本田技研 (HMC) 2024 Q4 法說會逐字稿

Thank you so much for taking time to join us here today. And I'd like to begin Honda FY '24 financial results press conference. First, the exitecutive in attendance today are Toshihiro Mibe, Director President and Representative Executive Officer. Hi, Mibe, and thank you very much. Shinji Aoyama, Director, Executive Vice President, Representative Executive Officer. Aoyama, thank you. Eiji Fujimura, Managing Executive Officer and CFO. And Fujimura, thank you very much. First, Mr. Mibe will give a summary of the results, followed by Mr. Aoyama who'll present the FY '24 results and FY '25 forecast and shareholder returns. Mr. Mibe, please.

非常感謝您今天抽出時間來參加我們的活動。我想開始本田 24 財年財務業績新聞發布會。首先，今天出席的執行長是董事總經理兼代表執行長三部敏博。你好，米貝，非常感謝你。青山真司，董事、執行副總裁、代表執行董事。青山，謝謝你。藤村英二 (Eiji Fujimura)，常務執行長兼財務長。還有藤村，非常感謝你。首先，Mibe 先生將總結業績，隨後 Aoyama 先生將介紹 24 財年業績以及 25 財年預測和股東回報。米貝先生，有請。

Once again, good afternoon. I'm Mibe. I'd like to first thank all of you for taking time today and providing generous support to Honda's business. As a mobility company, Handa Pilot its value proposition of 0 environmental impact and absolute safety through the social values of environment and safety, we aim to realize our vision of future mobility and an attractive mobility society. This will enable us to manifest a new corporate path of growth. We see for continuing understanding and support us Honda's initiatives. I would now like to review our FY '24 financial results and explain our forecast for FY '25. FY '24 operating profit was a historical high, JPY 1,381.9 billion. Operating profit margin was 6.8%. In FY '25, we will steadily dedicate resources to electrification and aim for operating profit of JPY 1.420 billion, operating profit margin of 7%, 1 year ahead of our original plan. FY '24, cash flows from operating activities, the source for future investment, excluding R&D expenses was roughly JPY 3 trillion, up JPY 1 trillion year-on-year. We have the foundation to support future investment for growth. Shareholder returns is regarded as our top priority management issue. FY '24 dividend was JPY 68, up JPY 28 year-on-year. In FY '25, we will acquire a record high JPY 300 billion of the company's shares and realized a stable, continuous dividend policy.

再次，下午好。我是米貝。我首先要感謝大家今天抽出寶貴時間為本田業務提供慷慨支持。作為一家旅遊公司，Handa Pilot 透過環境和安全的社會價值觀，提出零環境影響和絕對安全的價值主張，旨在實現我們對未來出行和有吸引力的出行社會的願景。這將使我們能夠展現出一條新的企業發展道路。我們希望繼續理解並支持本田的舉措。我現在想回顧一下我們 24 財年的財務業績，並解釋我們對 25 財年的預測。 24 財年營業利潤創歷史新高，達 13,819 億日圓。營業利益率為6.8%。 25財年，我們將穩定向電氣化投入資源，目標是實現營業利潤14.2億日元，營業利潤率7%，比原計劃提前一年。 24財年，未來投資來源－營運活動現金流量（不含研發費用）約3兆日圓，較去年增加1兆日圓。我們有基礎來支持未來的成長投資。股東回報被視為我們最優先考慮的管理問題。 24財年股利為68日圓，年增28日圓。 25財年，我們將收購創紀錄的3,000億日圓的公司股票，並實現穩定、持續的股利政策。

Next, I will review the initiatives we have taken towards establishing earnings base. Motorcycle business, in addition to our dominant position in Asia, we have expanded large motorcycle sales in advanced nations and expanded product lineup in South America to further strengthen our business structure and build a well-balanced global income structure. Regarding automobile business where profitability was an issue. We increased commonality ratio of car models such as CR-V, Civic and Accord, reduced hybrid system costs and enhanced product appeal to steadily improve our business structure. We will further evolve performance and cost of a hybrid system, targeting the second half of this decade. Next, initiatives for enhancing corporate value. Accurately, the PBR remains less than onefold, we believe there are 3 reasons as shown. To address this, we will optimize capital through proactive shareholders returns, build and maintain earning base and work out granuality of electrification strategy. As for FY '25, we will acquire JPY 300 billion of our company shares and aim for an operating profit margin of 7%. The details of our electrification strategy and capital allocation will be explained at the 2024 Honda business briefing on May 16. And through these initiatives and continuing dialogue with stakeholders will aim for an early achievement of our more than 1 PBR. Next, Mr. Aoyama will present the details of our financial results.

接下來，我將回顧我們為建立獲利基礎所採取的措施。摩托車業務方面，除了在亞洲佔據主導地位外，我們還在已開發國家擴大了大型摩托車銷售，並擴大了南美的產品陣容，以進一步強化我們的業務結構，構建均衡的全球收入結構。對於汽車業務來說，獲利能力是一個問題。提高CR-V、思域、雅閣等車型通用率，降低混合動力系統成本，增強產品吸引力，業務結構穩定優化。我們將進一步改進混合系統的性能和成本，目標是本十年的後半段。其次，提升企業價值的措施。準確地說，PBR 仍然低於單一，我們認為有 3 個原因，如圖所示。為了解決這個問題，我們將透過積極的股東回報來優化資本，建立和維持獲利基礎，並制定電氣化策略的粒度。 25財年，我們將收購3,000億日圓的公司股票，目標營業利益率為7%。我們的電氣化策略和資本配置的細節將在 5 月 16 日舉行的 2024 年本田業務簡報中進行解釋。接下來，青山先生將詳細介紹我們的財務表現。

So let me explain about the actual results of FY 2024 followed by FY 2025 outlook and shareholders' returns. With regard to the updates of the main markets of total bills, the market declined in China, but increase in the United States due to the stable demand has led to the overall sales exceeding last year. Commodore businesses, the market Vietnam declined because of the on going slowdown. However, the unit sales increased in India and Brazil due to the solid demand contributing to the Opel market almost or similar to last year. Regarding Honda's group's rated sales of motorcycles, mainly due to equipment units in Europe as compared to last year, we achieved 18.819 (inaudible) sales with the units sold mainly due to decrease in North America. And for our product urgencies, we achieved 3.81 million units due to this decline in North America. This is the summary of the consolidated financial results. Also on the digital oil unit sales, thanks to the improvements of the model profitability, we achieved the operating profit of JPY 1.3819 trillion, up by JPY 601.2 billion. We accomplished the highest ever results in operating profits, profit before income taxes and profit for the year 2024 to other of the parent.

因此，讓我解釋一下 2024 財年的實際業績，然後是 2025 財年的展望和股東回報。從主要市場總帳單更新來看，中國市場下降，但美國市場因需求穩定而增加，導致整體銷售超過去年。準將企業，越南市場因經濟持續放緩而下滑。然而，由於歐寶市場的強勁需求，印度和巴西的銷售量有所成長，與去年幾乎或相似。關於本田集團摩托車的額定銷量，主要是由於歐洲的設備銷量與去年相比，我們實現了 18.819（聽不清楚）銷量，主要是由於北美的銷量下降。對於我們的產品緊迫性，由於北美地區的下降，我們的銷售量達到了 381 萬台。這是合併財務表現的摘要。同樣在數位石油單位銷售方面，得益於模型盈利能力的改善，我們實現了營業利潤1.3819兆日元，增加了6012億日元。我們在營業利潤、所得稅前利潤和 2024 年母公司其他利潤方面實現了歷史最高業績。

ROIC was 9.5% and ROE, 9.2%. Let me explain factors of ups and downs of profits as compared to the last year. There were some impacts by inflation and so on. However, due to the effective price game that reflects the improved commercial value of the products and incremental auto bill unit sales. We achieved JPY 1.31 trillion, operating profit up JPY 601.2 billion year-on-year. Profit before income taxes was JPY 1.64233 trillion, up by JPY 762.8 billion year-on-year. Regarding operating profit by business segment. Motorcycle business is JPY 556.2 billion, the highest ever result. Automobile business is JPY 560.6 billion. Financial services business JPY 273.9 billion. And for power products and other businesses, it was a negative JPY 8.8 billion. Free cash flow of our business companies, excluding financial businesses, was JPY 1.4609 trillion with JPY 3.7616 trillion of net cash balance at the end of the period. And next, let me explain financial forecast of FY 2025 on consolidated basis. Regarding our expected sales of Honda Group comparing to the last year for motorcycles, we expect 19.8 million units, reflecting the growth in main in Asia, 4.12 billion units of auto mobile is expected reflecting the equipment is mainly Japan and North America. And for Power Products, we expect 3.66 million units, reflecting the decline mainly unit sales volume on a consolidated basis will increase in motorcycle and automobile businesses.

投資資本回報率 (ROIC) 為 9.5%，淨資產收益率 (ROE) 為 9.2%。我來解釋一下利潤與前一年相比增減的因素。還有一些受通貨膨脹等影響。然而，由於有效的價格博弈，體現了產品商業價值的提高和汽車帳單單位銷售的增量。實現1.31兆日圓，營業利潤年增6012億日圓。所得稅前利潤為16423.3億日元，年增7628億日元。關於各業務部門的營業利潤。摩托車業務為5562億日元，創歷史新高。汽車業務為5606億日圓。金融服務業務2,739億日圓。而電力產品及其他業務則為負88億日圓。本公司除金融業務外的自由現金流為1.4609兆日元，期末淨現金餘額為3.7616兆日圓。接下來，讓我解釋一下2025財年合併財務預測。關於本田集團與去年摩托車銷量的預期相比，我們預計銷量為 1,980 萬輛，反映主要在亞洲增長；預計汽車銷量為 41.2 億輛，反映設備主要在日本和北美。對於動力產品，我們預計銷量為 366 萬輛，主要反映摩托車和汽車業務綜合銷量的下降將增加。

Moving on to the outlook of the consolidate the financial results of FY 2025, operating profit will be JPY 1.42 trillion with the operating profit ratio of 7%. And the profit for the year attributable to orders of the bond will be JPY 1 trillion. Foreign exchange assumption is set for JPY 140 for dollar throughout the year. Factors behind those profit before income taxes forecast as follows. R&D and other expenses will increase. However, thanks to the pricing scheme that reflects the commercial value of the product, profit before income taxes will be JPY 1.25 trillion, down by JPY 142.3 billion year-on-year, and operating profit will be JPY 1.42 trillion, up by JPY 38 billion year-on-year. These are the outlook on capital expenditures, depreciation, amortization and R&D spending for FY 2025 on the slide. Lastly, let me touch upon shareholder returns. Annual dividends for FY 2024 is JPY 68 per share, a JPY 28 more from the year before and JPY 10 higher than our previous projection. Dividend at the end of the year is JPY 39 per share. Annual dividend for FY 2025 is expected to be JPY 68 per share, same as FY 2024. In the Board of Directors meeting today, we made a decision to execute share buybacks up to JPY 300 billion. That concludes my presentation. Thank you very much.

展望2025財年合併財務業績，營業利益將為1.42兆日圓，營業利益率為7%。該債券訂單帶來的全年利潤將達到1兆日圓。全年外匯假設設定為1美元兌換140日圓。這些稅前利潤預測背後的因素如下。研發和其他費用將會增加。但得益於反映產品商業價值的定價方案，所得稅前利潤為1.25兆日圓，年減1,423億日元，營業利潤為1.42兆日元，較去年同期增加38日圓年比 億元。這些是幻燈片中對 2025 財年資本支出、折舊、攤提和研發支出的展望。最後，讓我談談股東回報。 2024 財年的年度股利為每股 68 日圓，比前一年增加 28 日圓，比我們先前的預測高出 10 日圓。年末股利為每股 39 日圓。 2025財年的年度股利預計為每股68日圓，與2024財年相同。我的演講到此結束。非常感謝。

Thank you for your listening. And now we would like to proceed to Q&A. (Operator Instructions) The first question comes from Yomiuri Shimbum, Mr. Nakamura.

感謝你的聆聽。現在我們想進入問答環節。 （操作員說明） 第一個問題來自讀賣新聞中村先生。

Nakamura from Yomiuri Shimbun newspaper I have 2 questions about your China business. Each of the manufacturers, they are having difficulty charging the Chinese EV companies mean I think that there are a lot of fans for ICE vehicles. So what is your marketing strategy going forward? And what about the optimization of excessive production capacity? And secondly, is to Mr. Mibe. I think it is the first time to become present that you attended the financial results presentation meeting. So what is the reason for your attendance? Is there any message that you would like to deliver directly to us? If so, please introduce them to us.

讀賣新聞的中村 我有兩個關於你們中國業務的問題。每個製造商都很難向中國電動車公司收費，這意味著我認為內燃機汽車有很多粉絲。那麼您未來的行銷策略是什麼？那麼過剩產能的最佳化呢？其次是米貝先生。我想您是第一次出席財務績效發表會。那麼您出席的原因是什麼呢？您有什麼消息想直接傳達給我們嗎？如果有的話，請將他們介紹給我們。

So first, thank you for your question, Mr. Nakamura. First about the Chinese business. I Aoyoma, would like to explain. Yes, there are a lot of Honda fans, and ICE fans and I agree with you on that. And as for our future marketing strategy at the Beijing Motor Show and also prior to that, there was an announcement that we made. But the YE series, the second of the series will be introduced. And this will be done in the first half of this fiscal year. Furthermore, the second half of this fiscal year, as we've already announced, the YE series, the first of the series will be -- well, as the first battery EV platform in China, and Middle East, the P7 and S7 will be launched. And therefore, the YE Series will be expanded, and this is how we want to expand our business in China, especially the battery EV. We want to introduce competitive amount of products. And this is a basic marketing strategy. Meanwhile, about the overall production capacity and excessive capacity, with our joint venture partners, we will consult and we are currently examining this what can be done. And for this fiscal year, within our budget of FY '25, we have included some expenses towards that purpose. About the specifics of how to optimize, we will like you to wait until we can make the announcement.

首先，感謝中村先生的提問。首先是關於中國業務。我是青山，想解釋一下。是的，有很多本田車迷和 ICE 車迷，我同意你的觀點。至於我們未來的行銷策略，在北京車展以及之前，我們也做了一個公告。但將推出YE系列，該系列的第二部。這將在本財年上半年完成。此外，正如我們已經宣布的那樣，本財年下半年，YE 系列（該系列中的第一個）將 - 嗯，作為中國和中東的第一個電池電動車平台，P7 和 S7 將被啟動。因此，YE系列將會擴展，這就是我們想要擴展我們在中國的業務，特別是純電動車的方式。我們希望推出有競爭力的產品數量。這是基本的行銷策略。同時，關於整體產能和過剩產能，我們會和我們的合資夥伴進行協商，目前我們正在研究可以做些什麼。對於本財年，在我們 25 財年的預算中，我們為此目的列入了一些費用。至於具體如何優化，請耐心等待我們發佈公告。

And next, Mibe, would like to explain why I'm here today the background. Well, it is my first time. But in the past, our presidents have not attended this meeting. And I'm the very first in the history of Honda that I'm attending as President. Well, this is because we are faced with a lot challenges at this time of transformation. And I as President, I want to explain about the current management situation and also our short to midterm plans. I thought it was important I directly communicated that as I mentioned today, for this -- well, 2025, we want to achieve the ROS. But we -- 1 year in advance, we'd like to achieve this margin -- profit margin is 7%. So this is something that I personally have led, and I have want to demonstrate my leadership this fiscal year as well to achieve this goal. And in my presentation, yes, we have less than 1 PBR. And I think that this is a major challenge that we currently face. And as of the end of March, about 60% of the prime market companies listed market have exceeded one. But Honda, we have 0.76 billion -- so this is a major challenge on the part of Honda. As I said, shareholder returns, we have to look at the investment balance and consider this. But what's most important is for us in order to -- well, first of all, we have to make clear our growth path. In particular, we want to make clear what our plans are for electrification, our future vision of electrification. And that included -- we would like to update you on the progress we're making. And I think that there will be opportunities that the financial results meetings to present this. I don't know if I'll be attending all the quarterly meetings, but at the final full year announcement. I would like to attend this meeting in the full future about making clear the granularity of electrification strategy. But on May 16, we are going to have a meeting, a briefing session to elaborate on our strategy. And I will talk about our outlook for electrification and all the other details. So please wait until the 16 for the details. And I would like to -- I continue to attend this meeting. Thank you.

接下來，Mibe，我想解釋一下我今天來這裡的背景。嗯，這是我第一次。但在過去，我們的總統並沒有出席這場會議。我是本田史上第一位以總裁身分參加的會議。那麼這是因為我們在這個轉型時期面臨許多挑戰。身為總裁，我想解釋一下目前的管理狀況以及我們的中短期計畫。我認為我直接傳達的這一點很重要，正如我今天所提到的，為此——嗯，2025 年，我們希望實現 ROS。但我們——提前一年，我們希望實現這個利潤率——利潤率為 7%。所以這是我個人領導的事情，我也想在本財年展現我的領導能力以實現這一目標。在我的演示中，是的，我們的 PBR 不到 1。我認為這是我們當前面臨的重大挑戰。而截至3月底，約60%的優質市場上市公司已突破1家。但是本田，我們有 7.6 億——所以這對本田來說是一個重大挑戰。正如我所說，股東回報，我們必須考慮投資平衡並考慮這一點。但對我們來說最重要的是——首先，我們必須明確我們的成長道路。特別是，我們想明確我們的電氣化計劃是什麼，我們對電氣化的未來願景。其中包括—我們想向您通報我們正在取得的最新進展。我認為財務業績會議將有機會介紹這一點。我不知道我是否會參加所有季度會議，但會參加最後的全年公告。我願意在未來的很長一段時間裡參加這次會議，明確電氣化策略的粒度。但 5 月 16 日，我們將召開一次會議，一場簡報會來詳細闡述我們的策略。我將談論我們對電氣化的展望以及所有其他細節。詳情請耐心等待16日。我願意—我繼續參加這次會議。謝謝。

So next question, please.

那麼，請下一個問題。

Nihon Keizai (inaudible) please.

Nihon Keizai（聽不清楚），請。

R&D that is going to be the highest as well R&D spend in order to strengthen the shareholders, how do you manage that? And also what is the backdrop of having to reinforce your R&D efforts?

為了增強股東實力，研發支出將是最高的，你如何管理？另外，你們加強研發力道的背景是什麼？

So let me explain about its position of the overall situation rather than the each quarter situation, as we said before, electrification and software and intelligent in use of that. And we said that we are going to invest JPY 5 trillion by 2030 and then I'm going to explain more of the details in our -- on the 16th of May. But in the meantime, we actually changed our strategy a little bit. For instance, in terms of the electrification, specifically speaking of the batteries, we had explained about Canada before. And we are going to be shifting to the vertical type system in order to sustain the total electrification businesses. To do that, we need to have the investment development as well. We have to internalize those technology, and that will be on the increase as well. And for the software so core of the software has to be supported by Honda itself and R&D menus will be toward more of the internal kind of efforts. Therefore, we have more petition is going to give us more details about the spending. And then that for the question. As for the R&D spending, it is going to be the highest ever. As we said now, JPY 1 trillion spending for that would include the upcoming electrification related to our model development expenditures. And also in the first place, we have to support a foundation for the electrification going forward. We call it DR and which is the functionality and its evolution.

那我來解釋一下它的整體狀況，而不是每季的情況，就像我們之前說的，電氣化和軟體化、智慧化的運用。我們說過，我們將在 2030 年之前投資 5 兆日元，然後我將在 5 月 16 日的會議上解釋更多細節。但同時，我們實際上也稍微改變了我們的策略。例如電氣化方面，特別是電池方面，我們之前已經解釋過加拿大的情況。我們將轉向垂直型系統，以維持整個電氣化業務。為此，我們還需要投資發展。我們必須內化這些技術，而且這種技術也會不斷增加。對於軟體來說，軟體的核心必須由本田自己支持，研發菜單將更多地轉向內部的努力。因此，我們有更多的請願書將為我們提供有關支出的更多詳細資訊。然後就是這個問題。至於研發支出，這將是有史以來最高的。正如我們現在所說，1兆日圓的支出將包括與我們的模型開發支出相關的即將到來的電氣化。首先，我們必須為未來的電氣化奠定基礎。我們稱之為 DR，即功能及其演變。

And in our R&D efforts, we have to put more efforts in the process before the development of the vehicles to strengthen that part. And specifically for the model year 2027, there will be still more efforts of the ICE model based on the hybrid basically. And for those ICE models, towards 2030, there will be still a 60% of the ICE model to be run, therefore, we need to earn from those businesses. Therefore, we need to allocate us resources we'll do that as well. So we have to spend on both and which will be in the next 3-year efforts. And those will be important. And we will keep up with the higher level of R&D spending going forward will be growth going forward, and we will be more aggressive on that part. And they were so now for that is such that now after the R&D adjustment, we have this operations cash flow. That is a new kind of indicator. And for this past fiscal year, we had a JPY 3 trillion and 2 years before, it was JPY 2 trillion. So we are adding JPY 1 trillion more to that part, that means we try to improve the profitability of the ICE models that we have supported so far, and that is going to be earning more going forward. That is why we can intensify such just spending.

而我們在研發方面，我們要在車輛開發之前的過程中多下功夫，加強這一部分。而具體到2027年車型，基本上還是會在基於混合動力的ICE車型上做出更多的努力。對於那些ICE模型，到2030年，仍然有60%的ICE模型要運行，因此，我們需要從這些業務中賺錢。因此，我們需要分配資源，我們也會這樣做。所以我們必須在這兩方面都投入資金，這將是未來3年的努力。這些都很重要。我們將跟上更高水準的研發支出，這將是未來的成長，我們將在這方面更加積極。他們現在就是這樣，因為現在在研發調整之後，我們有了這個營運現金流。這是一種新的指標。上一財年，我們的營收為 3 兆日圓，而 2 年前，我們的營收為 2 兆日圓。因此，我們將在這部分基礎上再增加 1 兆日元，這意味著我們將努力提高迄今為止所支持的 ICE 模型的獲利能力，並且未來將獲得更多收益。這就是為什麼我們可以加強這種公正的支出。

And then we are going to spend 1 trillion R&D again. And cash flow after the R&D adjustment, we'll be staying around JPY 3 trillion based on the earnings strength, and then we would like to be based on such a stronger earnings structure and then spend more on the R&D. At the same time, we are going to strengthen our shareholders' return as well that is our financial strategy. And in terms of the capital allocation, as we said, up until 2030, as we said before, we are going to give you more communication in the business update as scheduled on the 16th of May, and we will give you more details on that point on that day.

然後我們將再次花費1兆美元進行研發。研發調整後的現金流，根據獲利實力，我們將保持在3兆日圓左右，然後我們希望基於如此強勁的獲利結構，然後在研發上投入更多。同時，我們也將加強股東回報，這也是我們的財務策略。至於資本配置方面，正如我們所說，到2030年，正如我們之前所說，我們將如期在5月16日的業務更新中給大家更多的溝通，我們將為大家提供更多的細節。的點。

One more? Do you have more questions or? What is your second question, please?

多一個？您還有其他問題嗎？請問您的第二個問題是什麼？

A specific question. So the unit sales as per the regions. In China, it declined from the previous year. Is that what you expect again, you're going to provide a new series, right? What is the expectations? And you also said that you're expecting growth in North America. Is that because of the SUV we're incurring more.

一個具體問題。因此，單位銷售量按地區劃分。在中國，這一數字較上年下降。這也是你所期望的，你會推出一個新的系列，對嗎？期望是什麼？您也表示，您預計北美地區會出現成長。是因為 SUV 的原因我們招致了更多的人嗎？

So the unit sales are for regions we most speaking. And for China, as we said before, YE series is going to be the very highly expected and that is going to be launched in the second year of our FY 2025. Second half of this year, therefore, it will be effective after that. And we plan to provide 50,000 units of those in addition to the existing is and have products. Therefore, compared to the previous year, it is going to be on the bid for North America, Civic Hybrid, which is not yet a launch. However, we are going to add Civic hybrid, which will be added to the growth. And in terms of the incremental units, battery EVs in May and April this year, we added BEV ,and that path will be the incremental portions in the North America. That is the plan.

因此，單位銷售量是針對我們最常談論的地區。對於中國來說，正如我們之前所說，YE系列將是非常值得期待的，它將在我們2025財年的第二年推出。除了現有的 is 和 have 產品外，我們還計劃提供 50,000 台。因此，與去年相比，它將在北美競標思域混合動力，尚未推出。然而，我們將添加思域混合動力車，這將有助於成長。就增量而言，今年5月和4月的電池電動車，我們增加了純電動車，這條路徑將是北美的增量部分。這就是計劃。

(inaudible) Mr. Yokoyama, please.

（聽不清楚）橫山先生，有請。

This is Yokoyama from Weekly magazine. I also have 2 questions. The first about hybrid and competitiveness and product appeal. I'd like to ask one question about this. Yes. Eifiji, in your material, you did refer to this slightly. But in North America and Europe, your competitors, Japanese competitors are also doing well. But also, you said that you're going to invest in ICE. But the earnings base, I think hybrid will be a very important contributor. So within your electrification strategy, what is the positioning of hybrid? That's my first question.

我是《週刊》雜誌的橫山。我還有 2 個問題。第一個是關於混合動力、競爭力和產品吸引力。對此我想問一個問題。是的。 Eifiji，在您的材料中，您確實稍微提到了這一點。但在北美和歐洲，你的競爭對手，日本的競爭對手也做得很好。而且，您也說過您將投資 ICE。但就獲利基礎而言，我認為混合動力將是一個非常重要的貢獻者。那麼在你們的電動化策略中，混合動力的定位是什麼？這是我的第一個問題。

I would like to respond to this question. Yes, hybrid competitiveness. First of all, volume-wise, we believe that in FY '24 about 800,000 units we sold. That is hybrid. But in FY '25, this fiscal year, we are aiming for 1 million it's JPY 4.12 billion in total. So 1 out of 4 vehicles will be hybrid that's our plan, about earning power. Well, currently, looking at our current situation. Well, how we position hybrid will make a difference in terms of our profitability. And there's a variance in profitability as how we position hybrid. But ICE and hybrid, these 2 are expected to bring about this more or less the same profit. And in FY -- well, the 2018 model year and 2023 model year. If you compare the 2 system-wise data is more efficient and also the performance is higher. And despite that, we've seen the cost wise, we are trying to make it more affordable. And therefore, in FY -- rather the 2027 model, we are currently developing the bottle. But here, again, we want to increase our competitiveness, not just in terms of cost but also in terms of performance. That is how we are adjusting this in the second half of this decade, we will increase battery EV. And therefore, the volume will fall, but the earning power per unit will increase so that we can earn profit. This will be happening also in the second half of this decade. And this is going now to be the source for injecting resources into electrification the battery EV.

我想回答一下這個問題。是的，混合競爭力。首先，就銷量而言，我們認為 24 財年我們已經售出了約 80 萬件。那是混合動力。但在本財年的 25 財年，我們的目標是 100 萬，總計 41.2 億日圓。因此，四分之一的車輛將是混合動力，這是我們的計劃，關於盈利能力。嗯，目前來說，看看我們目前的情況。那麼，我們如何定位混合動力將對我們的獲利能力產生影響。我們如何定位混合動力，獲利能力也有差異。但ICE和混合動力，這兩者預計將帶來或多或少相同的利潤。 2018 財年及 2023 財年。如果比較兩個系統的資料效率更高，效能也更高。儘管如此，我們已經看到了成本方面的問題，我們正在努力讓它變得更便宜。因此，在 2027 財年的車型中，我們目前正在開發這款瓶子。但在這裡，我們再次希望提高我們的競爭力，不僅在成本方面，而且在性能方面。這就是我們在本十年後半段進行調整的方式，我們將增加電池電動車。因此，數量會下降，但單位的獲利能力會增加，這樣我們就可以賺取利潤。這也將在本十年的後半段發生。現在，這將成為向電池電動車電氣化注入資源的來源。

Mibe if I may add. Well, hybrid, yes, we have one hybrid that we're focusing on. Yes, we have been reducing the cost. But in the past, from the perspective of profit ICE, we much more competitive as OEM has had. It's at par more or less. And so if we had, for example, this fiscal year, in the automotive business is EV-related development expenses were excluded. And if it were only typed and ICE alone, if you cover our justice to, operating profit margin-wise, we can expect 8%. So competitive-wise, including cost, it is quite strong. But in addition to that, in the second half of this decade, it will further evolve, we have one evolution plan. And therefore, the current hybrid is doing quite well. But up until 2030, we want to be able to compete in North America with the current competitive we have. Unit volume is 1 million this fiscal year by 2030, if things go well, then I think we'll come close to 2 million units. And that is the one plant that we have, including our suppliers, we are trying to meet this increase so as to be able to achieve a scale of 2 million units. That is how we are preparing for hybrid. And if we can lead this then, I think we will have more power to generate cash. And thereby, we will be able to make a transition to electrification. So hybrid, I want to begin with a strong weapon, and we want to enhance this technology. This technology that we are already strong in. That is how we want to do our business.

如果我可以補充的話，請告訴我。嗯，混合動力，是的，我們有一種我們正在關注的混合動力。是的，我們一直在降低成本。但過去，從ICE的利潤角度來看，我們比OEM更有競爭力。或多或少是平價的。因此，例如，如果我們在本財年，在汽車業務中與電動車相關的開發費用被排除在外。如果只是打字和單獨 ICE，如果你考慮到我們的正義，營業利潤率明智，我們可以預期 8%。所以從競爭角度來說，包括成本在內，它是相當強大的。但除此之外，在這個十年的後半段，它將進一步發展，我們有一個發展計劃。因此，目前的混合動力表現相當不錯。但到 2030 年，我們希望能夠以目前的競爭力在北美競爭。到 2030 年，本財年的銷量為 100 萬輛，如果進展順利，我認為我們將接近 200 萬輛。那就是我們擁有的一個工廠，包括我們的供應商，我們正在努力滿足這一成長，以便能夠達到200萬台的規模。這就是我們為混合動力做準備的方式。如果我們能夠引領這一趨勢，我認為我們將有更多的能力來產生現金。因此，我們將能夠向電氣化過渡。所以混合動力，我想從一個強大的武器開始，我們想增強這項技術。我們已經很擅長這項技術。

My second question. About the possibility of your automotive business. Well, in the fourth quarter, the -- I think the margin compared to the third quarter, I think has gotten worse. I think you mentioned that there is an addition of expenses here. But looking about the profit margin of the current automobile business. And I think that you will also have to support the suppliers. So how about you said, I think it's about 5% or a little less of 5%. But including the support to suppliers, how are you going to try to increase the operating margin of your automotive business?

我的第二個問題。關於您的汽車業務的可能性。嗯，在第四季度，我認為與第三季度相比，利潤率變得更糟。我想你提到這裡有額外的費用。但看看目前汽車業務的利潤率。我認為您還必須支持供應商。那你說呢，我認為大約是 5% 或略低於 5%。但包括對供應商的支持，您將如何努力提高汽車業務的營業利潤率？

Well, about the fourth quarter, yes, there is a tendency for the expenses to increase. And therefore, if you look at the full year, I think it's better to talk about the full year, not just the fourth quarter. As you pointed out, yes, there's a bit of 4% or so ratio at the end of the fiscal year. And after the first quarter, as I've been explaining, this fiscal year -- well, last fiscal year, there was an increase in the quality related to expenses, but it used to be 1% versus the sales, but we have seen that the warranty has increased. In this fiscal year based on that, we are accounting for 1.2% warranty expense ratio. So that is the ratio and also the support to suppliers. Because of the restructuring yet there was impairment. And so excluding those, it's a little less than 5%. So last fiscal year, rather, I've been saying this, sorry, it's last fiscal year. I think that is the actual result that we have retained. But then going forward, how we're going to improve this? Well, those areas that we have been trying to work on the profitability and also the fixed cost part. We want to continue to work hard on those things. And so we tightened and therefore, the top line where possible, will be raised for this fiscal year in the United States and in Japan.

嗯，關於第四季度，是的，費用有增加的趨勢。因此，如果你看全年，我認為最好談論全年，而不僅僅是第四季度。正如您所指出的，是的，財政年度末的比率約為 4% 左右。在第一季之後，正如我一直在解釋的那樣，本財年——嗯，上一個財年，與費用相關的品質有所提高，但過去與銷售額相比只有1%，但我們已經看到保固增加了。在此基礎上，本財年我們的保固費用率為1.2%。這就是比例，也是對供應商的支援。由於重組尚存在減損。如果排除這些，這個比例略低於 5%。所以上個財年，相反，我一直在說這個，抱歉，這是上個財年。我認為這就是我們保留的實際結果。但接下來，我們將如何改進這一點？嗯，我們一直在努力提高獲利能力和固定成本部分。我們希望在這些事情上繼續努力。因此，我們收緊了政策，因此，美國和日本本財年的收入將在可能的情況下提高。

I think these will be major markets. But in those areas, we want to post a positive. And also we'll reduce the incentives, et cetera. I think that our product feel has increased, and therefore, we can do this. And based on that and also the pricing, though we will be more prudent. We pick up that in each of the domains. We will try to price in line with the value that we are offering to our customers. Now about the support to suppliers that for our suppliers, especially in Japan, and U.S., there is the impact of UAW, and it's not just that in-house production, but also -- at the same time, we have to give consideration to this. It's on a negotiation basis, it's one by one. But still, there's the inflation part that we have to take into account. So we have to -- we have budgeted so that we can provide support for inflation. Now what's different from prior to COVID? We have stable production, and we're doing models inquiry together with our suppliers, manufacturing. So we have to think about where we can improve our cost competitiveness together with our suppliers. So we want to do co-creation with our suppliers. That is the sort of budget that we have compiled this time. That is all. Thank you.

我認為這些將是主要市場。但在這些領域，我們希望發布正面的訊息。我們還將減少激勵措施等等。我認為我們的產品感覺增加了，因此我們可以這樣做。基於此以及定價，我們會更加謹慎。我們在每個領域都採取了這一點。我們將嘗試根據我們為客戶提供的價值來定價。現在關於對供應商的支持，對於我們的供應商，尤其是日本和美國的供應商來說，存在UAW的影響，這不僅僅是內部生產，而且 - 同時，我們必須考慮這。這是在談判的基礎上，一一進行的。但我們仍然必須考慮通貨膨脹部分。所以我們必須——我們已經制定了預算，以便能夠為通貨膨脹提供支援。現在與新冠疫情之前有何不同？我們有穩定的生產，我們正在與我們的供應商一起進行型號詢價，製造。所以我們必須思考在哪裡可以與我們的供應商一起提高我們的成本競爭力。因此，我們希望與供應商共同創造。這就是我們這次編製的預算。就這些。謝謝。

Next question. From NHK, Mr. Obi.

下一個問題。 NHK 的奧比先生。

NHK, Obi speaking. Thank you for our presentation today. I have 2 questions. First one, the sales turnover revenue and OP you are achieving the highest ever and your business is very good, very well going. And then in this context, what is your impression reaction to this good business today? And the second question is a bit away from the financial results today. Speaking about yen depreciation today in Japan, it is quite a common place today, JPY 155 today as of today. However, that may be good for you. That is quite supportive for the businesses for you. But for Japan on the whole, what is your thinking about current exchange rate situation today? What is your thought about it?

NHK，奧比講話。感謝您今天的演講。我有 2 個問題。首先，您的銷售營業額收入和營運成本達到了歷史最高水平，您的業務非常好，進展順利。那麼在這種背景下，您對今天這個好生意的印像是什麼呢？第二個問題與今天的財務表現有些距離。說到日本今天日圓貶值，今天是很常見的事情，今天155日圓。然而，這可能對你有好處。這對您的企業來說是相當支持的。但對於日本整體而言，您對目前的匯率狀況有何看法？你對此有何看法？

So first question I'd like to address. In the second part of our 2010, we said that we would measure 6 million cars, 6 new units, we were on the expansion of the businesses mainly. And then we needed to shift our directions. And then we said that we would solidify our basic businesses with the efficiency. For instance, we would optimize the surplus capacity by fixed cost reductions and then less derivatives more commonality of the parts components and system cost reduction of the hybrid cars with a better performance to enjoy the cost reduction effectiveness, this where we could improve value of the commercial vehicles with the appropriate prices with those initiatives in the automobile businesses have improved a lot. And if you look at the EP businesses alone, we are reaching a near 8% today. In addition to that, for the motorcycles, we were relying on the Asian markets are quite heavily bands. We now have expanded our profitabilities in other areas, too. In Europe, 20%, and Asia 80% -- and South America 20% and Asia 60%. And then for both motorcycle businesses, both together, we have improved our strature of the businesses quite nicely.

我想解決第一個問題。 2010年下半年，我們說要量產600萬輛汽車，6輛新車，主要是業務的擴張。然後我們需要改變方向。然後我們說我們要以效率來鞏固我們的基礎業務。例如，我們會透過固定成本降低來優化剩餘產能，然後減少衍生品，提高零件的通用性，降低混合動力汽車的系統成本，性能更好，享受成本降低的效果，這樣我們就可以提高產品的價值。如果你單獨看 EP 業務，我們今天已經達到了接近 8%。除此之外，對於摩托車來說，我們非常依賴亞洲市場。我們現在也在其他領域擴大了獲利能力。歐洲為 20%，亞洲為 80%，南美洲為 20%，亞洲為 60%。對於兩個摩托車業務來說，我們一起很好地改善了我們的業務結構。

And then altogether we were successful in that regard because of that, now for 2030, for instance, we can envision the 2 million EVs in the year. That is our vision. Plus our businesses ROS 5% EV. That is our target. And we will keep spending for research and development so that our EV businesses in 2030 will be something like that. And we have solidified our foundation to achieve that vision finally. And in terms of the yen depreciation situation today, of course, we are in manufacturing our businesses and we rely on the facilities and the equipments heavily. Therefore, abrupt changes of the forex is not really welcome. But recently, of course, it is related to the policies of the U.S. and Japan government, Bank of Japan's initiative, U.S. counterparts when they're going to move to reduce the rate and so on. Of course, they're all related. And then the fundamentals behind such ups and downs of the Forex situation today is actually related to the actual demands for the yen currency. I think that is my thought. And through actual demands for the yen today will be related to the export of -- from Japan because it was export oriented so far, I believe.

總的來說，我們在這方面取得了成功，因此，例如，現在到 2030 年，我們可以設想當年電動車數量將達到 200 萬輛。這就是我們的願景。再加上我們的業務 ROS 5% EV。這就是我們的目標。我們將繼續投入研發費用，以便我們的電動車業務在 2030 年能夠達到這樣的水平。我們已經鞏固了最終實現這一願景的基礎。當然，就今天日圓貶值的情況而言，我們從事製造業，我們嚴重依賴設施和設備。因此，外匯的突然變化並不受歡迎。當然最近跟美國和日本政府的政策、日本央行的舉措、美國同行何時降息等等有關。當然，它們都是相關的。那麼今天外匯走勢這樣的漲跌背後的基本面其實是和日圓貨幣的實際需求有關的。我想這就是我的想法。我相信，今天對日圓的實際需求將與日本的出口有關，因為到目前為止它是出口導向的。

But now in this situation, we would have a more internal domestic demand, meaning that we could repatriate our manufacturing care businesses back in Japan. And then Japanese stocks. The share price is now appreciating too, reflecting that, that probably indicates that demand for yen will be improved going forward. And then our expectation or assumption is JPY 140 for the time being in this budget. You might take it a quite conservative parts. And the reason behind JPY 140 is maybe in the first half, it will be something like JPY 145 for dollar in the first half of the year. And then in the second half, JPY 135 because of the interest rate changes and so on, that is expectations. But in the long run, as I said before, the power of the Japanese businesses will be appreciated better with a better actual demands within Japan. Therefore, it will not go to JPY 150 or JPY 160. I don't think it will be the case. However, of course it is not possible to project. However, the after changes of the currency is difficult for us in the April-May situation of the Forex is not really favorable to us. However, we have to adapt to the changes out there in terms of how we operate every day basis. Thank you very much.

但現在在這種情況下，我們將有更多的內需，這意味著我們可以將我們的製造護理業務回流回日本。然後是日本股票。目前股價也在上漲，這可能顯示未來對日圓的需求將會改善。那麼我們的預期或假設在這個預算中暫時是 140 日圓。你可能會認為這是一個相當保守的部分。 140日圓背後的原因可能是在上半年，今年上半年美元兌日圓將達到145日圓。然後下半年，日圓135因為利率變動等等，那就是預期。但從長遠來看，正如我之前所說，隨著日本國內實際需求的提高，日本企業的力量將會得到更好的體現。因此，不會到150日元或160日元。但是，當然不可能進行投影。然而，貨幣變動後對我們來說是困難的，4-5月的外匯狀況對我們來說並不是真正有利。然而，我們必須適應日常運作方式的改變。非常感謝。

Nikko, Japan Automotive Daily. Mr. Misododi. Mr. Misododi, please.

日興，日本汽車日報。米索多迪先生。米索迪先生，有請。

This is Mr. Misododi Japan Automotive Daily. Can you hear me?

我是日本汽車日報米索多迪先生。你聽得到我嗎？

Yes.

是的。

I have 2 questions. First, FY '25 forecast about this forecast, operating profit increase. You say the selling price and cost impact is a positive of JPY 502 billion. Can you give the breakdown any relation to that, I want to know about the price increase impact, I think it was positive of last fiscal year. As the price increase itself, has it completed the cycle? Or is it the case where this fiscal year, again, you want to continue and try to increase the profit to the price increase. That's the first question. And the second is about the business in Japan. In FY '25, you forecasted that is 660,000 units. I think you said that and to be with in Japan, your annual unit sales is around 700,000. I think that's more or less the target. But the shortage of semiconductors has ended. And I think the fact that you cannot reach 700,000. What is the reason? And also to Mr. Mibe, once again, how do you position your business in Japan? Can you explain about that as well?

我有 2 個問題。首先，關於25財年的預測，營業利益增加。您說銷售價格和成本影響是正面的 5,020 億日圓。您能否給出與此有任何關係的細目，我想知道價格上漲的影響，我認為上一財年是積極的。隨著價格上漲本身，它完成了一個週期嗎？或者是本財年，您再次想要繼續並嘗試增加價格上漲的利潤。這是第一個問題。第二個是關於日本的業務。在 25 財年，您預測為 660,000 台。我想你是這麼說的，在日本，你的年銷量大約是70萬輛。我認為這或多或少是目標。但半導體短缺的情況已經結束。我認為事實上你不可能達到 70 萬。是什麼原因？還有三部先生，您如何定位在日本的業務？你能解釋一下嗎？

Allow me to about the operating profit and increased decrease. And there is an impact of about JPY 502 billion. And what is the breakdown of this? That's your question. But I think that was mentioned earlier. But in Japan and the United States has an increase in labor cost, I think this is true for the suppliers. And so this is included. We want -- we have been working to increase the cost together, and we can reflect this in our motorcycle business. So we have offset that. But mainly, it's a selling price, a positive impact of the selling price, it's about JPY 407 billion or Well, the inflation part, well, we have to try to introduce competitive products to increase their price. But there are some special factors included in the United States with the upcoming electrification and dealers, and we, the manufacturers, we have to change the roles that we play. I think that we have to factor in this change. The dealer margin, therefore, on our part, we have done a lot of consultation. And we would have reduced the dealer margin. In other words, the dealer is -- the profit was allocated to the dealer has been allocated to us. All the new car business, it will be like that, but in the future, the maintenance and those parts, there's a touch point for the customers, the dealers will be a very strong business partner for us. So that will continue to be the case.

請容許我談談營業利潤和增加減少。影響約5020億日圓。這其中的細節是什麼？這就是你的問題。但我認為前面已經提到過這一點。但在日本和美國勞動成本增加，我認為對於供應商來說也是如此。所以這也包括在內。我們希望——我們一直在努力共同增加成本，我們可以在我們的摩托車業務中體現這一點。所以我們已經抵消了這一點。但主要是銷售價格，銷售價格的正面影響，大約是4070億日元，或者嗯，通貨膨脹部分，嗯，我們必須嘗試引入有競爭力的產品來提高它們的價格。但在美國，隨著即將到來的電氣化和經銷商，有一些特殊因素，我們，製造商，我們必須改變我們所扮演的角色。我認為我們必須考慮到這一變化。因此對於經銷商的毛利，我們方面也做了許多的諮詢。我們也會減少經銷商的利潤。換句話說，經銷商是──本來分配給經銷商的利潤已經分配給我們了。所有的新車業務都會如此，但在未來，維護和那些零件，對於客戶來說是一個接觸點，經銷商將是我們非常強大的業務合作夥伴。所以情況將繼續如此。

So that profit within the JPY 407 million, I think about JPY 100 billion is included. And therefore, that is -- if you subtract that, there will be the price increase, and that has been budgeted. Meanwhile, recently, North America, especially, we have been reducing our inventory and we tried to reduce the incentives. That's our operation. But prior to -- well we have not yet reached the level of the prior to COVID. I think that the competition is more fierce these days with the competitors. And therefore, we have to budget more than the incentive. And in the operation, the pricing and instead we are trying to reduce this and hold this down, but we have to offset where needed. So JPY 500 billion, this is a large number, but these factors are included here. So please understand this number to mean that. And this fiscal year, that we can continue to raise our price, as we said earlier, we have to comply with the inflation also introduce appealing products and try to tap on these strengths that we have. That's all. About business in Japan. Mr. Aoyama will first.

因此，4.07億日元內的利潤，我認為包括1000億日元左右。因此，如果你減去它，價格就會上漲，而這已經被列入預算。同時，最近，特別是北美，我們一直在減少庫存，並試圖減少激勵措施。這就是我們的操作。但在此之前，我們還沒有達到新冠疫情之前的水準。我認為現在競爭對手的競爭更加激烈。因此，我們的預算必須多於激勵措施。在營運中，定價方面，我們正在努力減少並壓低這一點，但我們必須在需要的地方進行抵銷。所以5000億日元，這是一個很大的數字，但是這些因素都包含在這裡。所以請理解這個數字的意思。而本財年，我們可以繼續提高我們的價格，正如我們之前所說，我們必須順應通貨膨脹，推出有吸引力的產品，並嘗試利用我們擁有的這些優勢。就這樣。關於日本的生意。首先請青山先生發言。

Yes, 700,000 has been the benchmark in the past. That is 2. So 700,000 units. And at one time, we were starting that much, and so that was regarded as more or less the benchmark. So you are correct in saying so. But in the mid- to long term, we think that the Japanese automotive market is declining. Unfortunately, we have to make this overall. And therefore, FY '25 as well, the market is so there will be a marginal increase. And that is how we look at it. And so we have the -- and 655,000 units listed here, but the registration is about 700,000 units. As for the share wise, if you calculate this in different share the fiscal a 15% or so is what we're aiming towards. And therefore, 15% share is what we want to get. And this is the highest in history. So this is a plan that we have. Already we are receiving bookings terms of levers and the new free before launch, and we want to so also in addition to that, at the year of last fiscal year, we launched WRV, so this product aseisminor market chain. So all these included, we want to introduce competitive products so as to achieve this 50% high share. And that is how we are looking at this fiscal year. And I'd like Toshihiro to talk about our position of Japanese business.

是的，70萬是過去的基準。即 2。有一段時間，我們開始了這麼多，所以這或多或少被視為基準。所以你這樣說是正確的。但從中長期來看，我們認為日本汽車市場正在下滑。不幸的是，我們必須從整體上做到這一點。因此，25 財年，市場也會出現邊際成長。這就是我們的看法。我們這裡列出了 655,000 個單位，但註冊量約為 700,000 個單位。至於份額方面，如果以不同的份額來計算，那麼我們的目標是財政收入的 15% 左右。因此，15%的份額就是我們想要得到的。而且這是歷史最高的。這就是我們的計劃。我們已經收到了槓桿的預訂條款和新的免費發布前的條款，除此之外，我們還希望在上一財年推出WRV，因此該產品的市場鏈抗震較小。所以所有這些，我們都想推出有競爭力的產品，以達到這個50%的高份額。這就是我們對本財年的看法。我想讓 Toshihiro 談談我們對日本企業的立場。

But looking at the current situation as Aoyama has already explained about the beginning of this year, at CES, we unused 100 well, this is a new EV, and this also within the global market, we want to introduce this to Japan at the global market. The product line also the entries included, we have the smaller events, and we are shifting more to the smaller size model. But -- and therefore, this is one of the reasons why we're seeing the increase in the unit value. Electrification is a keyword that we're using. This is a new direction that we're moving to. So this is a good opportunity for us. And within this process of electrification once again. Of course, we are a Japanese company based in Japan is the Japanese market is a very important market for. And therefore, in addition to what we've done in the past newly, we want to do a new lineup so as to be able to raised our appeal of Honda in Japan. Currently, we are working on the details, and therefore, we cannot make any numbers today, but it will not be the same as the past. And that is as far as I could say for now. But please expect that we will be making changes and look forward to our strategy in Japan. Thank you.

但從目前的情況來看，青山已經在今年年初解釋過，在CES 上，我們使用了100 輛，這是一款新的電動車，這也是在全球市場中，我們希望在全球市場上將其引進日本市場。產品線還包括參賽作品，我們有較小的活動，我們正在轉向更小尺寸的模型。但是 - 因此，這就是我們看到單位價值增加的原因之一。電氣化是我們正在使用的關鍵字。這是我們正在邁向的新方向。所以這對我們來說是一個很好的機會。並在這個電氣化的過程中再次出現。當然，我們是一家總部位於日本的日本公司，日本市場是一個非常重要的市場。因此，除了我們過去所做的新工作之外，我們還希望打造一個新的陣容，以便能夠提高本田在日本的吸引力。目前，我們正在研究細節，因此，今天我們無法給出任何數字，但不會與過去相同。目前我能說的就是這些。但請期待我們會做出改變，並期待我們在日本的策略。謝謝。

(inaudible) Please.

（聽不清楚）請。

[Indicernible] I have 2 questions. Can you hear me?

[難以辨認]我有兩個問題。你聽得到我嗎？

Yes.

是的。

So the away from the financial results because of the president being here, I'd like to ask this opportunity -- as of today, what is the area -- or do you think about the status of the battery markets and Honda's position today in terms of your negotiation with the other companies and the development and sales plans of that. These as our front view on that. And as will be a Canadian plant, for instance, recently, full your EV sales goal, for instance, you have today, you're probably having these steps done absolutely, but other companies are facing with EBITDA but decelerating trend of the EVs and also discount are also being seen in competitive markets. In that BEV slowing down as ended today, reminding that do you think it is a kind of good time for you to take advantage to accelerate yourself away from others being so those situations? Or do you think you have to accelerate further the businesses you have today? What is your position today of your company in the current EV situation? And the second question is about collaboration potential with Nissan. I understand it is still under consideration, but I'd like to ask Mibe on what is the topic that you're talking about with them today in the depreciation process, maybe as passion could you share with us? And in the topics with them, would you talk about EV sales tools and so on, maybe you would tell us about it in the business update opportunity, but do you have changes on your strategy so on after -- with regards to their talks with them.

因此，由於總統在這裡，所以遠離財務業績，我想問一下這個機會 - 截至今天，該領域是什麼 - 或者您是否考慮電池市場的狀況以及本田今天的地位您與其他公司的談判條款及其開發和銷售計劃。這些都是我們對此的看法。例如，加拿大工廠最近完成了您的電動車銷售目標，例如，您今天可能完全完成了這些步驟，但其他公司面臨 EBITDA，但電動車的減速趨勢和在競爭激烈的市場中也可以看到折扣。在今天結束的 BEV 放緩中，提醒您是否認為現在是您利用加速自己遠離他人的好時機？或者您認為您必須進一步加速現有業務的發展嗎？在當前的電動車情勢下，您公司目前的立場是什麼？第二個問題是關於與日產的合作潛力。我知道它仍在考慮中，但我想問Mibe，您今天在折舊過程中與他們談論的話題是什麼，也許您可以與我們分享激情？在與他們的話題中，您會談論電動車銷售工具等嗎？ 也許您會在業務更新機會中告訴我們，但是之後您的策略是否有變化？ 他們。

For the first question, about our businesses. The EV demand is a little bit down according to what you said that, of course, it is what is what we are seeing today globally. But since I became the President, our goal is to achieve 40% by 2030 and 80% in 2040, 100% FCEV or BEV by 2040. And of course, that is the kind of backtesting goal based on the CN in 2050. And it's been -- 3 years since I became president and those goals still stand, no change at all. So for the goals over 2030 and 2035. Of course, EV-related regulations on all the different countries might change as we go toward those years, and that was something we were expecting already, and this is what we experienced today, for instance, to achieve 2 million cars in 2030. And we'd like to establish the foundation for that business is in order to be able to achieve it. And then we are making plans now including the investment and plans as well. And current -- based on the current ratio, we still keep obvious with our original strategy, no change. And in terms of the investment, maybe the opportunities, the timing of the investments of those might be a little bit shifted within the range that we would anticipate. But there is no change to the goal, no strategy changes at all. And in terms of the hybrid, it is a good technology as a tentative solution, and we have the businesses of that today with hybrid that we are not -- we are not denying the hybrid business at all. But after 2030, the global regulations and so forth would require the battery EVs for sure in order to capacity.

第一個問題，關於我們的業務。根據您所說，電動車的需求略有下降，當然，這就是我們今天在全球範圍內看到的情況。但自從我成為總統以來，我們的目標是到2030年實現40％，到2040年實現80％，到2040年實現100％FCEV或BEV。成為總統以來已經過去了三年，這些目標仍然存在，沒有任何改變。因此，對於 2030 年和 2035 年的目標。到2030 年實現200 萬輛汽車的目標。然後我們現在正在製定計劃，包括投資和計劃。目前——根據流動比率，我們仍然保持原來的策略，沒有改變。就投資而言，也許這些機會、投資時機可能會在我們預期的範圍內發生一些變化。但目標沒有改變，策略也沒有改變。就混合動力而言，它是一項很好的技術，作為一種臨時解決方案，我們今天擁有混合動力業務，但我們沒有——我們根本不否認混合動力業務。但 2030 年後，全球法規等肯定會要求電池電動車提高容量。

And then we have been working on the small mobilities today. The battery EVs could be the best solution for those small mobility ones. And then we have to outsoles one after another, and we like to take on achieving those steps as we go. And with regard to the collaboration with Nissan, we have announced it on the March of 15. March 15. And since the time we had frequent discussions between the 2 companies with the different groups of people. And then as was announced by the Mr. Uchida of Nissan, the other day, actually, I've checked the progress, participating some of those meetings. And what sort of values can we provide by this collaboration? We are actually discussing about it right now, and I cannot disclose what is being discussed at the moment. However, we are coming to a good conclusion nearly. And one that is well summarized, we can share with you. And as we said on the March 15, basically, it will be in the area of electrification software and also complementary product supplies and so on. And for the growth in the future, it will be the electrification software those 2 will be very important for the growth purpose. And then software, especially with AA included and the semi-connector together, the development cost will be enormous, and that name is one of the potential collaborative near and also for the scalability for the electrification.

然後我們今天一直在研究小型機動性。電池電動車可能是小型移動汽車的最佳解決方案。然後我們必須一個接一個地推出外底，我們喜歡邊走邊實現這些步驟。關於與日產的合作，我們在 3 月 15 日宣布了這一消息。然後，正如日產公司內田先生所宣布的那樣，實際上，前幾天我已經檢查了進展情況，並參加了其中一些會議。透過這次合作我們可以提供什麼樣的價值？我們現在實際上正在討論這個問題，我現在不能透露正在討論的內容。然而，我們快要得出一個好的結論了。總結得很好，我們可以與您分享。正如我們在3月15日所說，基本上，它將涉及電氣化軟體以及配套產品供應等領域。對於未來的成長，電氣化軟體這兩個對於成長目的將非常重要。然後是軟體，尤其是包含 AA 和半連接器的軟體，開發成本將是巨大的，並且該名稱是電氣化可擴展性附近的潛在協作之一。

Scalability can be quite advantageously obtained with the collaboration I suppose with the electrification efforts. And then we are having discussions closely on those points. And once we find and identify the benefits, we will start working together. And I cannot give you much today. However, we are having discussions in their broader scopes in front of us. And on the 16 of this month, I don't think I can give you the clear answers were the discussion items we did today. But of course, the discussion will not go forever. Sometime very soon, I can give you some ideas about beer collaborative talks, with 2.

我認為透過與電氣化工作的合作可以非常有利地獲得可擴展性。然後我們正在就這些問題進行密切討論。一旦我們發現並確定了好處，我們就會開始合作。今天我不能給你太多。然而，我們正在更廣泛的範圍內進行討論。本月 16 日，我認為我無法就我們今天所做的討論項目給您明確的答案。但當然，討論不會永遠進行下去。很快，我可以給你一些關於啤酒合作會談的想法，2。

So by summer, maybe can you give us the kind of a first run of the sharing with us of the information by summer time. What is your goal?

因此，到了夏天，也許您可以在夏天之前與我們分享資訊。你的目標是什麼？

I wouldn't think it would be until the end of this year but long summer time. Maybe by then, I'd like to come up with some sort of idea that we can share with you. And that is what a bank, and we will focus on the discussions really let us do that, of course, including whether or not we go for that would not go for that. We will be able to summarize the talks sometime very soon.

我不認為要到今年年底，而是漫長的夏季。也許到那時，我想提出一些我們可以與您分享的想法。這就是銀行，我們將重點討論真正讓我們這樣做的問題，當然，包括我們是否會這樣做。我們很快就能總結會談內容。

Apologize, but in the interest of time, next will be the last question. (inaudible)

抱歉，但考慮到時間問題，接下來將是最後一個問題。 （聽不清楚）

[Indiscenible] But North America, your automotive business is when the unit volume is increasing. Because of the foreign exchange rate, is it because the selling pressure has been reduced because of the extra rate? Or is it because people returning from EV? What is the reason for the increase in unit volume.

[音訊不清楚]但是在北美，你們的汽車業務正處於單位銷售成長的時期。因為外匯匯率，是不是因為額外的匯率，拋售壓力減少了？還是因為人們從電動車回來？單位體積增加的原因是什麼？

The reason why we're seeing an increase in just volume by profit, I understand. But exchange rate is one factor, but it's not the case where the exchange rate is a dominant factor, especially in 20 -- FY '24 results. And looking at the FY '24 results, FY '23 was the time which due to the semiconductor shortage and we cannot fully some life, we cannot fully produce. And so that was the situation, therefore, FY '24 or FY'25 as well. North America, the factory utilization rate is -- well, 100% or even slightly more than 90%. That is the utilization rate at the U.S. factories. And therefore, as a result, we are being able to raise the price, selling price in line with the appeal of our products. I think that this is a major contributor. Plus there was also -- as I've answered in a separate question. Hybrid, after the 23-month year, the performance is increased and also the business competitive reasons increased, including cost. And therefore, the profit rate ratio is equal to ICE. But in terms of the profit amount, it is slightly more. So that included hybrid is doing very well. And so further boosting our profit.

我理解為什麼我們看到銷量與利潤的成長。但匯率是一個因素，但匯率並不是主導因素，特別是在20-24財年的結果。看看 24 財年的業績，23 財年是由於半導體短缺而我們無法充分利用某些生活、無法充分生產的時間。這就是 24 財年或 25 財年的情況。北美，工廠利用率是——嗯，100%，甚至略高於90%。這是美國工廠的利用率。因此，我們能夠根據我們產品的吸引力來提高價格、售價。我認為這是一個主要貢獻者。另外，還有——正如我在另一個問題中回答的那樣。混合動力，經過23個月的一年，性能有所提高，但業務競爭原因也有所增加，包括成本。因此，利潤率等於ICE。但從利潤金額來看，則略多一些。因此，包含的混合動力表現非常好。從而進一步提高我們的利潤。

Page 10. You talk about the historical operating income and give the reasons and selling price cost. I thought that this was a big contributor. Can you elaborate on this?

第10頁。我認為這是一個很大的貢獻。能詳細說明一下嗎？

Page 10, did you say? Profit before income tax the change in profit before income tax FY '24 results. Yes, you're talking about FY '24, right? Okay. So there is the price cost impact -- sales impact and includes the gross profit. Well, motorcycle and other regions are included here, but yes, for automotive, 317.9 is underneath it is that there is this number of 4,487 for the revenue model mix. And this is coming mainly from North America. Well, in the previous fiscal year, we had difficult to acquire semiconductors. But this year, we have seen an increase and there was a 420,000 unit increase in North America. And I think that this has contributed mainly to North America and about the price cost impact, roughly speaking, of the 524.7 motorcycle or automobile, it's about 328 something, but the supplier and also the wage increase, these are negative included, but the raw material cost, this is big. So I said JPY 360 billion for automotive, but still, I think the raw material costs, this includes a precious metal and steel too, but it's about JPY 490 million or JPY 200 billion. So this is a material related. And so this is a positive. And the selling price increase is about JPY 360 million. And so minus JPY 200 million. So it's about JPY 160 million that remains. The cost increase the supplier and the wage increase, the cost increase factors are also factored in. And we believe that the price impact was that -- this is not just North America, by the way. But for automotive, that is the situation. Have I answered your question?

第10頁，你說的是？所得稅前利潤 24 財政年度所得稅前利潤的變動結果。是的，你說的是 24 財年，對吧？好的。因此，存在價格成本影響——銷售影響，包括毛利。好吧，這裡包括摩托車和其他地區，但是，對於汽車來說，317.9 位於其下方，收入模型組合中有 4,487 個數字。這主要來自北美。嗯，在上一財年，我們很難取得半導體。但今年，我們看到了成長，北美地區增加了 42 萬台。我認為這主要是對北美的影響，粗略地說，524.7 摩托車或汽車的價格成本影響約為 328 左右，但供應商和工資增長，這些都是負數，但原始成本材料成本，這個就大了。所以我說汽車3600億日元，但我仍然認為原料成本，這也包括貴金屬和鋼鐵，但大約是4.9億日元或2000億日元。所以這是一個材料相關的。所以這是積極的。售價上漲約3.6億日圓。減去2億日圓。因此還剩下約 1.6 億日圓。供應商成本增加和工資增加，成本增加因素也被考慮在內。但對於汽車來說，情況就是如此。我回答你的問題了嗎？

Thank you very much. Right now I conclude the press conference for the financial results presentation today. And those slides and tapered will be available on our website. Thank you very much for your participation today.

非常感謝。現在我結束了今天財務業績發布會的新聞發布會。這些幻燈片和錐形將在我們的網站上提供。非常感謝您今天的參與。