SG&A expenses for the fiscal year ended March 31, 2013 increased by 2.8 billion yen year on year to total 47.1 billion yen as sales increased. However, due to our expense reduction efforts, the SG&A expenses-to-sales ratio decreased by 0.9 percentage points to 16.7%. These SG&A expenses included a one-time 0.7 billion yen moving expense for the Tokyo Headquarters and a currency impact of +0.7 billion yen.
While we expect SG&A expenses to rise along with increasing sales during the fiscal year ending March 31, 2014, we will try to keep a lid on the SG&A expenses-to-sales ratio.