Good evening. This is Nakano speaking. Thank you. Thank you very much for attending despite your busy schedule. From my side, based on the presentation that we have distributed, I will give you the outline for the first quarter results. First of all, going to the PowerPoint material, this is on page two, this is the first quarter summary. For the first quarter, overall, sales and business profit both grew on double digits compared to the previous year. We have been able to have a smooth start in line with our plan. The first quarter of last year was when the COVID-19 was spreading, there was a dramatic contraction of the restaurant business, especially in April, the consumers have stocked up on food. Due to these special factors, in this presentation, we are showing a comparison where we can with fiscal year 2019. First of all, in terms of the sales for the first quarter, as you can see here, in our major segments, that is seasoning and food, frozen food, healthcare, and others, all the sales grew. Specifically in the overseas seasoning and North American frozen food and the Bio-Pharma Services and electronic materials business, we saw an increase in sales. In terms of the business profit, the increase of profit was JPY 5.1 billion. For the seasoning and foods business, we have been conducting a very proactive marketing spend. Last year, there was a decrease in our share, but we have been spending to increase our share. However, as you can see under reference on the lower right-hand side, this is a comparison against the fiscal year 2019. As you can see here, in terms of SG&A, compared to 2019, it's only a JPY 500 million increase of the SG&A expenses, and we have been able to control the increase of SG&A, including the ratio against our sales. Please go to the next slide. This is the sales and business profit by segment. As you can see, in terms of the sales for all the major segments, we have seen an increase of sales. For the business profit, in the frozen food business, in particular for the North American market, there has been difficulty in securing the labor force and there has been a temporary decline in utilization. There has been a cost increase, including personnel costs. It was a decline in profit here. I would like to refer to this later, but in terms of the countermeasures, we already have these in place. On the other hand, if you go to the healthcare segment, we saw an increase of sales for the Bio-Pharma Services and the functional materials. Overall, the business profit increased strongly. If you go to page 10, there is a comparison against 2019 for both sales and business profit by each segment. Even compared to page 19, sales and business profit for each of the businesses saw an increase. Going back to where we were, going to page four, that is one dash three. This is the sales and business profit by region. If you look at the chart on the lower part of the slide, in terms of the seasoning and foods segment, in all the regions, we saw an increase of sales. Specifically in Asia, we saw an increase of sales. In the Americas, we saw an increase of sales as well. In Japan, soup continued to show strong sales. Some of the products, that is the Chinese flavors and Western flavor seasonings and menu-specific seasonings, they saw a reactionary decline from last year, from last April, because people had been stocking up back at that time. For these type of products, the increase of sales was somewhat subdued. In Asia, we have page three in Ajinomoto consolidated results first quarter ended June 30, 2022. We have by region, obviously, sales growth rate for Thailand is plus nine percent in growth. For Indonesia, it's plus eight percent. For Vietnam, the Philippines, a double-digit increase. You can see that the Asian region has been growing very steadily. For each of the countries, there has been a steady at-home demand, and it has some partial recovery in the restaurant-related business, and that led to an increase of sales. For the major countries, I would like to explain more in detail about the situation, verbally, I would like to explain about this on local currency value base. Comparing to the previous year, I will just give you the percentage of the changes for this first quarter. First of all, for Thailand. Last year, for the restaurant-related business, it declined sharply. This year, the Ajinomoto business saw the high single-digit increase of sales. For the flavor seasonings, the high single-digit growth. This is basically related to the partial recovery for the restaurant business. For Thailand, the instant noodles, last year in the first half, there has been some challenges in the production, but now we see a double-digit growth. For beverages, a high single-digit level growth has been seen. For Thailand, basically, the recovery has been in line with the expectations. Going to Indonesia. Again, this country continues to be strong. Ajinomoto, double-digit growth. For the flavor seasoning, double-digit growth. menu-specific seasoning, because last year it was a high single-digit decline due to this reactionary situation. For Vietnam, Ajinomoto and the flavor seasoning both saw a double-digit growth. In terms of the volume, this is smaller, but going to the Philippines, Ajinomoto flavor seasoning, menu-specific seasonings, also a double-digit growth. Going to Latin America, Brazil overall grew 29%. Brazil was strong. The major product, that is for flavor seasoning, they saw a double-digit growth. Going back to page four, where we have left off. Going to the frozen food. In Japan, last year, as we have been explaining, especially for the unprofitable restaurant-oriented SKUs, we have been trying to reduce the number of SKUs because of this. For the restaurant business, for the key account business, sales have declined. We saw a decline both in sales and profit. For the home use frozen food, we saw increase of sales. For North America, specifically, the demand for the restaurants has been recovering sharply. Both restaurants and for at-home use, we have seen an increase of sales. More specifically, for the restaurant business, it is a high growth of double-digit. Next, please go to page five. We would like to look at profit on different levels. As you can see on this page, in the first quarter, gross profit margin remains high at 39.3%. It remains high. In 2019 fiscal year, although it is not shown on this page, the gross profit margin was 36.8%. It is better than that in 2019, and it has not come down so much from the level of fiscal year 2020 as a whole. As I mentioned earlier, as to SG&A, please look at the SG&A ratio against sales, although it is well controlled. Under the other business profit line, other operational expenses. In Europe, although we sold the company of animal nutrition in April. That came with some expenses, which are reflected on this page. The profit attributable to owners of the parent, the company, this line is showing slight decline. If without this one-off sale of the animal nutrition company, the profit attributable to owners of the parent company would have been positive. Please move on to page six. The items that impact the business results, namely from the second quarter and on. Number one, as described here, already in Western countries, there have been some developments eyeing the post-COVID era. In other words, the restaurant business, it is showing strong recovery. As to major countries, including Japan, as the vaccination progresses, economic activities are expected to continue to be normalized, as happened in the U.S. The temporarily strong recovery of restaurant business, which is giving some reactionary decline to the home use-related business. That possibility still remains, and we assume that possibility. While in Asian countries and other developing countries, the virus is still spreading, and there are some production side and sales side constraints which would give some temporarily negative impact. We experienced that last year, and we could cope with the changing environment flexibly and adequately last year. We believe that we can adapt to the changing markets going forward as well. Number two. It's about pricing and especially the prices of the raw materials. More than we expected, some raw materials, their prices have been increasing. That said, in Indonesia and Brazil, we have already raised prices for major seasonings. As to frozen foods in North America, we are raising prices. Going forward, in each country, we have a specific plan to deal with the situation in different countries through pricing. Basically, the cost increase, we believe, can be offset by the price increase. Earlier, I said that the first quarter saw a decrease in the sales of the frozen foods and there have been some HR cost increase, logistics cost increase, and the operational slowdown, utilization slowdown due to staff shortage in North America. We believe that we can offset the situation with price control. Through such activities, we remain committed to achieve financial targets through gate price increase and organic growth and the achievement of budget. The management has been in agreement to achieve those financial goals. With that, I would like to conclude my presentation. Nakano-san, thank you very much. Now we plan to move on to Q&A. This is from the first question, Fujiwara-san from Nomura Securities. Hello, this is Fujiwara of Nomura speaking. Thank you for taking my question. This was a wonderful financial result and I was a bit surprised. One question. For the overseas major market growth. You have been explaining it by product. Of course, in terms of the more established at-home eating, that's understood, but the growth seems to be quite strong. In terms of your organic growth potential, I think that is a KPI that you're focused on. Does it mean that you have been able to enhance your organic growth capability? From your point of view, what is your evaluation about this? Mr. Fujiwara, thank you very much for your question. To be frank, for Thailand, we were concerned about the situation. Relatively speaking, the infection is still continuing in Thailand, and there's some various constraints. The state of emergency is continuing in Thailand, and we were a bit concerned. However, we have started to see a recovery for the restaurants demand. That has been quite apparent. On top of that, for Thailand specifically, I think the biggest reason is the recovery for the restaurant demand. For the other products, for the at-home demand has been more or less stable. For the coffee, the RTD, that has started to recover. I think they will be able to maintain this momentum. However, that said, as I have explained, currently the infection is widespread. For Thailand, there's not a major constraint on the daily activities. For instance, Indonesia, Vietnam, for those countries, in terms of the factories operation, there has been some constraints. For instance, the staff will have to stay in the factories or else will not be allowed to manufacture our goods. The public market is closed in some areas, or the operating hours are shortened. In some countries, we are seeing these constraints. We've experienced that last year, and we think that we'll be able to respond to these type of situations. In the second quarter, there is a possibility that these situations will impact our performance. You have explained about the current situation. Thank you for that. As you pointed out, last year, you have experienced that, so there's no difference in the base. In terms of the growth, I think it would be safe to say that the strong growth will continue. Can you respond to that? Yes. More specifically, if you look at Indonesia, under this environment, we were able to increase our sales even under this environment. The at-home demand or the recovery of eating at home, we want to leverage that and then link that to our organic growth. Sorry, one follow-up. The share of each of the markets, isn't that have been increasing? It seems that way. If you look at the numbers, it seems that way. For some products, we have seen our share increase. If we just look at the numbers, some are stable market share. The statistics themselves, so the data tends to be concentrated on the major city, so it's not that accurate. It's not a complete apple comparison. As a feeling, I think we have been able to increase our sales in a very stable manner. Understood. Thank you very much for your answer. Thank you, Mr. Fujiwara. Next question is from Mr. Yamaguchi, Goldman Sachs. Sorry, Ms. Yamaguchi from Goldman Sachs. Here's Yamaguchi. About healthcare actual results and how you're evaluating them, biopharma and the functional materials. As to biopharmaceutical, I think different quarters had different results. Do you think that the first quarter results were too good? How would it be sustainable? Probably about 50% of the full year, the increased sales has been realized, or more than 50% when it comes to profit. What are you looking at them? How are you looking at them? The functional materials, very strong progress. The healthcare, the full time, full year results are likely to exceed your forecast. Well, as to the first quarter, was better than our expectation. If the trend continues for the full year, well, we do not think so. As to amino acid, as pharmaceutical usage demand is very steady or tends to go up. As to Bio-Pharma Services last year, because of the pandemic, there were some cancellations or delays. After that, demand is beginning to recover, we believe. Also, in Belgium, low molecular weight production capacity, where the utilization rate is rather high, the cost situation will continue to be very good. As to electronic materials, servers, networks, and gaming, for these uses, demands are strong. The question is whether the current trend will continue or not. We will need to be watching the situation closely. In the first quarter, Bio-Pharma Services had some one-off revenue. That will not continue. That part will not continue. As long as the environment is concerned, we expect the continuous strong growth in demand. Thank you. Thank you. The one-off revenue, was it a big one or is it something that we don't need to worry about the reactionary, the recoil? Maybe it was just a single digit. It's not something that we need to worry about the direction of the recoil. Next from Mizuho Securities, Saji-san, please. Thank you. You have the KPIs, this organic growth that you've announced in your midterm plan, price increase, organic growth four percent, two percent through price increases. What's your KPIs? If you look at the financial results for the first quarter, I think it's very difficult because COVID-19 has an impact. In terms of the unit price increase, what is your evaluation about that for this first quarter? In terms of the KPIs, what's the contribution? For the low-salt products, you said that you're going to launch these low-salt products at once at each of the markets. Would you like to elaborate that, as far as you can explain about those launches? Thank you very much for your question. In terms of the unit price increase, of course, it is true that due to COVID-19, it's very difficult to compare that. At the first quarter, we had not been able to disclose about that that much. One thing that I might say is that, the passing on the cost increase portion to the prices, I have been able to do that partially in the first quarter, that will continue to be conducted in the second quarter and onwards. Of course, this is a positive development. If you look at the current situation, because last year, because of COVID-19, the small lot products has increased and the large volume Ajinomoto or the flavor seasonings, that's for the restaurant business, has declined. Maybe that has shown some negative movements. If you look at the first quarter only, it has not been developing into a large increase of the unit price increase. That said, in terms of our organic growth targets, that's six percent for this year for the seasoning and frozen foods. We want to do that. This is a target for the price increase. We are committed to achieve that. In terms of the low-salt products, for the launch of those products, can you comment on that? Currently in each of the markets, the sales have just started. In terms of the situation, how much that is growing, we don't have the exact figures right now. We are still under the influence of COVID-19, but the health-related demand, people are becoming more aware about health, and we want to leverage on that type of trend. In terms of the price of these products, excuse me, for the prices. Because of the competitive environment, for instance, Vietnam, we have been discounting prices. Because of the increase of the raw material, I think President Ishii said that we are not in an environment that the prices will go down because of the higher raw material cost. Is that the situation right now? Well, I cannot say that we are not competing on the price, because it depends on the market. For instance, in Japan, the price competition is becoming harsher. We cannot say for sure that we are not competing on price anymore. Going forward, this is about cost. It will impact not only our company, but our competitors are under the same environment. The price increase, I think that is unavoidable. Understood. Thank you. Thank you very much. Next question, Takagi-san from SMBC Nikko Securities. Yes, Takagi. Good evening. The raw material, the price, that there was a JPY 3 billion of cost increase. From the second quarter and onwards, am I right to understand that the price will go up even more? That will amount to more than JPY 10 billion of cost increase for the full year. Listening to you, it seems that you think that you can offset it with the price increase. Historically, when it comes to the cost increase, your action was delayed, and you missed out on some opportunities when the demand came back. This time, it seems that your action is changing internally, and that you now believe that you can minimize the risks coming from the material cost increase? It's not that we have not done it in the past. Here is how the management thinks. They understand that the cost is increasing very rapidly. We deal with it with price increase. There is the consensus among the management, among all the people at Ajinomoto. Then, for example, Ajinomoto itself is manufactured at six different locations. Of course, we export the products to other locations. When we are going to raise the transfer price internally, and in the countries where they import the Ajinomoto they have to think about when they are going to raise the prices. This time, the corporate business department, business planning department, has been coordinating with other players in the group, and that's very important. I see. What about the demand after the price increase? The demand increase is now a tailwind for you, so we don't need to worry about demand trend going forward? Well, not necessarily so. We cannot be reassured, not necessarily, when we look at the economy. Each country is being helped by its government, and we understand that such help will continue. Already in those countries where price increases happened, we are not seeing big decrease in the quantity of sales. We think that we will be fine. Initial forecast, there will be some of the negative impact of more than JPY 1 billion, comparing the cost and the price. You're saying that the actual numbers will not be so different from your initial forecast? JPY 1.8 billion is the impact in the initial forecast, which remains unchanged at this moment. Some of the costs are increasing more than we had expected. Question is, how much work we have to do for that part? The business planning department or the business headquarters actually, it is in the discussion with different countries. You're saying that you are communicating a lot? Yes. Takagi-san, thank you very much. Let's go to the next question from Morgan Stanley, Miyake-san, please. Thank you. This is Miyake from Morgan Stanley. My question is a follow-up of Yamaguchi-san's question. This Bio-Pharma Services, the increase of profit, the level of increase is JPY 2 billion, out of which JPY 400 million you said is about a one-off revenue. Even excluding that, I think basically you have seen a substantial increase in your profit. If we look forward, I think basically there'll be some high utilization in your operations, and I think each quarter, is it the image that the profit is going to increase quarter by quarter? I do not have a clear understanding. I would like to hear about what are one-offs and what are not one-offs. On top of that, for the healthcare segment, you have others. It has seen the increase of profit, and already you have exceeded your budget for the full year. Are there any other factors that are going to be impacting this other sector? For the other business, mainly, because we are going through structural reform for the animal nutrition business, and we have some products that are remaining. Valine, for instance. The price of these types of products is going up. Another factor is the elimination of unrealized gains. There are some one-off factors here. That has translated to some profit. Those are not recurring types of profits. Those are one-off factors. In terms of your question about the healthcare, there has to be some questions about the healthcare business. Of course, it is true that it's doing well currently, and the environment per se is not bad. For the biopharmaceuticals, in terms of whether the orders are recovering, I think we have to observe the situation a bit more carefully. Whether this trend is really being connected to the real recovery, or is it going to go down again? I think we have to observe the situation very carefully. When we have a more clear understanding of the situation as early as possible, if necessary, we will conduct a review. The first quarter, I think the orders that have been stopped or canceled, and it came out at once, so we saw a huge jump in the profit, but performance. Maybe you want to understand the situation more to give more clarity? Is that your thinking? Yes. That's what we are thinking. I think the business operations themselves are thinking in that way. At the full-year plan, at this point for the Bio-Pharma Services for the full-year plan, it seems that it's going on an upward trend, but for the full year, not so much of a upside, are you saying? Well, currently, our target is to achieve our initial plan. I think basically we are trending so that we can achieve a full-year plan. If we have to do a review, we'll do that and review the situation. Thank you. Thank you very much. Next question, Morita-san from Daiwa Securities. Here is Morita with Daiwa Securities. Hello. Well, there's something that I don't understand. In the first quarter on a consolidated basis, in line with your plan, it seems that there has been more upside compared to the plan by segment. Could you please make short comment? For the first quarter, and then the second quarter, there will be some other downward trend in the profit after the other big profit increase in the first quarter? Segment by segment, well, rather than that, I would like to talk about seasonings and foods first. From around June in Indonesia and Vietnam and Thailand, there's more spread of the infection, we need to look at the potential impact. There might be some impact. As to frozen foods, as I mentioned earlier, we will deploy price increase. It is challenging if we can do it completely, our management is committed to it. We would like to watch carefully. As to healthcare, for pharmaceutical use of the biopharmaceuticals, namely, as I mentioned earlier. Whether the other medical-related demands will continue or come down. As to Bio-Pharma Services, whether the increase in orders will continue or will stop. We need to watch that carefully as well. As to functional materials, unless there is a big event, maybe not exactly as the current trend, but the overall trend will not change so much. We expect that it will grow. In terms of sales, that's how we are looking at it. What about profit? In the first quarter, the actual profit exceeded your plan or in line with it? Well, slightly topped the plan, but more or less in line with our expectation. Understood. You need to think about risks, as you mentioned. Yes. As I mentioned earlier, for example, Thailand, we assumed there's some risks, but now we are happy that we have seen recovery. I'm sorry. As to the healthcare and the other pharmaceutical-related business, mainly the revenue increased, in which part it decreased? As a result, it's in line with the plan. I'm talking about profit. Well, as to healthcare, historically, there had been some fluctuations year on year. If you look at a certain quarter, you cannot grasp the trend. Through the communications with the business, we believe that it is in line with the plan. All in all, it is in line with the plan, but there'll be some idea of fluctuation. I'm not saying that we are looking at it conservatively. Understood. From the second quarter and on, there is a possibility that you will see more profit. Well, we will continue to watch carefully. Thank you very much. Yoshida-san from JPMorgan Securities. Yoshida from JPMorgan. Thank you very much for taking my question. For each of the regions, I want to talk about the at-home demand and the restaurant demand. You talked about the frozen food on the U.S. and Thailand. You saw a recovery in the restaurants, and then the at-home demand is quite stable. I think for the ASEAN region, there's some risk. In terms of the business use, it's going to be coming back for the pre-COVID-19 situation, then what's going to happen at the home use products? When the business use goes up, maybe the home use is going to go down. In terms of the sales, are you going to increase the sales by increasing the prices for the home use products? If you look at a one to two-year span, what is your idea about these type of situations? I would like to know your thinking. Well, again, this is a very difficult situation that we are in because what we are assuming is that for the restaurant-related products, it will recover. In terms of the way of recovery, will be slow. Completely going back to 2019 level, that will take more time to recover to the 2019 level. That said, as I said before, temporarily, there'll be some because the higher vaccination rollout and temporarily there will be some kind of a one-time jump in the recovery. That happened in North America, actually. If that is the case, there is a possibility that will happen in other markets as well. This will be a one-off factor, the restaurant demand will go up and the home demand will go down as a possibility. Temporarily, there is a possibility that that type of thing will happen. That's what we are assuming. However, from the mid to long-term perspective, through this COVID-19 situation, I think people have had more heightened awareness about health and specifically at home. Well, eating together at home. I think there are more and more occasions people are enjoying those type of opportunities. It's not going completely back to the pre-COVID days. I think this type of way of living will be more or less established. We want to invest in those type of developments going forward. Thank you. If the restaurant business is going to be going up, there will be a temporary drop in the home use business, but overall, we'll be able to grow the business, and the home use will drive the demand. Yes, that's what we are thinking. Hi. Yes, thank you. Yoshida-san, thank you very much. Next is from UBS Securities, Kawasaki-san, please. I'm Kawasaki from UBS. Thank you. I would like to go to page two. The sales GP, SG&A, you have given us a breakdown, and I would like to ask about this slide. First of all, the last year's first quarter, in terms of the GP, has been contributing JPY 7 billion of profit, and SG&A has been reduced by JPY 5 billion. Now, that was the basis. Against this, the first quarter, the GP has gone down only JPY 500 million. I think there's a biopharma business that's contributed. In terms of the improvement of the GP has been able to be taken in. In terms of SG&A, that has been spent for the organic growth. The first quarter compared to second half to the last fiscal year, strategic investment of marketing costs. Specifically, I think you have concentrated that investment in the fourth quarter. The strong sales from the April-to-June period, is that coming out from the contribution of the investment they conducted in the fourth quarter? The SG&A in the first quarter, how much will that lead to the sales of the second quarter onwards? How much is strategic investing? The GP for the second quarter onwards, how should I think about that? Can you give me some color about that? Thank you for the question. It's, well, difficult, I understand. The last fourth quarter, from that quarter, as we have been investing for the SG&A. The sales increased this time. For that increase, our investment paid off. It's not for all the products, but if you look at the other later page, for A4-size documents, you will see the share. The Japanese flavor, the dashi seasonings, and the menu-specific seasonings and soup. For such products, the good trend, I think, is emerging. That said, it's not that we are the spending upfront. Well, for example, for the Southeast Asia and the impact of COVID-19 there, we watch it carefully so that we can control SG&A anytime we want to. That is what we have confirmed with the business side. The first quarter, there's the strategic marketing expenses as much as in the fourth quarter. As to SG&A, you will control it because the future is so uncertain, you can use the available SG&A to control. Yes. When you compare the numbers with those of two years ago, you will see that our marketing expenses are not that so high. It is already well-controlled. Thank you. Kawasaki-san, thank you. Next question. It's Morgan Stanley. Tsunayama-san, please. Thank you. Tsunayama is here. Hello. One question about the frozen foods in North America. From the second quarter and on, you might increase prices. Could you please elaborate on that? How are you going to make recovery? Specific strategies? We need to increase the ROIC of the business. Do you see any problems which would impact your longer-term strategy? Thank you. As I explained earlier, the sales is growing, but on the profit side, there's a challenge because of the cost. There's cost increase, as I mentioned earlier. Due to COVID-19, different locations have different situations. In the U.S., there are some subsidies. Because of the subsidies, people tend to stay at home, and that leads to the staff shortage on a chronic manner. Chronically, there is the shortage of labor force That is causing the lower utilization ratio. In North America, the HR cost, personnel cost is skyrocketing, and which in return is increasing logistics cost. That is the environment that we are looking at. As to increased logistics cost, that are already factored in our budget. There are some increases in the cost which are beyond our expectation, and that happened in the first quarter. In terms of the countermeasures, basically, in terms of the increase of the consumer price index, we are going to increase our prices for April, June, and July. Bit by bit, we have been increasing our prices. Furthermore, going forward, we are discussing about more price increases in some products. We will deliberate on price increases. On top of that, taking this as an opportunity, well, last year, we have actually reduced a lot of SKUs for unprofitable products. For this fiscal year, we want to offset the cost increase by the price increases, and we will further deliberate reducing the SKU of unprofitable products. By doing so, for the target, we want to achieve our targets through these activities. Thank you. Sorry. I understood how you're going to react against the cost increase. How about the labor shortage? Under the macroeconomic situation, I think you'll have to look at the situation carefully. Yes. We have already started to take some actions. One is the allowance for retaining our labor force. For instance, we are asking people from other divisions, departments to support. By doing so, the utilization rate has gradually started to recover. I think we have been able to see a gradual recovery in this area. On the other hand, in terms of the personnel costs, we have seen an increase because of these activities. There is a necessity that we have to pass that on to the prices. Understood. Thank you very much. Thank you very much for your question. Now, the next question will be the last question. Miura-san from Citigroup Securities. Hello. This is Miura from Citi Securities. Thank you very much. I have two questions. I think you have been more or less showing yourself to be a global company, and the global environment is recovering. I think what's important right now is that try to establish your position for the home use product. In terms of the menu-specific seasoning, that will be a very important product. What can you elaborate about that, please? Thank you for your question. For the menu-specific seasoning, there are some markets that are growing. I would like to explain in detail about each of these market situations. First of all, going to Indonesia. For Indonesia, I talked a bit about, I guess last year, the high single-digit local currency sales has gone down. The reason behind this is that we are focusing on the fried chicken powder for the nasi goreng. The local menu product is what we are focusing on. There is a reactionary decline compared to last year. That's the reason why we saw a decline in Indonesia. For the fried chicken powder, there's a lot of competition in these type of products. That has been the case from before. We would like to compete in this area. In terms of the value, it isn't that much. Well, it's in a big market, but the Philippines. The CRISPY FRY, that is the number 1 fried chicken powder. That's the product that we have. For the first quarter, for FY 2021, we saw a double digit or higher double digit. That will be more than 20% growth. This level of growth has been continuing, so we will continue to maintain this number one share and further enhance our share in the business. As to Thailand, it is yet to grow, but it's almost on the same level as last year. The slight decrease, something like local menu, where the fried chicken powder accounts for not so much, but for the local menu, we are providing products. For this year, because last year, the Menu-specific, the seasonings grew double digits. This year, only now, if I remember correctly, the mid-single digit increase. In some countries, there's some directionally, the recoil from the previous year. For short-term profit, you are saving your marketing expenses. That's not the case, right? Not at all. In the past, we decreased marketing expenses, prioritizing business profit, and that was not good. As to the areas where we want to grow, we invest. That's one of the themes of the midterm plan. Why didn't you change the initial forecast in your midterm plan? The second quarter is visible, and the third quarter and the fourth quarter, unless you make big efforts, you will not reach JPY 115 billion. Maybe you are seeing big risks. If not, it will not be JPY 115 billion. Well, as I explained earlier, the price increase, we are committed to the increased prices, and there's an internal agreement on that. The question is whether cost increase will stop or will continue even further. It's totally invisible. We need to watch more closely, and if we have to change it, we will do so. Depends on the FRB's, the rate, the policy. Basically, CPI tends to go up, and your pricing is based on the CPI as benchmark. I don't understand what you are afraid of. Well, we don't think that we are afraid of anything. Well, if that's the case, maybe you can adjust the information, change your information, or give some comments. Thank you. Thank you. We will do our best. Thank you. With that, we conclude the Q&A session. The final comments from Mr. Nakano. Thank you very much for your time. Just may repeat that there are some uncertainties, but we are committed to achieving our budget. That our management has confirmed that we will achieve the target. There are some challenges, but we will make that happen. Thank you.