Kenichi Hori: Thank you for the question. For the first question on Slide 10, on the left the existing business, improving efficiency and turnarounds, the strengthening existing business and improving efficiency and turnarounds, the progress that we have made, so as you said, to explain on a quantitative basis is, maybe integrated. We explained this on a quarterly basis. If we explain on a full-year basis, then the accuracy maybe better. But as we completed the first half as far as we can say, for example in the retail and the food there is a Ventura in the U.S., and if you look at the existing business in the most recent performance, the business has been strengthened certainly. But aside from the core business, whether the profit can be sustained in the future, whether you can come up with actual profits in the future.
So we have part of the business sold. So the remaining business is more certain to continue to have sustainable profit. So the investee companies within our group as associate companies and including business restructuring is easier to understand. But the trading business that we do as a parent company basis, the coffee, you reduce the management resources to increase return. So you reduce risks and increase the return. So that’s what we are seeing in this fiscal year. So there’s ingenuity in the business field. And so this is going to be one of the steady factors to achieve JPY110 billion. But to what extent it is certain. Our progress has been made. We, at the end of the fiscal year, it would be better to share the information at that point because of bureaucracy.
But in healthcare, in IHH, aside from the core business, the educational business is also part of the – but that has been sold out. And if you look at the whole IHH business, the business foundation as a whole has been more organized. This is one of the investee companies, but that’s what has happened. And dividend income from IHH is expected to increase because of that. So these are one of the fundamental projects, which is part of one of the examples of JPY110 billion in worth of improvement on a full-year basis. And as for mobility business, the existing business strengthening is what we are doing. And in the Medium-Term Management Plan announcement, we have shared with you the business cluster strategy was shown for mobility and in the peripheral businesses of what we do.
That is what is happening as part of the progress. So we like to make steady progress in these fields. So after six months, if you ask me if I’m satisfied, well, there has been a certain progress made, that’s for sure. But there are several more initiatives that has already been agreed internally to be executed. And so we’d like to execute them steadily. And on the interval that I just mentioned, we like to keep you posted on the progress. And as for the second question, for the shareholder return policy, throughout the MTMP period, the philosophy has not going to be changed. So on the core cash, operating cash flow is 37%, is going to be achieved, and that should be achieved in the span of three years, and that is the basic. And sometimes we use share buyback or we produce a dividend study, and hopefully, we’d like to increase the dividend.
So that’s the combination that we have in mind. And whether dividend is decided based on the past performance or with a forward-looking perspective, well, the progress toward a cash flow increase in the Medium-Term Management Plan, that is what we are looking at. And also, JPY60 billion contribution with the new projects on the right. There’s many projects that have immediate profit contribution. So by accumulating those, how much we can achieve throughout the span of the Medium-Term Management Plan is what we are looking at. So the minimum dividend could be increased to increase dividend, whether we have the actual foundation to be able to do that. That is what we’re looking at before we make announcements on the potential dividend. And both investment and asset recycling projects, there are numerous.
