Good morning, ladies and gentlemen. Thank you very much for taking time out of a busy schedule to attend our business results briefing for the second quarter ending September 30th, 2022. My name is Kaji. I will be the emcee. I am from IR Group. Let me first introduce our attendees for today. Representative Executive Officer, President, and CEO, Fujie-san. This is Fujie speaking. Good morning. Representative Executive Officer, Executive Vice President, CIO, Shiragami-san. Good morning. Executive Officer, Senior Vice President, General Manager, Global Corporate Division and Corporate Service Division, Sasaki. Good morning. Nice to speak to you all. This is Masai speaking. Nice to speak to you all. Executive Officer and Vice President, General Manager, Amino Science Division, Maeda-san. This is Maeda speaking. Nice to meet you all. Executive Officer, Vice President, Supervision of Frozen Food, Kawana-san. Executive Officer, Vice President in charge of Finance and Investor Relations, Nakano-san. Nice to speak to you all. Executive Officer in charge of Sustainability and Communications, Morishima-san. Nice to speak to you all. Corporate Executive, General Manager of Global Finance Department, Mizutani. In addition to the nine regular members, we are joined by two general managers. Corporate Executive General Manager of Amino Science Division, Michael Lish. Hi, good morning. Corporate Executive General Manager, Quick Nourishment Department, Mori-san. This is Mori speaking. Nice to meet you. Regarding the two businesses we would like to address, including those two personnels we just introduced, and because we have an English-speaking attendee, when Michael-san gives a presentation, simultaneous translation or interpretation will be provided. The entire session will be 90 minutes. Today's presentation materials are posted on IR website for you to have a look. Today's session is recorded, including the QA, and will be posted at a later date on our IR website. Please be advised. Now we would like to begin our program. We would like to invite Fujie-san to present forecast for FY 2022 and initiative for enhancing corporate value. Fujie-san, the floor is yours. Nice to speak to you all. Good morning, ladies and gentlemen. This is Fujie speaking. On a daily basis, thank you very much for your continued support to Ajinomoto, thank you very much once again to take your time out of your busy schedule to attend our briefing. I truly look forward to this opportunity to dialogue with you. Well, my presentation will be shortened because we have such a large number of attendees. Through the dialogue, we'd like to introduce how we are to further enhance our corporate value to solicit your advice. That is the purpose of today's meeting, and for that, we'd like to seek your support. Next slide, please. This is our agenda for today. I'd like to mainly raise three points. Next slide, please. Well, I'd like to convey the following five points. First, during the first half, we achieved increase in both revenue and profit, and they were record high on a six-month basis. Number two, seasonings and foods as well as frozen foods faced cost increase. During the first half, through price increase, we were unable to actually offset the entire impact with price increase, slightly lowering profit. However, the healthcare and others continued to grow, and thanks to the weaker yen, we were able to achieve a profit increase. In terms of a full-year forecast for FY 2022, was revised upward for both sales and profit. With that, we decided to increase dividend and buy back shares as part of enhancing shareholders' returns. Number four, there are three outstanding issues, especially with the domestic food sustainable growth as well as the profit structure of frozen food, as well as seasoning and food segment profitability. We'd like to further clarify the issues to accelerate the speed of measures so that we can continue achieving the further corporate value enhancement. Number five, through the dialogue with stakeholders and shareholders, we'd like to further evolve our MTP ASV initiative towards formulating 2030 roadmap. Next slide, please. From now on, I'd like to introduce the summary of finance results for the first half and business forecast for FY 2022. Next slide, please. This is the summary of financial results for the first half. Revenue was up and reached a record high level, and the major segments all increased sales. Business profit stood at JPY 74.3 billion, which was a record high for the first half-year basis. Without currency translation effect versus last year, the ratio stood at 97.1%. It's slightly up from the previous year's 96.2%, thanks to price increase and cost-cutting initiatives, which are generating results. We'd like to further the activities. Regarding the net profit attributable to owners of parents, last year, we posted the divestment, excuse me, the gain on sales of fixed assets last year, which is absent this year. The result is up 11.4%. In terms of the changes behind the BP change, the sales increase JPY 42.1 billion, but the cost increase amounted to JPY 20.1 billion, and the SG&A had a negative JPY 17.3 billion. As a reference point, these are included in the chart. Next is by segment. As you can see, and this will be explained later in detail, especially for the frozen foods. Next slide, please. These are the factors behind the changes in main and secondary fermentation raw materials. Currently, there's an upward pressure in terms of the prices of some of the main fermentation ingredients, which will be explained later in a subsequent slide. This shows cost increase as well as expense increase and how to offset the impact. At the beginning of the fiscal year, I reported the following. Of the cost increase of JPY 40 billion, JPY 30 billion was offset at the beginning of the year. It was visible. With uncertain remaining JPY 10 billion, we reported initial forecast of JPY 124 billion. That was the initial forecast. However, the cost increase, because of the weaker yen, will top JPY 50 billion instead of JPY 40 billion. On the other hand, the effect of measures to offset the impact will be increased from JPY 30 billion to JPY 45 billion. Therefore, at this stage in time, the net negative impact will be reduced from JPY 10 billion to JPY 5 billion. At the last portion of the impact of price increase, especially for foods and frozen foods, we will further introduce price hikes after October. Through price hike as well as cost reduction exercises, we would like to further recover or ensure business profit is recovered from next year onwards. Next slide, please. This shows the full year forecast, which was revised upward. We project to reach the sales of JPY 1.367 trillion and business profit of JPY 133 billion. This is a revised forecast. Even excluding the Forex impact, we can surpass last year's results. Next slide, please. This shows changes behind BP fluctuations. As you can see, regarding the exchange rate, which will be further repeated at the end of this deck, the exchange rate was revised from JPY 120 to the USD to JPY 135 to the USD. Next slide, please. This shows the factors behind changes in BP by segment. For frozen foods, we have revised the forecast down by JPY 2.5 billion from the initial forecast, which will be explained later. Healthcare and others was revised upward by JPY 8.2 billion. Next slide, please. This is a list of core KPIs. In order to achieve the MTP targets, as you can see, we are making steady progress. The next slide is about the by segment forecast for the priority KPIs. As you can see, we are going forward towards achieving our targets. Going to the next slide, please. This is the progress of structural reform. For this fiscal year, we will be reducing our asset and then conducting resource allocation and by selling our cross-held holdings. We have been progressing this. In this midterm business plan, we have been able to achieve our targets. By FY 2025, this JPY 200 billion of asset reduction, I would like to accelerate this as much as possible. The next slide is about the progress of our structural reform. This is about the structural reform about our non-core businesses. As you can see, it is progressing. Going to the next slide and onwards, this will be the initiatives for organic growth. As you can see, in Japan, for the at home, restaurant, industrial use products, each combined, we have been able to increase our sales. In Japan, the rice-related new products, which the price is stable. We are seeing a recovery, and we are trying to transform that we could come up with new menus. Therefore, the restaurant and industrial use products for the eating out is recovering, and we think that inbound tourism is going to increase. The next is about the overseas seasoning and foods business. Basically, we have a very strong brand, meaning that we are aggressively increasing our prices and sales volume is being increased as well. Based on this market change, we have to accelerate our readiness and respond to that, and we think this is very important. I think we have become more and more capable of doing that. The next slide is the umami seasonings and flavor seasonings, our mainstay products. The headwind has been blowing towards these products, but even so, we have been able to grow these products. By leveraging our strength, we think we'll be able to leverage our strength going forward. The next slide is about our frozen food business. This has been a source of concern to all of you. In terms of progressing the structural reform, we have been impacted by COVID and inflation. The amount of BP has gone down, and the second half of last fiscal year, as you can see, it was a loss-making business. However, we have been steadily increasing the prices and improving productivity. We are raising the portfolio and restructuring the production. We have been progressing these initiatives. The first half of this fiscal year, we are in the midst of recovery. On the other hand, further cost increase, and in the U.S., the signs of the recession is being seen. The volume has started to go down a bit, including this condition. In terms of the outlook, we have made a downward revision for the outlook for this business. In that sense, it means that further structural reform may be necessary. There has been some feedback, and I completely agree with that. As you can see on the right-hand side, from number 1 to number 4, these initiatives should be solidly carried out. On top of that, further structural reform is being considered. For instance, the growth categories, the aging categories, not all of the products are growing. There are some low-profit products, and we are considering withdrawing from those low-profit products, and in relation with that. The restructuring of the production should be accelerated. This is what we are thinking. The next slide is temporarily the growth has been slowing down, but the market in itself is growing. That will be the aging category. We will be focusing on these core categories and think that we can grow again in this business. The next slide, as you can see, in the North American consumption is becoming polarized, and we are taking initiatives against that as well. For gyoza, it has a high potential, and I think I have talked about that, and it's growing strongly overseas. If you look at this fiscal year, the overseas sales of gyoza is expected to exceed the growth of Japan. It is growing strongly. The overseas gyoza has the high unit price. In terms of nutritional balance, it is very good. By the gyoza sales increasing, it means that it can become a growth driver into the future. The next slide is about the significance of the frozen food business. Let me explain again. This has the potential to become a growth driver into the future, and in terms of the ASV, the Ajinomoto Group shared value. By solving our social challenges, we will be generating economic value. For instance, for gyoza, it's very easy to cook, and you can consume carbohydrates, meat, and vegetables. It's easy to cook and easy to consume. It means that it will lead to solve food and health issues. This will contribute to the corporate brand. Japan, North America, specifically, the frozen foods brand is contributing to the corporate brand overall. Next slide, please. Next is about the electronic materials business. Well, the semiconductor business is slowing down, and a lot of concerns are voiced about Ajinomoto electronic materials business. From our point of view, the PC market has been slowing down more than expected. As I've said before, within our company, the exposure to PC is less than 30%. 70% of our exposure is to the server and the network business. Maybe temporarily, the growth momentum may slow down. There is a possibility of that happening. Going forward in the mid-term and continuously, this electronics material business will be a growth driver and strongly drive the Ajinomoto Group's performance. In the next slide, this is about the 5G situation. The 5G market is continuously going to grow. At the same time, ABF, Ajinomoto Build-up Film, the shipment volume in terms of the CAGR, is going to grow by 18% as planned. In terms of the future demand increase of ABF is expected, we will be increasing the capacity ahead of schedule. Part of that capacity, that is. Next is about the assets and liabilities. As you can see that it is shown as here on the graph, temporarily, our net debt-to-equity ratio has gone up temporarily, but we have controlled that, and it has started to go down. If we go to the next slide. Regarding cash generation, fiscal year 2022 operating cash flow is revised to top JPY 112 billion. Because of the weaker yen, our accounts receivable as well as inventory was increased. Therefore, our working capital temporarily plunged, but this was within our expectations, so we aim to further generate cash. Next slide, please. This is strategic investment. As we have reported earlier, we would like to shift towards our investment from tangible to intangible assets to make it 50/50 in order for us to accelerate growth in the future growth areas. Next slide shows the core KPI, priority KPI trend. Things are moving ahead of the MTP. Regarding EPS, this is expected to top JPY 150. That is our forecast. Next slide describes 2020 to 2022 operating cash flow. On the left-hand side, this is likely to exceed JPY 400 billion. The next slide. Based on the current situation, regarding the growth strategy as well as shareholder return, we revised the business profit, make the upward revision as well as the current cash flow. The dividend will be up by JPY 10 compared to last year and JPY 4 from the initial forecast to top JPY 62 per share. In addition, we will buy back shares amounting to JPY 30 billion, which is capped at JPY 30 billion or 10 million stocks. This is already decided that the buyback share will be later canceled. From now on, we'd like to introduce our initiatives towards growth strategy and how to further enhance our corporate value. Next slide, please. As I have reported earlier, through the organic growth of existing businesses and the business model transformation, as well as the growth driven by four growth areas and integrating food and amino science, in 2021, the profit generated by food and profit generated by amino science used to stand at a 2:1 ratio, but the food business grew 3%-5% while amino science planted seeds or is planting seeds, which are growing to bear fruits. Amino science will continue its double-digit growth. By 2030, we'd like to make the business profit ratio coming from food as well as amino science to 1.1: 1, which will be a unique food company. In 2022, the forecast, once we achieve the forecast, then the profit generated by food will top 60%. The remaining 40% will come from amino sciences. We are even one step closer to the 50/50 ratio. Next slide describes the speed up and scale up portion. Under the new management system, under this slogan of speed up and scale up, we made our progress. In the 100-day plan starting from April, we even accelerated the speed of management. Especially with the war in Ukraine and the weaker yen or exchange rate impact, we were able to flexibly deal with the situation and visualize the current situation in order to make a speedy management decision. We were able to change gears under the 100-day plan, and we were able to actually raise our capability to deal with a highly fluid situation. In addition to the speed up and scale up, in four growth areas, business model needs to be transformed. That is the BMX transformation that we'd like to create as a template. Next slide, please. This shows the four areas of BMX or four growth areas, namely healthcare, food and wellness, ICT, and green. Those were identified as four areas of BMX. We try to find out how we can, from a midterm perspective and continually, we can take advantage of our strengths to enjoy tailwind. That is how we thoroughly debated this internally, and we identified these four areas of BMX. Today, of the four areas, I'd like to introduce two business areas. One is food and wellness. Especially, we'd like to enhance our marketing activities in this domain. For example, for domestic soup as well as Thailand, the sales trend in Thailand, we are creating new domains. By accumulating these new initiatives, we were able to achieve growth, and we'd like to standardize this growth to further evolve the pattern so that we can ensure our organic growth. I'd like to cite one example. This is Cook Do Stir-Fry Sauce. The users who never purchased oyster sauce, we delved into why they do not purchase oyster sauce. Then proposed the chow sauce as an alternative, this initiative is already rolled out. In the last 5 years, in Japan food business, B2C, we were not able to create a big hit in terms of the new product and new category. By reflecting that, Masai San, who is the General Manager of food business We appointed a marketing personnel to invite a cutting-edge external expert in marketing in order for us to actually further sophisticate this template of success. Next slide describes food and wellness by leveraging the marketing model in food and wellness. This area falls under the green of the four BMX areas. Plant-based protein hamburger mix is already launched in Brazil, I already tasted the sample, it was very delicious. From this slide onwards, this will be the presentation of healthcare. I would like to ask Mr. Michael Lish, the GM of the Amino Science Division. Mike, the floor is yours. Thank you. Before I start the slides, I would like to give a brief self-introduction. My name is Michael Lish. I started my Ajinomoto career in 1991. I've worked for Ajinomoto North America for the first 30 years, for the last 1.5 years, I have been in Tokyo. Currently, I am General Manager in Amino Science Division. Specifically, my responsibilities are the pharmaceutical amino acids and food, as well as the media business areas. With that said, these next few slides will discuss the BMX transformation and the dramatic expansion of healthcare, as well as our new partner, in the cell culture media business. Before going directly to the global partnership in the CCM market, let me touch base on the recent sales growth in our healthcare business for the amino acids that are in the food, pharma, and media markets. As shown, Ajinomoto has been manufacturing amino acids since the 1950s. We've been supplying amino acids for the food, pharma, wellness, as well as entering the new media markets. The bottom graph clearly shows a very nice sales expansion within our healthcare business from 2014 to 2021. Next slide, please. I'd like to touch base just on the cell culture media market. In the bottom right, you can see the forecasted market growth through 2030. This is very significant growth that will require pharmaceutical amino acids and supplements, but more importantly, it'll require high-performance cell culture media in order to meet the demand of our customers. This is a tremendous opportunity for us to meet this growing need and to expand our sales in the future. Next slide, please. On this slide, we show the history within the cell culture media pharma market for Ajinomoto. In 1987, we established our first media, ASF. However, in 2012, with a joint venture with Genexine, we established AGX. This joint venture was to manufacture the media itself versus just provide the ingredients. The location of this was in South Korea. In 2018, we established our second media, CELLiST. In 2019, to support our customer base and their needs, we established a customer service center in South Korea to be able to provide solutions to our customers that were looking for more high-grade media. We have two strengths in this area today. I think the speed of providing media and optimizing that product to meet our customer needs is one of the biggest strengths we have. The second one is the stable supply, not just of the pharmaceutical amino acid and supplement ingredients, but the media as well. Next slide, please. Those three sides lead me into this discussion with our global partnership. I'd like to touch on the recent press release on the collaboration between JSR and Ajinomoto. We believe this collaboration will further our ability to expand into this growing cell culture media market by leveraging the strengths from both companies. For Ajinomoto, adding JSR's high-performance media to our portfolio, as well as manufacturing this media at our site, AGX, this partnership allows future business growth globally. Second, also importantly, being able to utilize JSR sales channels within the U.S. and E.U. markets will help us expand into 2030. Next slide, please. Before we start this, I'd like to show a video from Tim Lowerey, General Manager of JSR Life Sciences Division, and I'd like to listen to his comments on this collaboration. Hi, my name is Tim Lowerey, President of JSR Life Sciences. We're excited about this collaboration with Ajinomoto. Their advanced technology, high-quality assurance systems, and market reach make them a great fit to commercialize the CELLiST BASAL CHO MX in Asia. At JSR, we're also excited to bring this media to the North American and European markets because it will expand our ability to bring our expertise to our customers. Thank you. Well, from my side, I would like to talk about the value creation story through human resources. This will be the driver. The foundation will be the human resources. At the September IR day, I have talked about this. Intangible assets, specifically, the human resources, that will be the foundation, is very important. We have to enhance that. Next, in our engagement survey, we have included ASV Realization Process. The ASV Realization Process, by improving that, we would like to create outputs. By doing so, we will accelerate the cycle of the ASV Management. The next is the quick report, a preliminary report on the engagement survey. As you can see, the various numbers out there, basically, they are going up, and then good scores have been shown. Specifically, in terms of the 75% for the ASV realization process, among the global top companies, we have been able to see good, high scores. However, that said, this 75% from FY 2020, it has not grown. We have to increase and enhance this outcome, and we'd like to put in initiatives to do so. Next is just what you're referring, at Forbes JAPAN. As an inclusive company ranking 100, we ranked number one in the stakeholder capitalism ranking in Forbes JAPAN. Specifically, among the five indicators, evaluation points, employees, and earth, we have been able to get high scores. On the other hand, the shareholders, the clients, consumers, I think the score is not high enough. Excuse me. We'll put in countermeasures, and if we put in countermeasures, if we take initiatives, I think the numbers will speak for themselves after that. The third point is the Medium-Term ASV initiative for the 2030 roadmap. Officially, at the end of February and the 1st of March, we will disclose this internally and externally. Currently, it's a kind of preliminary announcement, I would like to give you some taste, a flavor of what we are discussing right now. This is since after I took this position as the CEO, what I have gotten feedback from the investors and the analysts. With the dialogue with various shareholders, I have been conducting multiple dialogues. I have been able to get very precious feedback, advice. For the Medium-Term ASV initiative, I will reflect that so that I hope that everybody will be able to sympathize or feel comfortable with what we are doing. The next slide is from the Medium-Term Management Plan, evolving from the Medium-Term Management Plan to evolve to the Medium-Term ASV initiative. The Ajinomoto Group already had a 3-year Medium-Term Plan. From 2020 to 2022, this Medium-Term Plan, we think we'll be able to achieve the targets. Before that, we were not able to achieve the Medium-Term Plan targets. Why did this happen? Within the management, we have repeatedly conducted discussions and asking ourselves the reason. Our existing Medium-Term Plan, we were focusing very much on the detailed plan, and we were too much focused on the sums of the very detailed numbers. I think the people got fatigued by the time the plan was compiled, and it tend to be just plans and not achieved. It's a kind of a plan, plan. PPPP, maybe a Medium-Term planning malaise, so to speak. We reflected on this situation, and based on this finding, in a situation that is very difficult to foresee what's going to happen, we should try not to come up with very precise figures from the 3 years onwards. We should back cast from the future, from 2030, and then clearly set up the target and show the path to go about it. We would like to shift to a Medium-Term ASV initiative and evolve. The next slide is that what is the methodology? What is the concept of these indicators? This is just preliminary. In terms of ASV indicators, as a commitment, the single year performance forecast, of course, we will show you that, and we will realize that, we will seriously focus on ASV and create new values, then pursue Business Model Transformation and challenge the ASV indicators. That will be the midterm ASV management, and we'll promote that. First of all, we would look at 2030, management will uphold the challenging target, showing targets for the 2030 indicators, management think about the how the path should be to reach there. The next slide will be the last message from my side. As I've been saying to you before, purpose multiplied by passion, purpose multiplied by operational excellence, and speed up and scale up, it will be our focus. The FY 2022, I think we have been able to get achievements even in the first half of this fiscal year. Going forward towards the midterm ASV management, the initiative of that, we will seriously focus on challenging the ASV management. At the same time, globally, there are signs of recession. We should visualize and accelerate the speed of our management as much as possible, leverage our strength in the business portfolio so that we can sustainably enhance our corporate value. Thank you very much for your attention. Fujie, thank you very much. Thank you for presentation. Let's go to the Q&A session. First of all, I'd like to introduce how to raise questions. If you have any questions, please press Raise Your Hand button on your screen, we will call out the name of a person to raise a question. If you are appointed, please unmute, please state your question. Overseas participants are welcome to ask questions in English. Simultaneous interpretation will be provided. We'd like to limit the number of questions to two per person. Please be advised. Because of limited amount of time, we may not be able to entertain all of the questions in time. Please press your Raise Your Hand button if you have any questions. First of all, we'd like to take questions from Saji-san, Mizuho Securities. Thank you very much. This is Saji speaking. I'd like to raise one question. In Japan, the weaker yen, forcing foreign workers actually do not worth their work. Hotels and food factories suffer from labor shortages because the income level is very low in Japan because of the weaker yen. That is the current situation. There are two aspects of this. There are issues faced by Ajinomoto, Solutions & Ingredients itself, how to offer values to users? There is more opportunities for Ajinomoto to offer values to users of S&I. In terms of labor shortages, how does that impact to the manufacturing industry, especially consumables? What is your perception about this? Are there any opportunities and risks associated with this one? Thank you very much. Saji-san, thank you for your question. I invite Masai-san to address this question. Saji-san, thank you for your question. This is Masai speaking. To that question, I'd like to answer. First of all, in terms of labor shortages, yes, that is happening. At Ajinomoto, we have domestic production. Ajinomoto Foods is integrating the production, and we are promoting automation at the factory floor. In that sense, we can withstand the labor shortages issues. Your point is taken, but we'd like to keep monitoring the situation closely. Also, the situation is highly fluid. Solutions & Ingredients you mentioned, on our part, by promoting this area, we are collaborating with startup firms. In terms of partnership and collaboration, we are pursuing that opportunity. By doing so, we can see new businesses or new solution model emerging out of this external partnership. We can work on a next phase of roadmap. Thank you very much for the question. Thank you. Also, I'd like to expound on that. This is Fujie speaking. Especially for food services, labor-saving menu and long-lasting seasonings, those are the ones that receive a large number of inquiries. By capturing this as an opportunity, we'd like to make sure we can increasing our business or expanding our business. Thank you very much for the question. That's it for me. Thank you. Thank you very much, Saji-san. Next question. SMBC Nikko Securities, Takagi-san, please. Hello, this is Takagi. My first question is to Mr. Fujie. Ajinomoto's weakness, what is your take on that? Three years ago, the weakness of Ajinomoto was the responsiveness to the macro environment. That was the weakness, but you have been very resilient. Actually, maybe that's the strength right now. From your point of view, what is the weakness of Ajinomoto? How are you going to improve that? How are you going to reform that? What type of preparations do you have? That's my first question. Should I ask my second question? First of all, this is Fujie speaking. Maybe I should respond. Thank you very much for your question. What we're trying to do is that with Nishii-san and the current management is debating about this. I think the biggest challenge is to scale up. We have to have the capability to scale up our business. In terms of the AminoScience Division business, the format of scaling up the business, we have been able to have a definite way in terms of scaling up for the internal materials or biopharma service. Mike has talked about Amino acid-related business. That has been driving the Ajinomoto Group's business. In that sense, in terms of food for the overseas, excluding the overseas seasoning and food, scaling up the business and the Ajinomoto Group overall scale-up, we have to come up with the format and research steadily and evolve these initiatives and speed up our initiatives. I think one representative initiative will be the BMX. We have four growth domains, we have decided on that, I have talked about that already. In terms of the specific example, we are planning very thoroughly, we are planting seeds to be able to achieve that. By the end of February to the beginning of March, I think I'll be able to show you more specific examples. Even before then that, a lot of initiatives are progressing. Shiragami-san, do you have any follow-up? Hello. Thank you very much for your question. As Fujie has said, from our point of view, leveraging our strength, by doing so, overcome our weakness change the weakness into strength. Through BMX and business model transformation, that is what we are doing. For the Amino Science and healthcare and electronic materials business, I think we have been quite successful. We have this type of format in terms of health and in terms of the future growth. We're quite confident of the future growth. By utilizing the format in the food business, in the food and wellness and green, that would be the growth domains that we are focusing on. For the ASV indicators for the Midterm Plan, we are focusing on how we're going to achieve that. Towards February to March, I think we'll be ready to talk more specifically about that. Well, thank you. For the food business, coming up with a format I think is very challenging. What is a challenging point within your company? Conversely, what is the opportunities? Can you speak more on those points? Masai-san, can you talk to that? Thank you. I would say that maybe our weakness, this may be linked to a weakness, going forward, the younger generation is going to support this country in the future. We should focus on the younger generation, I think that is very important. The food and wellness domain, new momentum should be created, I think that will be the key. We have young, excellent, talented human resources, the opinions of these younger generations, how are we going to reflect that? How are we going to ride the wave of change will be the focus. This will be reflected in our next roadmap. Understood. Thank you very much. My second question is that, I looked at the presentation material, slide number 50. The performance outlook image. Next fiscal year, the profit is going to go up, next going forward, it will just grow strongly. Can you comment on this way this graph looks? Oh, this slide? Page 50. Yes, referring to this slide. This blue line. I'm referring to the blue line. Well, this is the image. Maybe this has been a bit misleading. I apologize. This is the image. Every year, rather than focusing on the single-year performance outlook, the higher challenging 2023 ASV indicators are there. I was just showing you the contrast. Sometimes, the performance will be close to the ASV indicators, sometimes not, and if there's a gap, we will pursue ASV thoroughly and try to become closer to the ASV indicators. Just it's an image. Sorry if I misled you. This blue line, the trajectory, is that the profit level that you want to pursue? It's different? Is that what you're saying? In terms of the blue line, well, externally, we are saying we think it's our responsibility to say that this is our forecast. For a single fiscal year, we will be giving forecasts. That will be basically these blue lines. If we just focus on that as challenging planting season and challenging objectives, and I'm showing the path towards 2030, we'll not be able to do that. We always have a challenging initiative, and at the same time, how are we going to achieve these challenging initiatives? We always have to consider that. That is what this graph means. Well, understood. I shouldn't really try to take this seriously? Well, take this as a reference? Well, currently, no. If you look at next fiscal year, this year, you have taken some counter initiatives. FY 2023 It may be in terms of the profit growth for your company. Latter half of the single-digit or maybe more than that towards 2030. I think that is the type of profit growth that you are expecting. Is that the type of guideline that I should expect? First of all, for FY 2023 outlook, the raw material cost situation, I think it is still be tough. Some will stay at a high level, some may go down. In terms of the price increases, we will be accelerating our responses on that. In terms of the structural reform, I think that will be more and more necessary. We will focus on structural reform and improve our efficiency. By doing so, including the contribution coming from a growth domains for 2023, we will increase our profits. We want to maintain the momentum up until 2030. The ASV indicators of FY 2030, we want to become close to those indicators as much as possible. Thank you very much. Thank you very much. We'd like to take next questions. Fujiwara-san from Nomura Securities. Thank you very much. This is Fujiwara speaking from Nomura Securities. Nice to speak to you all. Regarding structural reform, I'd like to raise several questions. In terms of financial results, it was very solid, but what was shocking was the U.S. frozen food. In 2014, since the acquisition, eight years has passed and we are yet to achieve a break-even point or lower the break-even point in terms of ROIC 5% or even more than 5%. In order to maintain or achieve that, what structural reform will be taking place? During the past eight years, what was the reform and how is it going to be different this time? That is my first question. Next, regarding seasonings and foods. While seasonings, the brand equity as well as share is very robust, so it is very resistant towards inflation. Not only seasonings are included, powdered beverage as well as instant noodles are included. Powdered beverage struggled this year. In seasonings and foods, will you accelerate selection and concentration down the road? Those are my two questions. Thank you. Thank you very much for your questions from Fujiwara-san. I'd like to appoint Kawana-san to address the first question and for the second one, Mori-san and myself will deal with the question. This is Kawana speaking, responsible for frozen food. Nice to speak to you all. Regarding U.S. frozen food, currently, while 8 years have passed and what we have been doing, that was your question. In the first 5 years since the acquisition, we were unable to perfectly fit the business. The former Windsor, the company, low profitability business, were not flexibly or swiftly terminated. Afterwards, nonprofit profitable businesses underwent structural reform to shift towards more profitable and growing businesses, and we are still in the process of that. The inflation kicked in. Originally, while structural reform is underway and Italian or appetizer, which were all low profitable, are scaled down, reduced in size, and the extra space is to be utilized for ASEAN products, and we are still in process of that. However, inevitably, low profitable businesses actually can generate marginal profit. That means fixed costs were able to be absorbed. If we are to terminate these low profitable businesses and increase the production capacity of Asian products, then the marginal profit was down, and then investment had to be made. There's a timeline for us to generate positive impacts. In terms of the business profit, there is a death valley that we had to face. Ideally, this was scheduled to bottom out in the first half of FY 2021, but the Death Valley is even deepened because of the inflation, and the consumption was down. Asian foods are yet to offset the negative impact. In terms of overcoming the Death Valley, the timing's delayed and the valley is even deeper. If you could look at page 20 of the material, in FY 2021, for second half, the valley was bottom out. In 2022 first half, we are in the recovery phase. That is the real situation. Going forward, we project a recovery trend. We are formulating a roadmap towards 2030, and plan B and plan C are being formulated as well. If we set a certain hurdle, for example, further recession may happen or unexpected turn of events, then we have to execute plan B or C. Thank you very much. Let me expound on that. For the Ajinomoto group, we are conducting businesses worldwide, and there are regions and areas or businesses that struggle. That is the inevitability for a global company like Ajinomoto. To address that, we are furthering our ability to address those situations, and that's important mid-term. That is what management is discussing. The situation is very grave for some parts of the world, but we deployed a bad news first approach to detect early signs of bad things. At the management committee, there are 10 priority items. Of that 10 items, bad news first is something we make sure at each and every committee meeting. Once we early detect those bad news, then the local subsidiary takes responsibility of addressing that matter. If it is above their capability, then the regional headquarters will come in to take charge or take initiative to deal with the situation and supported by global divisions. If not, then it is escalated to the management level. From management perspective, we grasp the situation to make sure we take necessary measures, or we may add additional resources to deal with the situation. Those are the 3 tier to address those struggles or difficulties to support local entities that face hardships. That is how we ensure healthy expansion of businesses around the world. I hope that answers your first question. Yes. Thank you very much. We would like to move on to the second question. As you rightly pointed out, overseas seasonings business, especially in Japan. Excuse me. In Japan, we became a highly resistant business. Apart from that, we would like to further enhance our resilience in other parts of businesses as well. At the management level, there are core businesses. We are discussing how to reform core businesses. During the executive meeting or training this year, we visualized this. The current level of potential as growth potential as well as the efficiency and what social values they bring. We plotted that on a map. If there is any category that struggles, then we can accelerate the speed of reducing more or stopping more or undergo a structural reform to transform the business. We would like to accelerate the speed of transformation. There are specific examples that I can share, and Mori-san, I would like to ask Mori-san to share specific examples. This is Mori speaking. Regarding powdered beverage, in AGF, coffee raw materials, green bean, the price is a big fluctuating factor. Also, we have a large share in stick coffee. The usage of green beans is relatively low, therefore, it can withstand the rising raw material costs or prices. That means product portfolio needs to be strengthened in order to address the rising price of green bean. That is how we would like to shift our business structure in terms of powdered beverage. I hope that answered your second question. Thank you. Fujiwara-san, thank you very much for your question. Next is from Daiwa Securities, Morita-san, please. This is Morita from Daiwa Securities. Thank you for taking my questions. I have two questions. One is that I think this was in the discussions. The external environment has changed dramatically. For next year onwards, so Fujie-san, what is the change of the external environment that you are concerned about? What do you think that the management should respond to? Are there any changes that is a source of a concern for the management? I am specifically talking about the seasonings and food business. For the seasoning and food business, compared to the past, I think in terms of the potential, I think it has been enhanced, but I think it has not been realized. I think that has been the trend in the past couple of years for the seasoning and food. Of course, the raw material classes go up in the COVID situation. Maybe that was a kind of a bottleneck for you, but you have talked about forming a format. From next fiscal year, the structural reform for the sustainable growth for the seasoning and food, is it next fiscal year really the timing for the sustainable growth for the seasoning and food? Or next fiscal year, you will continue to be responding to the inflation or the raw material cost increase? What is the stage that the seasoning and food business is at? Thank you. I will respond to your first point, and for the second point, myself and Masai will respond. Masai will respond. In terms of the change of the external environment, what we know is that we don't know what's going to happen. I think that's a VUCA situation that we're talking about. How can we respond to that? I think basically we should be capable to be responding to that uncertainty. Against that backdrop, what is more or less visible in terms of the threat is the reduction or the decline of consumption. How long will this continue? It depends on the business, it depends on the market. But in the U.S. B2C market, consumption decline for the non-seasoning food area, it has already started. For a certain period of time, there is a possibility that this will continue. On the other hand, in terms of the seasoning, even under the recession, actually, it will be able to exert strength. For this business, I think we'll be able to steadily grow the business. Against this backdrop, how can we stimulate the consumption, including marketing investment that we have to conduct? That this is what we have to consider. In the short term, I think these type of initiatives will be necessary. Some level of marketing investment budget will be allocated, and we will use this budget appropriately. For this point, in any case, from FY 2023 onwards, well, this will be related to your second question. From second half FY 2022, the price increases will start to contribute. We have been saying that from before, and I think the direction is just as we have explained. That is our understanding. For going to FY 2023, when in FY 2023 will we be able to go back to the pre-COVID situation? We're still trying to analyze that, but I think it would be safe to say that the profitability will return. Well, the momentum has started to recover. Actually, we feel that way in our day-to-day business. We want to every day put in our efforts so that this can be solidified. To your second point, in terms of the potential, you have understood the potential, but in terms of the format, how will this actually be effective? In the short term, as I said, with the overseas seasoning business for FY 2023 or the second half of 2022 to FY 2023, we think there'll be a large recovery. As long as there are no further cost increases, we are quite confident about that turnaround. In the midterm, I think basically it's very important for us to plan, seize, and conduct the BMX and focus on that. Masai will talk some points about this thing. This is Masai speaking. Let me touch upon your point. I myself, maybe you have heard about this already, but I have been climbing my career ladder basically under AminoScience. I have been the GM of the AminoScience, of the chemicals, but I'm now in charge of the food business. From my position, I think the fusion of AminoScience and food, I think that will be my very important mission that I have to achieve. That is my understanding. If you consider that perspective, actually, in the seasoning business, the transformation is difficult to see. One reason behind this is that our existing product lineup, whether it be food, utilizes a lot of amino acid technology. That is what Ajinomoto or what other seasoning business. This is designing the deliciousness. Whether it be smell, taste, whatever, the AminoScience is leveraged, but it's just taken for granted. Even the product development staff do not understand this leverage. We want to visualize this. With this, we want to conduct one transformation. Another point I want to make is that, well, maybe I'm not the right person to say this, but before the fusion of Food AminoScience, within the food business, there are five businesses in that. I want to combine this in a cross-functional matter. I was focused on AminoScience, and I want the chemicals, and the size is quite different. Food business is quite large in terms of scale. I think within these sub-segments, I think there are some silos that has to be overcome. How are we going to collaborate within the food business? And between the various countries, there are silos. I think there has to be some cross-functional or cross-market initiatives. That will be reflected. I would like to reflect this in the roadmap as well. Thank you. Thank you. It was very interesting. This fusion with AminoScience or the cross-functional integration with the food business, what are you going to start with? From externally. In terms of the first step, where would be the trigger or the first step? In terms of the design technology of deliciousness, well, amino acid primary function was nutrition. Basically, the focus was nutrition. This will be very useful in designing deliciousness. This was taken for granted within us, but we had not been able to communicate that externally. What we are very proud of, this design of deliciousness, this utilizes the amino acid technology. How can we communicate that? We are discussing about that within the members. It's a bit vague, but it's not nutrition, but deliciousness. I think that's the perspective that we want to communicate. Marketing, product development is going to start from there. Yes. Another point is that product development. Well, our marketing division has a great influence in the product development, but R&D, marketing and manufacturing, or the salespeople who have direct contact with the customers, they should be contributing to the product development, including marketing. Not marketing-oriented specifically, but this fusion should be conducted from the other areas as well. Well, thank you. Well, a price increase was the focus of our conversation. Well, that was important. I think we are basically going to go to a different stage. I am very interested when this stage is going to happen, I will be looking forward to the feedback. Yes, we are going to start from right now. Thank you very much for your expectations. Morita-san, thank you. We'd like to take questions from Yamaguchi-san, Goldman Sachs. Good morning. This is Yamaguchi speaking. My first question pertains to the progress of structural reform. Well, today we talked about this, especially on frozen foods and coffee. Those are the low profit margin, very low in terms of their profit margin. ROI level is going up. Well, the work needs to be raised, and we need to actually do something about these low profit businesses. What are the concrete measures you are already taking place? The next February, you are to announce your MTP or new management plan. This list needs to grow. If you can comment on the structural reform progress, please comment. My second question pertains to JPY 400 billion, excuse me, JPY 40 billion and what, JPY 10 billion in terms of share buyback. How did you actually, excuse me, at JPY 30 billion in terms of share buyback, and what was the calculation behind it? Thank you very much for the question, Yamaguchi-san. Regarding structural reform, I'm sorry for causing the concerns about the structural reform. Well, structural reform is underway for the businesses that face challenges, especially on frozen foods. As Kawana-san mentioned earlier, the current structural reform is underway, and we are considering plan B or even plan C for a worse situation, and that this reform is undergoing. We are undergoing this reform right now. In terms of the coffee business, especially with AGF profitability, that is struggling. Within our executive training meeting, we discussed this matter. We need to create our portfolio to address the issue. As Mori-san pointed out earlier, coffee green beans. The price is highly fluctuated by the price of green beans. With that, it will be difficult for us to further increase the profitability. Stick coffee needs to be expanded. We are visualizing the current situation to make sure that the structural reform is generating positive impacts. Not only plan A, but also plan B are being formulated, and we are closely monitoring the situation. In addition, regarding cash conversion cycle, especially the inventory, which is yet to hover high. Once the pandemic started, we had to make sure that we supply goods to consumers, so inventory was increased. That was how we dealt with the situation at the start of the pandemic. Now the global economy may start to shrink or go into recession, and the inventory level is a big risk for us. Therefore, we are announcing all departments to make sure that inventory level will be minimized to hit the appropriate level, reduced to the appropriate level. That is a company-wide effort to cut down on inventories. Those are part of the discussions at the executive meeting. Going towards the future MTP or MTP ASV management plan, we need to stop more or reduce more. We have to make decisions. Within the executive committee or BOD, we are discussing this matter internally. That is the current situation. To address the second question, well, JPY 40 billion this year and JPY 30 billion this year in terms of share buyback. Considering the cash flow situation, inventory is up, therefore the current cash flow stands at JPY 112 billion. Considering all these encompassing landscape, we decided to go ahead with the JPY 30 billion share buyback. If you could follow up, Nakano-san, could you please comment? This is Nakano speaking. If you could refer to page 30. In terms of the cash flow forecast or cash in, operating cash flow is the one we prioritize. How much cash will be coming in, and how much of that can be used to invest for growth? If there is any excess, then we'd like to return the remaining to shareholders. There needs to be a delicate balance between the two to prioritize these two. With that in mind, we decided to cap the amount of share buyback to JPY 30 billion. That is how Fujie-san explained. Thank you very much. Regarding the first question, in terms of structural reform, this year, cost inflation was prioritized. May have been, but in terms of the competition as well as the demand, based on those, then by when? Unless you achieve what and by when, what is the specific decision for us to evaluate? What is the actual KPI? When you announce the MTP next February or March, please show those thresholds. Then in terms of shareholder return in the divestment or sales of Kawasaki plant, well, there is an incoming cash flow in that sense. Did you actually factor that in or is it something else? Well, I'd like to address the first point. We'd like to show what can be disclosed to seek your maximum understanding in terms of the current status of business, and especially the social value we ought to create in the future. By ascertaining that, by when, by what level, we must achieve what in order for us to continue a business. Otherwise, we will make a bold decision to may have terminate that business. If there is any item we can disclose at the time of MTP announcement, then we will. To address the second question, Nakano-san, could you please comment? Yes. Well, we are yet to complete the sales of the plant in Kawasaki. The timing is yet to be decided. Considering that, we are forecasting the future cash flow. Based on that, we decided to make the share buyback this time. Thank you very much. Yamaguchi-san, thank you very much for your questions. Next question. JPMorgan Securities, Yoshida-san, please. Yoshida from JPMorgan Securities. Thank you very much for taking my question. I have two questions related to healthcare. One is about the functional materials business. The other day at the presentation, maybe temporarily to the second half, the growth momentum will slow down. I think you had mentioned that. Going to, I think, at the end of August at the earnings report meeting, not only ABF, but for instance, the encapsulation or the magnetic material, the contribution will be coming from those type of products. I think you had explained that, but what's the applications for this? Is it the same type of ABF? Maybe is it 30% exposure to the BC like ABF? I would like to ask about the applications and what's the current status. The second point is about the biopharma service. In the second half, I think in the presentation, through the mix improvement, you'll be able to improve the profit. In today's presentation, it means that in terms of the culture was the main explanation. Is this business going to go in the second half? Is that incorporated into your outlook? Is the same situation going to continue towards next fiscal year? Would you give me some explanation about that? Yoshida-san, thank you very much. Maeda-san, first, would you kick off the answer? Yoshida-san, thank you very much for your question, I was looking forward to your question, actually. Thank you so much. For the functional materials and industry-wise, I think we are thinking that it's going to the adjustment stage. But as Fujie has said in the explanation, before 2025, CAGR 18% growth is going to be expected. That's a base case scenario. If you look at higher data or the wider network, a higher speed is required, including that. Within a certain period of time, the CAGR 18%, I think that's quite solid. Maybe, currently, I think there is a possibility that we will enter an adjustment phase. For the applications Basically, these are for the films, for the substrate, for the semiconductors. Those films will be heat resistant, will be not inducing electronic. It's easy to explain about, but very difficult to copy. That's the reason why we are appreciated. For the magnetic material, I think that's what's going to grow going forward. Higher speed or higher capacity is going to be asked for. I mean that you use a lot of electricity, you'll be heating up. Energy consumption-wise, that's not good. The PCs and servers will be heated up. With less electricity, the same level of functionality can be offered using these magnetic materials. That is what we're focusing on in terms of development. Not only the semiconductors for PCs, but for smartphones, functional materials. There are a lot of interesting materials that is included in this segment. That's all from me about that. In terms of the culture medium. For the pharmaceutical development phase, it's a kind of a supporting actor. For the development of pharmaceuticals to go well, it's a kind of a nutrition. By combining amino acid and other nutrients, this will support the research and development. This cutting-edge medical is developing. This culture media has been from before, but more high-functional media is asked for. The functions or the accelerating the speed, a high-value add, more and more difficult demands are coming from the customers. As the medical world becomes more cutting edge and the customer's demands are becoming much higher, we can differentiate. This will not be commodity. We will be able to add value. Basically, looking at the progress of the pharmaceutical or the medical business, I think the important thing is that how much of the pipeline that we have for the cell cultures or the media. Shiragami-san, can you follow up on that? Thank you very much. First of all, in terms of the functional materials, the second half for the next year, maybe this is a very short-term look, but in terms of how much of the growth rate are you anticipating? In terms of CAGR, 18%, I think that'll be the same. In terms of the bottom of the range of the growth rate, the biopharma service for this business, the medium is going to grow in the second half. Is that the assumption? The functional materials, well, we cannot disclose the details, but compared to first half and second half, the second half, we'll see adjustment. The growth rate first half will be higher. In terms of the full-year growth, by 2025, CAGR at 18%. This year compared to that, this year will be higher than this 18%. The second half at some stage, for a couple of months or maybe for the six months, maybe compared to the first half, the momentum will decelerate. There is a possibility of that. That's the reason why for the full year. That said, the higher than 18% growth rate for this year can be achieved. In terms of medium. This is different for food and other businesses. If there's a clinical trial that the customers have to do, or when there is a production that happens, then there's a huge bulk of orders. It's kind of lumpy, so to speak, in terms of how the shipment works. The first half, there has been some orders that we have not gotten, or on the other hand, there are some orders that we had expected to come in the first half. The second half, I think basically, we think the orders will be flowing in steadily. For instance, whether the development stage of the clients will be on time or whether they'll be able to get the approval or not, that is how we look at the demand supply situation for the medium. Understood. Thank you. Thank you. Thank you. Yoshida-san, thank you. We are about to close the Q&A session, and we'd like to take one more question before we close the Q&A. Miura-san from Citigroup. This is Miura speaking from Citigroup. Nice to speak to you all. My first question pertains to, well, in Japan and Southeast Asia and the U.S., Ajinomoto Co., Inc. is well known. You have this strong brand equity. Even with that company, well, the profit is eroding. Nestlé is in the same situation. I'm not to blame you or anything. Even for a Japanese company, depending on each region, even with the price hike, the profit does not increase. There is positive and negative signs in the food industry. There are the ones that are favored by the price hike. Even with the brand equity of Ajinomoto Co., Inc., your profit was down. What was the background? Especially in Asia, usually you enjoy strong sales, and your profit could have grown. Your profit was down quite significantly. What is the underlying basis for you to explain the situation? That is my first question. My second question. We've already completed this financial result for the first half, but what are the business profit driver for the next half year or next year? I'd like to address this question to Fujie-san. Miura-san, thank you very much for the questions. These are the essence of our business and touches upon the very core of our businesses. Regarding the first question, the top management is highly aware of the financial situation, and we are monitoring the situation and closely analyzing the situation currently. According to our assessment, we increased prices. We needed to do more in terms of a price hike. Price hike was not enough or adequate. That was our reflection. On our part, short-term profit is also important, but mid-term scale is important for us to keep generating profit. We did not want to lose our share because of the extreme price hike. That was a risk we carefully managed. Depending on the situation in each country, we carefully assessed the margin of price hike. There is a significant time lag. Compared to before, the time lag has been reduced compared to before, but the margin or the level of price increase varied from country to country. That was the issue that was identified by the executives, and we need to carefully monitor the situation. Further price hike will be introduced by how much we can, and how can we address the slower consumption, and how can we stimulate this slowing consumption? Those are the biggest struggles or obstacles that we have to face. There were certain positive impacts that we were able to generate, but we do have issues and we are cognizant of that, and we would like to further our ability to address those remaining issues. Regarding the second question, going forward, what are the growth drivers for next years and onwards? As we've announced earlier, overseas seasonings, that is expanding or will be expanding. That is our forecast. We will be able to reach the pre-COVID level of top line. The top line is already growing significantly, which could buttress the entire group business. Also for the electronics materials, as Maeda-san mentioned earlier, CAGR 18% will be achievable and can continue to be achieved mid-term. In August, when we had the business briefing, biopharma service is also another driver to make a progress as planned. As Maeda-san presented today, the cell culture media, and also he is the expert of amino science who heads the Amino Science Division. In the last 10 years, the business has expanded steadily, both top line as well as bottom line. Especially the quality and supply chain management or trust level from the supply chain is enhancing or increasing. We don't actually call it or single out as a growth driver, the cell media itself, but those will buttress our entire businesses. That is how we foresee the future. There are headwinds that we have to face, but there are growing areas which will make contribution to the profit increase in the future, as expected by the investors and shareholders. We are determined to increase profit. The entire management team is thoroughly implementing ASV, which is exemplified by the slogan, "Thorough Measure of ASV." T hank you very much, Fujii-san. I'd like to confirm a few points. At the end of the day, Ajinomoto seasonings, half of which is already familiar at households. The general public's budget needs to be valued. That means why there is a significant time lag for you to generate profit. You have to carefully balance the household budget as well as the level of price increase. Yes, your point is taken. In terms of Thailand the MSG as well as umami seasonings, these price are tightly controlled by the government. Not only by our business decision alone cannot increase price for those seasonings. Also we have to consider the household budget by the consumers. That is why we'd like to provide a food and health-related issue solution. For the second half, food business will enjoy positive increase of profit. You planned that, but we are already November 8th. In Thailand, price control caps the level of price increase going forward. In terms of the visibility of your plan, is it quite high? Yes, it's highly visible. In that sense, we are implementing measures in order for us to attain what's in the plan. Thank you very much. Thank you very much. This ends the Q&A session. Firstly, Fujie-san is going to say a few words for the ending. Thank you very much for attending despite your very busy schedule. We have been able to have a good dialogue. Through this dialogue, I think there are various findings, and there are things that we realized that these are the things that we are lacking, these are the things that we should accelerate. I hope in terms of the visions that we share and the power of these visions, I think that supports us. We appreciate your support, and at the same time, I think we should try to answer your expectations. The directors or the board of directors or the management committee and the people working on the ground is unified as one team to be able to answer to your expectations. Thank you for your support in advance. This ends today's presentation. Thank you very much for your participation