Overview Key strengths Key risks Strong global competitiveness in many areas, including factory automation systems, social infrastructure, and electronic devices Slightly lower profitability than major overseas competitors in the capital goods industry Slightly low but relatively stable EBITDA margin of 10%-11%, backed by a diversified business portfolio Potentially volatile profitability and cash flows in its mainstay factory automation business, affecting consolidated figures Likely strong free cash flows in fiscal 2023 and onward, thanks to a relatively low investment burden and controlled capital spending Potentially volatile cash flows, given the highly cyclical nature of some businesses and working capital needs Net cash position thanks to conservative financial discipline The company's factory automation (FA) systems business will likely remain generally robust. However,
