The time has come, we will now begin the fiscal year 2022 business result briefing. In the first 20 minutes, the company will make the presentation, followed by a Q&A session. The first 20 minutes of the Q&A session will be open to the members of the press, and the second 20 minutes will be open to the analysts and investors. Questions will be handled via conference call system. Advanced registrations is required to use the system. When asking the questions, please join from locations where you will not be disturbed by the surrounding noise. We thank you for your cooperation. Regarding the delisting of the company's shares, the offerer today released a notice regarding progress toward commencement of the tender offer, as well as notice regarding appointment of tender offer agent for the tender offer. If you have any questions, please raise your questions to the offerer. The information we announced on March 23 this year is the latest information we can provide at this time, and the information we can provide you today is limited. If there are any developments that should be disclosed in the future, we will promptly announce them. Today's meeting is limited to the business result. I ask for your kind understanding. I will now introduce the speakers of the business result briefing. Masayoshi Hirata, Representative Executive Officer, Corporate Executive Vice President and CFO. Yasuhiro Matsunaga, Corporate Officer, Vice President of Finance and Cash Management Division. I'm Hara of the Corporate Communications Division. First, Hirata will start the presentations by using the PowerPoint materials entitled FY2022 Consolidated Business Results. Please allow me to explain about the FY2022 consolidated business results. Please turn to page 3. There are 2 key points to our business results for FY2022. I will start with the first key point. Operating income for FY2022 decreased year-on-year due largely to the one-time factors that we explained last time when we announced our third quarter results. I will come back to the numbers later in the presentation. The second key point is about the FY2023 forecast. We believe our true ability to generate operating income in FY2023 will be around JPY 170 billion, due in part to disappearance of one-time factors we experienced in FY2022. Because of fixed costs, such as for R&D to be spent for future growth as well as restructuring costs planned in some businesses, we are forecasting our FY2023 operating income to be JPY 110 billion. I will come back to the details later in the presentation as well. Please turn to page 6 for the overall income statement. Net sales in FY2022 came to JPY 3.3617 trillion, remaining more or less flat year-on-year with an increase of around JPY 24.7 billion, this excludes the FX impact. The amount also includes approximately JPY 160 billion of negative impact resulting from deconsolidation of Toshiba Carrier Corporation and Chubu Toshiba Engineering. operating income decreased JPY 48.4 billion year-on-year to JPY 110.5 billion, due mainly to Electronic Devices & Storage Solutions, Building Solutions, and Retail & Printing Solutions. Although we booked gain on sales of Toshiba Carrier Corporation and others, because of reasons such as equity losses of Kioxia and partial reversal of deferred tax assets at Toshiba Tec, our net income decreased JPY 68.1 billion year-on-year to JPY 126.6 billion for the fiscal year. Page 7 is showing the analysis of year-over-year change in operating income. operating income in FY2021 was JPY 165 billion if we accounted for restructuring cost of JPY 6.1 billion. Please look at the right-hand side. As we explained at the third quarter earnings call, deterioration of the HDD business had a negative impact of JPY 44.8 billion. Together with profit decline in Retail & Printing Solutions, mainly due to impairment of goodwill and negative JPY 57.8 billion impact associated with provision for power generation systems product warranty, factors that caused operating income to decrease totaled JPY 102.6 billion. Please look at the center of the page. Fixed cost for growth towards the future increased by JPY 22.4 billion. This was absorbed by the JPY 20.9 billion benefit from weaker yen, JPY 56.8 billion increase in profit due to stronger sales, and 2.8 billion JPY generated by factors affecting earnings power. Page eight is showing the non-operating income. Although we benefited by JPY 94.1 billion from income on sale of securities, such as for Toshiba Korea, equity and earnings of affiliate dropped by JPY -43 billion due to deterioration in Kioxia's performance. All in all, non-operating income came to JPY 78.5 billion. Page 9 explains the free cash flows. Cash flows from operating activities were slightly positive at JPY 34 billion. This was because semiconductor shortage as well as out-of-sync procurement of some components caused delays in booking sales, with some payments coming in earlier. Cash flows from investing activities were JPY -8.8 billion because of cash coming in due to sale of securities in affiliate companies such as Toshiba Carrier, despite investments being made for growth. Consequently, free cash flows came to JPY 25.2 billion. Shareholders' equity shown at the lower half of the page came to JPY 1.2474 trillion. Positive factors were net income, as well as improvements in accumulated other comprehensive income, which was helped by weaker yen. Negative factors were year-end dividends as well as special dividends paid out in FY2021. All in all, shareholders' equity increased by JPY 40.8 billion compared to the start of the fiscal year. Shareholders' equity ratio came to 35.2%. Net interest-bearing debt was at JPY 161.7 billion, improving from the JPY 180 billion forecasted at the third quarter earnings call. The improvements have been somewhat of around JPY 20 billion. Page 10 is the breakdown of what I have just explained and is provided for your reference. Next part is business results by segment. Please turn to page 13 for the breakdown of results for Energy Systems & Solutions. Net sales came to JPY 669.5 billion, increasing by JPY 110.5 billion year-on-year. Operating income came to JPY 30.4 billion, decreasing by JPY 5.2 billion year-on-year. The decrease in operating income remained relatively low at only JPY 5.2 billion, thanks to a pickup in net sales, despite being negatively impacted by project costs increasing in Toshiba Plant Systems and by provisions recorded for product warranty at power generation systems. Page 14 is showing the breakdown of results for Infrastructure Systems & Solutions. Net sales came to JPY 693.2 billion, increasing by JPY 38.5 billion year-on-year. Operating income came to JPY 45 billion, increasing by JPY 3.3 billion year-on-year. Operating income of public infrastructure decreased mainly due to weaker sales in social systems business resulting from component shortage. In railways and industrial systems, we saw both net sales and operating income improve, mainly due to stronger industrial motors business in North America, helped by market recovery in industrial systems business. Page 15 is Building Solutions. Net sales was JPY 448.1 billion. Operating income was JPY 5.9 billion. In the elevator and escalator business, sales and profits declined, mainly due to shortages of semiconductors and other components in the domestic market. There was also the impact of air conditioning business deconsolidation due to its sale. As a result, net sales and income decreased JPY 150.9 billion and JPY 20.4 billion year-on-year respectively. Page 16 is a breakdown of Electronic Devices & Storage Solutions. Net sales was JPY 797.1 billion, a decrease of JPY 62.7 billion from the previous year. Operating income was JPY 42.9 billion, down JPY 22.8 billion year-on-year. In semiconductors, in addition to the continued firm market situation, the contribution of the weaker yen and increased sales of NuFlare Technology's mask writers resulted in operating income of JPY 71 billion. ROS was 15.9%. On the other hand, for HDDs and others, as explained in the previous Q3 results announcement, HDDs for mobile devices and desktop market contraction. The Nearline HDD market adjustment is continuing. The increase in the provision for product warranties was a main reason for the decrease in sales and profit year-over-year. The top side of page 17 is Retail & Printing Solutions. Sales increased by JPY 59.9 billion to JPY 513.1 billion. However, operating income was JPY 4.1 billion down, a decrease of JPY 15.8 billion from the previous fiscal year. This was due to goodwill impairment loss of JPY 20.6 billion attributable to the printing business. The bottom half is Digital Solutions. Net sales JPY 235.6 billion. Operating income was JPY 27 billion, especially firm sales recorded, especially in the public sector systems business. Page 18 shows the 3-year trend of orders received and order backlog. Orders received were flat from the previous year and for order backlogs due to the progress of large progress orders received in FY2021, it is a slight decrease from last fiscal year. However, both are showing firmness. Please turn to page 20. This is about our FY2023 forecast. Net sales is projected at JPY 3.3 trillion and operating income is expected to be JPY 110 billion. For reference only, after deducting non-operating income loss, tax expenses, net income is projected at JPY 70 billion. Free cash flow is expected to be 0. The Forex assumptions for the forecast that I mentioned, as written, JPY 120 to the dollar and JPY 130 to the euro. This is the Forex assumption. Page 21 shows the FY2023 forecast by segment. Please see the column on the right for the differences from the previous year. Starting with Energy Systems, both revenue and income are down, mainly in power generation systems. Infrastructure Systems for each segment shows firmness and increase in revenue income. Also Building Solutions. In addition to the impact of deconsolidation of the sale of the air conditioning business, we are considering measures to improve profitability in light of the current business performance and the cost we have incorporated in. Therefore, we are forecasting an operating loss. For Retail and Printing is expected to increase significantly due to the absence of goodwill impairment compared to the previous fiscal year. We expect both sales and income to increase in Electronic Devices and Storage, due in part to the absence of product warranty reserves for HDDs. In others and eliminations, we will promote new businesses and investment for the future, and R&D expenses will be spent. In addition, we have factored in environmental expenses, also company-wide IT expenses, as they will be replaced. Those expenses have been factored in as well as we have factored in a certain risk buffer. As a result, for the whole company, as a whole, forecast of net sales is JPY 3.1 trillion and operating income of JPY 110 billion. Page 22 is the operating income, FY2022 and FY2023 operating profits analysis. The leftmost shows the operating income for FY2022. There was one time factor of JPY 61.5 billion. If this is accounted for, the operating profit would had been JPY 172 billion. In FY2023, because of the stronger yen that we expect, negative exchange rate effect of JPY 13.8 billion will be offset by increase in sales JPY 9.3 billion, an improvement in earning power JPY 9.6 billion, meaning that we will be maintaining the previous fiscal year's underlying JPY 170 billion. The fixed cost for growth and the restructuring costs, as well as some of the risk buffers that we have factored in. These combined is approximately JPY 70 billion, and we expect the operating income to be JPY 110 billion. Page 24 is the equity earnings from Kioxia. For the details, it is as described for your reference. FY2023 forecast breakdown by main businesses is shown on page 29 and onward of the appendix for you to take a look later. This concludes my explanation of the FY2022 results. This concludes the presentations from the company. There is one revision, page nine, cash flow balance sheet. Third line from the top, there is the investment cash flow. FY2022 result on the PowerPoint, it says minus JPY 8.8 billion. Minus JPY 4.8 billion was mentioned during the presentation. However, it's actually minus JPY 8.8 billion. I was very sorry for that. We now would like to move on to the Q&A session. Until 4:10 P.M., we will entertain the questions from the members of the press. Let me first of all explain how to ask the questions. Questions will be accepted from those who have registered for the conference call system in advance. We will start addressing the questions, those on the Japanese channel, followed by the English channel. If you have a question, please press star key followed by number one. It's the star key, not the pound key. When the moderator calls your company name and the name, please start asking your question. If you would like to cancel your questions, please press star key followed by 2. We will now accept the questions from the Japanese channel. Furukawa-san from Bloomberg, please. This is Furukawa from Bloomberg. Can you hear me? Yes, we can hear you. Thank you. Now, today, you also announced the personal positioning. Now, only director from Toshiba is Shimada-san, and Amamiya-san is no longer included. What is the reason why you did not appoint a another person from inside the company? This is a very important stage in the company, and the fact that in the board there is no one from a Toshiba internally, so do you not have any concerns in this regard? Also in the same document, it just talked about the positive reaction from stakeholders. Specifically, in regards to TOB, what are the feedbacks that you have received at this point in time? Did you not receive any opinions against? Also based on the feedback received, towards the consummation of TOB, what is the likelihood of being successfully completing the TOB? Thank you very much, Furukawa-san, for your question. First of all, in regards to the director candidates, at this point in time, well, what the board of directors need to do is to, in regards to the strategic option, what we have proposed to take this to completion. That is what you have to work on. On that basis, we felt that it's better not for us to change the current structure, and that is the thinking used to determine the candidates, and this is what I've been informed by the board of directors. At this point in time, in regards to the impression about the privatization, based on what I have been informed thus far, whether it be customers or suppliers or employees, they have all provided positive feedback. This completes my response. Sorry. You did mention shareholders as part of the stakeholder, but did you receive positive feedback from shareholders as well? Well, the board of directors, they may be speaking to shareholders, but in regards to the thoughts of any particular shareholders, it is probably not something that we should be mentioning publicly, and so I'd like to refrain from making comment at this point in time. Understood. Thank you. Thank you. Thank you. Next, Nikkei, Onishi-san, please. This is Onishi from Nikkei. Can you hear me? Yes. I have two questions. It is about the TOB. In order to enhance the corporate value, the best option, the alternative, this time there is no recommendation for the shareholders to tender their shares. May I ask the reason? The tender recommendation, well, it is a board matter, so I am not in a position to answer to that question. As a board of directors, well, so far as they have been always, until the commencement of the tender offer, continuously and in a cautious manner and in a thorough manner, robust process will be followed. Before the tender offer, the TOB, I believe that a statement of opinion will be made, so I will thank you for your patience until that time. Understood. My next question is about the performance and the results. For March 2023, it seems to be quite flat. What kind of path forwards are you showing for future growth? Thank you very much for the question. Basically saying for Toshiba Group, our growth strategy for the future, as Shimada has explained a year ago, there is no change from that policy, meaning that carbon neutrality, data, and also the energy infrastructure, will be the add on to the growth, will be the mainstay, the core for our growth. There is no change to that direction policy. Most recently, it may seem that the figures are flattish, but as I've explained for FY2023, well, especially the power semiconductors, the demand is expected to be front-loaded and for R&D, CapEx, depreciation, D&A, so these we will be spending more. On the figures it may seem flat. Our efforts towards carbon neutrality, data, these will be the additional added on cash flow, so that for this to happen, the management on a daily basis is continuing on with the efforts and thriving. Thank you very much. Thank you. Next, NHK, Shimai-san. Shimai with NHK, can you hear me? Yes, I can hear you. 2.1 is about the forecast of the business performance. FY2023 forecast has been announced. If the listing status is continued, is that the assumption that you have? Yes, you're correct. We are assuming that the listing status is continued. Here's my follow-up questions. What will be the impact of company delisted? Will there be the positive impact or the negative impact? If it's difficult to tell, with listed, delisted, what may be the key factors that will give an impact to your business? I assume that you're talking about financial impact. From the standpoint of cash flow, on the 23rd of March, we have explained our scheme in writing. Our borrowing is going up considerably. That's one factor. Therefore, there will be the bigger burden of the interest expense. Continuing with the listing, there will be the cash out to return to the shareholders. In that sense, I would say that the impact is neutral. Once we become delisted, while we consult with the specific shareholders, if we operate our business from the mid to long-term perspective, net sales or the operating income may have a positive impact. That's how I see it. Thank you. Understood. Here's my second question. Regarding TOB, back in March, you expressed that you support this, and 2 months has passed. When you made that announcement, the management opinion was described to a fairly detailed level. Once again, what is the benefit that the privatizations will provide from the management perspective? About 2 months has passed. Have any of the conditions, circumstances changed in the meantime? From the management, no change in the opinions and from the 23rd of March. As I have just explained, we strive to enhance the enterprise value, the privatization, we believe, is a good scheme and seen from the management perspective as well. To enhance the corporate value, various factors are mentioned. Are there any points that you would like to emphasize, any points that was discussed heavily among the management? Not just necessarily among the management. However, we believe that the board of directors have a similar stance to enhance the corporate value, shall be the key. This is, the nature of our business, that is something that we should aim. There are so many businesses, that we should pursue from a mid to long-term perspective. The shareholders who can understand that view should stand close to our company for us to conduct the business smoothly. Understood. Thank you. Thank you. Thank you. Next, Nakajima-san from Kyodo News. My name is Nakajima from Kyodo News. Can you hear me? Yes. Now, was also asked by the first person, but the positive reaction from stakeholders, that's the expression that you have used. When you say stakeholder, I think it includes shareholders. Of course, I don't have to go into detail about individual the shareholders' reaction, but I think the key the major shareholders are key stakeholder. The positive reaction also include them. Is that right? That's the first question. Well, frankly speaking, to what shareholders and at what timing that the board of directors is contacting with the shareholders is not something that I'm aware of personally. There are various media reports, and there are various comments being expressed. What we probably feel is probably the same as what you're feeling through those and the information available. Well, how could I put it? A positive reaction from stakeholder, and when you write that, you would normally expect that there is a positive reaction from the shareholders. I think that is the general view. Is that the case that we should understand it as such? No, no. I'm not saying that. We are saying that all types of the shareholders have shown a positive reaction. I think it's okay for you to take it in that way. Are you saying including the shareholders? We have, you know, the customers or staff and the shareholders, all have, you know, various types of opinions. In general, or in totality, if you could consider reaction to be positive. The second question, and Mr. Hirata, CFO, you've announced that you'll be stepping down. From when the inappropriate accounting was identified, a year for being with the company. I wanted to ask why you are stepping down at this point in time. I'm sure, you know, there are various factors, like a completion of your term, but, anything, you can express in this regard. Well, why? With Mr. Shimada, CEO, and the board have made this decision. When you reach a certain age, you kind of step down. There are many capable people within Toshiba. To use new young power is likely to be the best scenario for Toshiba going forward. From when I got involved in this role, as you have referred to, I've been involved in this work. Those people participating today and all the people involved, I have received a lot of understanding and support thus far. In that regard, and this is somewhat personal, but I would like to take this opportunity to express my sincere appreciation for all the support and understanding that have been given to me. That is all. Thank you. Thank you. Next is Toyo Keizai, Umekawa-san, please. Do you hear me? Yes. This is Toyo Keizai. I have two questions. First is about FY2023 forecast, the assumptions. The macro economy, I think you have a conservative view, and that could be the case of other companies. What is the case of Toshiba, including overseas? What is the assumptions? Can you elaborate and give us some color? Another question could be a basic question rather, about the free cash flow for next year, it is expected to be zero. Could you also elaborate on that point? About the free cash flow, Matsunaga-san will explain. About the macro economy assumptions, well, as I explained, so no one knows how it will turn out, JPY 120 for the Forex. That is the Forex assumption. Given the current trade, it could be a little tough forecast that we have created. It could be. Also for our company, if you look at the portfolio, it is a hard disk drive that would have the largest impact. For hard disk drive, for FY2023, the data center companies, their investment is still not coming back at the moment. That is the assumption when we created the forecast. On top of that, the fiscal policy, financial policy of the Western countries, including Japan, still unknown of their tightening of fiscal policy. That is just an assumption, and that is the view that we have created when we created the sales revenue forecast. About the macro environment. About the rate hike, that would lead to a stronger yen. Is that what you have factored in? Is my understanding correct? Yes, we have factored that in. Understood. About the FY2023 free cash flow forecast, I would like to respond and explain. On slide 20, as we've written on the upper top, the EBITDA JPY 215, the figure is given. This is the operating cash flow of JPY 180 positive is what we are going to generate. Compared to FY2022, this part, improvement of working capital is factored in, so we're expecting a large positive. On the other hand, in case of FY2022, the investment cash flow, we had Toshiba Carrier, the sales of those companies, and there was some cash in, and meaning that investment cash flow was almost zero. For FY2023, we do not have any specific one-time factors. Ordinary investment, which is quite equivalent to the operating cash flow level, that is what we plan. As a cash flow, as a whole, we expect it to be zero. That is all. I understand. Thank you. Thank you. There seems to be no questions raised in the English channel, so shall we continue raising questions from Japanese channel. Hiroi-san from Nikkei, please. I'm Hiroi with Nikkei. Do you hear me? Yes, I can hear you. Hirata-san, thank you very much, well, for your hard work. From 2015, you've been serving as a CFO, responding to the former questions. You went back to the first sections of the TSE. You raised the capital. There has been so many things. From the inappropriate accounting and treatment, and any comments on the current position that Toshiba is in? Thank you very much for your question. From the time of the inappropriate accounting treatment, after making the revisions, I served as the positions of the CFO back then. Not just the accounting, but inclusive of accounting to strengthen the internal control is something that we spend a lot of time. As you know, Westinghouse ended up in a very unfortunate result, we have to settle that issue. I've been trying to establish the foundation, the basis, and I spent quite a long time doing that. At this point in time, toward the future, as Shimada has been mentioning, carbon neutrality, data, as well as the infrastructure and energy business in relationship with those, we have to make another leap. We are at the moment to make a big leap forward. Thank you. My second question, when at the new employees entrance ceremony in April, Mr. Shimada talked about the rising corporate price as well as this will give an impact to the morale level of the employees. Do you believe that this options is the best scenario for the management as well, as well as is that how that is perceived among the employees? How should I understand his comment? It's a bit difficult to mention. Well, there is a lot of worries about the Toshiba group, and many people made different comments, which in a way is grateful. However, our employees, staff members, their family members. Well, if the name of the company appears a lot in the press, it will worry them. Therefore, we would like to focus in the business in a calm circumstances and whether we will be able to establish our environment was one of the questions. I believe that the positive perceptions is what our employees have. There is a positive look by your company. There is no tender recommendations by the company, so if possible, the company would like to recommend it to tender so that you can move toward that direction. Now, when it comes to the decision to be made by the board of directors, I'm not in the position to make any comments. Also, I don't want to speculate based on my optimism, and so let me refrain from commenting to that questions. Understood. Thank you. Thank you. We have already gone over the allotted time, but we will take the two questions we have, they raised their hand, then they will go to the analyst. Takano-san, and also the Okada-san. Takano-san. This is Takano. Can you hear me? Yes, we can hear you. Thank you very much for your contribution over many years to begin with. What I want to ask is in regards to Energy Systems & Solutions, as I'm talking about the business here, but recently, as we enter into carbon neutrality era, the thermal power plant operation is likely to decrease mainly for coal, but you are working on hydroelectric and the renewable energy is also increasing right now. Nuclear, the safety response, the standard in Japan, this is supporting your sales. If I 2023 or maybe in the future beyond, the power generation system, when you think about the business of this entity, what is the shape do you feel is the best? To focus on the hydro? Are you going to go on renewable energy and nuclear to make up for the thermal? Are you going to enhance Digital Solutions? What is going to support the power generation business? What is the strategy to be adopted there? I apologize for my question being somewhat abstract, but if you could share with us your image. Thank you. I understand what you're asking, I think. Not really focusing on one particular thing. I don't think we will do that in regards to power generation. Of course, we have nuclear, and what will happen to the restart in the future may be up to the local residents or the local community, the local government or the national government is really up to that. If there is more proactive, the comments there, we are in a position to provide support towards that. Also, hydro is also something that we will work on. In regards to thermal power generation, the basic stance is how to treat CO2. That is likely to be the key. As to whether the thermal power is out of question, it's not really the case. So the research arms and the research arm of the energy system is looking at how we can eliminate CO2 at a generate electricity through thermal power. They're certainly they're doubling down on that effort. Things like virtual power plant or solar or wind, those are also included. Together with all these approaches, at the very least, to be able to supply the electricity needed in Japan, and that is the type of course or direction that we are likely to take. Did I answer your question? Yes. Well, rather than focusing on one particular thing, but you try to meet the needs of the society and how to, I suppose, comply with that is what you're focusing. Is that the case? That's right. Thank you very much then. Thank you. Finally, Okada-san from Yomiuri Shimbun. Hello, this is Okada from Yomiuri. Can you hear me? Yes. Thank you. I have 2 questions. Both of them could be difficult to answer. First is about the tender offer TOB. To the shareholders, the company has not expressed a recommendation to tender their shares. With the announcement of the figures results, is this going to be the first step towards that recommendation? What would be the timing that you would decide and recommend to tender their shares? The FY2022 financial results or the FY2023 forecast and the TOB tender offer recommendation tender is totally apart. That is not had been the intention. Of course, the track record based on the accounting standards, without any inconsistency, we will continue. For next fiscal year plan, we will be investing where we need to invest. That has been the perspective how we have created the plan. It is not because of the TOB tender offer. About the opinion announcement of the board regarding the recommendation to tender the shares. Before the launch of the TOB, the tender offer, what I was informed is that the board will make another announcement of opinion. I hope that you could be a little bit more patient until that time. My next question, again, it could be an overlapping question. For FY March 2023 for the forecast, the result, actual result achieved the forecast. What would this have as an implication to the coming privatization? Right. How it would affect the privatization, whether it will have any impact to TOB, I would believe that it would not have any direct impact. The performance improving always is better. The JIP also, I believe that they have taken it positively. Not that I have had direct interaction, communication, but generally, I would think that would be how it would be received. Thank you. Thank you. We now conclude the questions from the members of the press. We now would like to move on to receive the questions from the analysts and from the institutional investors. Those of you having The questions, please press star key followed by number one. Citigroup, Ezawa-san, please raise your question. Thank you. Ezawa, Citigroup. Thank you very much, Hirata-san, for all what you have done. I have a question. The result for the fourth quarter in the income statement. Corporate tax is fairly large for the fourth quarter. Are there any one-off items behind that? That's my first questions. Plan for the next fiscal year, energy sales is very small. Based upon the demand, supply demand situations, as well as based upon the backlog that you have, will there be temporary decline? Talking about based upon the trend, is it difficult to post the sales? Any plans for the sales from that perspective? Those are my questions. Well, first of all, the corporate income tax, FY2022 is your question. Corporate income tax, are you talking about the result for the corporate income tax for FY2022? Toshiba Tec, they made the timely disclosure at Toshiba Tec on a standalone basis. deferred tax asset reversal has to be made. Because they're the consolidated entity, we have to reflect that. That portion is one of the major reasons why the corporate income tax went up. You talk about the energy for FY2023 net sales or the volume, was that the question? Yes. FY2022, FY2021. Well, somewhere around FY2021, particularly in the domestic market, large size power generations business was obtained. This is as a percentage of completion, and we are still working on them. FY2022, a fairly large amount of sales was posted. This is the percentage of completion basis. We are still posting some sales, but that will start to decline. There will be the impact coming from that. That's one factor. Are there any other businesses that will contribute to the sales to offset that? Well, small size refurbishment, repair, such a small business is something that we have. However, we haven't won the large size order at the moment. Have I responded to your question? Yes. Thank you. Thank you. Next, question is from UBS Securities. Yasu-san, please go ahead. Yasu from UBS. Can you hear me? Yes, we can hear you. Thank you. Mr. Hirata, thank you very much for your long years of service. I'm sure it mustn't have been that easy, but thank you for your effort thus far. I have 3 questions. The first question is related to TOB. The final question is around the HDD. The first question is, the JIP is the main entity for TOB. Plan B, if JIP's plan does not go through, are you considering TOB? If you could respond to the extent you're able to disclose. The second point is the TOB. I understand that this was planned for the end of July, but you have AGM and would there be the BOD's opinion of support? Is there events or milestones in the meantime, these are likely to occur and lead to these things? Can you share with us some kind of timeline type of the schedule? This year, JPY 28 billion of loss this fiscal year. The product, the warranty provision has been prolonging. It seems that this is gonna continue into FY2023 as well. Regarding to the quality, the product, the warranty, till when this likely to continue, do you have a forecast in regards this, in this regard? Thank you. For hard disk, and it's probably my fault not for not explaining thoroughly, but FY2023 regarding a flow on a P&L basis, the product warranty provision, we are not expecting to book any amount in FY2023 at this point in time. We have not been able to reach a overall agreement or conclusion with the customers as yet, but provision for FY2022 will be maintained. In FY2023, we are not assuming to book additional provisions. In other words, the loss was based on demand. Is that the case? Yes, that's right. Demand for data centers, you know, we really like to see that pick up. It seems that the current, the situation may prolong for a little bit more, and that is the basis that we have used for our plan. Understood. Now, in regards to the TOB timeline, JIP has indicated about the end of July, and they're working to that schedule. Of course, the Toshiba side is providing proactive support to that end. Based on what I have been informed, things are progressing on track. That's the impression that I get. As I've been saying, already, before we start the TOB, the board will officially make some kind of announcement. I expect such an announcement to be made going forward. For now, we are targeting the end of July. If you could, you know, have that in mind, that should be appropriate. Are you okay? The AGM is not relevant to TOB. Is that right? That's right. The AGM on this occasion is going to be an ordinary type of, the normal type of, the AGM. Election of the directors is going to be the main item to be addressed at the AGM. Understood. Thank you. JIP, if we are unable to follow through with the proposal of the JIP, I think that is what you have asked. I don't want to, you know, provide a response based on hypothetical question, because it's going to be a hypothetical answer. If that should occur, it's not the case that... At least I've not been informed that we have received any particular proposal from someone else. Board and the management side is collaborating closely to think about what we can do to enhance the shareholder value. We will think about that and put that into execution as early as possible. I don't want to, you know, receive your words per se, but if JIP's proposal did not go through, then privatization proposal is likely... Another privatization proposal is likely to take quite a long time. You're not talking with anyone else at this point in time. Based on what I know, I understand the company is not speaking with anyone else at this point in time. Thank you very much. That is all for my question. Thank you. Other questions, please press star and then number one. It seems that there are no additional questions. We are at time to close the session. We would like to conclude today's call. Thank you very much for your participation.