Hello, everyone. I'm Akihiro Nikkaku, President of Toray Industries, Incorporated. On behalf of Toray Group, I would like to take this opportunity to extend my gratitude towards your continued understanding and your interest in our management and business activities. Today, I would like to explain our measures and initiatives to expand businesses and improve profitability in line with basic strategies of the medium-term management program. Please turn to page 1. These are the topics that I will cover today. I would like to begin with this topic, Toray's vision. Page three is about Toray philosophy. Toray's corporate philosophy, contributing to society through the creation of new value with innovative ideas, technologies, products is our attitude since the establishment of the company, which is contributing to society through business activities. Toray's strength is the power to create innovative technologies and advanced materials. Core technologies and engineering technologies developed over a long period of time have built strong technological platform and source of new value. Toray philosophy on this slide consists of seven components. Among them, vision is the Toray Group Sustainability Vision, which is Toray Group's direction for the future. This page shows brief overview of Toray Group Sustainability Vision. Toray Group's vision for the world on the right describes the world in which global challenges in balancing development and sustainability are solved. To this end, Toray Group tackles following four tasks: accelerating measures to counter climate change, realizing sustainable, recycling-based use of resources and production, providing clean water and air, and reducing environmental impact, and contributing to better medical care and hygiene for people worldwide. I would like to review the achievements and challenges of the medium-term management program, Project AP-G 2022, we have promoted for three years from fiscal year 2020. All figures of fiscal year 2022 in this presentation are from the financial forecast announced on February 8th, 2023. In AP-G 2022, we worked on following three basic strategies: global expansion in growth business fields, strengthening competitiveness, and strengthening the management foundation. As group-wide initiatives, we worked on the following: new business creation, reduction of greenhouse gas emissions in the production stage, advanced business management by utilizing digital technologies, and ensuring the Toray philosophy is fully embraced. Major achievements of AP-G 2022 is expansion of green innovation and life innovation businesses the company promoted in global expansion in growth business fields. In green innovation businesses, or GR businesses, carbon fiber for wind turbine blades and water treatment membrane were grew strongly. In Life Innovation businesses, or LI businesses, the release of nonwoven fabric for hygiene products and materials for sports applications increased, as well as products for support personal safety, which was newly added in AP-G 2022. As a result, we expect to achieve the revenue target of both businesses in fiscal year 2022. Second major achievement is reduction of GHG emission and water usage in production activities, which is one of the group-wide initiatives. Due to fuel conversion from coal and wastewater recycling, both are expected to achieve the targets of fiscal year 2022. This slide shows the status of major financial KPI in AP-G 2022. Revenue in fiscal year 2022 increased due to demand recovery from the COVID-19 pandemic, efforts to pass on the rise in raw material and fuel prices to the sales price, and impacts from foreign exchange. Revenue is forecasted to decrease compared to the target in AP-G 2022 as sales volume decreased in comparison to the target. Core operating income is expected to significantly decline compared to the target, stemming from the effect of sales decrease and rise in raw material and fuel prices. Free cash flow and D/E ratio is expected to improve significantly compared to the target from efforts to reinforce the financial structure. Factors with a large decline in core operating income compared to the target will be explained on the next slide. Please look at the chart on the left. In AP-G 2022, the company has set the target of JPY 180 billion for core operating income, and according to the financial results announced on February 8, 2023, it is expected to JPY 100 billion, a decrease from JPY 80 billion compared to the target. The biggest factor is difference in quantity. Sales volume was -JPY 136 billion stemming from decrease in demand due to effects of pandemic, including the zero-COVID-19 policy in China and the constraints in supply. We made efforts to decrease fixed cost in response to this decrease in quantity, but net effect of -JPY 67 billion remained after offsetting difference in quantity and fixed costs. On the other hand, we worked to proceed with passing on the rise in raw material and fuel prices to the sales price, but this has not been enough to cover the price increase, and the result was a net effect of -JPY 21 billion. In addition, currency variance was +JPY 8 billion. The table on the right describes the overview by segment. As for factors affecting difference in quantity, there were a decrease in demand of automobile applications such as resins due to constraints in supply, decrease in demand of carbon fibers for aircraft applications caused by the COVID-19 pandemic, intensified competition in battery separator film, recent inventory adjustment in displays and semiconductors. On page 11, achievement status of financial target is summarized. I have already explained about the revenue and operating income. Operating margin and ROA was far from the target value. Page 12 summarizes achievement status of sustainability targets. CO₂ emissions avoided in value chain and water filtration throughput contribution by Toray's water treatment membranes are both expected to achieve targets as revenue from GR products expanded. Including above, we plan to achieve all sustainability targets. Page 13 is a summary of APG 2022. We steadily worked on sales increase in GR and LI businesses and sustainability challenges even in the COVID-19 pandemic. The company considers there's an urgent need to recover profitability as core operating margin is decreasing due to rapid changes in market environment, intensified competition caused by emerging competing companies, and cost increases coming from surge in raw material and fuel prices. In response to the inappropriate actions relating to UL certification in the resins business, which was announced in January 2022, the company need to promote reform of the corporate culture not to let any misconducts happen again, as well as to realize a healthy company operation by enhancing internal controls and promoting even greater compliance awareness. In accordance with such issues, Toray defines four challenges in the new medium-term management program as follows. One, expanding business and improving profitability. Two, accelerating sustainability measures. Three, improving asset efficiency. Four, enhancing internal controls and promoting even greater compliance awareness. Now, I will explain new medium-term management program AP-G 2025, Innovation and Resilience Management: Value Creation for New Momentum, which covers three years from fiscal year 2023 to 2025. In AP-G 2025, value creation has been set as the main theme. The subtitle, Value Creation for New Momentum, means that the entire Toray Group will once again focus on creating social value to reach greater heights. The business environment is changing rapidly, and uncertainty is increasing. While a multifaceted risk management is required, increasing need for sustainability measures and advancement of digital technology will increase opportunities for the Toray Group, which contribute to solving social issues through its innovative materials. Toray Group builds its supply chain by connecting its global production bases. As for geopolitical risks, based on the local production for local consumption principle, the group will maintain and enhance its stable, competitive, and optimal supply system. Meanwhile, the group has great expectations on the advancement of digital technologies from two perspectives: business opportunities that create new demand and enhancement of competitiveness that strengthen Toray's cutting-edge technologies. Diversification of values and attitude to work is increasing mobility in the labor market. We consider it most important to inherit the value since the establishment of the company to make the most of individual abilities and organizational strengths to achieve great results and making the company a place where diverse workforce thrives. This slide summarizes five strategies of AP-G 2025. In Project AP-G 2025, Toray Group aims for sustainable growth driven by sustainability innovation business, which succeeds to the GR and LI businesses, and the digital innovation business that seizes profit opportunities of the advancement of digital technology. There are five basic strategies. Strategies for seizing profit opportunities are, one, sustainable growth, two, ultimate value creation, three, product and operational excellence. Strategies for strengthening the management foundation are, four, enhancement of people-centric management, five, risk management and governance. In addition to these, we will continue to maintain and enhance financial soundness. Page 17 summarizes financial targets for fiscal year 2025. We target revenue of JPY 2,800 billion, core operating income of JPY 180 billion, and core operating margin of 6%. As for the index for efficiency, ROA is replaced by ROIC. We will set the ROIC target as 5% in 2025, but we'll aim to improve this value. As for ROE, the target is 8%. For free cash flow, the target is positive free cash flow in three years total. The guideline of P/B ratio is set at 0.7 or lower. Page 18 shows the summary of sustainability targets for fiscal year 2025. In AP-G 2022, since we plan to achieve all the sustainability targets, in AP-G 2025, we set more aggressive targets to accelerate initiatives to realize the targets in the Toray Group Sustainability Vision. From this page onwards, I will explain the five strategies in sequence. Basic strategy one is sustainable growth. Toray Group has positioned GR and LI businesses as growth business fields in fiscal year 2011 and 2014 and tried to seize the business opportunities in these areas. These correspond to Toray Group's vision for the world and Toray Group's contributions, both described in Toray Group Sustainability Vision announced in July 2018. Based on Toray Group Sustainability Vision, in Project AP-G 2025, we newly positioned the sustainability innovation business, which we defined a combination of GR and LI businesses, and the digital innovation business, which supports to realize Toray Group's vision for the world as growth business fields for Toray Group, where we can leverage our strengths and expand revenue growth. They are called SI businesses and DI businesses, respectively. For these growth business fields, we plan to invest JPY 450 billion in total, including capital investment and R&D. We will establish a system for Toray Group to accelerate cooperation with other companies and provide comprehensive solutions to customers. By taking these measures, growth business fields will account for about 60% of consolidated revenue. I will explain in detail about basic strategy one: sustainable growth. First is expansion of a sustainability innovation business. We will proactively expand following businesses. Carbon fiber composite materials for aircraft, which accelerates measure to counter climate change. Materials for hydrogen and fuel cells, as well as carbon fiber for wind turbine blades. Recycled materials such as &+, which contribute to resource recycling. Water treatment membranes and air filters, which contribute to supplying clean water and air. Hygiene products, pharmaceuticals, and medical equipment, which contribute to better medical care and hygiene for people. We aim to achieve revenue for SI business of JPY 1,600 billion in fiscal year 2025 through steady business expansion. I will introduce some growth products from SI business. Products that contribute to build a hydrogen-powered world. According to Green Growth Strategy of Japan announced by METI in December 2020, to realize carbon neutrality in 2050, expanding renewable energy use and utilization of hydrogen, especially green hydrogen, which is produced using renewable energy sources, is essential. We have developed great array of core materials for production, transportation, storage, and use of hydrogen. For instance, we promote development of Carbon Paper, electrolyte membranes, and catalyst-coated membrane, or CCM, as core materials for water electrolyzer, which is used to produce green hydrogen. The size of the electrolyte membrane market is expected to expand to JPY 160 billion in 2030. Toray will promote commercialization of proprietary hydrocarbon electrolyte membrane during the APG 2025 period. Second growth product is carbon fiber for pressure vessels. Toray Group has the world top market share in compressed natural gas, CNG, and compressed hydrogen, CGH2, tanks. As for CNG tanks, demand for CNG tanks used for delivery vehicles and for CNG transport is increasing steadily. Meanwhile, CGH2 tanks are increasingly being used in fuel cell vehicles, logistics trucks, rail cars, and ships. We will capture the demand for market expansion of carbon fiber for pressure vessels and maintain world's top market share. Third growth product is reverse osmosis, RO, membranes, products to deliver clean water and air and to contribute to reduce the environmental load. Demand for RO membrane businesses are expanding, especially in the Middle East, where large-scale seawater desalination plants are built, and in China, where environmental regulations are being tightened. Developing local production and consumption system to respond quickly to increasing demand for RO membranes, we have proven track record of delivering to 99 countries, and number of large-scale water treatment plants were 100. We aim to secure the world's top market shares through continuous improvement of meticulous after-service through global production, sales, and technical support systems, development of high-performance products, and promotion of cost reductions. Next, I will explain about another growth business field, digital innovation business. Products of digital innovation consists of the following: advanced material used for semiconductors and display applications such as resins, films, electronic and information materials, RO membranes that are essential to produce ultra pure water used for semiconductor processing, Toray Engineering's semiconductor manufacturing and inspection equipment, and Toray Fine Chemicals cleaning and stripping solvents. We aim to achieve revenue for DI business of JPY 250 billion in fiscal year 2025 through steady business expansion. I will introduce two examples on growth products and initiatives in DI business. First is expansion of application for electronic coating materials. We aim to leverage polyimide technology developed over the years to rapidly create high value added products that meet customer needs in a timely manner. Toray's Positive Photo Definable Coating Materials used for the insulation layer of OLED is de facto standard in this industry. Regarding to other applications, the company will globally promote business expansion utilizing experience and technological expertise in the growing market. Second is providing solutions for digital technology fields with materials, processes, and equipment. Leveraging the Toray Group's collective strengths and proposing packages of materials, processes paired with manufacturing inspection equipment, the company promote to provide total solutions to customers. As for micro LED display applications that are expected to grow as next generation display, Toray's materials, processes, and Toray Engineering's production equipment are proposed for customers' quality and production efficiency improvement. In addition, our semiconductor applications, we will contribute to customers' performance and production efficiency improvement by setting up technical hubs in proximity to customers' production sites and proposing materials, production, and inspection equipment. From this page onward, I will explain about basic strategy two and three in AP-G 2025, Ultimate Value Creation and Product and Operational Excellence. This chart shows the relationship between enhancing ability to create value and strengthening our competitiveness to seize new profit opportunities. Based on the Toray Group's five strengths on this slide, we will work on enhancing our ability to create value and strengthening competitiveness, leveraging digital technology with a focus on the front lines. Ultimate value creation, shown on the left, by pairing tangible and intangible assets, we will work to extend value chains and create cross-organizational value and create new businesses that help solve social issues. Meanwhile, enhancing product and operational excellence, shown on the right, we will further improve quality, which is the cornerstone of the Toray Group brand, and promote cross-organizational cost reduction activities that leverage the group's collective strengths. I will explain about initiatives for basic strategy two, ultimate value creation. First, I would like to elaborate on initiatives to create high added value for businesses. In marketing our added value, an example is shown on fields for semiconductor processes. Improving semiconductor performance and improving customer yields will help to improve the value of customer products and developing win-win relationships. Extension of the value chains shows the water treatment subscription service using Toray's proprietary real-time monitoring system to predict operation behavior and analyze trouble at customer's plant. Adoption is expanding at domestic and overseas plants. Building a global value chain for automotive materials shows an example of ascertaining customer needs, including environmental measures, responding to needs for new parts and new materials associated with the shift to EVs, and proposing solutions swiftly. We will provide value to customers using our global development and marketing system in this manner. This slide explains the second initiative, new business creation. In Project AP-G 2025, Toray will continue to drive a group-wide FD project to create revenue source for next growth stage. This project concentrates resources to large-scale themes that the company expects to become growth drivers and accelerate R&D and development of business models of target themes. In correspondence to our growth business fields, the company has set related themes as follows: materials related to hydrogen and fuel cells, products and process technologies utilizing biomass, environmentally friendly printing solutions, next-generation medical care, and next-generation display solutions. Followed by the themes in business expansion phase, we plan to launch business in the business development phase within the Project AP-G 2025 period. We aim to generate a total of JPY 1 trillion in sales across the target themes in the 2020s. On this page, I will explain about the basic strategy through products and operational excellence. First example is enhancing quality strength. Toray pursues customer satisfaction and the world's highest quality standards, and consider that by increasing product quality, which is the cornerstone of the Toray brand, profits can be generated. Quality strength, as written on this slide, is the ability to provide a stable supply of the products that customers need. In Project AP-G 2025, by pursuing the group-wide quality strength enhancement project, we will enhance quality strength in every phase, from product design and development to production and sales. By doing so, Toray can provide a stable supply of our high-quality products globally to the customers more than ever. Achieving competitive cost that can beat the competition by continuous cost reduction is an enduring issue. In Project AP-G 2025, we will promote cross-organizational cost reduction that leverage the collective strengths of the organization, and by sharing the information and implementing the cost reduction activities globally, we will work on raising the level of cost competitiveness of the Toray Group as a whole. By promoting cost reductions in every stage of business activities, from production process innovations that lead to drastic cost reduction, to streamlining and improving efficiency in everyday business, we will aim for cumulative cost reduction of JPY 200 billion over the three years. Utilization of digital technology shown here is an important factor in improving our value creation capabilities and our products and operational excellence. In Project AP-G 2025, we plan to invest JPY 20 billion in relation to digital technology for building a global data infrastructure to utilize and to apply data accumulated within Toray Group, combine analysis and simulation technologies, and accelerate cooperation with value chain partners. In order to enhance adoption of digital technologies with a focus on the front lines, we plan to develop over 2,000 people who are fluent in digital technologies group-wide. By doing so, we can enhance value creation and increase product and operational excellence in all areas of business activities, such as R&D, production, sales and marketing, and corporate management. We will introduce some examples in creating new material and services with digital technology. On the bottom left is an example of providing customer solution and material concierge system to propose new resin materials to customers, which we began in February 2023. On the bottom right shows an example of R&D efficiency, new material development by utilizing integrated MI. From this page onward, I will explain strengthening the management foundation, specifically human resource development, risk management, and financial soundness. This page is about basic strategy for enhancement of people-centric management. People-centric management is Toray's corporate philosophy inherited since its foundation. By securing and promoting diverse human resources, we will enhance promotion and development of young core human resources, locally hired staff, highly specialized human resources, women, and senior staff. As for human resource development, we will support self-reliant career development of employees and provide training for leaders who can develop workplace competency. By providing the workplace environment where everyone can feel proud to work for Toray Group and building an organizational culture that values feedback from the front lines, we will promote job satisfaction and supportive workplace. Last is basic strategy five: enhancing risk management and group governance. The Russian invasion of Ukraine is leading to the formation of economic blocks, we will control various risks, such as economic security risks and country risks, in relation to business operations appropriately. We will improve the effectiveness of internal controls, remove opportunities for fraud, and achieve a sound organizational management. Here, I will explain maintaining and enhancing financial soundness, which supports the business expansion that I have explained up to this point. In the previous midterm management program, there was significant improvement in the free cash flow and D/E ratio. In Project AP-G 2025, in order to achieve both business growth and greater profitability, we will continue our efforts to maintain and enhance financial soundness. On the left side of the slide shows the various measures to increase core operating income and efficiency manage invested capital. By implementing the various strategies that I have explained, we will work on business growth. At the same time, in addition to the cash flow management already implemented, by promoting ROIC management to improve asset efficiency, we will aim to achieve both business growth and greater profitability. On the right side of the slide is the four categories of profitability and growth potential. In the previous medium-term management program, we promoted business structure reform of low growth and low profitability businesses. In AP-G 2025, we will work on expanding the high growth, high profitability businesses as a group-wide issue and will allocate the necessary management resources flexibly in order to improve profitability. Here, I will explain capital allocation. The guideline for D/E ratio will lowered from around 0.8 to 0.7 or lower to support sound, sustainable growth with a strong financial foundation. The target for cash flow from operating activities is JPY 760 billion. Cash flow from investing activity is JPY 720 billion and will aim for positive three-year total cash flow. As for shareholder return, while maintaining stable continuous dividends, we will aim to increase dividends based on earnings growth. The target for dividend payout ratio is 30% or more. In terms of capital investment, three-year total is expected to be JPY 500 billion and for R&D, JPY 220 billion. About 50% of the capital expenditures and 80% of the R&D will be allocated to growth business fields. Within the capital expenditures, in addition to large scale investments for business growth, we will make investments in relation to sustainability, investments to enhance quality strengths, enhance cost competitiveness by utilizing digital technology and investments for the renewal of aging facilities. Up until this page, I have explained the initiatives of Project AP-G 2025 in the fiscal years 2023-2025. From this page onwards, I will explain our 2030 sustainability target, which we are working on in a long-term perspective in order to accelerate the realization of the Toray Group Sustainability Vision. This slide shows the 2030 targets of the Toray Group Sustainability Vision. Due to our efforts until fiscal year 2022, we expect to surpass the previous sustainability targets earlier than originally planned. We will accelerate sustainability initiatives by setting higher targets for fiscal year 2030. We have set a challenging target for the CO₂ emissions avoided in value chain, water filtration throughput contributions by Toray's water treatment membranes, and GHG emissions in production activities. As for supply of green innovation and life innovation products, we will integrate them and set a new target as supply of sustainability innovation products. The 2030 target of 4.5 fold in comparison to baseline year of fiscal year 2013 is the same level as the previous target. From this page onwards, I will explain the specific initiatives in order to achieve the sustainability targets. This slide shows the carbon neutrality initiatives. On the left shows Toray Group's contribution to achieve carbon neutrality for the society. We will increase our contribution to GHG reduction for society by increasing revenue for various sustainability innovation products. On the right are the scenario to realize carbon neutrality of the Toray Group. We will realize carbon neutrality for the group in 2050 by introducing technologies that contribute to reduction of GHG emissions in production and taking on the challenge of CO₂ recycling and carbon capture. On this page is the target for CO₂ emissions avoided in the value-