Good evening, everyone. Thank you very much for taking your time to attend Ajinomoto's Fiscal 2023 results presentation despite your busy schedule. We thank you very much, indeed. I am Kaji from the IR office of the company. Let me first introduce the participants from the company. Representative Executive Officer and President Mr. Fujie, this is Fujie, thank you for being with us today, Representative Executive Officer and Executive Vice President Shiragami here. Executive Officer Senior Vice President General Manager of Corporate Division Mr. Sasaki, this is Sasaki. Executive Officer Senior Vice President General Manager of Food Products Division Mr. Masai, this is Masai, thank you very much for being with us. Executive Officer Senior Vice President Chief Digital Officer Mr. Koda, hello, this is Koda. Executive Officer and Vice President and General Manager of Bio and Fine Chemicals Division Mr. Maeda, Maeda here. Executive Officer and Vice President in Charge of Sustainability and Communications Ms. Morishima—this is Morishima, thank you very much for being with us. Executive Officer and Vice President in Charge of Finance and Investor Relations, Mr. Eiichi Mizutani—this is Mizutani here, thank you. Executive Officer and Vice President, Supervision of Frozen Foods, Mr. Hideaki Kawana—hello, this is Kawana. Executive Officer in Charge of Quality Assurance, Mr. Miro Smriga—thank you for being with us, this is Smriga. Executive Officer in Charge of Diversity and HR, Ms. Mami Kayahara—hello, this is Kayahara here, thank you very much for being with us. Executive Officer, Deputy General Manager of Food Products Division, Mr. Jiro Kamiya—this is Kamiya here. So, altogether 12 members are attending from the company. Today, Mr. Taro Fujie will give you an overview of the results for the year ended March 2024 and the forecast for the year ending March 2025 and the initiatives for enhancing corporate value, followed by a Q&A session. That is going to be the flow for today's meeting. We expect to finish the entire session in about 1 hour and 30 minutes. Please be advised that the materials to be used for today's presentation are already posted on the IR information page of the corporate website, so please take a look in advance. Please also be advised that this session will be recorded all the way into the Q&A session to be posted on the company's IR website later on. Now, without further ado, we'd like to begin the meeting. Mr. Fujie, the floor is yours. Fujie speaking. Thank you very much for coming today in spite of your busy schedule. On a day-to-day basis, thank you very much for all of the help and support you have given to us and the company. The script has some listening too, so I would like to give some simple highlight points. As much as possible, we would like to take the Q&A time. Now, please, what we would like to have as a message for today. There is the highest record level of sales and business profit since we introduced IFRS, and excluding the impact of acquisition of Forge Biologics, business exceeded 2023 forecast group by 12.7%. The dividend payout shareholder returns have been increasing. We will have purpose-driven management, and corporate values have been enhanced continuously. Please turn to page 5. Digest of FY 2023 results will be measured here. Sales, as you see here, is 105%—5.9% sales of the previous year and 101.7% with the impact of currency translation, and JPY 1,439.2 billion has been achieved. We exceed JPY 150 billion excluding Forge acquisition, and food business has been driving the business in Bio's healthcare that have impacted in the fourth quarter. Excluding acquisition impact, there is the business profit year-on-year is 150% of the level of previous year, and it has recovered to that level for the profit. Net profit, there was the Kawasaki sales of the land and Nigerian naira sharp decline, and it became 92.6% year-on-year. Also, the sharp decline of the forex translation has occurred. Please turn to page 9 next. Roadmap ASV indicators are shown here. 2023 results are, as you see, ROE and ROIC, organic growth EBITDA, and business engagement score and corporate values have been taking a very good start. On page 11, ROIC numbers have been revised. So management accounting by segment ROIC formula has been revised. Therefore, please refer to this. On page 12, March 2025 forecast is shown here. Continuously, growth in profit and revenue is expected, and sales against the previous year is 106.1%. And business profit is JPY 158 billion, or 107% of the previous year's level. And excluding Forge, 110%. JPY 158 billion is a commitment, so we will work hard to achieve this. As shown in 2030 roadmap, the high goals outlined would be achieved, and we are committed to that. For FY 2023, there were some owners of the parent company profit to be JPY 95 billion, 109% of the previous year's level after decrease. We will raise the top line and promote further efforts to reduce the effective tax rate. Net profit, in line with the business profit, will be well controlled. On page 13, the PL by factor is shown here. For the fuel and oil prices, there are some declines shown. On the other hand, there may be some points that will lead to increases. For FY 2024, it is more or less in line with the previous year. Page 14 is per segment business profit, and also the gap analysis is shown. For seasoning and foods, consumers are steadily growing, but B2B business had the processed foods and unit price seasoning decline is a risk, considering that totally it is a forecast of JPY 100 million for seasonings and food and JPY 1.59 billion additionally. For electronics, there will be the general server gradually recovering, and also pharmaceutical and customer inventory adjustments occurring, and CDMO. In the fourth quarter of FY 2023, there will be recovery to be achieved. This will be continued. Forge company initial investment will be covered up, and we increase profit in order to lead FY 2024. Excluding Forge, 110% of growth continues towards the FY 2025 ASV indicators, and business will be managed in that manner. Moving on. On page 16, the seasonings and foods and expanded market shares and overseas flavors. I'll talk about the 2023 traffic report and the initiatives planned for 2024 from here. In each market, the unit price and also the volume will be increased, and thereby we are making progress in the market share expansion as well as a result of these efforts. Because of the previous reflections, we had a tendency to reduce the advertising expenses, which sacrificed our brand power. Therefore, we have decided to specify that advertising expenses be invested in brands so that we can also strengthen the advertisement in digital media so that we can increase our brand power and lead it to increase market share. Next, what is interesting is written on page 18. This is a very interesting initiative. In April 2023, we launched the Marketing Design Center, and together with the business units, we are engaged in many interesting initiatives. What we call the Swinging the Bat is going to be the has been the keyword, and we have encouraged many interesting ideas. So the interesting ideas have been hammered out as a result of these measures. This is the case in which we collaborate with Takashi Yamazaki, a very renowned international director. Before he has received this very renowned international award, we have shot this video, Food Loss Lab. So please access this video from the QR code listed here. We appreciate your cooperation. Now on page 20, this is about the new product in Japan. We have this what is called a Cook Do for Kiwami Premium Mala Mapo Tofu. This has received a great reputation. And also the Pasta Cube that was launched in February. I'm going to show you a commercial film. This is one-pan pasta. Its simplicity and convenience, which allows the users to prepare a dish with a single frying pan, has become very popular. So these are the new initiatives that are enjoying great reputations. And now, page 20, 2022, this is about the frozen food recovery in North American business, and I'll talk about its future growth. In fiscal 2021 and 2022, we caused you concerns, but we have decided on the directions to be and conducted reform. Now the business has entered a phase of regrowth, growth again. And Gyoza product, together with other Asian frozen foods, we have decided to make this our core product and expanded its sales. At the Rose Bowl Stadium, we had this tasting event, and we will show you one we will have this one-minute video here. So please take a look later. All right. Thank you very much for watching it. Just like you saw, the Americans are also enjoying the gyoza food, as we have seen in the video. Gyoza X is something that we like to deploy globally going forward. Then on page 23, the functional materials. In fiscal 2023, the inventory adjustment affected the performance of this business. But in the fourth quarter onward, we have seen this business entering a recovery phase in fiscal 2024. Maybe the market believes that Ajinomoto is too optimistic, but we have given a stern look at the market outlook. We believe the PC materials market will gradually recover, and also the generative AI-related materials will also see demand growth. Also the materials for generic purpose servers is also going to see a modest recovery. So therefore, previously, the growth rate was expected to be 18% up to 2030, but we have revised this to 14%, making a downward revision. In fiscal 2023, we have seen a short-term adjustment phase, but there's no change to a mid- to long-term growth story. We'll try to return to the growth strategy of our roadmap as quickly as possible and aim for further heights. Page 24, this is about the pharmaceuticals amino acids for pharmaceuticals and foods. In fiscal 2023, because of inventory adjustment, the performance was not that favorable. But now that the inventory adjustment is over, we believe that the sales will begin to recover in fiscal 2024. However, we were insufficient in the assessment of customers' inventory. So this is a point that calls for a review. Therefore, we would like to promote supply and demand control more properly and establish an assessment speed up our assessment for customers' inventory status and take actions to address fluctuations. At the same time, although the sales volume has declined, the share of high-value-added amino acids is rather increasing. We believe our quality and service enjoy a great reputation among the users, especially when it comes to the pharmaceuticals that have already been certified. It's very difficult to change the raw materials after the certification is given. So we have already built a very strong entry barrier towards 2030. We would like to drive the growth of this business going forward. Now, next one is on page 25, Bio-Pharma Services. In fiscal 2023, the inventory adjustment continued in North America, and OmniChem's oligonucleotide, we had to do this conversion of some equipment in Europe, so that led to decline. However, in areas where we have a very strong proprietary technology such as AJIPHASE, AJICAP, and Forge gene therapy, the orders from these businesses have started to increase. So we would like to facilitate the growth of these businesses going forward. The next page, page 26, this is in the fourth quarter of 2023, Bio-Pharma Services existing business demonstrated a very strong recovery, as you can see here. Excluding impact of Forge acquisition in both Europe and Japan, we have seen a business profit driven by these two regions. Also in North America, the pace of profit decline has slowed. Therefore, we would like to achieve a full-scale recovery as early as possible in fiscal 2024. In 2023, we were able to solidly sow the seeds for the future growth, including the acquisition of Forge. On page 27, this is the first time we show this slide to you. This slide indicates the sales prospects by different modalities of our business. Five years ago, small molecules accounted for the overwhelming portion of the total business domains, but this is expected to come down to less than 60% in this fiscal year, with more medium molecules accounting for one-quarter of the total. By 2030, we would like to grow the medium molecules, the bio, and gene therapy significantly so that we can achieve a business portfolio in which our proprietary technologies can hold a strong competitive advantage. Now, page 29. So this is what it shows. In 2023 fourth quarter, the sales is JPY 1 billion, and business profit is -JPY 3.5 billion. This on an annual basis, FY 2024 forecast sales is more than JPY 10.1 billion, and business profit will be -JPY 7.5 billion. And this negative scale from the fourth quarter of 2024, the ratio has been reducing. Therefore, sales is growing steadily, especially customer numbers and acquisition has been increasing. It's 45 companies and 3 projects have entered clinical trials. Synergy team has already launched. So the technology conversion and the priority and advantageous position will be reinforced. The next page is cell culture material for regenerative medicine business. It became profitable for the first time in FY 2023. On page 31, ASV indicator progress is shown. ROE and ROIC impact of Forge in 2023 occurred, but in 2024, the numbers will be improved. FY 2025 target, until then, there are some gaps, but bottom line, profits will be attended to, and we will effort in order to reduce denominators such as by reducing inventories, and we'll work to achieve our targets. For organic growth in FY 2024, excess of 5%, and we will look towards FY 2025 so that we can achieve our ASV indicators. EBITDA margin is expanding. As you see on page 33, the inventory, and also there will be reduce of the assets and net D ratio being the range of 30%-50% will be raised to 40%-60% will be controlled accordingly. Page 34, the cash generation. In FY 2023, the record JPY 168 billion has been achieved, and in FY 2024, JPY 170 billion and more of the cash flow is expected. Next, on page 35, strategic investment in FY 2023, intangible assets is 40%. In FY 2024, the CapEx is JPY 100 billion and more, and organic growth will be supported. Intangible assets will be also enhanced too, and we expect a 45% of the ratio in intangible assets. On page 36, there are important managed indicators in purpose-driven management. Please refer to them. Next is page 37, returns and investment to growth. In FY 2024, the cash generation of approximately JPY 175 billion will be worked. Today, we announced the JPY 50 billion in share buyback, and we will actively engage in shareholder returns. Page 38, I would like to talk about shareholder returns. Normalized EPS is the basis, and dividend payout will be maintained. In FY 2024, JPY 6 annual dividend to 80% of payout will be made. There will be JPY 50 billion of the share buybacks that has been announced. Next, from here on is the initiatives to enhance the corporate value. Please refer to page 40. In FY 2023, roadmap for 2030 first year occurred, and the start was quite successful. Forge impact excluded. The expected JPY 150 billion is exceeded, and JPY 152.4 billion will be reached. Roadmap launch, which means the forecast of FY 2022 being JPY 133 billion compared a 15% growth has been achieved. For FY 2024, JPY 150 billion of the FY 2023 forecast compared, the forex impact will be negative, but 10% of growth will be worked for. As soon as possible, forge company contribution to revenue will be worked on, and higher challenges towards 2030 will be worked. Speed up and scale up concrete contents have been requested. Therefore, there is a list that summarizes it. On the left-hand side, there is the speed up initiative, a thorough visualization and confirmation of progress where North American frozen food and global raw materials and fuel prices increases, global days inventory outstanding, and optimization of CapEx and bad debts first will be worked on so that initial operation will be accelerated. Is the initiative ongoing. To external parties, we will collaborate. For example, for frozen food delivery businesses, business startup and speed acceleration will be materialized. In addition to that, AjiPro-L and Ezeon- EC businesses collaboration with partner companies will be accelerated too. Innovation strategy team will be launched. Intelligence capabilities will be strengthened too. New business generation speed up is worked on. For scale up, we will horizontally deploy the model practices. So the electronic material high-speed development system is what we have as a model, and this may be applied to other business areas. Brazilian gyoza launch and collaboration with key accounts in the food product business and Brazil Ajinomoto Infinity Cycle, which is a work improvement system, will be used. In ATM, the rolling forecast has started. It will be deployed on a global basis, and it had been done in FY 2023. Asian wind and model of import and export will be scaled up. In addition, for the results, as you see, there may be some companies and businesses that fell into difficulties, and it has already been explained about the activities we have progressed for them. Two-digit oku yen and exceeding that, new sales of new products will be shown in the food businesses, and also corporate brand will be increased too. On page 42, there are various communication and exchanges and discussions that have been in various levels conducted. In March, there was the global roadmap presentation on a global basis. 92 people participated. In April, there was a resort one-night stay where in a relaxed environment, we exchanged various directors exchanges. So this has been put in one minute. Thank you very much. In this way, in one team, we have decided to have a discussion in a frank manner so that we can talk about the fundamental challenges and the countermeasures against them. The next page shows the various initiatives, and that is going to be driven by our very important human resource assets. Based on that idea, we have decided to facilitate voluntary actions by the employees, for example. What is called a Try and A Cross initiative? We solicited many themes, ideas from many different organizations, and having the employees voluntarily participate in this project while working on their original jobs so that they can appropriate 10% of their time concurrently serving all these projects so that they can work for those cross-functional initiatives. We have started receiving applications for these kind of activities. So please also access the QR codes to see the video of these initiatives. Now, on page 44, having said that, however, the environment changes constantly, and therefore, we have to respond to these ever-changing environments and also the risk associated with that. So the initiatives have been defined, as you can see here. And then on page 46, supply chain management. We are going to reform this so that the cash conversion cycle during the COVID days, we had to carry an extra level of inventory in order to fulfill responsibility for supply. But under Koda-san's leadership, our CFO, we have decided to share information universally on a monthly basis around the globe so that we can focus on the best practice so that Koda-san and also myself can disseminate the information and ideas and strengthen initiatives undertaken, such as price hikes and also the visualizations of raw material. So this model will also be deployed for supply chain management as well. On page 47, we have this risk management and governance. Immediately under the executive committee, we have established what is called a management risk committee, which will decide on the very important risk that could heavily affect the management of the business because these are issues that are drawing a lot of attention. So we would like to respond to this properly in order to ensure proper BCP as well. We have Mr. Miro here today, who is also head of the quality assurance. So he will share with us the quality assurance activities undertaken by the company. Miro is also a member of the executive committee. So bad news first is the slogan there. So all the bad news will have to be identified as early as possible so that he can take leadership in addressing those risks. And also the executive meetings, he shares the awareness about the importance of the quality issues. So he is taking very solid and stern measures and attitude towards quality. So Mr. Sumio, please begin your presentation. Okay. Thank you very much. I would like to talk about the quality assurance structure of Ajinomoto because this is very unique and customer-centered. And we believe this is a source of value proposition to customers. So I would like to share with you using next six minutes for our structure. The basic structure is built on four pillars here. From upper right, as you can see, we have this ISO 9000 international standard. So based on this, we have established a proper quality assurance system called ASCUA. But not only that, that is not enough in order to motivate people's mindsets. So therefore, under the leadership of the management, each and every employee's operational quality improvement is something that we are addressing on a constant basis. As you can see in the pictures there, Fujie-san and Shiragami-san are attending the quality assurance meetings and having a dialogue with the employees. For other leaders, when they visit the site, they always talk about and have a dialogue with the quality assurance. That is the requirement for them. And of course, if you look at the bottom left-hand side, the third pillar is the development stage and the quality assessment based on the different development stages. And finally, the most important pillar from my viewpoint is the safety and quality of the final product, but also the customer satisfaction. That has been one of the major pillars for us to drive quality assurance. So with these four pillars, we have established the culture of the company. I would like to give you more details about ASCUA, but because we don't have so much time today, I would just talk about the most important issues facing the company. The video that's shown here is the video of the Kyushu Amino Acid plant. So in the quality process, we have a lot of human involved here. Human errors involved here. So to eliminate those errors, we are now making the conversion into robot operations as quickly as possible. The robot is now checking up the descriptions here. And based on the description read by the robot, the proper products and proper procedures are followed. So with this conversion, we have been able to completely eliminate those description-related errors. In the next two slides, I would like to just briefly talk about these four pillars that I just alluded to. As you can see here in the middle of the slide from the panel, as you can see here, after the introduction of ASCUA, the number of complaints and the number of recalls that can heavily affect the performance of the company has reduced significantly. On the back of this, of course, this is supported by many different activities. But one of that is, as you can see from the upper right, this is about the risk-based audits on the raw material suppliers, which we have a very stringent process here. But these activities are not intended for external parties. But as you can see from the bottom right panels, the right blue boxes, we are also promoting the education for our own employees. The number of people who have received the lectures have increased year by year. So right now, once in 2 years, each employee will have to go through these education sessions. As a result of that, the responsibility of product quality, as you can see from the right-hand side, has increased significantly. This is the Ajinomoto Group's 33,000 people's voices are reflected here. Compared to other global leading companies, the score is very high at 93%, which pleases me a lot. The next page, please. As I just mentioned, Ajinomoto Group's quality assurance structure has many different distinctive features, one of which is the focus on customers' voices and customer satisfaction. The Ajinomoto quality assurance system is not only about the defensive tools, but also we also have an offensive tools as well. And as you can see here from the slide, the quality assurance customer voices are reflected. So those are reflected in the product improvement every year and every year in and out. In the last three years, on average, FN782 products have been improved as a result of customer feedback. A good example, as you can see here on the right-hand side, is the frozen Gyoza product. This frozen Gyoza stuck on the frying pan. So we received this voice. So we collected 35,000 customer skillets and conducted verification and reflected in our speedy development. So this is not only about quality safety but quality assurance, but this is the quality improvement initiative aimed for customer satisfaction, better satisfaction. What I'm proud about is listed up in the middle part here. As you can see here, the group affiliates, after identifying the they listen to the voices of customers, but all these voices are also double-checked by the headquarters quality assurance department. So there's no leakage of information or there's nothing missing. So we are able to we have a mechanism in place to can check all the voices without anything missing. And all the 400,000 cases have been reported to the quality assurance department in fiscal 2023. And these voices cannot be analyzed properly only by human brain. So we have actively employed artificial intelligence technologies to analyze these voices. And we have a four-stage product assessment process, as you can see from the bottom. And this assessment is done in four stages, employing different teams and varying different views. So this is another process that ensures no omission. And what is distinctive about Ajinomoto is early global deployment. In the case of Japanese companies, best practices are usually difficult to export from Japan to overseas. But as far as Ajinomoto quality assurance is concerned, we have basically a global approach. So, Philippines, Ajinomoto Philippines Inc. quality assurance manager is here. And you can see there's his smiling face behind this. That's all for myself. Thank you very much. So as you have just heard, we have a very stringent defensive structure, including all the executive committee members and myself included. So no matter how strongly the request comes in, if the answer is no, it's always a no. So we have this kind of very stringent process in place and also an offensive mechanism in place. So we would like to work on both the offensive side as well as the defensive side. And this is an issue that is subject to constant changes. So we like to work on this in a constant fashion going forward. So three messages at the end. We will continue to refine the roadmap for 2030. After one year after the announcements, during this time, we have been working on discussions to improve this. I think we have made good progress. But aspirations for 2023 is not achieved yet. We would like to reach the Mount Everest level. I'm feeling a very tangible improvement, but I think we can aim for further heights in some aspects of the company. Second point is about the ability to execute. This has to be enhanced on an ongoing basis. As I said, compared to the previous practice of centered on plans only, we would like to continue brushing up the execution capability. The third one is the driving force of all this will be purpose, passion, and empathy, including all the stakeholders. We would like to continuously drive the improvement of the corporate value through these initiatives. Thank you very much for your attention. Now we'd like to open the floor for a Q&A so that you can deepen your understanding and provide us with proper advice for our business. Thank you very much. Thank you very much, Mr. Fujie and Sumio Maeda. We would like to entertain questions from now on. First of all, I would like to explain about the method to ask questions. If you have questions within the screen, there is the raise your hand button. Please press it, and we will nominate the person to ask the question. If you are nominated, then please release your mute mode of the microphone and start to speak. Overseas participants, you can also ask in English. There is a simultaneous interpretation in order to give you responses. For the questions, it will be two questions per person per time. We appreciate your support beforehand. There are a lot of people who would like to ask questions, and sometimes we will not be able to nominate everyone. Please be prepared for that. Now we would like to ask you to raise your hand if you have any questions. Please press the raise your hand button. Thank you very much for the question. Mizuho Securities, Saji-san, please. Hello. Thank you very much for the presentation. From my part, there will be interest in biopharma businesses, the fourth quarter organic business, and the recovery for that to be more elaborated. And also sustainability is what I would like to confirm about. And I'm very interested in the fourth quarter, January through March, bioservices and ingredients. It's reduced by JPY 4.7 billion. Out of that, JPY 3.5 billion is due to the impact of the markets. And it's still declining continuously, I would consider. The sales is steadily recovering, excluding the quarter. And what is the impact of the decline? And will it recover within this fiscal year? This year's sales, excluding that, is 5%-9% or thereabouts. So the way you look at the sales and top line and recovery sustainability for the sales is what I'd like to know about. Thank you very much. I told you the general story. So Maeda-san will give the details. Mr. Saji, thank you very much for your question. As written on the document, fourth quarter on, the forecast is that we recover strongly, and it is indeed recovering well. We are very much relieved. On page 27 of the material, for the first time, the small molecule and medium molecule, mainly from AJIPHASE and Bio and Genes businesses, have been listed. Within 2023, the medium molecule AJIPHASE and AJICAP have two-digit growth, which is very strong. The small molecule consignment businesses are having a lot of difficulties, but it is recovering significantly in the fourth quarter. The reason is that there were some inventory adjustments, and Bio-Pharma industry had the cash control until December, being very much in difficulty, but it recovered gradually. Out of that, North America had a lot of difficulties, but North America especially, as written on page 28, there is a pie chart there. North America, comparatively, in the small venture businesses, customers who are predominant here had given us businesses, and we had secured sales from that. Bio-Pharma funding was impacting these small players. Therefore, North America had a lot of difficulties. If this continues for some time, we will see that in the fourth quarter, AOC Europe and also Japan will be recovering very strongly overall in FY24. The growth trajectory can be reached in North America, although a little slower than that, will also recover. Does this answer your question? Thank you very much. January through March, CDMO had hit the bottom, and I would understand that. Biopharma is what we consider as recovery. Also, JPY 1.2 billion of decline in revenue has occurred. Pharmaceutical, food, and amino acid decline still seems to be continuing. Top line going to the bottom, and bottom line declines in revenue continuously. There are some gaps between them. I would like to confirm the background for that. Next year, how it can be recovered is what I would like your answer about. Well, to answer you, Mr. Saji, your question, the raw material of the pharmaceuticals is an element here. From the fourth quarter, we have seen a recovery of sales as we had anticipated. But from the Q1 and Q2 of this fiscal year, we are expecting a recovery on par with the 2022 level. But of course, these are recovering at a favorable pace. But something that we were not able to predict was the inventory adjustment that took place in 2023. So that led to a production adjustment. So that had a double punch, reducing the top line and also the increase in the production cost. That happened in 2023, but these will be eliminated on a phased manner. So there will be a little time lag for us to enjoy a full-fledged recovery. But towards 2024, I think we shall be able to catch up to the original level, although with a little time lag. That is the case for 2024. If that is the case in the fourth quarter, profit level is still declining. But if 2024, you are expecting to see the recovery and turning to the profit recovery in 2024, excluding Forge. Is that correct? Overall, yes, that is correct, I think. With a little time lag, I think we shall be able to see a recovery. So from the second quarter, second half onwards, we will get back to the normal level. So there's quite a lot of time lag. Quite so. I understand. Thank you very much. Thank you. Next question. SMBC Nikko Securities, Takagi-san, please. Hello or good evening. Takagi is speaking. Can you hear me? Yes, we do. Thank you. I also have two questions. The first is about Bio-Pharma Services. The new fiscal year will, excluding Forge, have business profit of about JPY 10 billion or JPY 11 billion of profit recovery expected. On this occasion, the breakdown of this or where and how the profits can be grown or recovered. Can you elaborate on that? Yes. That's my first question. Thank you very much, Ms. Takagi. I think this is your core business, and it's very important. In the previous fiscal year, there have been declines, and it has gone down and down continuously to your company from the market. There will be some kind of doubts occurring. It was the cause of doubts. Therefore, can you elaborate on this trend, please? Thank you very much for your question. I'm very sorry for your concern. And as in the previous question, biopharma and CDMO and pharmaceutical amino acid sales are the two core pillars of revenue. For pharmaceutical amino acid, it's the same, but top line has more or less seen some recovery, and cost will be put to the original status. And there is some time lag that it reaches until profitability. For 2024, profit revenue recovery is through CDMO. As on page 27 of the document, AJIPHASE, AJICAP, and in our company, unique added value products to be grown is our expectation. This will be driven. And in 2024, it will go back to the original status. From the second half of 2024, amino acid materials will come towards top line, and profitability will be recovered accordingly. Therefore, FY2024 and 2025 will have something similar to the structure of 2022 for profitability. Then JPY 10 billion or more of the increase in profits. Pharmaceutical and Bio-Pharma Services, there are some breakdown given, and I suppose some increase in revenue had been guided. Is there something that you can explain through numbers for those items? The breakdown details put separately, both will be increasing in profitability as we expect. I see. CDMO, AJIPHASE, and AJICAP obviously are drivers of the growth in revenue. But on an annual basis, JPY 10 billion or more of the increase in profits. And I wouldn't think these two would be the only earners of such recovery. So are there other ways of gaining profits? Pharmaceutical amino acids put aside, small molecule or large molecule areas are also areas I would like to know about. For small molecule, in Europe specifically, bookings have recovered significantly. This recovery in FY2023 and 2024 compared is very much a forecast that we expect a lot of recoveries in. So this is a major count that we have in our view. If so, the profit recovery is contributed mostly by medium molecules, and it's followed by the small molecules. Then amino acids follow. Is that right? Can you repeat the order once more? I mean, JPY 10 billion and more of the profit recovery is expected. Contributing items in order of the products is what I'd like to know about. The breakdown or orders is rather difficult to mention in detail, but respectively, FY2023 was very much a difficult year. But in profitability, small molecule Europe recovery is very strong. As you mentioned, amino acid pharmaceuticals in FY2025 and 2026 will come back to the original trajectory, and production adjustments have some time lags. Compared to that, it's not so much of a significant recovery. As for AJICAP and AJIPHASE, as we go through the years, the top line growth has become more significant. So the AJICAP licenses are also increasing, as you have seen in the press release. So therefore, these will also have a positive impact on the performance. All right. Thank you. Thank you very much. I understood very well. Thank you. So sorry for the detailed question. Thank you. And this is a question for Mr. Fujie. Roadmap. After the announcement, one year has elapsed. So on page 31, if you look at the ASV indicators, the ROE, excluding the impact of Forge, even when you exclude Forge, the forecast for this fiscal year and towards the targets for next fiscal year, there's a significant gap. So Fujie-san, in your very practical view, what is the actual target that you can possibly address? Or do you have any minimal target that you will have to achieve by all means? If you have that kind of indicator, please let us know. One year ago, when I asked a question about this very challenging target, you said that you are going to ensure a rolling forecast on a monthly basis. If there's any gap vis-à-vis the targets and the performance, you will take measures, implement measures. There is a significant gap in the track record of ROE vis-à-vis the targets. How are you going to catch up with this? After listening to your presentation, I do understand that Hinamoto's performance is getting better and stronger. I think if you can elaborate on the detailed measures to catch up the performance, let us know. Yes, as you rightly asked, Ms. Takagi-san, the measures to improve the bottom line is still something that we can build strength on. That is a discussion that we are holding in the executive committee. In that regard, in order to push up the bottom line or the bottom performance, we are going to implement any possible measure. For example, the effective tax rate, for example, it's currently 27%, 34% coming down to 27%, for example. That was already done, and we succeeded in that. Furthermore, we will look into what further we can do and address. These are the things that we are addressing right now. For example, when it comes to leverage, in order to enjoy greater leverage, the capital strategy is something that we are looking at because there are many possible options. Those are some other areas that we are speeding up our initiatives. ROA and ROIC in relation to these elements, the cash conversion cycle, after all, during the COVID era, because we had to fulfill our supply requirements to customers, so we had to carry extra inventory to some extent. So we have been making efforts to bring down the inventory level. And as a result of that, the total assets will have to be reduced so that we can improve the efficiency of our business. So these are some of the measures that we are currently addressing on a constant basis. But we believe these targets are still challenging, and we still have a distance between the targets vis-à-vis the actual performance. We and other executive committee members are aware of that. So how to address this in a tangible manner, in a concrete manner, is something that we're looking at. We at least would like to present a solid track record in 2024. All the things that we have indicated will have to be delivered. This will be the commitment line. We will look into further how further we can improve on this. Those are going to be the highlights that I would like you to keep an eye on. Thank you very much for your precious advice. Thank you. Thank you very much for the explanation. Thank you very much. Next question. Goldman Sachs. Miyazaki-san, please. Thank you very much for the presentation, Miyazaki from Goldman Sachs. There are two questions. The first is about this year's initial plan or plan for this fiscal year. A target in order to essentially hit it was a comment given. In IR, CEO talked about excluding Forge. Midterm plan aligned results may be seen in FY24. Excluding Forge, 10% of increase in revenue may be applicable to that. Or is it 15% or something like that in order to leverage it furthermore? I felt it may be possible. It has to be achieved at all costs. Therefore, 10% is in line. Is that what you were indicating? For the plan mentioned at the beginning of the year, how are you satisfied? What are your feelings about that? I would like to know about that. Mr. Miyazaki. Thank you very much. What we announced as 15% is to be securely challenged towards, and we will have initiatives in order to achieve it. That has not been changed in that sense. Excluding Forge, 10% may be rather conservative. Some may see it as so. Ajinomoto up till now in the past had a history, as you may understand, that last year, the year before that, and the year before that, in a single year, the performance forecast was where we were quite conservative on. And various assumptions like cost situation or the forex situation were very much conservatively seen. Therefore, a single-year commitment is given. But we clear that so that we can gain our stakeholders' trust. Out of that, we put it on top so that on a challenging way, 2030 will be reached. So it's rather difficult to know about this. In which case, 10%, although there may be some gaps toward that, may not be reached sufficiently because we are aspiring to reach the Everest summit. So we would securely work towards that. Does that answer your question? Thank you very much. Basically, it's the same as my recognition. Last year, JPY 150 billion was the plan against which Forge excluded. The result was a little over that. So looking at the recent conditions, I was wondering what was your recognition. But thank you very much for your answer. And there is one more question I have. My second question, this relates to the first question. Regarding the seasoning and food performance prospect for this, you are expecting only a slight increase year-on-year this fiscal year. You mentioned that the B2B prices were a factor behind this. So I rather believe that in the previous fiscal year, from the middle of the year, you have been successful in raising the prices, especially in the Japanese market. So when it comes to seasoning and food business, I thought that you should be able to achieve a higher growth rate, at least for the Japanese market. So are there any signs of deceleration in overseas markets then? And last year, for seafood and seasonings, I think the results came in much higher than the original forecast. So I just wanted to know if you're looking at some assumptions or some possible risks. So if you can elaborate and give us some more color on that, that would be appreciated. Well, thank you very much for the question. Well, there are still a lot of uncertainties, especially when it comes to the B2B. The prices are still changing quite significantly. So this is something that we have to keep a close eye on and see what we can tangibly deliver. So we thought that we reflected all that we are able to deliver in these numbers here. For the Japanese market, we will implement price hikes as adequate. But therefore, the prices overall are expected to remain flat. But as far as Japan is concerned, the currency situation is something that we cannot really predict. So because of that, I don't think we have a too conservative forecast for Japan. But we wanted to show numbers that we can definitely achieve as our overall performance. So that is the reason why for the seasoning and foods, we have came up with these numbers. All right. Thank you very much. I understood. Thank you. Thank you very much for the explanation. Thank you very much. Next question from the webinar will be mentioned. Bernstein. Mukul Garg-san, please release your mute and give your question. Hi. Good evening. Thanks for taking my question. My first question is about the Functional Materials division. Historically, revenue growth in that division has been accompanied by prices. Mr. Mukul Garg, please release the mute and then start to speak. Hello? Sorry. Can you hear me? Can you hear me now? Hello? Hello? Can you hear me? One moment, please. Hello? There seems to be some problems in the sound. Please wait a moment. Thank you very much. Then later on, we would like to nominate Mr. Mukul Garg once more. So we would like to go back to the Japanese channel for the time being. We apologize for that. Then the next question. Morgan Stanley MUFG Securities. Miyake-san, please. Thank you very much. Morgan Stanley. Miyake is my name. It may be one question in all, but there are some details also to be asked. First of all, you said commitment for this year's plan. Commitment is year on two basis, 10% of increase in profit is what I understood it as. Or is it that it becomes JPY 158 billion? Assumption of the yen is 140 yen. It's very conservative. Therefore, I would like to confirm about that. Related to that, per segment, I suppose some conservative coloring in some segments and some challenging numbers in some segments are seen. As with the seasonings, there were some conservative outlooks given. For functional materials, on the other hand, the PC demands have hit the bottom and it's coming up. Sales doesn't seem to be increasing within the fourth quarter. It may be that in the second half, there is a profit increase significantly. Is that your plan? Or is there still some stretch expected? You said you committed to some numbers. And what are they actually? Per segments, can you align what are the areas that may be strong and weak? Thank you very much, Miyake-san. JPY 158 billion is the number that we would like to commit to, first of all. Out of that, segment out of which functional materials, as later on, Maeda-san will give some additional information, I would like to say that as of now, as you see, are the numbers that we expect. Market conditions and how you look at that is where the levels are coming up slightly presently, as I perceive. FY22 performance for functional materials and how it will recover to that level or exceed that is what the deliberation within the management is ongoing. As of today, as we expect. For FY24, it's rather difficult to exceed the level of FY22. That's our assumption. But server area recovery may be rather lax, say some. If it is advanced, then obviously, this assumption plus alpha may be expected. Although there are some stretches, whether there is more than that or not for functional materials, I wouldn't think that is the case. Still, there are things that we can further work towards. For seasoning and food, there are various uncertainties. Therefore, we have to securely watch out for that. For frozen foods, plus JPY 1.9 billion, top line will be securely going up. Marketing investments add costs. As you saw the video, we would like to secure the demand securely. Per segment, something to be added on, etc., if they do exist, then Maeda-san, can you give some additional information? Well, thank you, Miyake-san, for the questions. For electronic materials, as a person in charge of that, I will have to say that this is a very challenging target. However, my view is that this is not really a conservative. This is not too challenging. So I think the projections are very neutral, plus 14% increase that we are projecting, but still short slightly of the 2022 numbers. And that's the factors that these are composing up to JPY 458 billion for this fiscal year. For this 14% growth of the electronic materials, depending on the fourth quarter performance, I think we have projected a recovery in line with a Q4 performance. So if the April, June quarter is concerned, we have got off to a very good start already. So the budget that we have developed right now, we believe, is quite neutral. Rather a little bit challenging maybe. But for these projections, we are not going to really engage in any sales promotions. So we would like to respond to the demand looking at the market situation. All right. Thank you. For the food product, Masai-san can answer. Then frozen food will be answered by Kawana-san. All right. This is Masai. So I would like to talk about the seasoning and food category. As Fujie-san mentioned earlier, some details may be mentioned. For seasonings, there are three breakdowns. One is for household B2C and also processed food and B2B solution and ingredients. Those are the three areas. Household B2C seasonings are expected to significantly grow. Processed food will be flattish. The reason for that is sales will increase. For processed food, the raw material is where we depend on heavily. Material costs, especially for imported goods, there are price increases that is expected. We look at it as flat. The problem is solution and ingredients. There is the material business conducted here. Previous year, there were a lot of difficulties for the fermented B2B product. Equivalent to that, presently, competitors' products, especially Chinese competitors' product prices, have come down significantly. Having said that, the solution ingredient is expected to decline in profitability. What we want to say here is that MSG is being diffused. There is an internal ratio which is very high. It's different from the other raw material businesses. Internal demand ratio is raised significantly. It will go up continuously. If market conditions come down, profits will come down accordingly. This impact compared to other material businesses will not be so large. To mention once more, household seasonings will be growing. Processed food flat. Material business will be negative. You may not be satisfied to that, but that leads to the number one. That's all for my explanation. Now, for frozen food, this will be explained by Kawana-san. This may look a very conservative projection, but it's not that we are making a conservative approach here. As Fujie-san mentioned, in 2024, we will make aggressive marketing investments because for frozen food business reform will be implemented in three stages. We are currently at the first stage, portfolio reorganization, including business divestiture and the rollout. We are working on this very stringently so that we can bring down the cost significantly. We're working on these things. In 2024, we were able to achieve the 2024 targets one year earlier than our initial assumptions. We have brought forward the second phase of implementation. In the second phase, we will improve the high value-added profit ratio, so profit margin. For this purpose, we will launch new products. As we showed you with the video of the Rose Bowl, we are going to make aggressive investments for a brand. So those expenses are also accounted for in these numbers. That's all from myself. Thank you. Well, thank you very much for the detailed explanation. I just have one follow-up regarding the comment from Mr. Fujie here. If that is the case, then in each of the segments, the appropriate plan has been created. Is that how you need to see it as? Forex assumption is that it seems rather conservative. Why 10% of profit increase commitment is not raised here? It's JPY 158 billion that you will commit to. Do we need to understand it as so? Where is the inherent risk? There are various plans that are created. We look at the Forex conditions and yen basis conditions. What about the local currency basis is considered too? Especially JPY 158 billion will be committed to securely. In percentage, or rather than that, numbers of 10% may be considered, in which case JPY 158 billion has been confirmed within the management team. I see. Thank you very much. Thank you for the question. We are so sorry for the interruption earlier. We would like to, again, request the comment from Mr. Mike Lish from Bernstein. Can you begin your statement? Yes. Can you hear me this time? Is it working? Lish-san, can you hear us? I can hear you. Please begin your statement if you can hear us, okay. I can hear you. Doesn't sound like you can hear me, though. It seems that he is already speaking. But we are so sorry that we cannot deliver the voice in the Japanese channel. So sorry for this, the confusion. Can you give us a moment, please? Okay. We are so sorry. The Japanese is not reaching us. We are so sorry for this inconvenience. So we'll try to ask him to give us his comment later on. We are so sorry for this confusion. We'll have to go back to the Japanese question now. From Norinchukin Value Investments, Miura-san, please begin your question. Miura-san, can you hear me? Hello. This is Norinchukin Value Investments. My name is Miura. Can you hear me okay? Yes, you're fine. Please begin. Thank you. First of all, my first question is for the year ended fiscal 2023. What is the characteristic of fiscal 2023? Actually, Ajinomoto as a company, from that name, we believe the contribution from Asia is getting stronger than before, which I believe was a major achievement for the company for fiscal 2023. In the presentation by Mr. Fujie, you said that your market share has increased in many major markets. Ajinomoto, from the beginning, has already had and enjoyed a very strong competitive advantage. Why, at this timing, were you able to accelerate your market share gaining? Do you see that your competitiveness has changed in a positive manner? If you can give us some color on that, that's my first question. If I can now, let's go one by one. Can I answer the first question? Yes, please do so. Well, thank you very much, Miura-san, for the question. In the end of April, I visited the Philippines. Once again, I realized that for one thing, the economic condition in these markets is quite favorable. The fundamentals are quite stable and strong. That's one thing that we have to take into consideration. The second point is that Japanese and the local staff are working in unison as one team and promoting many different initiatives. We have been able to achieve that structure to a large extent from the top management. Sakakura is the leader for overseeing Asia and the president of Philippines, Indonesia, and Thailand, and the head of the Asian operations. The track record he has already that he has already fulfilled as a function already. The number one person in the Philippines and Indonesia, and that was the case for and Osaki-san from Philippines, he has been the number two in Indonesia and also now followed by the number two in Philippines. So the executive members' level of leadership has been developed. With these Japanese leaders joining forces with the local staff has developed into actual models. These are learned by other countries in Asia. So we are sharing the benefits of each practices in many different countries among the different countries. When it comes to traditional trade, we've been strong in traditional trade. But on the other hand, when it comes to modern trade, previously, we had some issues. Some of you may have that kind of observation previously. The strength in TT is used as a foundation. And also for MT, to a large extent, we have been able to develop a very favorable relationship with the customers. So that kind of models have been established in a very solid manner. So the countries' performance is very strong. The models have been shared by different many markets. And the driving force is the human resources and human assets, which are very strong as well. So with this, I would like to ask Kamiya-san to also comment on this. But there's a strong support from the headquarters and also the research lab. So with all these four players joining forces, we are implementing many initiatives. And that is driving the performance. Consumer business, Kamiya would like to give some additional information. As Mr. Fujie mentioned, local initiatives are secure. That is the baseline. Tokyo headquarters also has the brand capability from a focal point to be observed. This is seen as a secure KPI. Locally, the necessary accumulative marketing investments and brand accumulating marketing investments is instructed. In the past two years, we have reinforced those efforts. In addition to that, it's because they are seasonings. Quality themselves are very important. If they are tried by the customers, it is necessary that they repeat the purchase of those products. That kind of polishing of quality, including the unique technology at the lab, will be communicated to the local markets too. That is what we are working on. In addition to that, last year, on a global basis, COVID had more or less passed. The economy was recovering. Our strength of TT, local activities, would be furthermore securely implemented. That also was added, which led to the figures of 2023. That's all. I understand very well. Thank you very much for your answer. There is one more point from the mid to long-term topline topic. Ajinomoto, from 2025 to 2030, will have 5% and more of the topline growth to be aspired towards. The present situation, namely inflation, recently is occurring. FY23 and 2024, due to inflation, to a certain extent, had secured the topline profits. After that, if you put aside the specific demand, the topline of 5% or more has to be achieved. Normally considered, in Japan, there are flattish trends. But 5% even would be a high hurdle to achieve, in my view. What kind of ideas do you have about that? Can you explain about that in detail, please? Well, thank you, Miura-san, for the question. So I would like to give a generic comment. And then the two division heads will complement my answer, if any. So first of all, regarding our performance, what is unique about it is that Japan accounts for 40% of sales with overseas accounting from more than 60%, B2C 70%, and B2B 30%. That is the composition. So because of this composition, for the Japanese food business, in 2023, in the fourth quarter, volume and also unit price, we were able to achieve an increase. So even if it's organic, to some extent, the Japanese food business can expect to grow to some extent at a favorable pace. As for overseas, especially when it comes to the new emerging enterprises, we are now developing these markets. And especially, we have been successful in the ASEAN market, the Southeast Asian market, Bangladesh, Laos. In these new emerging markets, the sales have begun to grow significantly. When it comes to existing enterprises or existing entities, new challenges are now being implemented. For example, when it comes to the Philippines, because leveraging the weaker Japanese currency, the weaker yen, the production line that has some leeway, we are now trying to improve its utilization. Also, the inbound travelers who love Japanese products are now increasing in number. The soups exported from Japan are now on sale now on the shelves in the Philippines. We are adding new products in the markets. That's taking place in many different markets outside of Japan. AminoScience, of course, has been the growth driver. Electronic materials and oligonucleotides is also another thing that we would like to strongly promote in the future to grow the business in the future. That is my generic comment. But the division's head, if you have any supplementary comments, please do so. Yes. For food, I, Masai, would like to explain. There are two topics that I would like to mention here. Firstly, it's still in the frontier stage. So there may be some regional expansion potentials. Per segment, there are strategies put. In the sense of frontier, Ajinomoto is very much offensive on a global basis. Southeast Asia is an example where in countries such as Laos, Cambodia, and there are political challenges. Cambodia, Bangladesh, these will be growing. Two weeks ago, I went to Latin American countries, Chile, Bolivia, or Colombia, countries that may have potentials for further growth. Next, in segments, up till now, we had been in seasonings where in ASEAN, Southeast Asia, and Latin America markets had been grown. That's the history. Recently, frozen foods where we tried in Western countries occurred. and Europe and U.S. frozen foods have come to a growth trajectory at last. After that, in Europe and U.S., there is a frozen food knowledge, which will be deployed further wider in Latin America, for example, or Southeast Asia. Japan and Europe and U.S. knowledge of frozen fruits will be expanded furthermore. These are the measures we will uptake. As Mr. Fujie mentioned, there are still potentials in the domestic market. Marketing design centers will be made. The countermeasures are becoming quite effective. Therefore, organic growth can be expected furthermore. That's all from my side. Thank you. For bio and fine chemicals, of course, as a company, upper single digit or close to two digits growth is what we expect to achieve as a growth driver. But this is going to take time. So in the roadmap towards 2030, in the last years, right, immediately before 2030, we believe the growth will accelerate. And also, regenerative medicine. At last, we have achieved black ink last year. But it took 12 years after the launch of the product. So after we are able to accumulate insight and develop commercial business, I think the growth will accelerate. So we are sowing the seeds. Electronic materials, I think we are sowing the seeds so that we can enjoy the fruits in 2-3 years' time. This effort has been started from last fiscal year. So in the latter part of the roadmap, these will function as a growth driver. That is at least our ambition. Thank you. Thank you very much. In the end, I suppose presently, Ajinomoto from many years ago had been sowing various seeds. And partially, amino acids and ABF included has flourished. Markets may be considering that is the end. But still, there is a seeding process continued. And there may be some new types of countries and areas and products that you haven't mentioned yet where some seeds still are existing. Is that the correct recognition? Well, we have so much. Thank you very much. And thank you. Thank you very much. I'm sorry for the inconvenience. Mr. Mukul, if you can, please utilize the chat function in order to pose your question. To everyone, please address your chat and ask your question there. Thank you. Webinar on Japanese channel. Do you have any other questions? We are still accepting further questions. Earlier, I think there was a Daiwa Securities. Morita-san raising your hand. Maybe you lowered it. Did you withdraw your raise your hand button? Thank you. Morita-san, please ask your question. Can you hear me? Yes, it's very clear. I had something to take care of. It's a question. Simply put, for the consumption environment, I would like to ask your perspective about. It seems that within this inflationary environment, which progresses so much, whether consumption can catch up to that or not. It's not just about Japan. On a global basis, people are very much interested about what is happening per area, if possible, against inflation. Are you okay? Or what about the consumption environment? I would like to know about what is happening, especially in Japan with the forex environment. Your company has continuously announced about price hikes. Maybe further increases are necessary. For additional price increases, is there some kind of scope that you will work into that or not? First of all, for Japan, in two years, price increases and wage increases is a good cycle that continued. It may continue for a further year or so, in which case a certain flattish Japan is where we will be able to go out of. Low-price initiatives will be reinforced furthermore, on the other hand. So there is the price strategy that starts involving the premium mapo tofu applying in the premium special and standard processes. And there may be a lot of quality, affordable products that may also be introduced. So in Japan, for another year or so, price increases may be continuing from Ajinomoto. And if it progresses together with wage hikes, then Japan will have stable economic growth to a certain extent. What's rather difficult to see is the American perspective. In November, there is the presidential election upcoming. What is the result of that is what people are very much interested in. Therefore, in any case, North American frozen food structural reform and further topline initiatives will be worked on securely. That is important to work on. As for Southeast Asia, I think the situation varies from country to country. But as far as Thailand is concerned, the population is already reaching its limit. I think it started to decline. And the economic conditions have grown to a certain level. For other markets, I think we can expect a stable growth over the medium term as far as Asia is concerned. For Latin America, there's still plenty of potential that we can address. And also, for Africa, many different initiatives will be implemented as a very important market. So, for example, Nigeria's Ajinomoto Nigeria, we will leverage that entity. We also have Promasidor minor territorial ownership in that company. So leveraging these as a hub towards 2050, we will consider what initiative to implement in these markets. Did I answer your question? For Europe, well, because we're not really good at B2C, but we are now working to strengthen our B2C offers. For Europe, because the prices are already high at a plateau there, but new values is being generated in many European markets. For the consumption environment in Europe, I think things will stabilize at a certain level. Of course, that includes my personal view. But that's my view. All right. Thank you. Understood. Thank you very much for that. Thank you. Mr. Mike Lish has given through the chat the question. I read it. Due to time, this will become the last question. Functional materials is the question asked. Past sales growth with margin growth has been driven. That is my view. This year's assumption is not seeing this in fundamentals. Is there some change occurring or not? That's my question. Please respond to that. Mr. Mike Lish, I'm sorry for the trouble caused. There are some communication problems. I'm sorry for the problem there. The major trend change does not occur. But details will be given from Maeda. Mr. Mukul Garg, thank you very much. Sorry for the problem. Technically, as Fujie mentioned, the industry structure has it where there is no major fundamental change. More high-performance computing, namely information processing, will become more and more necessary. Data communication speed and process volume may be increasing furthermore to that because there are a lot of accelerations. In accordance with that, more high-capable, high-performance computing is necessary to that. We will be having built-up film and other materials to be continuously supplied. In that sense, we haven't changed so much. Recently, the trend is that generative AI real sales from last year and on have come as actual numbers in businesses after several years. This will be a very positive driver. We have expectations for that last year and this year and next year. Overall, the ratio of that is still small. But this will become an actual real business for us. That's the structural further driver that we expect towards. One point to add on to this. Previously, we had PCs, which were around 50%. For PCs, as you understand, around 20% or under is the situation we face. PC partially has some profitability that is not really spreading so much. It's flattish. But high-added value products will have profits. And also, the price is secured. And we have already confirmed on that. Thank you very much. Okay. Thank you very much, Mr. Mike Lish. If there's anything insufficient in our answering, please send us an email to the IR section later. With this, we would like to finish the Q&A session. Lastly, Mr. Fujie would like to say a few words of greetings. Well, thank you very much to all of you for taking your time to attend this meeting despite your busy schedule. In the Q&A session, we received a lot of insights and hints for our business. I think you have showed a very strong expectation. We would like to solidly deliver on this so that we can live up to your expectations. All the leadership and employees will work towards that goal. I mean, we look forward to your continued patronage. Thank you very much indeed for today. With this, we would like to finish the results presentation session for today. Thank you very much indeed for your participation. This is the end of the program. Thank you. Goodbye.