are the customer segments that you are targeting? I think there are differences in customers, who would be your c ustomers? And [Foreign language] Is a global service, cloud service provide, and i s Japanese environment, LLM, it'd be the companies or would it be for municipalities? W hat are the different segments of customers? And along with that, so it's next to the nuclear power generation. H ow is the possibility of building data centers next to nuclear power plants? So I think there would be concentration of users in Kansai. Would that be assuming the penetration of eo from Optage? And if that's the case, increasing power demand can be expected. And your investment in the electric power system would that be needed going forward? [Foreign language] Thank you for the question. The first question is about CyrusOne and JV, container-type data center, the difference in customers. So you are right in the different customer segments. But before that, time is needed. For a large data center, customers cannot wait till a large data center is completed. So there's difference in need of speed. Like they urgently need data center. There's a difference. And large business would choose a hyperscale data center and our target. It'd be one company who wants to use one or two GPU exclusively, not share with others. So we do believe that there are such customers. That is a hypothesis we have to develop this business. And how much would this increase? So we create one data center next to the nuclear power. And we want to have POC. So not such a big business, but GPU [Foreign language] Want to use GPU exclusively, we would like to take a look at such customers. It's not that we have made a decision to build a second building right away. We'd like to improve the resolution of the customers. And we would like to consider how much we can increase this business. And eo. When we connect eo data center, would it contribute to controlling energy? I think that is what is upheld. But distributing electricity and connecting by eo, can we reduce the consumption of power we don't have experience yet? [Foreign language] That really work that way. I cannot say anything clear about this at this stage. Okay, understood. And what you just mentioned is that power demand. So your CapEx, how much can you reduce your CapEx with eo? [Foreign language] E stablishing data center in the regional areas. And it's next to the nuclear power generation facility. And you are connecting the regional areas through system and telecommunications network is easier to build. And how much can you reduce the investment that you need to make in power grid? You're asking about Kansai Electric Power Company? Yes, right. You're talking about transmission and distribution? Yes. Compared to making investments in a power grid, it is cheaper investment, lower investment for communication line. But whether everything will go well or not, we are still considering with other companies. About the feasibility of this, I would like to refrain from giving any specific answers at this moment right now. Okay, understood. Thank you very much. There's one more question. Andrew-san from Qatar Investment Authority. The question will be translated into Japanese. Andrew-san, please. Great, thank you very much for your time. I've got two questions relating to nuclear power. Firstly, you mentioned that the returns on offer, whether it's for debt or equity investors, are not attractive, but is there a threshold at which you would become interested in expanding your capacity? And has the regulator or the government extended any compromises or concessions when it comes to either adapting the current mechanism and the long-term decarbonization auction or other mechanism? And then secondly, the surveys that you're carrying out at Mihama for a potential new plant, does that mean you're wedded to just one technology, or do you still have flexibility to go down the route of SMRs or AMRs or different things? Thanks. [Foreign language] Thank you for the question, Andrew. [Foreign language] P lease understand that I don't have the answer to your question, but I will say something. But please understand that I don't have a very clear answer as of now. So how much government will be compromising? [Foreign language] Don't have anything I can say clearly about at this moment. So now The development of nuclear facility could it be done sufficiently with auction system? It's not sufficient, I'm sure Andrew-san, you understand, but you're asking. But this is as much as I can say. I apologize. [Foreign language] T he second question also. So as for the Mihama successor. Are you waiting for a new technology? That was the question. As for the successor to Mihama. Which type of reactor? We have not decided yet. We would like to start with whatever we can. So we have started local sites. So preliminary survey has started. And what kind of a plant will be created? PWR, Mitsubishi. We have been developing together with Mitsubishi SRZ-1200. I f you are to build that one. Whether that will fit the current regulation or not, that is currently being discussed with the regulatory authority right now. I f you are to build that right now. It's not that we need to wait for the new technology to emerge, I n order to rework the current power station so that we have the size here, but we need to have the pump and the power source and to have the diversity. So one thing goes broken and then we have another to back it up, t hat kind of a diversity. T hen for the new plant, so SRZ-1200, if we have that, then we have two ways so that the very important equipment, we have two, so that we are going to have three of those very important equipments. W hen we have a very serious accident, we want to have another one, s o four to start with. That I don't know whether you can call that innovative or not, but in order to have more enhanced safety, yes, to have this more safety-enhanced plant. That's the way of thinking we have now. And in that sense, the core catcher, that is a Mitsubishi SRZ-1200, if you look at that brochure, there is that, but within that, there's this cannot be when the core goes melting and you have the liquid cooling. I f you, a nd that is in Europe, that is already adapted to have that kind of a cooling. So is that innovative? Yes, that's innovative in Japan, but well, so as an answer, so it's not that we are waiting for particular technology to be developed. We're not waiting for a particular technology, but looking at the precedents in the world, so we want to do something that we have very much confidence about so that we have experience so that we have the safety in class. S tep by step, we want to decide, review, and so SRZ-1200 is at the base, and we talk with the regulatory authorities, and we communicate with them to come to a decision so that in coming up with the next generation. Well, we have not solidly decided that we are going to have the next generation plant, but we want to go step by step forward. But as I think I have explained, but to have a stable, high-capacity power source, to have this in a sustainable manner, this we would like to solve. Yes, thank you for the question. Okay, there's no other question. So just to recap, just to be clear, so you are in a position to move forward with an advanced Japanese technology, but the current return that is on offer is not satisfactory. [Foreign language] Yes, not just the return, but as of now, we don't think that we don't have the predictivity for the investment. So we don't have any kind of predictability for making that kind of investment. That is my answer. Great, thank you very much. [Foreign language] [Foreign language] All right, so from the Zoom, I think we have finished all the questions from those people who are participating online from Zoom. All right, so thank you for all the questions, and I think we have gone overboard the question time that was allotted. So as such, we like to conclude the entire Kanden Investor Day program. Thank you so very much for joining us today. It was our first initiative on our part, so that maybe you were a little bit confused to proceed with this, but well, including the way to proceed, so please take it as an opportunity to look at our business. So including the procedures, so please give us the information comments back to us. For those of you who are on Zoom, thank you so much for staying until the very end, and by email or any other communication, well, the contents of today's talk and also about the procedures of how to proceed with this kind of event on the investor day, we would like to share this on the board of directors, and we'd like to discuss about your feedback, and next time around, what kind of a plan should we come up with? We will be using what we hear from you today, and especially on a daily basis, we'd like to take the best use of what we hear from you today. So thank you so much for taking time to join us today.