Thank you very much for taking time out of your busy schedule to join us today. To begin with, please turn to page one. Today, I'll explain the overview of fiscal year 2021 results, followed by the first half and the full year forecast for fiscal year 2022 and the progress of the medium-term business plan at the end. Now please turn to page three for fiscal year 2021 results. As already announced by the revision to earnings forecast on 24 March 2022, our consolidated gross sales and revenue both increased year-over-year, and business profit rose 395.1% to JPY 11.7 billion. Operating profit was JPY 9.3 billion, and the profit attributable to owners of parent was JPY 4.3 billion, and both items returned to profitability. By comparison with the forecast announced in October, gross sales were down JPY 46.7 billion, mainly in department stores and shopping centers, or SCs, due to the impact of the rapid spread of the sixth wave of COVID-19 since the beginning of the year. Against this backdrop, the group companies worked diligently to further reduce SG&A expenses, and business profit was only JPY 200 million less than the October forecast. Operating profit was JPY 3.8 billion higher than the forecast, mainly due to a boost from gain on sale of real estate, and the profit attributable to owners of parent was JPY 3.3 billion higher than the forecast. The year-end dividend is JPY 15 per share as planned, and the annual dividend, including the interim dividend, is JPY 29 per share, up JPY 2 billion year-on-year. Next, please turn to page four for a summary of segment performance. The department store business had been recovering steadily since October, after the state of emergency was lifted in late September. However, in January, the sixth wave of COVID infection started to spread at an unprecedented speed to slow down the sales recovery by the decreased number of customers. As a result, gross sales increased just 16.5% year-on-year, but business profit returned to the black at JPY 1.7 billion, while operating loss stood at JPY 4.5 billion, partly due to the transfer of fixed costs during the store closure period and the recording of restructuring expenses. The main reason for the large discrepancy in operating profit with the October forecast is that restructuring expenses were included in the consolidated adjustments of the segment in the October forecast. Next, please turn to page five. Quarterly changes in sales are described in percentages for major stores of Daimaru Matsuzakaya Department Stores in comparison with fiscal year 2020 and fiscal year 2019. Although all the stores had been on a steady recovery trend from the third quarter to the early part of the fourth quarter, the speed of recovery quickly slowed down due to the impact of the rapid spread of the sixth wave of COVID-19 started in January. Despite such a circumstance, Kobe Store that has a solid customer base and the Nagoya Store have already made a recovery above fiscal year 2019 level. Next, please turn to page six. In September last year, Daimaru Matsuzakaya Department Stores acquired a subsidiary, Daimaru Matsuzakaya Sales Associates. As a result of this acquisition, it looks like SG&A expenses in the second half significantly increased, personnel expenses year-on-year. If we take into account the decrease in sales outsourcing expenses previously paid to the company, personnel expenses in real terms were reduced by JPY 300 million. By comparison with the October forecast, SG&A expenses were lower by JPY 2.8 billion, mainly by controlling personnel expenses, operational costs and repair expenses. Next is the SC business on page seven. Its recovery was gradual, affected by prolonged impact of COVID-19, including shorter operating hours at PARCO stores due to the state of emergency and quasi state of emergency announcements, and easing of rent conditions continued partially. Under such a circumstance, revenue of standalone PARCO SC increased only 12.6% year-over-year, and the revenue of the entire SC business recorded a decline of 5.2%, mainly due to the impact of the transfer of a subsidiary, Neuve A, at the end of June last year. On the other hand, business profit was JPY 3.8 billion and operating profit was JPY 2 billion to secure profitability. This was due to cost reductions at PARCO SC, as well as the cost reduction effect from the transfer of Neuve A. Next, please turn to page eight for the developer business. Revenue decreased by 5.9% as the pandemic caused extension of construction periods and postponement of construction works at J. Front Design & Construction. On the other hand, significant profit increase was achieved. Business profit was JPY 3.1 billion, which is attributable to improved gross profit margin and a boost effect by new properties in the real estate rental business, and operating profit was JPY 4.7 billion with an additional factor of gain on sale of real estate. Please turn to page nine for payment and finance business. Revenues rose significantly by 22.2%, mainly due to an increase in annual membership fee income as a result of the card renewal implemented in January last year, as well as an increase in merchant fees in line with a recovery in department store performance. As a result, both business profit and operating profit increased significantly to JPY 1.9 billion. Please turn to page 10 for the other segment. Revenue declined due to the significant impact of the transfer of all shares in a subsidiary, J. Front Foods, on 26 February 2021. In addition, gross profit margin at Daimaru Kogyo deteriorated, and this led to a year-on-year decline in business profit to JPY 1.2 billion and operating profit to JPY 1.1 billion. The staffing service subsidiary, Dimples, will be excluded from the scope of consolidation for fiscal year 2022 onward as a result of the partial sale of its shares in the end of February 2022. Please turn to page 11 for the consolidated statement of financial position. Interest-bearing debt, excluding lease liabilities, was reduced by JPY 42.2 billion from the previous year, as we have started optimization of cash and deposits on hand and equity attributable to owners of parent improved by 1.5 percentage points from the previous year. Please turn to page 12. Operating cash flow was JPY 49.8 billion due to increase in working capital despite profit improvement. Free cash flow was JPY 44.5 billion as we have curbed investments and sold shares of a subsidiary, Dimples'. Now let me explain the first half and full year forecast for fiscal year 2022. Please refer to page 14. The impact of COVID-19 has been prolonged, and while the sixth wave of COVID has finally started to recede, the number of cases still remains high. We assume that we are required to be more aware of the coexistence of COVID-19 and economies in our activities. It is also important to note the impact of intensifying geopolitical risks, which could accelerate inflation by rising raw material costs and bring downward pressure on the economy and consumer spending. Having said that, our primary goal is to make a full recovery from the COVID-19 pandemic. That is to achieve operating profit of JPY 40.3 billion in fiscal year 2023, which is higher than the pre-COVID level. To this end, we plan active investments in this fiscal year that can be expected to lead to solid growth. Although the outlook remains uncertain, we will aim to achieve over JPY 20 billion for both business profit and operating profit in this fiscal year, which we consider as a minimum transitional step for the full recovery. Please turn to page 15. We forecast significant increase for each profit items as follows. A 16.5% increase year-on-year in gross sales for fiscal year 2022, an 87.7% increase in business profit to JPY 22 billion, a 123.9% increase in operating profit to JPY 21 billion, and a 166.1% increase in profit attributable to owners of parent to JPY 11.5 billion. The interim dividend is expected to be JPY 15 per share, up JPY 1 from the previous year, and the year-end dividend is expected to be JPY 16 per share, also up JPY 1 from the previous year, to make the total annual dividend JPY 31, which is an increase of JPY 2 from the previous year. Next, I will explain performance forecast by segment. Please refer to page 16 for the department store business. As assumptions, we expect a gradual recovery driven by spending by affluent customers, which will be joined gradually by the middle class. We have also factored in about JPY 10 billion for inbound sales. Altogether, we expect an increase of 19.7% in gross sales. SG&A expenses are expected to reduce fixed costs by JPY 2.8 billion as a result of structural reforms. On the other hand, we expect an increase in fixed costs in reaction to the transfer of fixed costs during the store closure periods in the previous fiscal year to other operating expenses, as well as the price hike of various materials, including supplies. In addition, we intend to be more aggressive this year in investments that will grow the top line. With these factors, total SG&A expenses are forecasted to increase JPY 12.6 billion or 11.2% year-on-year. I'll elaborate more on this later. As such, although SG&A expenses are expected to increase substantially, both business profit and operating profit are projected to increase significantly as the gross operating income increase attributable to increased revenue will substantially exceed the increase in SG&A. Next, please turn to page 17 for SG&A expenses of Daimaru Matsuzakaya Department Stores. We have included following factors to develop this forecast. JPY 2.2 billion increase in reaction to the transfer of fixed costs during store closure in the previous year. JPY 4 billion increase associated with aggressive investment, including depreciation, operational costs, and repair expenses. JPY 4 billion increase for promotion to strengthen sales and proportional cost. JPY 1 billion increase associated with supplies, expenses, and taxes due to the sharp rise in raw material costs. JPY 2.7 billion Increase of personnel expenses, including bonus and overtime payments with the business recovery and hiring specialized talent. In total, we estimate increasing factors of about JPY 14.7 billion. On the other hand, structural reforms are expected to reduce SG&A by JPY 2.2 billion, mainly by human resource restructuring. It is complicated as many items are covered in this analysis, such as transfer of fixed costs and the merger of a subsidiary, so please refer to the description on this slide for details. This chart shows a decrease of about JPY 100 million from fiscal year 2019, but in fiscal year 2019, personnel expenses were temporarily down by JPY 4.1 billion due to the revision of the retirement benefits system. Therefore, the decrease in real terms in consideration of this factor is estimated as JPY 4.2 billion From fiscal year 2019. Next, please turn to page 18 for the SC business. PARCO expects results from full-scale operations of Urawa PARCO, which was renovated in the previous fiscal year, and a series of renovations in other flagship stores, as well as from the efforts to attract more customers in entertainment and to diversify revenue streams. With these measures, we forecast an 8.6% increase in revenue and a significant increase in both business profit and operating profit. Next, please turn to page 19 for the developer business. While we expect revenue increase in design and construction-related business with increased investment in renovations at department stores and PARCO stores, profit is estimated to decline as the development expenses will increase for making the leap in developer business in fiscal year 2024 and beyond, as well as the absence of gain on sale of real estate recorded in the previous fiscal year. Next, please turn to page 20 for the payment and finance business. We forecast increase in both revenue and profit with the expectation of increase in commission income with higher transaction volume in line with the recovery in the performance of department stores, as well as steady increase in annual membership fee income and sales increase of insurance products. Please turn to page 21 for the other segment. While we expect Daimaru Kogyo will improve its performance, total sales and profits of this segment are expected to decline due to the sale of Dimples and the operational downsizing of JFR Service. Page 22 shows the consolidated statement of financial position. Interest-bearing liabilities, excluding these liabilities, are forecasted as JPY 270 billion, which is almost at the same level of fiscal year 2019. Attributable to the reduction of cash and deposits on hand to an appropriate level, the ratio of equity attributable to owners of parent is expected to recover to 30% level. Cash flow forecast is provided on page 23. For the current fiscal year, we plan aggressive capital investments, mainly in department stores and shopping centers, to ensure profit in this fiscal year and beyond. To this end, free cash flow is expected to decrease by JPY 19.5 billion from the previous year. Next, please turn to page 24. I will explain the progress of our medium-term business plan now in its second year. Due to the longer than expected impact of COVID-19, the first year of the medium-term business plan was forced to start slowly as we prioritize curbing investments and promoting structural reforms in order to solidify our defensive position rather than to take an offensive position. Having said that, there is no change in our primary goal to make a full recovery in this medium-term business plan. In other words, to achieve operating profit of JPY 40.3 billion in fiscal year 2023, exceeding the pre-COVID level. After making this full recovery, we'll steer the company toward resuming growth from fiscal year 2024 onward and reform the business portfolio. Please refer to page 25. If I summarize the positioning of this fiscal year, the second year of the medium-term business plan in one phrase, I would say changing gears. By changing our mindset from defense to offense and linking this mindset to concrete actions, we intend to build a solid management foundation to enable sustainable growth. Therefore, as the first step toward the full recovery, we'll make an all-out effort for full recovery and resuming growth with the pillars of business model transformation in department stores and SCs, and management restructuring for full recovery, and strengthening systems and initiatives to change business portfolio and aggressive investment for the future for resuming growth. Firstly, I'll explain progress and future of initiatives for full recovery on page 26. The centerpiece of business model transformation of department stores is to promote digitalization centering on app. The number of app users is steadily on the upward trend, and purchase by app users was JPY 187.7 billion. The share of sales to app users to total sales of department store increased to 38.8%. According to recent analysis, spend per company-issued card user was up 15.3% after those users became app users. Use of purchase prediction model based on app data is progressing gradually and leading to purchase of high-end watches and luxury by potential customers. There are many such cases at stores nationwide. Going forward, we will enhance accuracy of data usage, sophisticated CRM, reinforce and expand customer base in deeper conjunction with the company-issued cards. Besides, single sign-on was implemented on the app to integrate customer IDs with department store web and CONNESU RENEW. Consequently, I think customer convenience will improve dramatically and conjunction with online will be more seamless. Please turn to page 27. Department store online sales exceeded JPY 10 billion for the first time in fiscal year 2020 and grew to JPY 13 billion level in the last fiscal year with the addition of use of CONNESU RENEW membership site for Gaisho customers. In this fiscal year, on the online shopping site, we'll expand product mix and launch unique OMO websites in the fields of cosmetics and art on a full scale to materialize online shopping unique to our company. Furthermore, for CONNESU RENEW, we'll enhance appeal and functions of the site by creating premium feel through presale and implementing functions for reserving customer services to further advance digitalization of Gaisho business. Going forward, for transformation into business model not excessively dependent on real stores, we will aim to expand online sales further. Please turn to page 28. In Prime Life Strategy, by improving prime content and advancing digital sales, we've been acquiring young customers in particular. In analysis of purchase results of our Gaisho customers in fiscal year 2021, purchase share of customers in their 20s to 40s increased 3.8 points year-on-year, and remarkable change is seen in customer segment. I think expansion of prime content and digital shift fitted well to those customers. Going forward, we'll expand product mix such as luxury art and high-end watches, both online and offline, and improve experiential value unique to real stores such as creation of lounge to aim to achieve JPY 200 billion level of Gaisho sales early. Page 29 introduces examples of revitalization of two physical stores through expansion of prime content. Daimaru Kobe store showed the earliest recovery in our company. In the second half of the last fiscal year, sales already exceeded second half sales of fiscal year 2019 by 3.3%. Space for luxury items, jewelry, and watches was renovated and lounge was created for use by Gaisho customers. In this way, expansion and prime content was successful and credit sales increased 26%. Besides, Louis Vuitton was recently expanded as freestanding boutique with three floors near Kobe store. I would like you to have a real experience of the overwhelming quality of the area once. I'm sure you will sufficiently feel the future concept or potential of real stores. At Ginza Six, a luxury mall, more than 30% of sales came from inbound tourists in fiscal year 2019. However, as mainly affluent people in Japan have been spending briskly, domestic sales in the last fiscal year already exceeded fiscal year 2019 level. In particular, total sales including inbound sales in December were above fiscal year 2019 level and reached record high monthly sales since opening. Ginza Six receives high support from customers in their 20s and 30s. Characteristically, there are many customers in their 20s who spend more than JPY 10 million a year for purchase. From these examples, we are seeing a good response to our initiatives to strengthen relationship with young people through provision of prime content or prime environments. I think we can further pursue potential of department store evolution. Please turn to page 30. For promotion of digitalization to remove time and location constraints, it goes without saying that we need to enhance attractiveness of real stores. Therefore, by radically overhauling floor allocation through hybridization and revenue stream diversification, we'll expand content and create prime space. In this fiscal year, we focus on strengthening prime content such as luxury, art, and high-end watches and flagship stores, mainly including examples of Kobe store to achieve concrete results. At Nagoya store, where large-scale renovation is scheduled, we will renovate and open high-grade watch counter by doubling the space in the summer of this fiscal year. In the next fiscal year, we'll start working on initiatives to materialize new hybrid model. Please turn to page 31. PARCO will implement large-scale renovation with focus on five stores, including Ikebukuro, Nagoya, Sendai, Hiroshima, and Urawa, which was renovated in the last fiscal year to improve revenue. At Nagoya PARCO, aggregation of multi-brand shops, expansion in beauty, art, and culture are expected in main west wing. Entertainment function will be reinforced in east wing. With opening of complex stores of BAYCREW'S on four floors of south wing, we aim to increase ability to attract customers. At Ikebukuro PARCO, through remodeling of the first basement floor and the first ground floor, which are directly connected to station, and expansion of game and animation culture that have strong affinity with the local area, with opening of many stores new to the area, we will reinforce the presence. Please turn to page 32. Shibuya PARCO, which opened in November 2019, and Shinsaibashi PARCO, which opened in November 2020, haven't demonstrated full potential yet as they opened during the COVID-19 pandemic. At Shibuya PARCO, under the concept of one and only next generation commercial space, we continue to take on a new challenge and create value by working on one and only shops, exclusive products, and active development of pop-up shops, and disseminate information globally. At Shinsaibashi PARCO, while proactively trying new products and events to acquire nouveau riche customers, we continue to reinforce joint sales promotion and sending of customers with adjacent Daimaru Shinsaibashi store to create further synergy. Please turn to page 33. As for management restructuring, we've been reducing fixed costs steadily to lower break-even point, and we're able to reduce fixed costs by JPY 4.3 billion. For business portfolio transformation, we are also actively working on business replacement and asset reduction through sale of real estate. Management restructuring is an essential process for full recovery. In view of progress above plan, we intend to consider revising up original target. Next, I will explain major initiatives for regrowth. Please look at the structure for business portfolio transformation and reinforce initiatives on page 34. In March, we newly created three divisions in the organization of the holding company and actively mobilized PARCO's core human resources and external experts. Through this reorganization, we will speed up execution of medium to long-term strategy and clarify responsibility. Also, by enhancing diversity of the organization further, we will create chemical reaction unique to our company and achieve concrete results. Newly established Business Portfolio Transformation Promotion Division will clarify direction towards transformation and optimize allocation of invested capital, which will contribute to growth of the group. CRE Planning Division will develop CRE strategy concerning real estate development and real estate held by the group and strengthen collaboration with PARCO developer to maximize value of real estate. Digital Promotion Division will support promotion and digital transformation necessary for discontinuous growth, improve environment to use integrated database held by the group and reinforce offensive digital strategies which will increase revenue. Please turn to page 35. As for direction of business portfolio transformation, we are carrying out initiatives on a full scale for growth of developer business and payment and finance business as the next pillar following department store and PARCO. In developer business, we'll promote large-scale complex development in prime locations where the group stores are located and develop mixed use, including non-commercial properties such as residence, hotel and office, as well as commercial properties. We will invest JPY 30 billion under the current medium-term plan for dramatic growth of developer business in fiscal year 2024 and beyond, and promote strategy through collaboration between PARCO and newly created CRE Planning Division. In payment and finance business, we are promoting expansion of acquisition of users of new cards in collaboration with department store and considering expanding insurance products and providing new financial products through alliance. In payment and finance business, it is likely to recover operating profit to JPY 3 billion level under the current medium-term plan. Going forward, we will qualify the path to achieving JPY 5 billion of operating profit early in or after fiscal year 2024 and develop scheme for further growth. Besides, in such an age of drastic environmental changes, I think we need to pursue potential of discontinuous growth from various angles and make future-oriented active investment. Please turn to page 36. In the current medium-term plan, in addition to JPY 80 billion of investment in existing businesses, we set JPY 10 billion for growth investment. On top of expansion of existing businesses through conventional M&A and alliance and examination of higher efficiency, we will actively use CVC fund. We will also examine incorporation of innovative business model and technologies owned by startup companies for creation of new businesses and transformation of existing businesses. Business Portfolio Transformation Promotion Division will take the lead of these initiatives and work on development of business, which will be the next growth pole. Needless to say, it is people that lead realization of discontinuous growth. Therefore, we will also focus on investment in human capital in the medium to long term. Please go to page 37. For the future of our group, I think setting up pool of human resources who will lead management of the next generation is important in particular. We will create career development program for each and give tough assignment, project assignment, external education and others to promote growth. One example of specific initiatives is a project called Ideal State of Our Group in 2030 launched in November last year. Based on ideas unique to young people, mainly in their 20s and 30s, we are continuing activities aiming at clarification of ideal state and value to be provided. We'll establish educational system for reskilling and upskilling. While trying to visualize skills to deal with business models and portfolio transformation foreseen in the future, we will improve educational programs and work on effect verification of educational investment. From the viewpoint of specialized talents, we will strengthen hiring of professional career. We will increase the share of human resources who have diverse experiences and values, such as experts with experiences in other industries. In particular, we expect increased ratio of holding company's human resources from inside and outside to 50/50 in the future. Human resources are absolutely capital that can amplify value. Based on that understanding, we will speed up the review of human resource allocation, enabling business portfolio transformation. Lastly, by going through the COVID-19 pandemic, I became more motivated to work on sustainability management. Our group lost sales of close to JPY 400 billion in the first year of the COVID-19 pandemic. What is our raison d'être? What does it mean to be needed by the society? I feel very essential questions were thrown at us. It became a valuable opportunity to reconsider bonds with customers, employees, business partners, and the society. In order for us to be sustainable, we have to be a presence that will continue to be needed by customers and markets for the long term. For its realization, I think we definitely need to practice corporate credo, service before profit, observe all evil, and practice all good. Corporate value is a total value generated with the use of various capital, not only financial capital, but also human capital, social relationship capital, and natural capital. Therefore, we intend to make proactive investment in capital that we judge will lead to medium to long-term value creation. We will reaffirm our raison d'être in a society and commit to reduction of environmental and social risks by involving supply chains. With strong focus on value creation again for realization of real CSV to achieve both social and economic value, we'll shift into high gear and make utmost efforts in sustainability management. Thank you very much for your attention. Now we move on to the Q&A session. First, Mr. Takahashi from Mizuho Securities, please start your questions. This is Takahashi from Mizuho Securities. Thank you for your detailed presentation. I have two questions. I understand you're finally going on the offensive and going to make many investments this year. I have already looked at the data file to see what your capital investments would be, and I assume your main focus would be renovations, as you suggested earlier. Here is my first question. Can you clarify again that what sort of investment are you going to make and how you are going to allocate the investments, as well as what sort of effects you expect from them? Thank you. Let me answer your question. The investment we made in the previous fiscal year was JPY 12.6 billion, and we plan JPY 34.4 billion for this fiscal year to be invested in various areas. It is true that as a developer, we had planned a large amount of investment for this fiscal year from the beginning. We have held back investments in the previous fiscal year and have only invested in the visible items until the previous fiscal year. Therefore, we need to do a great deal of investments in order to make the full recovery by achieving operating profit of JPY 40.3 billion in fiscal year 2023. To this end, we plan to invest JPY 21.8 billion out of JPY 34.4 billion in store development and sales floor renovation. Half of it is for the developer business, so it will not be directly reflected in this fiscal year. For department stores, investment will be increased from JPY 3.1 billion in the previous fiscal year to JPY 7.5 billion, and PARCO will increase its sales floor investment from JPY 1.9 to 3.4 billion. In this fiscal year, we will make investments necessary to be offensive and required for future growth. At the same time, another focus is system investment. In the previous fiscal year, it was JPY 4.3 billion, but we'll increase it to JPY 7.8 billion in this fiscal year to make intensive investment. We plan to cut it back again to about JPY 5 billion or so in the next fiscal year. We will invest in both hardware and software substantially so that we can build a system which can directly contribute to earnings in fiscal year 2023. In the past two years with COVID-19, we have struggled and thought over how we should grow the business going forward. We are certain that we are taking a right direction with our three growth strategies: developer, real digital, and Prime Life, and we'll make a solid investment in the real and the digital, which have been clarified in our thought. V ery clear. Thank you. Now let me ask my second question about the director candidates announced today. I understand Mr. Sawada and Mr. Makiyama will step down from the board of directors to concentrate on the business execution of operating companies, and outside directors will be more than half of the board members. The press release states that the purpose of this measure is to separate the functions of the board of directors and the business execution. Can you explain the background to make these decisions and these candidates of directors as well as your thought on it? Thank you. We place much importance on governance and have taken various measures so far, and we decided to make a change this time in the form you have just mentioned. I believe we can achieve a certain goal of the separation of supervision and execution in this form. The plan for the current fiscal year, J. Front Retailing Group has clarified the role of the holding company. The major roles of the holding company are to figure out growth strategies in consideration of optimizing the entire group, as well as to properly allocate management resources like people, goods, and capital for each business segment. With this thought in mind, we should have even closer communication with presidents and management of operating companies and execute various things with contracts. As we harmonize our opinions and ideas with an open attitude, I believe this is the relationship we should have. We will work more closely with presidents of operating companies, including Mr. Makiyama and Mr. Sawada, and we'll figure out growth strategies in consideration of total optimization and have a good allocation of people, goods, and capital. We'll specialize the holding company in this way. Thank you. V ery clear. Thank you. Thank you. Next, Mr. Tsuda from Daiwa Securities, please. Thank you. I also have two questions. My first question is for President Yoshimoto. You have so passionately explained about changing gears. For the department store business, my impression is you always set higher assumption for the top line and expenses than other companies in the same industry. In the previous year results, you did well despite the profit was lower than the forecast. The forecast for this fiscal year, again, you set about 10% higher forecast for the top line than Takashimaya that announced its forecast earlier. At the same time, you plan to spend much expenses, so I assume you do not intend to be conservative in operating the business in this fiscal year. Rather, I understand you think you must take actions now in order to achieve operating profit of over JPY 40 billion in fiscal year 2023. What is your thought on the balance between the acceleration and the control? Thank you. Let me answer your question. As I explained about changing gears in the presentation, I really put a lot of effort into this. I know a view of the top line of department stores is quite aggressive, especially when we compare the business to fiscal year 2019 results. It is still uncertain about the inbound business. This means in fiscal year 2023 or next fiscal year, we should recover the level of fiscal year 2019 at least excluding the inbound business. Otherwise, we cannot achieve this goal. We have discussed this matter with the management of department stores, and it is true that if the department store business doesn't make a recovery, it will be difficult to make a substantial recovery in the group business. As I said earlier, we have identified the things we can expect highly for the future in the real and the digital areas, so we will invest in them in this fiscal year to steadily move forward. By combining and leveraging real and digital, we want to improve the top line further. The investment currently planned is JPY 34.4 billion for the entire group, increased from JPY 12.6 billion last year. It is true that they are concentrated in this fiscal year. We have already decided what we are going to do, but we will continue to pursue the way to reduce the investment amounts as much as possible. It is also true that we already have many factors to increase costs for this fiscal year in the first place. The cost associated with earlier mentioned investment alone would be about JPY 5 to 6 billion to be recognized as expenses for this fiscal year. We will, of course, downsize it, but we have to accept it as reality. Also, there will be an increase in reaction to the transfer of fixed costs implemented last year, and variable costs will increase for sure as sales grow. With these factors alone, expenses would amount to about JPY 10 billion. On the other hand, the structural reform we are executing now is going to steadily reduce fixed costs that are the costs which will continue to decline as we are engaged in business activities and will not be generated again. We are implementing this for the personnel-related expenses and the human resource restructuring and other expenses, and we will ensure to accomplish it by the cost controlling efforts. Having said that, for this fiscal year, we are aware there will be price hikes for materials, components, and energy considering geopolitical issues. We'll control investments and expenses as we closely watch the situation at storefront. According to the results in April last year and January and February this year, the COVID impact was larger on Kansai area. I assume the financial results of our group show more damage in the last fiscal year than other companies as we have a strong store foundation in Kansai area. However, we want to take on the challenge of these numbers in the offensive policy. After we announced the forecast in October. We considerably tightened expenses when we found the situation was severe, and this attitude will remain unchanged. I understood. Thank you. My second question is about the shopping center PARCO. While Shibuya PARCO is making a substantial growth, it seems the five stores you mentioned today are rather slow in recovery. I suppose tenants are also damaged by COVID, and I wonder if tenants will join under good conditions and renovations. Can I assume such major renovations are taking place as you have a clear view on prospective tenants and the negotiation? Since you plan to grow profit of the shopping center business, I'd like to know how tenants will change through the renovation and how they will increase the profit. Or if tenants are quite damaged, are there any possibilities or risks to extend the easing of rent conditions? Thank you. This question will be taken by President Makiyama. This is Makiyama. Let me answer your question. Regarding the growth by five stores in fiscal year 2019, while only Shibuya PARCO had special factors, other stores clarified their original potential. Ikebukuro and Nagoya PARCO are currently under renovation, mainly on their ground floors. We are certain with a forecast that is in fiscal year 2022, we expect they will recover to 80% of operating profit in fiscal year 2019. In fiscal year 2023, they will show for sure their original potential of JPY 4 billion in operating profit for Nagoya and JPY 2.5 billion for Ikebukuro. We can expect quite a profit by strengthening these two stores alone. The easing of conditions you mentioned is provided to only business categories that have not been able to work out operations due to shorter operating hours. They are mainly restaurants in this fiscal year. We also supported travel agents and movie theaters temporarily in the area of entertainment. In fiscal year 2022, the easing of conditions is expected to be about JPY 2.5 billion in total, with a significant decrease from the previous year. We are sure we can reduce the amount to 90% of the JPY 2.5 billion in fiscal year 2023. Shibuya PARCO is growing now, and it offers various feelings of change every day. More and more customers want to visit Shibuya PARCO to experience what is happening there. Such customers are increasing, and they are forming a customer base, and we expect it can achieve its original potential. In fiscal year 2022, its operating profit is expected to be JPY 1.1 billion, but what we see as its potential is JPY 2 billion. It is our iconic store. In case of Shibuya, in addition to the revenue from leasing, various secondary businesses are generated as a result of improving the image of Shibuya PARCO, such as renting out locations, so-called plazas and spaces, and holding events using 5G in various facilities. As such, we expect the leasing alone can recover JPY 2 billion, and there will be additional positive factors. Furthermore, in the current renovation in Nagoya, such elements in Shibuya are also expected to be introduced in Nagoya PARCO. Tenants with these elements in Shibuya will be opened in the spring in Nagoya PARCO. We want to show the results by numbers. In our flagship stores of PARCO, we intentionally allocate spaces for pop-up shops so that they can implement flexible operations. This does not mean we cannot find the tenants. Rather, for Shibuya PARCO, for instance, we continue to receive inquiries from many shops, including luxury ones. We want to make sure to continue the current situation. Thank you. Thank you. Thank you very much. Next, Mr. Yamaoka from Nomura Securities, please. I'll ask two questions briefly. The first question is regarding cost restructuring in management restructuring on page 33 of the presentation material. Cost restructuring is incorporated in the plan for this fiscal year to a certain extent. For example, is it okay to recognize you will reduce fixed costs further, and there are more things you can do in a single fiscal year? That is my first question. Yes, that's what I think. The three-year cumulative target is to reduce JPY 10 billion. Originally, we planned to reduce JPY 3 billion in fiscal year 2021, JPY 4 billion in fiscal year 2022, and JPY 3 billion in the final year. We made a contribution to fixed cost reduction of about JPY 4.3 billion in the last fiscal year. Against the target of JPY 4 billion reduction in this fiscal year, we have high v isibility. However, as the bar is slightly high to achieve JPY 4 billion, we need to try a little harder. For that portion, we are advancing initiatives related to personnel expenses and other expenses. Specifically, HR restructuring accounts for a large portion. However, to reduce personnel-related expenses, we absolutely need to do two things at the same time. That means while establishing a small staff structure or reducing personnel, we are establishing sales floors and workplaces which can be operated by smaller staff. As department store group expanded voluntary early retirement program in the last fiscal year, there is a temporary shortage of human resources in some sales floors, so we need to temporarily replenish personnel within variable cost. We will match human resources and ideal organizations without waste and loss speedily. I think it is our way of HR restructuring. Even without expansion of voluntary early retirement program, approximately 200 to 300 employees related to department store business leave our company every year. We've been coping with this situation and reducing costs at the same time, so we made sure to continue this method. Regarding personnel, as I said earlier, we decided again to consider human resources as investment target and look at them. We intend to work hard on reskilling of young and experienced employees in particular. Of course, we will work on fixed cost reduction of JPY 4 billion in this fiscal year and JPY 3 billion in the next fiscal year. We also intend to work thoroughly on variable factors in sales and investments. I see. Thank you very much. Secondly, you said you would like to accelerate real digital strategy as you began to see lots of effect. I think you explained the background for that. For example, page 28 shows increase in Gaisho sales and page 27 shows expansion of OMO. Is it okay to understand that the increase in sales of luxury to customers is not temporary, and you have high confidence about increasing the sales continuously? Yes, we think so. I talked about Ginza Six and Daimaru Kobe Store in my presentation. In terms of category, as there are many customers who don't consider Ginza Six as a department store, rollout may not be easy. However, I think Kobe Store is the best model for us. In that sense, for example, station terminal department stores such as Tokyo Store and Umeda Store are contrary to Kobe Store. We forecast domestic sales excluding inbound sales at those stores will still be down 15% in fiscal year 2023 from fiscal year 2019. By category, we need to expect a very challenging situation surrounding mid-priced products, such as fashion and interior items, will continue. As we began to see what we should grow thoroughly from among Gaisho luxury brands and various sales promotions with the use of digital, I think it is important to take the initiative in fiscal year 2023. Mr. Nishisaka, who is working close to the field of department stores, will talk about this point. I am Nishisaka of Daimaru Matsuzakaya Department Stores. I will talk about trend in retail digital strategy by product category. In fiscal year 2021, so-called luxury category already exceeded the level of fiscal year 2019 by double-digit. On the other hand, art was at the same level as fiscal year 2019 and up 50% from fiscal year 2020. Watches exceeded the level of fiscal year 2019. Earlier, we heard that the number of young affluent customers increased at Ginza Six. Also, at Daimaru Matsuzakaya Department Stores as a whole, the number of young customers, their purchase amount and share are increasing. The number of new Gaisho customers is also growing. Against the background of reinforced customer base, these categories are growing. On the other hand, as business partners are making focused store opening strategy in the area, we utilize our strengths and adjust to their strategy. By doing so, we aim at one store in each area, in areas such as Kobe and Sapporo. As for merchandise value, decent intrinsic value shown in the recent context of sustainability or decent craftsmanship rather than luxurious items led to support from customers. The same is true for watches. Art including its asset value gains substantial support. The market size of art is said to be JPY 250 billion in Japan and is still a smaller market compared to the entire market, so there is still much room for growth. In particular, response of young affluent customers is high to modern art, especially art represented by Banksy. Also, in light of that trend, in the medium-term plan, our strategy is to make active investment in categories in which we have strength to secure more overwhelming advantages. Based on the strategy, we made investment plan mentioned earlier. As for digitalization, we launched new services in this fiscal year, and more strictly speaking, also in the second half of the last fiscal year. Firstly, we launched ARTOVILLA on 7 January 2022. This is not just digital media. Those familiar with art, architects, designers, and those who do business of art itself are added to the casting on the board and disseminate various information. Such new ways of enjoying art are gaining support gradually. Since it was released in January, we concluded a sales contract online of slightly more than JPY 100 million and have been enjoying high response. Besides young, nonexistent customers of our company are using this service. It is leading to customer development. We also released the cosmetic site called DEPACO in March this year. We do not just sell cosmetics through e-commerce. By expanding people's power with digital, we started to see OMO or digital use unique to our company without dependence on comprehensiveness or algorithm. Going forward, we want to launch the third and the fourth services. I understood very well. Thank you very much. Thank you very much. Next, Mr. Yanahira from Ichiyoshi Research Institute, please ask your questions. I am Yanahira from Ichiyoshi Research Institute. I have two brief questions. The first question is regarding fixed cost. About 20 years ago, when the baby boomers entered fifties, some department store companies cut cost by hundreds of millions of JPY through restructuring of personnel expenses. Others didn't do anything and were in big trouble. There was a big contrast between the two. The bubble generation and the second-generation baby boomers are now entering fifties. In HR composition, upward pressure on personnel expenses is very strong due to age structure. In this environment, I think you can easily implement restructuring, including natural attrition. I understand you have already been working on restructuring, but does that mean you haven't enjoyed big effects yet? Or are you implementing restructuring this time by using the current environment as a tailwind? Suppose the view is right, how many more years can you enjoy the effect and continue reduction of fixed cost? Please answer briefly. To reduce fixed costs, not just personnel expenses, we've been working on self-reform for a long time, since the end of the 20th century, around 1998. We already streamlined the organization significantly, and it is difficult to proceed at once. As I said earlier, we accumulated a certain level of know-how. Our organization has capability to take actions in a planned manner. I think we have an ingrained culture of doing what to do without being taught in the fields or stores. What we need to do now is to provide support so that the culture will be shared in all the fields as a group-wide process. As I mentioned earlier, we expanded voluntary early retirement program in the last fiscal year. Therefore, currently, we have slightly more retirees than usual from department store organizations. Each person considered his or her future, and we worked on the initiative by providing various support as a company. At the same time, in consideration of what we should do to operate department stores, shopping centers, and others as highly productive organizations in the future, we created organizations and made adjustments. That has been our approach. In that sense, I think we had much training. However, it is difficult to accelerate the initiative all at once. Suppose 50% of JPY 10 billion of fixed cost reduction is related to personnel expenses. About half of that needs to be well-planned and implemented. As business performance recovers, bonus and others will surely increase. We make sure to incorporate that into the plan. Our biggest strength as an organization is the ingrained culture to each and every field. We act on an instruction. Even without an instruction, we can act. However, we cannot achieve big results at one stretch. I'm sure we need to make well-planned approaches. Thank you very much. The second question is about long-term view of profit growth. Historically, you've been enhancing profit level substantially through redevelopment of your own properties and by putting products and content into the properties. From that viewpoint, after revitalization of Matsuzakaya Nagoya store is over, I think you need the next large site to enhance profit level dramatically. Please share your current view on sowing the seeds for the future. We drive development business by organizing high-level concept or direction of properties we own, rent, or will acquire in the future in our CRE strategy. In the near future, we want to create an opportunity to talk about that. As for our potential, I think Shinsaibashi Store has more future potential, although it was established to some extent. As you said, Nagoya Store has various possibilities. However, from a viewpoint of Tokyo, Nagoya, and Osaka, we want to consider the strategy somewhere also in Tokyo area. Besides, Daimaru Matsuzakaya Department Stores and PARCO are both strong in Fukuoka. I mentioned overwhelmingly strong zone of Kobe area. We consider the near future of these areas. In each area, we intend to contribute to town development with our characteristics. Under the concept of stores and towns where profit can be generated, we want to move forward. We are looking to create an opportunity to share our developer strategy and concept as soon as possible. Thank you very much.