Summary of the First Half of FY2014 and Management Strategy

Further reinforcing the business platform in the core Japanese market

  • We are also making continued efforts to improve profitability and operational efficiency.
  • Consolidated operating margin in the first half of 2014 declined from the previous period. As Mr.Nakamoto explained earlier, this was largely affected by the accounting treatment of earn-out valuation estimates
  • In addition, as we have explained before, we are also making upfront investments at our global business on reinforcing our functional infrastructure, partly through shared services, to improve our efficiency.
  • This investment will peak this fiscal year and will start to have a positive impact on the margins of our global business in and after our 2015 fiscal year.
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