Everyone, thank you very much for attending the financial results for the third quarter 2024 to be presented by Bridgestone Corporation. Before we start, let me introduce the members from the company: Global CEO and Representative Executive Officer Shuichi Ishibashi, Global CFO and Group Finance Naoki Hishinuma, Head of IR Department Kazuchika Higuchi. So, the three members from the Bridgestone Corporation who are attending here, I would like to give the microphone over to Mr. Ishibashi, who is once again the Group CEO and Representative Executive Officer, to give you the summary of the Q3 2024. Hello. I am Ishibashi, Global CEO. I will now explain the summary of the third quarter. First, a global summary. Recent and urgent management priorities are to deal with the structural changes in the automotive industry due to the rise of Chinese EVs, bringing about an increase in low-end imports and past negative legacies. In particular, Europe and Latin America are the deepest challenges. In response to these challenges, we are continuously improving our sales mix with a global premium focus and accelerating global business cost reduction activities. In addition, the second stage of fixed cost reduction and business restructuring and rebuilding were initiated, and we are aiming to secure and revamp our performance in 2024. However, there remain issues in the speed of performance recovery. Cumulative Q3 results also showed a year-on-year increase in revenues due to a tailwind from foreign exchange rates. However, the passenger car tire business in North America and the business in Latin America continued to deteriorate, resulting in a decrease in profit. On the other hand, premium tire sales were strong, and the mix improved. We are maintaining and strengthening our strong premium tire business foundation. In addition, the mining, aircraft, and motorcycle premium tire solutions businesses performed well, driving the group's overall results. The North American trucking aftermarket tire business and retreading business, as well as the European businesses, are emerging from their worst phases. On the cost front, we are working to reduce fixed costs, and global business cost reduction activities supported our business performance. Four-year forecasts remain unchanged from the August plan. With less than two months remaining, we will aim to achieve the plan, albeit under difficult circumstances. The minimum dividend of 210 JPY per share will also remain unchanged. Next, a summary by major segment. In the Americas business, which is a major market, revenue and profit decreased on a local currency basis, mainly due to lower overall unit sales of aftermarket passenger car tires in the North American business and the widening deficit for new vehicle tire business and the deterioration of business in Latin America, especially in Brazil. The North American truck and bus aftermarket business has emerged from its worst phase, and now it is on a recovery track. Argentina promotes damage control and, on an operational basis, excluding hyperinflationary accounting effects, the worst is over and stabilized in the second half of the year. On the other hand, we anticipate further acceleration towards the open economy in 2025 and beyond, so we will implement another round of fixed cost reductions. Brazil. The company's measures to counter structural changes due to an increase in low-priced imports have been insufficient, despite efforts to strengthen the use of Firestone brand and other products and to reduce fixed costs. The company has failed to improve profitability and continues to be in the red. In 2025, we will further reduce fixed costs and focus on truck and bus tires, whose profitability has deteriorated significantly. Restructuring and rebuilding will be implemented to get out of the worst phase, though with delay. In Europe, the profits increased year on year, and although at a slow pace, the worst phase is behind us. From the second half of the year, the effects of restructuring and rebuilding gradually began to contribute to earnings. Specialties Premium Tire Solutions Business. The growth of ultra-large and large mining tires, aircraft tires, and solutions, among others, is driving global performance. In our Indian business, which is approaching the JPY 100 billion level of annual sales, we will focus on premium passenger car tires as our growth market. We will continue to pursue growth with quality, including the implementation of strategic growth investments. The following is a detailed explanation of each area. The North American business reported a year-on-year decline in profits. As explained earlier, the profit margin in the premium tire business declined due to the significant impact of lower profit from lower unit sales of passenger car aftermarket tires and higher losses for OE tires. On the other hand, we continue to improve our sales mix by expanding the sales of ultra-high rim diameter tires of above 20 inches for the replacement market. The truck and bus tire business has emerged from the worst phase and is promoting recovery and improvement in the second half of the year. Sales of retread are also on the recovery track, although profits declined year on year. Looking ahead to 2025, we will continue to make improvements while maintaining a highly profitable structure with an operating margin of over 20%. This page provides an overview of passenger car tire demand sales and the end market share in North America. In the area of tires for new vehicles, sales of large-inch tires expanded year on year, and market share increased. We are looking to capture demand for tires, expecting a significant recovery to the replacement tires. For the replacement market, the tariffs on imports from Asia were reduced in January of this year, which increased the low-cost imports on the market. Structural changes are also occurring in the composition of the so-called member demand, comprising tire brands belonging to the U.S. Tire Manufacturers Association in the U.S. and Canada and other demand. In 2023, the member demand was about 80% and 20% for the others. In 2024, about 75% were the member demand, and about 25% were for others, with a decrease of about 5% in the demand for the members. In response, the company has strengthened its use of the Firestone brand. Results show that sales declined year on year, despite efforts to optimize the balance between quantity and quality. In 2025, we will launch new Firestone products to strengthen our multi-brand strategy and make a comeback. Also, in high-inch tires over 18 inches, sales of existing Bridgestone non-ENLITEN products declined due to decreased competitiveness in some areas. We will strengthen and strive for the recovery with the introduction of new Bridgestone ENLITEN products in 2025. In the ultra-high rim diameter tire segment, which, once again, is 20 inches and larger, the rollout of new ENLITEN products, the strengthening of existing channels, and the development of new channels contributed to the increase in sales. Sales of Bridgestone brand products increased significantly from the previous year, and the mix was up, resulting in an increase in market share. As for the North American truck and bus tire business, in the second half of the year, rush demand for low-priced imports has settled down, and the composition of member demand in the aftermarket is moving towards an appropriate level. Bridgestone brand, based on a solid business foundation, expanded sales significantly over the previous year, and the market share among the U.S. Tire Manufacturers Association members increased. As for retread, though, with the year-on-year sales declined, has also entered a recovery phase in conjunction with the strengthening of the fleet business while maintaining a high market share level. In the Latin American business, the sales and profits declined significantly from the previous year, with significant issues remaining. Argentina, as I explained at the beginning of this report, has emerged from its worst phase. On an operational basis, operating income margin has temporarily recovered and stabilized at over 12%. However, further move towards the open economy is expected in 2025, including tariff reductions, and therefore the company will implement another round of fixed cost reductions. Brazil continues to be in the red. We will promote the use of truck and bus tires, whose profitability has been deteriorating as a supply source for the U.S. market, in order to improve the capacity utilization ratio and profitability. There's also a move to increase tariffs, but towards 2025, in order to cope with the volatile business environment, we will further reduce fixed costs and implement and strengthen restructuring and rebuilding to "change the shape of the Brazilian business." The European business increased sales and profit over the previous year. Although the pace of recovery is not fast, we believe we are out of the worst period. In the premium tire business, sales and profit increased for passenger replacement tires. In the high rim diameter tire business, we were able to significantly expand sales and improve the sales mix. Truck and bus retail and retread business had significant challenges, but deficits were reduced. We will aim for breakeven next year. Operational improvements and restructuring and rebuilding that got started this year began showing visible contribution to performance and is gradually leading to solid results. In 2025, the second stage of restructuring and rebuilding will further be strengthened and accelerated, that would reshape our European operations. We aim for further transformation. Specialties Premium Tire Solutions business had profits increased over the previous year. In addition to tires for mining vehicles, where expansion of offering ultra-large tires and solutions has been steadily implemented, aircraft tire solutions saw post-COVID demand recovery, leading to steady sales expansion and profitability improved significantly, driving growth in commercial B2B solutions. In motorcycle tires, where we are promoting a Premium Niche strategy, profitability improved. Next, I will discuss India, our growing market, with a focus on strategic growth investments. We established a factory in India in 1996 and established a market leadership position in passenger car tires through our Genbutsu-Genba approach. In India, where continued growth is expected, we will implement a Premium Mass strategy and aim for growth with quality. Strategic investments will be made in two existing local plants to increase production and enhance quality while establishing a satellite technology center to strengthen manufacturing from development to production with close contact with the field. We will solidify our market leadership position by pursuing the ultimate customization for the Indian market and further strengthen the development and production of ENLITEN-equipped products. By accelerating the creation of social and customer value, we shall contribute to the development of communities, customers, and industries in India. As for the progress of the global premium focus, improvement of the sales mix of passenger car HRD tires is ongoing, globally enhancing our business structure and quality. In addition to HRD tires, premium tire brands such as Potenza, Turanza, Alenza, as well as Blizzak, our winter tires, all valued by our customers, are also going to see an increase in their share of premium tire sales and improvement in their sales mix, further enhancing our global business quality. While the challenge in our business performance continues, steady and stable global business cost reduction activities based on the Genbutsu-Genba approach unique to Bridgestone underpinned our performance. So far, the initiative has generated a cumulative effect of approximately JPY 50 billion, expected to be approximately JPY 66 billion on an annualized basis. We will continue to accelerate these activities into 2025. Finally, I will touch upon our performance by business portfolio. Our core premium tire business has seen a year-on-year decline in profit but secured an operating profit margin of 14%. Speed of improvement will be accelerated into 2025. Diversified Products business experienced significant decline in profit due to major challenges in the North American air spring business and the Japan cycle business. On the other hand, the solutions business, which is our growth business, secured a 108% increase in sales and profit year-on-year. Commercial B2B solution posted a significant increase of profit, 127% over the previous year. Mining solutions and aviation solutions have high operating profit margins of more than 15% and 25%, respectively, driving profitability improvements in Commercial B2B Solutions. We will continue to amplify the value of our Dan-Totsu products and the trust of our customers based on co-creation with them, and the Commercial B2B Solutions that amplify the value of data shall be enhanced as our strategic business to build the mobility tech business. This concludes the summary of the third quarter results. Thank you for your continued understanding and support, and thank you very much for your attention. That was the summary of the third quarter results from CEO Ishibashi. Now, introducing the next speaker, Mr. Naoki Hishinuma, Global CFO and Executive Director for Group Finance, to present the results for the third quarter 2024. I am Hishinuma, and I'm in charge of finance. I would like to present our consolidated financial results for the third quarter of fiscal 2024 and consolidated guidance for fiscal 2024. This is the agenda for today. I will first of all begin with business and financial performance for Q3 of fiscal 24. The cumulative third quarter result showed increase in sales and decrease in profit versus prior year. The adjusted operating profit was 10.8%, down 0.5 percentage points versus prior year. Profit attributable to owners of the parent for the quarter amounted to JPY 252.7 billion, while approximately JPY 63 billion of gain on sales of fixed assets was recorded as an adjustment item. In Q2, second stage of restructuring and rebuilding was accelerated to improve future profitability, and related losses and expenses were recorded. The breakdown of the adjustment items will be explained later. Factors behind the year-on-year change in adjusted operating income were as follows. Although we improved the mix by increasing the ratio of HRD tires in sales, the decrease in sales volume, worsening processing costs, including production adjustment, and negative impact of Latin American businesses were too large to be absorbed by the favorable foreign exchange rates. Now, business results by segments. While profitability improved in Asia, Pacific, India, and China, and Europe, Middle East, and Africa, profitability deteriorated in Americas. Although demand and sales for truck and bus tires recovered in Americas, profitability declined due to a significant year-on-year decline in profits in Latin America and decline in sales volume of passenger as well as light truck tires. Let me give you the results by products. While sales volume of passenger and light truck tires decreased, profit margin for PSLT tires remained in the upper 10% range due to sales expansion of replacement HRD tires and increase in their composition rate. In the truck and bus tire business, sales and profit declined versus prior year due to the impact of lower sales and higher processing costs due to production adjustments aimed at inventory optimization. Profit margin was down 2.2 percentage points, but with a trend for recovery continuing centering around North America, profitability is improving from second to third quarter. For specialties, in addition to solid sales of highly profitable mining tire solutions and growth in the aircraft tire solutions business, a tailwind of weaker yen also contributed to a year-on-year increase in profit with 1.7 point improvement in the profit margin to a high of 23.3%, supporting the overall consolidated results. In the chemical and industrial products businesses, sales and profit declined versus previous year due to a lower demand for hydraulic hoses and crawlers for the construction machinery. Profit margin was also worsened slightly. The sports and cycle business posted a year-on-year decrease in profit and an operating loss due to the significant impact of deterioration in the cycle business. In the Diversified Product business in Americas, business environment for heavy-duty trucks and trailers was severe, and the burden of startup costs for new EV-related businesses contributed to lower profit. As for the adjustment items, the company posted a gain of JPY 23.9 billion in Q3 with the following breakdowns, as is indicated. While a gain of JPY 63.3 billion was recorded on the sales of Roppongi company housing in Q2, the second stage business restructuring and rebuilding is accelerating with related impairment losses and expenses recorded especially in Europe, China, and in other regions. This is the highlights of the financial position and cash flows. Total assets decreased JPY 46.9 billion from the end of the previous year to JPY 5,380.9 billion. The exchange rate at the period end was almost flat, and the asset level was almost the same as at the end of the previous year, while the equity ratio rose 2.8 percentage points to 64.6%, reflecting a decrease in liabilities due to the redemption of bonds. We are currently examining balance sheet from various perspectives, including financial soundness and capital efficiency. Free cash flow was JPY 145.9 billion, a decrease of JPY 79 billion versus previous year, while there was cash flow inflow from carefully selected capital expenditures and sales of fixed assets, reducing investment cash flow. Operating cash flow deteriorated partly due to delayed demand for winter tires caused by the warm winter here in Japan. Next, I will explain about the consolidated guidance for fiscal 2024. As explained earlier, there is no change from the August guidance for the full year, but I will explain to you the assumptions used for the guidance. Foreign exchange assumption for Q4 remains unchanged from August forecast. As for raw materials, we assume a slight increase in the unit price of natural rubber compared to the August forecast. Although the business environment is becoming increasingly challenging, we will continue to aim to achieve the August guidance and accelerate the second stage business rebuilding to improve profitability. The dividend will remain unchanged from the minimum dividend of JPY 210 per share. This concludes my explanation. Thank you very much for your attention. So that was Mr. Hishinuma, our Global CFO, on the financial results for the third quarter of fiscal 2024. Now, we would like to begin Q&A session. For questions and answers, we would like to begin by inviting questions from the media reporters. From Nihon Keizai Shimbun, Mr. Yamanaka, please. Yamanaka-san, please. Yamanaka from Nikkei, Economics General, Nikkei. Thank you. Thank you very much for your presentations today. I have two points to raise. The question number one has to do with the structural reform. This is the restructuring and reorganization of the product portfolio. You have North America, Latin America, and also in Europe, not to mention Asia. What are you doing in particular, and what is the progress ratio? And when do you think that you can say that all the actions are more complete, particularly in Europe? The impairment accounting has been done. Are you done with that already? And also the ENLITEN, the value-added tire brand. So to differentiate positively against the low-priced tires. So in these highly valued areas, the good expectation may be there, but what about the possibility of the deterioration of the good effect? Or is there any possibility that you expect to, or you're already starting to review your plan? Could you repeat part of your question, did you say something about EV or Europe? No, EV, yeah. The EV business, the deterioration of the business strategy, perhaps any sign of the review of your business plan. Okay, as the first part, the structure changes. The second stage, I kept on saying. So we started that in 2021 and 2022 and 2023. Now, we are through 2023. We are now on the second stage in 2024, particularly in Europe and Latin America. We are focusing tightly, particularly in Europe. Magnitude of the activities is most noticeable. In Europe, focusing on the passenger car, the replacement market, the market conditions are positive, but that is the only area. Be it truck and bus, or the retail operations, it's suffering. So both for production and the distribution, we need to reconstruct and rebuild our structure to have no more than one footprint or the plant so that we can have the positive from the production reform. Truck and bus tires, our competitors, some of them have made respective announcements. In our case at Bridgestone, the cause of downsizing so that the overall capacity of the truck and bus tire plants will be reduced. We will improve the capacity utilization rate so that the overall improvement can be made for the truck and bus business. Distribution sales of truck and bus tires, we need to reduce loss yielding from the businesses. So as in the case of North America, large fleet business will be the category to enhance. So the balance between the new product sales, retread, and maintenance, not to mention services as a package, the offering. So we are continuing to do that. We started in the beginning of this fiscal year, and we are still in the midst of that. And on a break-even basis, we do hope and expect that by 2026, we will be above the surface of water. And then the retail, the operations, we have done a series of acquisitions, and one after another, some of the issues are emerging. So these are operational improvements gotten called for, as well as some of the retail stores to be closed down or the combining the two retail stores into one so that we can reduce the combined or the collective retail expenses. So this year, the magnitude of deficit will be reduced so that the spending the next year for improvement by 2026 will be above the break-even level and thereafter. So this year into next year, we are hoping to accomplish the break-even level. We will work rigorously. And then by the area of business, we have plans. And also the overall business structure in the overall European region is under review. And I don't think I'm ready to explain any of our decisions as of today. However, hopefully, we'll be able to become much more streamlined in income as well as expenses. So that by 2026, we will certainly be above the break-even level to be positively operating. So 2026. This year, we are still just about embarking on the second stage of endeavors. We will continue in 2025 and hoping to be positive in 2026. Latin American business, Argentina and Brazil, be it the structure of the market or the competitive dynamics, they have changed, and those two country markets are different from one another, where in either regard, we have been too slow to react to the market changes. We will continue to attend to that, of course, but the magnitude, large magnitude of the actions necessary. To what extent we can do that is a big question. Brazil, next year, our expectation is that local business will become profitable. However, Argentina, next year, they anticipated to move more towards the open economy. If so, this year, on the operational basis, it seemed as though the operating margin and all other operational figures became better, but with the further move towards the open economy, we need to have another round of fixed costs, both for production and sales. That would mean that we would shrink the scale of production and sales and distributions, so for Latin America and Europe, we are focusing. You also asked about ENLITEN EV. You said that there's a possibility of the slowdown. EV business, how we rate that market? It's not as though the totality of the EV electric EVs can be taken care of by ENLITEN. There's hybrid vehicles and there's true electric vehicles. So by OE, the different plans will be necessary because each OE assembler is different. So the premium segment, as well as the large rim diameter, the premium, the acceleration. So ENLITEN in that is that mindful of customer value and social value that we are pursuing both, by the way. Towards the EV, we can have the same, say the same thing. The lower rolling resistance that you have from the better driving performance. So the extension of the durable life of the tire means that the cost per mile and the durability of that same tire will become much better for the drivers, their customers. So plug-in hybrid or the other subcategories of the EV, the category or at large. We will have the ENLITEN as the point of focus continuously. Thank you very much for answering two questions. Thank you very much, Mr. Yamanaka. Now, in the interest of time, the next question will be the last question from media reporters. Please limit your question to one. Mr. Shimizu of Rubber Hochi Shimbun. Thank you very much. My name is Shimizu. Thank you for your presentation. I am from Rubber Hochi Shimbun. Now, among the diversified products, I have a question about this seismic rubber. Now, in these major earthquakes in the past, I think this is a major product that had protected the lives of the people. And this high-attenuation rubber that would be used to produce this seismic rubber is the only company in the world. You are the only company in the world that can manufacture this rubber. And so can you talk about the potential of this seismic rubber to be used in the society? Thank you very much. The other day, the building that had been equipped with the seismic rubber that Bridgestone had produced had tolerated a major earthquake. I think the mission of Bridgestone has been achieved by looking at these incidents. The seismic rubber business size is not very large, but we would like to steadily go forward with this business, and we are steadily progressing in the R&D activities. The cost of manufacturing is relatively high, which may be one of the bottlenecks. Under recent circumstances and hospitals or warehouses, especially, there are new demands being generated. We would like to make sure that we can satisfy these new demands. Now, what about this business on a global basis? In the past, we studied the possibility of doing business in California or India or Turkey. The mechanism of manufacturing seismic rubber is of great variety using rubber or using the metal vaults. In each market, a specific technology has been established and utilized. It seems that the architectural office involved in the design of the structure would determine which specific type of seismic rubber would be utilized. We have to work together with these architects and the architectural office. In Japan, we have a great variety of these architectural design offices, and it's quite difficult to really make inroads into these diversified architectural design offices. The status right now is working together with some of these design offices. Of course, we are making a great variety of effort, but the status quo is just what I have described now. Thank you very much for your answer. Mr. Shimizu, thank you very much. Now, we would like to move on to the questions from analysts that we have assigned in advance. In the interest of time, please limit your question to just one. I will call your name and unmute your microphone. So please turn on the video if possible and ask your question. Mr. Yoshida of Citigroup Global Markets, please. Thank you so much. So I will ask one question about this third-quarter performance. How do you evaluate this consolidated third-quarter performance against your original plan? And the annual forecast is to be maintained. And maybe if there is this seasonal impact, I believe that you can overcome that impact. But how do you foresee the final result? Now, towards 2025, you are going to implement restructuring and rebuilding continuously. So what is the business environment that you envisage? And what are the things that you can do specifically internally to deal with the environment? Natural rubber cost is going up, and there is this inflationary impact. And if possible, prices may be increased and you have this brand power. But recently, compete with Firestone brands and have to compete at the lower end of the market is a situation that I observe. So to maintain this price spread and obtain profitability, is that possible? Thank you. For the third quarter, there was this positive impact from the foreign exchange rate so that there was an increase in the revenue, but more than what we have anticipated, the result in Latin America wasn't good, and also in North America, the result was not as good as we have expected. Now, Europe, it is improving gradually. For the Asian region, it is quite stable, and we were able to secure profit, and also, we believe that OR and AC, we thought that it would go on smoothly. But this Latin America and North America result, which was poorer than what we have expected, was a major impact on the third-quarter consolidated result. But this was offset by the positive impact from the foreign exchange rate, and it ended up in an increased profit. Now, on an annualized basis, we believe that there are opportunities and risk. And when it comes to snow tires, the United States, northern part of North America, and Europe are the areas where there is demand and becoming this major source of earnings. But we don't know what would happen in the winter season because right now, winters are relatively warm, and the regions where there is snowfall may be quite variable. And this is a major factor for the sales of these snow tires, especially in regions like Europe. But we are in parallel to that, reducing cost and reducing resources used for manufacturing and trying to reduce the level of inventory so that we all in all aim to achieve the originally planned bottom line. For this restructuring and rebuilding, as I have been talking about since earlier, Europe and Latin America have major initiatives for restructuring, and of course, there are challenges in North America, so we also need to implement the initiative in North America going forward, Asia, especially Thailand and Japan. On a global basis, there needs to be a mass-scale structural reform to adapt to the changing market by area and by each locality. What we're going to do would be different, but as Bridgestone as a whole, in 2025, we need to implement this restructuring and rebuilding on a global basis. Of course, there are differences in the contents of the initiative by region or by area, and we would like to take an opportunity to explain to you the specifics of the initiative by region. But by markets, the difficulties and challenges are different, and the status that surrounds raw material procurement is quite volatile, and demand is quite tough. And we don't foresee a rapid rise in demand towards next year, so we are taking a very conservative perspective, trying to, in these circumstances, generate profit, and we are to take necessary actions. So we have to really improve the product mix in an attenuated manner and especially ENLITEN, improve its position, and improve the pricing when there is a launch of a new product, but overall, I don't know how far the raw material cost rise would go. But with this difficult market environment, there is this low-end import from China that is being used worldwide. And of course, the actions to take to counter with these low-end imports include the use of Firestone brands. And we need some mass, a size being secured for our product. And this is incorporated in the budgeting plan next year. And so when we present the forecast for 2025, I will talk about specifics. That's all. Thank you. Thank you very much. Thank you very much, Mr. Yoshida. Next, from Morgan Stanley MUFG, Mr. Kakiuchi. Thank you for this opportunity. I am Kakiuchi. As for the passenger replacement in North America, in your presentation, you talked about member and non-member shares. In year 25 and in the future, it may be difficult to make a forecast. Do you think the ratio between the member and non-member will change and more difficult for the members? The purchasing activities of the purchasers or consumers may become a little different in the future, and maybe the non-members may be able to offer something that is more reasonable in the future. What is your prospect? As was mentioned by Mr. Kakiuchi, the consumer behavior in the United States is indicating expansion in the low-end products. So the non-member, which constitutes the third and the fourth tier, I do not think will increase as did in Latin America. Although there is an increase right now, I believe that it will somewhat settle down and come down. The reason for that is because the consumer behavior is one, but also the trend of the channels would have to be observed. They are not making profit. And those channels which handle Bridgestone brand has OE and the first replacement and the second replacement. And these are the kind of customers that are looking at. And they will have to be able to sell the Bridgestone brand unless they will not be able to generate profit. So the first and the second-time user usually buys the major brand. But as you go towards the third and the fourth replacement, maybe you will move on to a lower-tier product. And these trends to a certain level will sort of increase. But I think it will come down. For trucks and buses, and because of the increase in the tariff, the trend is declining. We do not know what happens with President Trump. But if there is going to be an increase in tariff, I think maybe the market will come back. As for North America, I do not think that there is going to be a drastic change. In that sense, Bridgestone's ENLITEN and especially its new product strategy and Firestone will be used carefully. We will be able to provide the appeals of the value that these products have and to improve the cost performance. This is the Bridgestone way of doing things. Especially the Firestone brand has different channels. They have the direct sales outlets, etc. The second and the third replacements are covered by these channels. Therefore, including the Firestone dealers, we are carefully reviewing what kind of activities are going on. We will take necessary actions accordingly. Thank you. Thank you. When you talk about channel ATD, Chapter 11 was mentioned. I don't know if it has any direct impact on you. There are various information that are coming in, and we are trying to understand the situation. As for the Agricultural tire delivery, it is being handled by them, and there is no main business that is handled by them. We have actually a focused network. Therefore, I don't think there is going to be a major impact. Thank you very much, Mr. Kakiuchi. I would like to now ask Mr. Sakaguchi of Mizuho Securities. Thank you. I'm Sakaguchi of Mizuho. Thank you very much for this opportunity. Hello. For the TB business environment, in Q3, I believe that you have bottomed out in terms of the profitability. I believe that you are gaining share, and you have seen this improvement from Q3. But compared to the forecast three months ago, how has it progressed? Once it starts to increase, I think as you move towards next year, profitability may improve further. What is your view on this, Mr. Ishibashi? Our assumption was actually seeing a better result. Actual results were better than our assumption. For the major fleet group businesses were earned, and we were able to get the share. And I believe that the people in the field really worked hard on this to get this. But Firestone has been damaged, and the damage still lingers on. This is for the local market through dealers, and how we can try to restore the demand there will be something that we have to work on in the future. The improvement is not seen as fast as the fleet business, but as we move towards next year, we will try to im prove this. I believe the strength of the Bridgestone brand, even under these very challenging circumstances, is reflected in the third-quarter performance. To what extent would Firestone be able to expand their sales is the question that we need to look at. For retreads too, I think there is some improvement starting. How are you feeling about this? For retreads, for TB, North American TB aftermarket has a 13% operating profit margin. In that sense, there is improvement. For retreads, it was about 25% of operating profit, but now it is only about 21%, a decline. This is in relation to the overall imports, and retreads are being damaged and having impacted. Second brand for retread may have to be introduced, and the profits are declining. The sales of the retreads are increasing now continuously. So if there is a recovery of retread as we see it now, if the new OE Bridgestone is to recover, we have a package regarding the retreads as well. Therefore, the new tire will sort of pull the retreads as well. But whether the profit level would be 25% or we would regain that would be somewhat questionable because I think we will need to go after the volume for some time. Thank you very much. Mr. Sakaguchi, thank you very much indeed. We are approaching the closing time. So the next person is going to be the last person to ask a question. SMBC Nikko Securities, Mr. Maki, thank you for waiting. This is your turn. Maki from SMBC Nikko. Thank you very much. So just one question about return to shareholders. It's stayed. You say minimum JPY 210. So, the possibility, maybe it's not for us to give up altogether, but you do have business restructuring and rebuilding and so on. You have tons of things to do. So it would not be so easy for you to increase in dividend, but next year or even year after, would you say that there is a possibility in the increase in dividend? And also the financial picture, the kind of the ratios that you should like to aim for. Now, equity ratio once again has improved. So what other possibilities would you keep in mind within reason that you have within the limit that you can share your thoughts with us? So you're already a mature company, but then you are growing. So capital efficiency, I take. We are right in the midst of internal discussions. So maybe Mr. Hishinuma Yes. Equity ratio is already on the high level, which means that as we have dialogues with institutional investors, various opinions and ideas have been expressed to us, mindful of all of which, then what would be the optimal capital structure? What is the ratio that we should aim for? What would be the level of cash that we should keep at hand? So those are the points of discussion that we are having internally. Needless to say, we, of course, keep in mind the shareholder return. But as we are right in the midst of those internal discussions at an opportune time, may I just say that we will be able to share our thoughts and decisions with you. Right. Ishibashi speaking, there are matters that Bridgestone typically did not really focus tightly. The areas that we left unattended, sort of. But we are opening new chapters of discussions. Okay. So next time as you meet with us, which is going to be in February 2025, maybe I can look forward to good announcements by you. Looking forward. Thank you very much. And I appreciate your time this afternoon. Thank you. Mr. Maki, thank you very much for that. With that, it is time for us to close the Q&A. And that concludes our financial results for Q3 2024 to be presented by Bridgestone Corporation. Thank you very much for your participation, and we much appreciate your attendance. Thank you.