The company will continue to pay a special contribution to the government for an extended period to repay damage compensation associated with the disaster, and it remains exposed to litigation risks and large contingent and off-balance-sheet liabilities. In addition, the impact of the full liberalization of retail electricity sales in 2016 and the company's contribution to the decommissioning fund will continue for a considerable period, meaning a substantial improvement in operating cash flow is unlikely. We expect its capital expenditures to remain high, at about ¥600 billion, over the next two to three years. Accordingly, the group's free operating cash flow (FOCF) is likely to remain low and its debt burden is likely to remain heavy. We have incorporated the
