This is Yoshida. Today, I would like to explain the consolidated financial results for the first quarter of the fiscal year ending March 2022, and then Mr. Kainuma, Representative Director, CEO, and COO, will explain the highlights of this fiscal year. Page two, please. Consolidated net sales for the first quarter of the fiscal year ending March 2022 was up 32.5% year-on-year and down 1.1% quarter-on-quarter to a total of JPY 248,305 million. Operating income totaled JPY 19,628 million, which was 5.4 times higher than what it was in the first quarter of last year, and up 83.6% quarter-on-quarter. Profit for the period attributable to owners of the parent increased 6.6-fold year-on-year and twofold quarter-on-quarter, for a total of JPY 14,659 million. We estimate that the foreign currency translation had a year-on-year impact of plus JPY 6.9 billion in net sales and minus JPY 0.2 billion in operating income. Quarter-on-quarter impact was +JPY 7.0 billion in net sales and +JPY 1.9 billion in operating income. We made slight retrospective changes to last fiscal year's financial statements due to the PPA for ABLIC. Please note that figures on the following pages are the revised ones. Moving on to the next slide. This is for quarterly trend in net sales, operating income, and operating margin. The operating margin for the first quarter was 7.9%, up 6.1 percentage points year-on-year and up 3.6 percentage points quarter-on-quarter. Next slide, please. Here shows the difference between the forecast as of May and actual results for net sales and operating income by business segment for the first quarter. While net sales for the Machine Components Business Segment had a stronger start, overall sales were generally in line with our forecast due to a slight decrease in sales to the automobile industry caused by a shortage of semiconductors. In the Electronic Devices and Components Business Segment, sales for electronic devices were higher than forecasted. The Mitsumi Business enjoyed higher than projected sales for mechanical components, analog semiconductors, and optical devices. The U-Shin Business saw slightly higher than expected sales, mainly in the automobile market. Operating income for the Machine Components Business Segment was almost on par with the forecast. The Electronic Devices and Components Business enjoyed higher than expected operating income, due mainly to the recovery of expenses in the previous fiscal year. The Mitsumi Business enjoyed higher than expected operating income as a result of increased sales. The U-Shin Business saw lower than expected operating income, due mainly to the impact of one-time costs for the consolidation of U-Shin's retirement benefit plans. Next slide, please. Let's take a look at the results by segment, starting with Machine Components Business Segment. On the left is a graph indicating quarterly net sales trends, on the right is a graph with a bar chart for quarterly operating income trends, along with a line chart for operating margins. First quarter net sales were almost on par with the previous quarter to total JPY 44.1 billion. Ball bearing sales increased 2.5% quarter-on-quarter to a total of JPY 32.2 billion. The monthly external shipment volume was up 1.2% quarter-on-quarter for an average of 246 million units. The growing shipment volume of data center ball bearings continued to drive our sales upward. Sales of aircraft bearings remained sluggish due to the stagnant market. Sales of rod ends and fasteners totaling JPY 6.4 billion were down 11.1% from the previous quarter. This has not yet led to an improvement in net sales at this point, we are seeing bright signs in the aircraft sales. Sales of pivot assemblies remained at the same level quarter-on-quarter to a total of JPY 5.5 billion. Operating income for the quarter totaled JPY 10.9 billion, and the operating margin was 24.8%, which is higher than the pre-COVID level. On a quarter-on-quarter basis, operating income rose 23.5%, while the operating margin improved 4.8 percentage points. Looking at the results by product, we see that the profits for ball bearings, rod ends and fasteners, and pivot assemblies all increased quarter-on-quarter. Next slide, please. Let's look at the electronic devices and components segment. Net sales decreased 4.7% quarter-on-quarter to hit JPY 90.4 billion. Looking at the results by product, we see that sales of motors increased 6.1% quarter-on-quarter to reach JPY 62.4 billion. This is because of robust sales in all types of motors, mainly in the HDD and in the automobile market. Sales of electronic devices were down 29% from the previous quarter to a total of JPY 17.3 billion. This decrease was due primarily to a loss of approximately JPY 4.1 billion incurred as a result of the transfer of some businesses beginning in the fiscal year ending in March 2022. Hereafter referred to as impact of the business transfer. For your reference, our figures for the years up till fiscal year ended March 2021, are based on the classification before the business segments were changed. Please note that the same applies to the rest of the presentation. Sales of our Sensing Device totaling JPY 8 billion, were down 10.2% from the previous quarter. Operating income came to JPY 7.9 billion, and the operating margin was 8.7% on a quarter-on-quarter basis. Operating income increased to 39.2%, while the operating margin rose 2.7 percentage points. Looking at the results by product, all the profit of Sensing Device decreased. The profits for electronic devices increased, due mainly to the recovery of expenses in the previous fiscal year, while profit of motor was about the same as the previous quarter. Next slide, please. Let's look at the performance for the Mitsumi business segment. Net sales decreased 3.3% quarter-on-quarter to total JPY 76.8 billion. Although sales of mechanical components and analog semiconductors increased thanks to strong demand, overall sales for the segment declined due to the impact of the business transfer. Operating income totaled JPY 5.1 billion, while the operating margin was 6.6%. On a quarter-on-quarter basis, operating income increased 77.7%, while the operating margin rose 3 percentage points. The primary factors behind these increases include a further increase in the profitability of analog semiconductors, in addition to the one-time cost recorded in the previous quarter. You can see the operating income for this first quarter became negative, but this is due to the retrospective changes to the figures for each quarter of last fiscal year due to the finalization of PPA for ABLIC. Going on to the next slide. Finally, let's look at the U-Shin Business segment. Net sales rose 14.3% quarter on quarter to hit JPY 36.9 billion. Although there was a negative impact from production adjustment at some automotive OEMs due to the semiconductor shortage, overall sales for the segment were up due to the impact of the business transfer. While our operating loss totals JPY 0.1 billion and operating margin was -0.2%, if the impact of the one-time cost for the consolidation of U-Shin's retirement benefit plans were not factored in, operating income would be JPY 0.4 billion and operating margin would be 1%. Going to the next slide. The bar graph here shows trends in profit attributable to owners of the parent, while the line graphs are changes in the profit for the period per share. The profit for the period was JPY 14.7 billion. Earnings per share was JPY 36.1. Moving on to the next slide. In this slide, we show the quarterly inventory trend. At the end of the first quarter, inventory totaled JPY 195.5 billion, which is JPY 24.1 billion more than what it was three months ago. This is due primarily to the fact that we strategically accumulated inventory to secure what was necessary for a currently anticipated sales increase. Going to the next slide. This graph contains a bar chart showing trends in net interest-bearing debt, which is total interest-bearing debt, minus cash and cash equivalents, and a line chart indicating free cash flows. At the end of the first quarter, net interest-bearing debt totaling JPY 94.5 billion, was up JPY 10.2 billion from what it was at the end of the previous fiscal year. Moving on to the next slide. We made an upward revision to the full-year forecast for the fiscal year ending March 31st, 2022, which we announced in May. This latest revision, which was made only to the forecast for the first half, was prompted by higher-than-projected first quarter results and the expectations that demand for ball bearings, motors, analog semiconductors, et cetera, will continue in the second quarter. We have revised the forecast for net sales from JPY 1 trillion to JPY 1.05 trillion. For operating income, from JPY 80 billion to JPY 87 billion respectively. The exchange rate is assumed to be JPY 110 to the US dollar for the second quarter. We have not changed assumptions for the second half. Going to the next slide. This slide shows the forecast by business segment. This ends my presentation. Mr. Kainuma, the floor is yours. I would like to touch upon the highlights for today. Page 14, please. Compared with the same period last year, ABLIC PPA we had, and therefore we cannot make apple-to-apple comparison. First quarter performance improved quite significantly. The material shortage, material price soaring, and the shortage of semiconductors, those are some negative impacts. The Forex impact turned favorable to us. All businesses are going quite well. We are more than offsetting the negative impact. The machine components operating income recovered. If aircraft business recovers, JPY 50 billion will be a very achievable PBOT are decreasing, but bearing total demand is quite robust. Therefore, we would like to make a new capital investment, which I would like to come back later on and give you more details. Semiconductors, this is a typical subject, nowadays it's going extremely well. Two or three years ago, we were talking about the JPY 10 billion target. We are very close to achieving a JPY 10 billion in half a year. There's one good news, that is U-Shin, highlighted in red. In 10 years, JPY 100 billion door handle business. A super huge auto manufacturer is the client for this door handle business, U-Shin has become the first vendor for this client, the global door handle manufacturers must have been shocked by this news. U-Shin Business, the reason why we acquired the U-Shin, is because of many potential synergistic effects and the electrification of door handles and our analog semiconductors and many other components shall be positively impacted by this trend. That is what we thought. Our customers are fully aware of this, and our operation is global, and therefore, we can respond to huge scale orders, and that is a fact. We now have it on our hand, not just the door handles, but the CSD, compact spindle drives, inclusive of China, major manufacturers, hatchbacks are adopting our products. For automobile products, it always takes time. However, in terms of the direction, I think we are moving towards a good direction. That is news I wanted to share with you. Page 15, please. As you may already know, since the end of this year towards the first and second quarter of next year, 345 million units production capacity we were to prepare, but we would like to increase that to 365 million units of capacity. Last year, we made JPY 10 billion, and next year we will make JPY 10 billion as well. If you look at this top right diagram, you can understand that in 2017 it was JPY 250 million, and then by improving productivity, the number increased to JPY 285 million. We worked on eliminating bottlenecks, and from JPY 300 million, JPY 315 million, and to JPY 325 million, the business divisions kept improving. JPY 345 million, which has been once again increased to 365 million units. The automotive fan motors demand is growing. I always said that even when vehicles are electrified, the fan motors will always be needed. Since 2017, it's four or five years, and in four or five years time, we were in a situation where we had to increase the capacity by 110 million units. There is this strong demand increase. In Thailand, we have been building a multipurpose factory. We act quickly. We have decided to put the equipment into a facility into this factory. In 2011, it was about 10 years ago. There has been a flood in Thailand. This was unforgettable. In the former new factory, that's a strange way to put it, but in HT, this is a plant, we built that factory, and immediately after that, the flood hit us. Of course, we did not receive any damage, but taking 10 years, we have been putting in this equipment, and step by step, the depreciation burden is going to be fewer. Through this investment, even if you have a JPY 20 billion investment, in terms of depreciation, it won't change. This was a kind of a positive cyclical as it- p ositive cyclical situation is what we are looking at. In terms of the competitiveness in bearing, including supply capability, it means that we are by far most established in this area, and I'm very confident that we'll be able to hold that position. Going to page 16, going to the aircraft business. The things have not changed, but maybe slightly better than last year. That said, as you know, United Airlines, they have bought 200 Airbus aircraft, and Airbus, Boeing, they have become profitable. The U.S., the domestic traffic has started to come back. Well, they have recovered to a certain level. Going forward, towards carbon neutral, so the environment-friendly type engine or efficient aircraft. The demand for those type of aircraft is going to increase. What is happening in automotive? This explosive demand is not in full, but that's what I'm thinking about aircraft. Actually last week, there is the global sales develop and business people for the global aircraft business. We had a meeting. From the second half of last year, the anticipation is that the business is going to recover strongly, and actually, I think so too. I have been saying it personally, I think so, that the recovery is going to be seen in the second half in next year. The single aisle, meaning that there's only one aisle between, and they're one seat each on each side of the aisle, that will be the main type of aircraft that's going to recover. For the double aisle aircraft, the recovery will take some time to recover. That's what I have been communicated. In terms of sales, if the single aisle aircraft has started to recover, I think basically the impact on the sales will be the same because basically, I think we'll be able to go back to the pre-COVID levels. Going to page 17, for the motors business. This year, at least JPY 60 billion, higher than that. The growth will be higher than that. JPY 260 billion-JPY 270 billion, that will be the level that we will be targeting. Well, in terms of the major portion of the business, I think it's going to go up another 30%. What's contributing to this is the hard disk drives and automotive. You can see that automotive is contributing to a lot. Of course, there's a lot of new products outside the automotive business. For the automotive business, as a trend, our product has been started to be taken up by a lot of OEMs. We have started to see these new models ramping up, and we have seen that being reflected to our numbers. The motor business is the second spear within our businesses, within our Eight Spear strategy. I'm confident that this is going to continue to grow strongly. Page 18, this is about the semiconductor business. The last day, for the sell-side analysts, I have conducted a meeting about the analog semiconductors. The material is uploaded in our homepage or the website. For those who have not taken a look at this material, please check it out. Roughly speaking, JPY 10 billion in half a year, it has been able to get to that level. If that is the case, so is it JPY 20 billion for the half plus half? No, things will not go that way because in the Yasu Plant, we have acquired the Yasu Plant. From the 1st of October, this will become one of our factories. The designers and engineers in Gunma or Gifu, we have hired 60 of these workforce. The cost will come first. That will be, for the half a year, about JPY 1 billion for this type of cost. When this is going to try to contribute a profit contribution, I think this will be from the second half of last year. Until then, it will be a kind of the cost will come up. Excluding the cost, maybe JPY 18 billion is what we're looking at for the profit. One piece of new information is, as highlighted in red here, a subsidy has been granted, JPY 4 billion, approximately, we will receive. Major part of this will be subsidized. Following the government policy, we would like to become an even more competitive analog semiconductor manufacturer. Page 19, please. JPY 10 billion or JPY 100 billion target that we have been talking internally for some time, and in terms of the sales, we will be ranked among the top 10. Analog semiconductor market is JPY 36 trillion, and you may say it's only JPY 100 billion. However, bearing JPY 1.2 trillion is the size of the market. We are focusing on 22 millimeter and lower, and have JPY 1 trillion sales. Just like bearing, we would like to pursue niche strategy, so to speak. In other words, we will focus our efforts on profitable and promising areas, and then we will be able to put together a bearing-type business model. I am confident about that. As soon as we can, we would like to make Yasu Plant a source of the profit. That is the critical path for analog semiconductors. Page 20, please. Optical devices. In other words, sub-core business for us. The production is going smoothly, and that area we face seasonality, particularly smartphones. Starting in Q2, it will start making a contribution to profit. Game consoles are very robust, and logistics-related, like containers, are in short and semiconductors-related. There is also a shortage, and the customers have no other choices but to adjust the production because of such situation. These two things that I have just described, the game consoles and smartphones, in July onwards, will be generating profits and making contribution. Page 21. Recently, what's been reported in news media is the spread of COVID-19 in Southeast Asia. As you may be aware, in various countries in Southeast Asia, various clusters are formed at various locations. Our operation has been continuing without any major problems. Of course, there are some employees who have been infected with the virus. We had more than 200 CEO-led meetings on countermeasures in 18 months. We are making thorough countermeasures, which has been highly evaluated by the government of various countries, so they have a high confidence in us. In supply chain, we also have issues, but we are making hard efforts in order to maintain high utilization. Page 22, please. EBITDA will probably exceed JPY 103 billion or JPY 130 billion. Our share price, the evaluation on our company, we are not satisfied or convinced by the current share price. The PER is 59 times, or 19 times, and the median in electrical sector is 22.5, and 28.8 is the average. Now it's 18- point or something, so we are undervalued. This year onwards, we decided to include the absolute amount of market cap. How we can please our shareholders by improving the market cap, that is another area we would like to exert utmost efforts into. Page 23 shows ESG topics. The major earthquakes, because of the major earthquakes, some children lost their parents, so we focused on a single parent support organization, and likewise, page 24 and page 25, is one message I wanted to share with you. In May, we had financial result announcement for March 2021, and JPY 82 billion is our ability, and then JPY 50 billion operating profit we wanted to generate. Market recovery and Forex are swinging back. Now we can perform at our fullest ability. In terms of the JPY 81 billion is a true profit capability compared to what I said last May. First of all, the semiconductor business is growing strongly. Two years ago, I said that we're going to target JPY 10 billion, but we're looking at the momentum that we're going to achieve this in half a year. The ball bearing business is growing, the motor business is growing. Out of the Eight Spear, the core businesses has been improving by leaps and bounds, and that has been contributing to a profit. This February, when we made the material on the third quarter of the fiscal year ending March 2021, I was showing you this. This is the image, estimated breakdown of the JPY 100 billion OP. On the lower right-hand side, this is estimated, announced in May 2017. This is a kind of a two-year delay that we're looking at. M&A at JPY 15 billion. This is ABLIC and U-Shin. Maybe this can be considered in this manner. If this momentum holds, the actual strength of OP at JPY 100 billion, we have been able to lay the foundation for that. Machine components, if the aircraft business comes back, you'll be able to understand we go over JPY 50 billion. U-Shin JPY 10 billion is quite tough to achieve in next fiscal year. Maybe there's some differences depending on IT and electronic devices, Mitsumi, and then, all that combined, we'll be able to exceed JPY 60 billion. Roughly speaking, this is how our profit will look like. This is all from me. Thank you very much. I would like to go into Q and A. The 1st question is from Goldman Sachs. Takayama-san, please. Thank you very much. I have three questions. First of all, this is about ball bearings added capacity. You talked about the multipurpose factory. In this past three months, for the next year onwards, you are anticipating the demand is going to continue to be strong for the next year onwards. For the second half, are you becoming more and more confident that the strength of the demand will continue? For instance, I think three months ago, I think you were debating that maybe in the second half, it's going to see a reactionary drop. I look at the other companies' results, and other companies are saying that maybe the second half will become remain strong. I want to understand the background of you making these comments. Yes, the questions, I will respond one by one. Kainuma will respond. The technological trend, you have the EV or the electrification of the automotives, the number of ball bearings will increase. I have been communicating that to you from before. That has become a reality. The volume will go up. Has started to go up, that is. For the automobiles, basically, there's no inventory for that industry. To hold the inventory, this goes the same for our ball bearings. You have to increase the capacity, or else the adequate supply cannot be guaranteed to our customers. That is the background. From my point of view, we have been saying that it's going to increase in terms of CAGR, maybe 8%, that's going to be the growth for the ball bearing business. Actually, things are trending in line with our outlook. That is the reason why we have decided to conduct the CapEx. We are the front-runner in this industry, we can't be complacent. We always have to be able to supply and then move forward. I think that's important. Does that answer your question? In the second half outlook, it becomes brighter compared to before? Well, we have not conducted a very precise analysis of the second half, but in terms of the, w e feel that second half can be strong. Understood. The second question is, well, the Mitsumi business, the first half operating profit, initially JPY 11.5. I think you have upgraded that to JPY 13.5. In ABLIC, there's quite of a upgrade. How about the breakdown? Game, OES, ABLIC, if you break down the Mitsumi business in that way, what would be the contribution of each of the businesses? Yoshida-san will explain about that. In the first half total is what you're asking about. This is for the Mitsumi business, first half, Mitsumi, not first half quarter, second quarter, the first half total. Is that okay with you? Yes. About JPY 2 billion in the first half. We're going to exceed the first half target by that level, and most of it is coming from the semiconductor business. Optical devices has been better than expected, that is the breakdown of JPY 2 billion. What I was thinking is that the semiconductor, I do understand the contribution is high, but the games, you have talked about 20,000 at the beginning of the year in North America. I think basically this momentum is strong. The revised first half numbers, is it conservative in terms of the Mitsumi business? Well, in the first half, based on our available information, we are revising that number. The second quarter, looking at the total situation, you have made the upward revision. Lastly, I would like to ask Kainuma-san. Next year, JPY 100 billion. You have shown us a breakdown on page 25. 1 is that for the Mitsumi business. At the beginning of this year, I think it was JPY 36 billion, but it's down from that. First of all, maybe the breakdown in itself is not that meaningful. You said that this is the foundation. To move to a higher level, is it the case that maybe you shouldn't be too optimistic about these figures if you're going in that direction? Well, this is basically a rough image because I'm not God, so I can be very precise. May 2017, that's four years ago. In terms of the direction that we're looking at, the major path that we want to move forward, based on that outlook, I think we are progressing on the right direction. I wanted you to understand that. As I said, if you combine electronic devices and Mitsumi, the third quarter of the March 2021 fiscal year, well, this was announced in February, it's been six months since that. The situation will be changing, and the Forex position would change. In that sense, what I'm showing you here is when the external environment is good to some extent, we think that overall, we'll be able to achieve these type of numbers. Maybe there'll be some differences in each of the items. I think that's the rough image that you should be looking at. For three months ago, I'm looking at the material that you released three months ago, it says JPY 36 billion, but here you say JPY 30 billion. To be able to look at JPY 100 billion, these numbers are not that meaningful. Yes, that's true. That is just basically showing you the material we've shown on the 5th of February. I just want you to understand the overall trend, there is a high probability that Mitsumi will be able to do JPY 36 billion. Thank you for your answer. Move on to the next question. Morgan Stanley MUFG Securities, Mr. Sato. This is Sato. Thank you very much. I have two questions. The 1st one, about the camera actuators, vis-a-vis the previous year in a full-year basis. I think you had planned to double the sales, but you have said previously that the camera actuator in the first half, it's likely to be higher than the forecast. Compared with three months ago or six months ago, how the situation changed? Could you explain by region? First of all, North America and the rest of the world. In Q1 and Q2 in North America, in the first half, it's better than the expectation, and production is starting quite smoothly, and I think we can maintain this momentum. Other regions, particularly China, high-end smartphones, we thought that we will be able to grasp some business opportunities. However, it didn't realize. We had a downside in Q1 and Q2. Adding all those elements up, last year and this year, the final result will be more or less the same. In the second half, the business opportunities in the markets other than North America, we would like to make sure that we grasp business opportunities. Those are the changes for camera actuator. My second question is, in the first half, the forecast was revised up, and in the second half, you are not revising. Upward revision was made in the first half, and comparing the first half with the second half, is it possible that the second half will become even stronger than the first half? In the second half, what kinds of risks should we keep in our mind, if you can talk about that, please? Basically, this is my personal opinion, because the company has not revised the numbers, but I do think the second half will be stronger. The reason why the company decided to maintain the same forecast. There are many things that have been delayed, like many people are saying that automotive manufacturers will increase production in September onwards. We believe that, and we have no other choices but to believe such statements and follow them. Things are delayed, and the seasonality, the Q3, is likely to be the peak. Q4, during the spread of COVID, Q4 was really bad. As I said, many things have been delayed, and if those issues are resolved, Q4 is likely to be very strong. That is my personal view. If I may supplement about the numbers. Take, for example, machine components. The revenue for the first half was JPY 91 billion, Q1 was JPY 44.1 billion. During the calculation, second quarter will be JPY 46.9 billion, and the second half remains the same, it'll be JPY 42 billion each. Considering the current demand, it is unlikely that Q3 will be lower than Q2. Rather, the COVID-19 situation and the semiconductor situation are taken into account, those things in Q3 and Q4, because things have been pushed back to Q3 and Q4. There is sort of discontinuation between the first half numbers and second half numbers. First half, JPY 134.7, the first quarter, JPY 17, the Q3, JPY 58, and the fourth quarter, JPY 60.8 billion. Q3 and Q4, the numbers are likely to be conservative, so to speak. Overall, this is the trend. In November, the foreign exchange and recovery in semiconductor production, looking at those factors, I will be able to present to you more accurate forecast. I would like to minimize my speculation and make as accurate as possible forecast. Understood. Thank you very much. Going to the next question, from Mizuho Securities, Goto-san, please go ahead. Can you hear me? Yes, please go ahead. I have two questions. One is a technical question. The first quarter, so the retrospective cost, in terms of the recovery of that, what was the magnitude of that? When you exclude that, so the first quarter results against your plan, how did that turn out? I would like to get your information about that. There are two components. One is that in the electronic devices, the retrospective cost, we have been able to collect the cost at U-Shin. In retrospectively, the retirement benefit consolidation has been conducted. We have accumulated the lack of the allowance for approximately JPY 400 million, and in total, it's JPY 1 billion. That portion in the first quarter is included. Those are the ordinary factors. If you just adjust that means that you'll be able to get the actual profit level. About JPY 1 billion + and JPY 400 million on the minus. Net is maybe JPY 100 million gains. I think basically, it's more than your expectations. Maybe more than that, you have mentioned. Electronic devices, what we have been able to collect is a little more than you have mentioned. Maybe net JPY 1 billion or something like so? Maybe a little bit lower than that. JPY 100 million. Maybe single digit, not half a single digit. Understood. Next is about U-Shin. You talked about a major door handle project where you have been able to achieve a first vendor. What is the reason behind this? Can you elaborate about that? Is it a flush handle that you'll be able to leverage your strength? Or is it keyless? Or is it a type of handle that you can leverage your synergy? What type of project are you talking about? From the customer's point of view, what was the evaluation? Can you talk about that? It's difficult to talk specifically about this because we have some constraints. Our management policy, as I have talked to you from, we are going to move out from the low-end type of products. We're going to go high-end or more electrified type of products is going to be our focus. If you can imagine from that, I think you can understand. As a trend, because automobile, everything will be electrified. This product will be in line with that type of direction that I have talked about. Why U-Shin was chosen? The former U-Shin would not have been able to get this order, because we have been a good track record in the automotive industry, has been appreciated, and quality improvement initiatives has been evaluated from the customers. On top of that, our elemental technology has been evaluated, and on top of that, the supply capability, because we have the global supply system, including Asia. The European makers, they tend not to be that strong in Asia. They don't have many sites or factories. I think various factors has contributed for us getting this project. I think that would be the correct way to look at this. We talked about JPY 100 billion for 10 years. It's for your business, so if it continues to be a single vendor for the remaining 10 years, that would be the magnitude. I think basically, at some time or other, they will switch to a two-vendor system. That will be not our goal. Thank you. Let us move on to the next question. Mr. Akizuki from Nomura Securities, please begin. Thank you for this opportunity. I hope you can hear me. Yes. It's a rather detailed question. Sorry about that. Mitsumi business. During the calculation, deducting from first half sales, the second half sales will be JPY 882.2 billion, and camera actuator, and the like. Yasu, what you have acquired at Yasu and from OMRON, I think these numbers look rather weak. Would you explain about the background of this? The profit is not growing that much, and therefore, profit is not expected to grow that much either. It's different from what I was expecting. Please explain about the background, if you will, please. Mitsumi's first half revenue, JPY 179 billion. JPY 179 billion. Sorry, my mistake. The second quarter will be JPY 102.2 billion, but it's still weak, so profit is not going to grow that much. In the first half, JPY 13.5 billion, and Q2, JPY 8.4 billion, so it's not going to grow that much. 33.4 billion Q1Q increase. Deep diving into it, semiconductor will remain solid, and from Q1, the high profit level is likely to continue. As we have been talking about optical devices, Q2 onwards, the new model will have a start, which will impact. Of course, each customer has its own situation, and I cannot share with you all the information, but the machine, the components, the number is rather conservative. Semiconductor shortage, is it related to that? Well, customers are not saying they are having shortage of semiconductors, and therefore I cannot comment on that. Understood. A similar question. U-Shin business, Q1, JPY 400 million, this reversal of the retirement benefit provision. First half operating profit, JPY 1.5 billion, I think. It is likely to increase dramatically according to your plan. Why is that? In U-Shin, this year onwards, Mitsumi's automotive product business has been transferred to U-Shin, and this business in Q1 struggled. So-called original U-Shin, compared with the numbers we explained up till last year, the numbers for this year seem rather weak. In Q2 onwards, the numbers are likely to recover. Mitsumi's OEMs, the situation is different OEM to OEM, but U-Shin is likely to overcome those issues to the extent possible. The former Mitsumi's automotive business are being transferred to U-Shin. Would you elaborate on that? It's about a certain customer. From Q1 to Q2, that customer's business is likely to now recover significantly. I cannot name that customer. Former Mitsumi's automotive business, it's for tier 1 OEM. If a customer makes adjustment to production, we will have a direct impact. It will have a direct impact on our business. It's different from other business. Some customers have put together a recovery plan, and if it is actualized, I think there will be a double impact. I see. Understood. Thank you. Going to the next question. SBI Securities, Izumi-san, please. Thank you. This is Izumi speaking. In terms of the machine components, how we should think about the profitability? If you look at the first quarter, 24.8%, and the pre-COVID is March 2020, it has been going over that level. How is the margin profit trending? How is the fixed cost trending? What is the reason why you have been able to see this improvement of the operating margin? For this year's plan, in terms of how the profitability is going to trend, is there any room to further improve the margin? In terms of the ball bearings profitability, we do not disclose that. For the long period of time, we have not disclosed this margin. If you look at the material, the ball bearings margins is very high. Once the volume recovers, then it will be high. The aircraft margins will not be that high. If the aircraft business starts to come back, it means that that will be a downward pressure for the margins, that is. However, the ball bearings, we have been investing in the very low-cost areas, and I think the margins is going to be very high. I think there are a lot of way to think about this, but you have to go to a new market, you buy the land, and then train the employees from scratch rather than doing so. In Bang Pa-in, for instance, a plant, we have the multipurpose plant. We have the plant, or we already trying to add capacity in the already established plant. It means that the margins are becoming higher, and then there is potential to go even higher than now. Please do not focus on that, because in machine components, the aircraft business is going to come back, then that will put a downward pressure. In any case, overall, the high margin will be maintained. Thank you. My second question is in the U-Shin. In Europe, you have been engaged in structural reform. How is the progress? You talked about in March 2023, the U-Shin business is going to be JPY 10 billion. You said that maybe that will be a bit tough. Including the structural reform that you're conducting, this JPY 10 billion for next fiscal year, how should we think about this? Well, in terms of the actual capability of U-Shin, I think that is the starting point that we should look at. From our point of view, if you have 7.7, there were negative factors, and then we have reached this current level. For instance, for the current Hiroshima U-Shin Group. The European Valeo, the former U-Shin, has put that into their group. Their customers, if the bottleneck for the semiconductors is resolved, and when they start building up their inventory, then the actual level, maybe about JPY 7 billion is what we're looking at, plus restructuring of 300 people. Then we will move away from the low-end products, then maybe this is the image that we're looking at. That is the thinking behind this. Is the restructuring going well? Well, first of all, we are focusing on production of these low-end products. Currently, I think things are going as planned. What it means is that each automotive manufacturer, will they really recover, as they have said, in next fiscal year. If that becomes clear, putting aside whether we'll be able to reach JPY 10 billion, I think U-Shin will be able to go back to a rather good level of profit. Thank you very much. Next question. The scheduled time to finish has been passed, and therefore next question will be the last one. Mr. Hirata from UBS Securities, please. This is Hirata from UBS Securities. May I begin? Thank you. I have questions. First, electronic devices, Q1 profit, the split. The motor profit, Q2, it was flat. The sales are growing, but the profit was flat. Probably it's because of the increase in material prices, the raw material prices. Is it because of the impact of raw material prices? How do you plan to respond to that in Q2 onwards? With regards to Q1, the raw material, particularly copper price, impacted. We were impacted by raw material cost. The specific numbers, our motors are small, and the copper wire, very fine wires. Compared with our competitors, the usage volume is small, and therefore impact may be smaller. If it were not for such an impact, the profit would have been much higher. Although we do not disclose actual numbers, but several billion JPY of impact is anticipated. One thing is that utilization has kept rising, and the profit decreased, and foreign exchange changed in a favorable direction. Additional raw material cost has been passed on to our customers. In Q3 and Q4, we will see such an impact, and therefore profitability, although our raw material cost is increasing, this issue is likely to be resolved as time goes by. Understood. Thank you. We would like to close the Q and A session at this juncture, and we would like to close this analyst session. I would like to thank everyone for joining us.