Hitomaro Yano: I don’t know how to express it like DAIKYOs condominium, sales of condominium or whether you would regard that to be a gain on investment, because after all, like aircraft, like in the case of JOL, we do sell to Japanese investors as well as fund and we regard that to be our ordinary businesses and that is recovering for sure. In the case of aircraft leasing, of course, rates are recovering and also we are selling some of the aircraft as well and the fees are increasing as well. So those are improving. On the other hand ships, gain on sales of ships may perhaps, may perhaps be generated bit by bit in this year as well as in the next. So JOL sales, you would not like to describe it to be gain on sales, but those are included as well, may I take it. Yes.
Natsumu Tsujino: Okay, thank you very much.
Operator: Thank you very much. JPMorgan Stanley Securities, Otsuka-san, please.
Wataru Otsuka: Yes, thank you. JPMorgan, Otsuka speaking. Page 5, reopening update until recently is shown. For the midterm information previously, the segment profit for the full year was JPY60 billion for the fiscal year ending March 2025. And so what is the confidence? Do you think is the progress steady and as expected, even if it’s a qualitative assessment, if you could share that with us that would be great?
Hitomaro Yano: Yes. We want to recover to this level by fiscal year ending March 2025 and we did have our concerns. But in this fiscal year, the recovery started at a faster pace than we expected, although it’s not sufficient yet. And for next year, we believe that the number will be a little bit better than what we announced last May. And hopefully, in two years’ time, we can achieve JPY60 billion or even higher, if possible. So the speed of recovery is a little bit faster than we had originally anticipated.
Wataru Otsuka: Concession and the Aircraft and Ships both?
Hitomaro Yano: Yes that’s correct and the Hotels and Inns as well.
Wataru Otsuka: I see.
Hitomaro Yano: Hotels and Inns unfortunately, the ratio against the total profit is relatively small. So that recovery will not contribute to a great extent, but this is domestic and this is something that we can see firsthand that there is a recovery happening.
Wataru Otsuka: Understand, thank you.
Operator: Thank you. So the next is from Morgan Stanley MUFG Securities, Nagasaka-san, please.
Mia Nagasaka: Hello, this is Morgan Stanley MUFG Securities, Nagasaka is my name. Thank you very much for this opportunity. On Page 32, Asia as well as Australia, I would like to ask some questions. And as a result of reopening, I know that the new execution is underway in Asia and in the first half, considering risk, I thought that you are not executing new investment. But in which area of Asia are you engaging yourself in new businesses and also the outlook going forward? And also, if you were to exclude gains on investments, if you could be so kind enough to share as your look as well in Asia?
Hitomaro Yano: Asia, Korea, in fact, has been pretty steady. So we have been increasing our asset in Korea. On the asset base, rather, we did reduce it dramatically because you see €“ unless you see €“ you carry through new investment, it would continue to decline in any case. So we were refraining from making new investments. But like Indonesia and other areas, but we are now back in then. In other words, we are increasing the new investment. So in which area, more specifically those kind of countries that I have just mentioned. So as for ourselves, in the Asian region, we want to make sure that we would continue to base ourselves on leasing and increase profit thereby. But of course, we are making investment as well in China, Greater China, I mean, not just Mainland China, but we are making some investments.
