Let me start by offering a word of appreciation to institutional investors and analysts. Without further ado, I would now like to report on the financial results for the fiscal year ended March 31st, 2023, as well as on the initiatives for the fiscal year ending March 31st, 2024. First, I will discuss the financial results for fiscal year 2022. Here are the topical points of fiscal year 2022. Net sales and operating income increased, mainly reflecting an increase in sales volume of lithium-ion batteries for hybrid vehicles and the effect of the consolidation of the site in Turkey, as well as the effect of yen depreciation on the foreign exchange rate. Despite a deterioration in the share of profit from entities accounted for using the equity method, such as the site in China, ordinary profit remained at the same level as in the previous year. While we registered an impairment loss in the twelve-volt lithium-ion battery business, the recording of the sale of non-current assets and gains on the sale of investment securities led to an increase in profit attributable to owners of parent. I will be going into the details starting on the next page. We registered JPY 517.7 billion in net sales in fiscal year 2022, a year-over-year increase of JPY 85.6 billion. We registered JPY 31.5 billion in operating income, a year-over-year increase of JPY 8.8 billion. We registered JPY 32.1 billion in operating income before the amortization of goodwill, a year-over-year increase of JPY 8.2 billion. On the other hand, a deterioration in the share of profit from entities accounted for using the equity method translated into an ordinary income result of JPY 24.2 billion, more or less in line with last year's results. We registered JPY 13.9 billion in profit, a year-on-year increase of JPY 5.4 billion. We registered JPY 14.4 billion in profit before the amortization of goodwill, a year-on-year increase of JPY 4.9 billion. Net sales, operating income, and profit all achieved new record highs. Shown here are the factors for operating income change. While surging raw material prices had a negative impact, we made good progress in revising prices, consequently, raw material price and sales price made a positive contribution to operating income of JPY 8.6 billion. On the other hand, expenses, et cetera, made a negative contribution of JPY 2.8 billion, resulting primarily from an increase in costs proportional to a sales increase of lithium-ion batteries for hybrid electric vehicles. A weaker yen had a positive impact of JPY 2 billion. Realized results exceeded the initial forecast in fiscal year 2022 by JPY 3.1 billion. Quantity, primarily overseas, had a negative impact, we made progress in revising sales prices, rationalized expenses, and registered positive exchange rate effects from a weaker yen. These factors allowed us to grow operating income. Here is the breakdown of non-operating income and loss and extraordinary income and loss. We registered JPY 31.5 billion in operating income for a year-on-year increase of JPY 8.8 billion. In terms of non-operating expenses, we recorded interest expenses of JPY 3.3 billion resulting from the conversion of our site in Turkey into a consolidated subsidiary and an increase in interest-bearing debt. We recorded JPY 2.8 billion as share of loss of entities accounted for using the equity method, resulting from business restructuring of our operations in China. We recorded foreign exchange losses of JPY 1.7 billion, primarily due to the depreciation of the Turkish lira. We registered JPY 24.2 billion in ordinary income, a year-on-year decrease of JPY 500 million. With that being said, in terms of extraordinary income, we recorded a gain on the sale of non-current assets from the sale of idle assets of JPY 2.9 billion and JPY 2.2 billion in gains on sales of investment securities through the reduction of policy shareholdings, et cetera. In terms of extraordinary loss, we recorded an impairment loss of JPY 2.9 billion by restructuring of the 12-volt lithium-ion battery business. All factors considered, net income before income taxes stood at JPY 27.1 billion for a year-on-year increase of JPY 7.9 billion. I will be discussing the segment results in detail starting on the next page. First is the automotive battery segment in Japan, which registered JPY 87.8 billion in net sales, a year-on-year increase of JPY 6.3 billion. Sales volume of batteries for new automobiles increased because production of new automakers gradually recovered due to mitigation of the semiconductor shortage and because the correction of selling prices progressed. While sales volume of batteries for replacement decreased slightly, progress made in the revision of selling prices, et cetera, translated into an increase in sales. We registered JPY 6.5 billion in operating income, a year-on-year increase of JPY 600 million. While the change of sales composition of products weighed down on operating income, price revisions reflecting surging raw material prices led to an increase in operating income. Next is GS Yuasa's ratio of shipped batteries in Japan for new automobiles and for replacement and its market share. In terms of the ratio of shipped batteries for new automobiles, due to the impact from the semiconductor shortage, sales quantity has decreased compared to pre-COVID-19 fiscal year 2019 levels. With that being said, the ratio of European Standard compliant, abbreviated as EN batteries, continues a steady climb. In the market of replacement batteries, the share of batteries for start and stop vehicles, which are high value-added batteries, continues a steady climb. At the same time, we are also gradually seeing an increase in replacement demand for EN batteries. Next are the results in the overseas automotive battery segment, which registered JPY 247.3 billion in net sales, a year-on-year increase of JPY 60.6 billion. In Southeast Asia, while the sales volume of batteries for motorcycles decreased, sales volume of automotive batteries performed well. Additionally, our business operations in China continued to struggle due to the impact of the country's zero-COVID policy. The consolidation of the site in Turkey was the main reason for this sales increase in fiscal year 2022. Additionally, sales increased due to the revision of selling prices to reflect surging raw material prices, as well as due to the impact of a weaker yen. We registered JPY 13.3 billion in operating income, a year-on-year increase of JPY 3.3 billion. While we registered negative impact factors in the form of a decrease in sales volume, primarily in China, operating income increased year-on-year, thanks to progress in revising selling prices to reflect surging raw material prices, the positive impact of the consolidation of our site in Turkey, and a weaker yen. Page 12 discusses sales and market share by region globally in the overseas automotive battery segment, as well as the ratio of shipped batteries in ASEAN, where GS Yuasa has a significant presence. As you can see, globally, the sales share for the ASEAN region continues on an upward trend, growing with each passing year. GS Yuasa aims to maintain a high market share in ASEAN, while at the same time working toward further profitability improvements through the introduction of new products and optimal production systems. We are also seeing an expansion trend in Europe resulting from the consolidation of our site in Turkey. Our market share in China decreased as a result of the impact of the country's zero-COVID policy and increased levels of competition. The results in the industrial battery and power supply segment, which registered JPY 99.2 billion in net sales, a year-on-year decrease of JPY 300 million. While we registered delays in the delivery of components for backup batteries and power supplies, sales increased primarily for government agencies due to an increase in sales volume and the revision of selling prices. The supply of lithium-ion batteries for grid connection for the large wind power generation project in Hokkaido was completed in the previous fiscal year, leading to a decrease in sales. Sales of lithium-ion batteries for business offices and grid connection are increasing, in part due to an increase in demand for solutions toward carbon neutrality. Sales volume of batteries for forklifts, both new and for replacement, progressed well. We registered JPY 8.8 billion in operating income, a year-on-year increase of JPY 3 billion. The end of the supply of lithium-ion batteries for grid connection for the large wind power generation project in Hokkaido had a positive impact on operating income. We will be recouping the initial costs associated with this project over a 20-year period, starting in fiscal year 2023 and beyond, through upkeep and maintenance fees. An increase in selling prices reflecting surging raw material prices also had a positive impact on operating income. Next are net sales by model and demand source in the industrial battery and power supply segment. Sales increased domestically in the emergency field, primarily centered around government agencies. While supply of batteries for the large wind power generation project in Hokkaido has ended, we forecast a significant expansion for batteries in the regular field, such as batteries for ESS, thanks to government subsidies and an increase in demand for carbon-neutral solutions on the part of companies. Next are the results in the automotive lithium-ion battery segment, which registered JPY 65.4 billion in net sales, a year-on-year increase of JPY 17.8 billion. Sales volume of lithium-ion batteries for hybrid electric vehicles increased, and sales increased due to the revision of selling prices accompanied by surging raw material prices. Blue Energy's number two plant has started operations in earnest, and this made a contribution to a sales volume expansion. On the other hand, while sales volume of lithium-ion batteries for plug-in hybrid electric vehicles decreased slightly due to the impact of the semiconductor shortage, sales increased due to the revision of selling prices to reflect surging raw material prices. We registered JPY 2 billion in operating income, a year-on-year increase of JPY 300 million. Despite an increase in depreciation resulting from the start of operations at Blue Energy's number two plant and an increase in R&D costs associated with batteries for BEVs, we were nevertheless able to deliver an increase in operating income. Next are the results in the segment of specialized batteries and others. Regarding lithium-ion batteries for submarines, we supplied trial products of lithium-ion batteries for next-generation submarines. Additionally, regarding lithium-ion batteries for aircraft, sales volume of batteries for airlines for replacement primarily increased. An increase in sales of replacement batteries for airlines and a decrease in expenses at headquarters and administration translated into an increase in operating income. Next is the balance sheet as of March 31st, 2023. Total assets stood at JPY 540.9 billion, a year-on-year increase of JPY 60.1 billion. The consolidation of the site in Turkey had an impact of approximately JPY 28 billion. In terms of the breakdown, current assets increased by JPY 39.8 billion on account of an increase in notes and accounts receivable and in inventories. Additionally, property, plant, and equipment increased by JPY 22 billion, with the main factor being Blue Energy's number two plant. Investment in other assets decreased by JPY 4.1 billion, primarily on account of the sale of policy shareholdings. In terms of liabilities, current liabilities increased by JPY 45.9 billion, and overall, interest-bearing debt has increased. Total borrowings as of March 31st, 2023 stood at JPY 103.7 billion, for an increase of just over JPY 20 billion compared to the previous fiscal year. Net assets increased by JPY 21 billion. This was due to an increase in retained earnings and foreign currency translation adjustments resulting from a weaker yen. Ultimately, the equity ratio decreased by approximately two percentage points but remains at a stable level of 42.6%. ROE is on an upward trend, thanks to an increase in profit. Next is the cash flow statement for fiscal year 2022. Cash and cash equivalents as of March 31st, 2023 stood at JPY 36 billion, a year-on-year increase of JPY 10.2 billion. Because of ensuring JPY 27.1 billion in profit before income taxes, operating cash flow improved significantly from JPY 12.9 billion in the previous fiscal year and stood at JPY 28.3 billion. Investing cash flow came to negative JPY 26.6 billion due to capital investment for Blue Energy's number two plant. Free cash flow came to JPY 1.7 billion and together with borrowings, it was allocated to shareholder returns. Capital investment stood at JPY 32.8 billion for a year-on-year increase of JPY 4.2 billion. We registered an increase in capital investment projects, primarily in the overseas automotive battery segment, namely the consolidation of the site in Turkey and investment for increased production in the Thailand site. We also saw the introduction of the latest equipment in the industrial battery and power supply segment. In the automotive lithium-ion battery segment, investment in Blue Energy's number two plant has decreased from fiscal year 2021 levels. Depreciation increased as a result of the start of operations at Blue Energy's number two plant. R&D costs increased slightly as a result of measures to enhance R&D related to lithium-ion batteries, such as the establishment of the BEV battery development department and research into all-solid-state batteries. I would now like to discuss the fiscal year 2023 financial forecast and initiatives. Regarding the outlook for fiscal year 2023 and projections for the business environment, we expect the situation of uncertainty, particularly in the first half, to continue because of continuing inflation globally. Toward the realization of carbon neutrality, we are confident GS Yuasa's domains of mobility and public infrastructure will continue to see an expansion. In addition to starting long-term initiatives toward achieving Vision 2035, which we announced in April. As the initial year for the Sixth Mid-Term Management Plan, we aim to grow revenue and profit through increasing sales volume of batteries for hybrid electric vehicles and in the regular field, such as ESS, and by carrying out measures to revise sales prices and measures to cut costs in response to various cost rises, such as in the price of raw materials and infrastructure costs. I will now be discussing the details. Regarding the consolidated results for fiscal year 2023, as the initial year for the Sixth Mid-Term Management Plan and Vision 2035, we are forecasting JPY 580 billion in net sales, JPY 33 billion in operating income, JPY 34 billion in operating income before amortization of goodwill. We are therefore aiming for new records. We forecast JPY 34 billion in operating income before the amortization of goodwill for a year-on-year increase of JPY 1.9 billion. This is primarily due to a forecasted positive impact of JPY 14.6 billion from change in quantity and composition of change, resulting from a recovery in the sale of batteries for new automobiles and an easing in delays of components for batteries in the industrial battery and power supply segment. Additionally, progress in reflecting higher raw material prices and reviewing sales prices is expected to make a positive operating income impact of JPY 10.5 billion. We expect expenses to weigh down on operating income by JPY 20.6 billion, primarily due to an increase in expenses proportional to an increase in sales quantity. In terms of other expenses, we also forecast an increase in energy, distribution, and personnel expenses. Regarding the exchange rate, the weakening of the Japanese yen has slowed down somewhat, so we forecast this as a factor weighing down on operating income by JPY 1.7 billion. I will be going over the details for each segment starting on the next page. Before that, allow me to go over the assumptions behind the financial forecast. Production of automobiles is expected to increase due to mitigation of semiconductor shortages. Regarding trends in the price of lead, one of the key raw materials in our products, we expect it to remain high in the domestic market on account of a weaker yen. Regarding foreign exchange, the yen is expected to continue to weaken. We intend to continue to revise selling prices to reflect rising raw material and energy prices and aim to secure profits through adequate pricing. In fiscal year 2023, for the automotive battery segment in Japan, we expect to realize JPY 94 billion in net sales for a year-on-year increase of JPY 6.2 billion. The operating income forecast is JPY 5.5 billion for a year-on-year decrease of JPY 1 billion. Regarding batteries for new automobiles, we forecast an increase in sales volume due to the mitigation of the impact of semiconductor shortages, and additionally, we expect to continue carrying out price pass-throughs. Regarding batteries for replacement, while we expect sales volume to decrease due to the recovery of new automobiles, we will be promoting price pass-throughs to reflect higher raw material and energy prices. While sales of batteries for new automobiles are expected to increase, we expect a decrease in batteries for replacement. Consequently, we expect a worsening of the product mix to translate into a year-on-year decrease in profits. The net sales forecast for the overseas automotive battery segment is JPY 252 billion, a year-on-year increase of JPY 4.7 billion. The operating income forecast is JPY 15 billion, a year-on-year increase of JPY 1.7 billion. In our main market of Southeast Asia, we expect sales volume will increase, primarily in Thailand and Indonesia. In China, we will promote a fundamental review of our business. In Europe, while we expect lower sales volume due to the impact of inflation, we will be promoting price pass-throughs. The strategies of the automotive battery business by region. In Japan, for both batteries for new automobiles and for replacement, we will promote a profitability improvement through the execution of adequate price revisions. Regarding batteries for new automobiles, we had already adopted a sliding price system to adjust contract selling prices, reflecting the price of lead. Regarding batteries for replacement, we announced a price increase of 15% or more for lead-acid batteries for automobiles shipped from February 1st, 2023. While the price of lead, which is a raw material used in our products, has been rising, so have energy and logistics costs. We will seek to reflect these increases into sales prices to improve profitability. Overseas, in our main markets of Southeast Asia, we will concentrate management resources in Thailand as a supply base, carrying out exports to the Mekong Economic Zone, which includes countries like Cambodia and Laos. We will position Indonesia as a core base for motorcycle supply and expand our automotive and motorcycle business to Vietnam, where motorization continues to progress. In China, as announced in the Sixth Mid-Term Management Plan, we will be promoting the fundamental review of business. We will share any new developments with stakeholders during the company's financial results briefing or through other avenues. The net sales forecast for the industrial battery and power supply segment is JPY 111 billion for a year-on-year increase of JPY 11.8 billion. The operating income forecast is JPY 9 billion, a year-on-year increase of JPY 200 million. Regarding the emergency field in Japan, we expect a recovery in private demand, for example, demand from data centers, as well as an improvement in long delivery times for components and the revision of selling prices. We expect these factors to translate into a sales volume increase. Regarding the regular field in Japan, we expect an increase in subsidy projects toward achieving carbon neutrality, translating into an increase in sales of ESS. Regarding batteries for forklifts globally, in Japan, revision of selling prices is expected and overseas sales volume is expected to increase. We face great competition in the regular field with lower profit margins compared to the emergency field. We started Kotozukuri, that is, service creation businesses such as our S-TERRAlink service, and we will be building a business model generating profit over a long period of time. Fiscal year 2023 will mark the start of maintenance and replacement of the lithium-ion batteries for grid connection for the large wind power generation project in Hokkaido, which were delivered in 2020 and 2021. Going forward, we will be expanding this type of business model. The strategies for the regular field, which we intend to expand significantly as outlined in Vision 2035. The Japanese government has plans to distribute subsidies related to carbon neutrality this fiscal year as well. A project to accelerate the introduction of renewable energy through the introduction of grid storage batteries, etc., and the rationalization of the power distribution network, et cetera, will be awarded JPY 10 billion in subsidies. Additionally, JPY 16.5 billion in subsidies have been allocated to the promotion of demand-side-led introduction of solar power generation. In addition to government policy and initiatives, there has also been an acceleration in terms of initiatives toward carbon neutrality on the part of private companies with greater importance on Energy Storage Systems. GS Yuasa seeks to leverage these opportunities and have therefore set ourselves a sales target of 300 MWh, which is approximately three times the capacity in the previous fiscal year. In addition to the sale of products like our container-integrated ESS, we will also offer clients services like our S-TERRAlink service and make a contribution as a general energy company. In fiscal year 2023, we would also like to accelerate the development of large-scale power conditioners so that we can provide further value to clients. The automotive lithium-ion battery segment, in which net sales are expected to expand significantly this fiscal year. The net sales forecast is JPY 103 billion, a significant year-on-year increase of JPY 37.6 billion. The operating income forecast is JPY 4 billion, a year-on-year increase of JPY 2 billion. Regarding batteries for HEVs, we expect sales will increase due to the easing of the semiconductor shortage and an increase in the number of car models adopted. Similarly, we expect an increase in sales volume for batteries for PHEVs due to the easing of the semiconductor shortage. Regarding batteries for BEVs, we are making preparations for the establishment of a joint venture R&D company with Honda Motor. Lastly, regarding batteries for ESS, we expect an increase in ESS for renewable energy, as I mentioned when discussing the industrial battery and power supply segment, and we have expectations for an increase in operations at Lithium Energy Japan. I would now like to discuss the signing of a joint venture agreement to establish a new company together with Honda Motor Company Limited, as previously announced. As announced in a joint release issued on January 23rd, GS Yuasa and Honda Motor will be establishing a new company by the name of Honda・GS Yuasa EV Battery R&D Co., Ltd. A mass production investment plan also involving Blue Energy, which both companies already carried out business collaboration with for the manufacturing and sale of batteries for HEVs. The joint R&D between GS Yuasa and Honda Motor was approved by the Ministry of Economy, Trade and Industry as a Supply Security Plan for Storage Batteries. The total amount for this business comes to approximately JPY 434.1 billion, with approximately JPY 158.7 billion in subsidies. The production scale will be 20 GWh in Japan. The start of operations is scheduled for April 2027, with full scale mass production expected from October. We expect to continue setting up production lines through to fiscal year 2030, expanding production capacity amongst the three companies to 20 GWh. Following this, toward fiscal year 2035, the GS Yuasa Group will aim to increase its production capacity to exceed 20 GWh. Next is specialized batteries and others. The net sales forecast for which is JPY 20 billion, a year-on-year increase of JPY 2 billion. The operating income forecast is JPY 500 million, a year-on-year decrease of JPY 900 million. Regarding lithium-ion batteries for submarines, we expect a slight decrease in sales due to soaring raw material prices despite continued stable orders. Regarding lithium-ion batteries for aircraft, despite the impact of raw material price hikes, we expect sales to airlines of replacement batteries to remain strong. We expect to carry out JPY 51 billion in capital investment in fiscal year 2023. We intend to carry out investments to increase production for Blue Energy's number two plant and strengthen capacity at Lithium Energy Japan. Consequently, we expect a significant increase in automotive lithium-ion batteries. We forecast JPY 21 billion in depreciation, with a slight increase in depreciation in the automotive lithium-ion battery segment due to the emergence of depreciation costs for Blue Energy's number two plant, which started operations in fiscal year 2022. Lastly, we forecast JPY 14 billion in R&D costs. Next is the financial status for fiscal year 2023. Although we expect a reduction in inventories, total assets will increase due to the establishment of a joint venture company with Honda Motor and additional capital investment for Blue Energy's number two plant. With that being said, we will be able to maintain financial security. Due to an increase in capital investment, we expect negative free cash flow of JPY 5 billion. However, we will be utilizing cash and cash equivalents to execute shareholder returns and for the repayment of interest-bearing borrowings. We expect operating income before the amortization of goodwill to increase, and consequently a slight improvement in ROIC. We will continue to take into account the company's financial situation while accelerating growth. This concludes today's results briefing for the fiscal year ended March 31st, 2023, and the forecast for the fiscal year ending March 31st, 2024. I would now like to begin the Q&A session. Mr. Endo with SBI Securities will be posing the first question. I have two questions for you. My questions pertain to the results in the automotive lithium-ion battery segment this year and to the joint venture with Honda Motor. As you mentioned earlier, net sales in the automotive lithium-ion battery segment are expected to increase by JPY 37.6 billion, or 57%. Could you break down the numbers between BEC and LEJ? Following the easing of the semiconductor shortage, I understand how this will translate into an increase in sales volume. This year, Honda Motor is expecting an increase of 18% in its global vehicle production, and Mitsubishi Motors' an increase of 9%. As such, while these increases in HEVs and PHEVs are expected, a net sales increase of 57% is very high, so could you give us some background on this in terms of price, the number of units, et cetera? My second question pertains to the joint venture with Honda Motor. You mentioned the total amount for this business comes to JPY 434.1 billion. Could you give us a definition for this amount? Does it refer to sales or to capital investment? Also, would it be accurate to say that of this amount of JPY 434.1 billion, JPY 158.7 billion are in government subsidies? This venture is accounted for using the equity method, so I would like to know about capital investment on GS Yuasa's consolidated results. I believe you mentioned JPY 190 billion in capital investment over a period of three years, equivalent to approximately JPY 60 billion-JPY 70 billion each year. In addition to capital investment on a consolidated basis, will the company be carrying out capital investment on a non-consolidated basis of JPY 60 billion-JPY 70 billion? Would it therefore be correct to view this combined amount as the total amount in capital investment? Thank you for your questions. Allow me to answer your first question in terms of the outline with CFO Matsushima discussing some of the numerical specifics to the extent of the information that can be disclosed here today. First, regarding the net sales forecast of JPY 103 billion for fiscal year 2023. In terms of batteries for HEVs, we expect a sales volume increase due to the easing of the semiconductor shortage and an increase in the number of car models adopting these batteries. Regarding this point, I cannot give you the specific car models, but this is an increase factor for sales of batteries for HEVs from Blue Energy. Next are batteries for PHEVs corresponding to Lithium Energy Japan. Here too, we expect sales volume will increase due to the easing of the semiconductor shortage. Additionally, we have ESS, which are storage batteries in the industrial battery and power supply segment. We manufacture these at LEJ, and we expect a sales expansion for these as well. We expect a sales increase for batteries for hybrid vehicles from Blue Energy, batteries for plug-in hybrids from Lithium Energy Japan, and ESS from Lithium Energy Japan. I will now yield the floor to CFO Matsushima, who will be going over specific figures to the extent of the information that can be disclosed here today. This is CFO Matsushima speaking. Allow me to answer your question to the extent of the information that can be disclosed here today. The net sales forecast for the automotive lithium-ion battery segment is for an increase of close to JPY 40 billion, a majority of which coming from Blue Energy. In concrete terms, we expect an increase of approximately JPY 30 billion in net sales for Blue Energy on account of an increase in the number of car models adopting our batteries. We are therefore expecting a further increase in the supply of batteries to Honda Motor and Toyota Motor, both companies with which we have previous agreements. Regarding Lithium Energy Japan, while we expect an increase in the manufacturing and sale of cells for ESS batteries, this falls under eliminations for the segment and is recorded in the industrial battery and power supply segment. In actual terms, we expect an increase of approximately JPY 7 billion in terms of batteries for plug-in hybrid vehicles. We also expect an increase in operating income of approximately JPY 2 billion as well. The increase in sales at Blue Energy has a very large impact in this regard. With that being said, I believe you perhaps feel this increase in operating income to be smaller than the accompanying increase in net sales. This is due to an increase in fixed expenses. Allow me to answer your second question pertaining to total expenses of JPY 434.1 billion of business with Honda Motor, Blue Energy, and GS Yuasa. These are the total expenses to be incurred toward 2027 in the form of the purchase of land, capital investment, and R&D costs. Government subsidies will correspond to half of the R&D costs and one-third of capital investment. Lastly, the purchase of land is outside the scope of government subsidies. The current schedule is for the start of operations in April 2027 and full-scale mass production from October. Towards fiscal year 2030, we expect to set up production lines sequentially and carry out mass production. The various items I just outlined therefore make up the JPY 434.1 billion in total expenses and also include costs associated with the acquisition of land. Of the JPY 434.1 billion in total expenses of business, excluding subsidies leaves expenses of JPY 270 billion. As you mentioned on a previous occasion, GS Yuasa will be carrying out JPY 190 billion in capital investment over three years. I would like to know the relationship between these two numbers. This is CFO Matsushima speaking. We expect to carry out JPY 190 billion in capital investment over three years within the scope of the Sixth Mid-Term Management Plan. As President Murao mentioned just now, this does not include investment in manufacturing equipment as it pertains to batteries for BEVs. Part of this includes the purchase of land, among other things, and of the JPY 434.1 billion in total expenses, capital investment over three years will be in the form of land and some construction. As such, the overlap between the JPY 190 billion in capital investment over three years and the JPY 434.1 billion in total expenses is very small. Mr. Ishimoto with Nomura Securities will be posing the next question. My name is Ishimoto. I am with Nomura Securities. Thank you for your presentation. I have several questions for you. The first pertains to profits in the automotive lithium-ion battery segment. Could you give us more details on this front? I believe the company is expecting a significant increase in expenses, as this was also shown in the overall profit forecast. Looking at the details, GS Yuasa is expecting an increase in depreciation of approximately JPY 400 million. In concrete terms, what types of expenses do you expect will increase going forward? Additionally, the company is expecting a sales increase of approximately JPY 30 billion from batteries for HEVs. Although the increase in operating income will be less pronounced. Is this the result of the product mix? I would like to hear your thoughts on profits in the automotive lithium-ion battery segment. Thank you for your question. As shown here, we expect net sales to grow to JPY 103 billion and operating income to grow by JPY 2 billion. While the increase in operating income is less pronounced than the increase in net sales, research for battery EVs is included in this operating segment, so we expect an increase in R&D and other related expenses here. Additionally, profit margins aren't all that high in the automotive lithium-ion battery segment to begin with compared to lead-acid batteries, leading to the results expected in the forecast. This is CFO Matsushima speaking. As I mentioned earlier, we expect an increase in fixed expenses alongside an increase in net sales. Additionally, we expect an increase in the price of lithium over the coming months, so an important factor here will be to what degree we can revise prices to reflect this increase. We are currently in talks with our clients, so we took a conservative approach in terms of the forecast when it comes to price revisions. As you mentioned earlier, in terms of the product mix, naturally, we expect an increase in net sales, also in fixed costs, R&D costs, in the cost of raw materials. These factors weigh down somewhat in terms of operating income growth. Thank you for your answer. I believe R&D costs will amount to several billion JPY overall, I also expect a significant increase in personnel expenses. What are your thoughts on human resources? As CFO Matsushima mentioned just now, an important factor will be to what degree we can revise prices to reflect higher raw material prices. In terms of personnel expenses as well, we are taking a bit of a conservative approach when it comes to the forecasts. As to the details, I am not at liberty to disclose these, as this contains information pertaining to the new joint venture, so we request your understanding on this front. Thank you for your answer. Allow me to ask my second question, also pertaining to the automotive lithium-ion battery segment. The company has a target three times the capacity of the previous year in terms of batteries for ESS. In light of this, these batteries are manufactured at LEJ, and additionally, as you mentioned, batteries for PHEVs are also expected to increase somewhat. I would like to know if there aren't any issues in terms of capacity. Additionally, you mentioned the establishment of a manufacturing company together with Honda Motor, scheduled for a start of operations in April of 2027. What will the division of roles be like, including BEC and LEJ? LEJ manufactures batteries for PHEVs and BEVs, I believe this will play a role. Could you go over your thoughts on this? Thank you for your question. First, regarding batteries for ESS, these are manufactured at LEJ. Plug-in hybrids are the main category for batteries in LEJ, partially followed by batteries for BEVs and ESS. Such are the batteries manufactured at Lithium Energy Japan. By improving takt time, raising utilization rate, and improving yields, we will be more than able to meet supply figures scheduled for fiscal year 2023 in terms of batteries for ESS, although I am not at liberty to disclose specific figures. Next is our joint venture with Honda Motor for batteries for BEVs. Given our relationship with Honda Motor for the manufacturing of batteries for HEVs and the process of development and manufacturing, we believe development and expansion will have Blue Energy at the core. Thank you. Lastly, allow me to ask my third question. Recently, the company's price-to-book ratio fell below one. In light of this, I would like to know what kind of internal talks have been taking place at GS Yuasa in terms of improvements in capital efficiency, et cetera. The company has advanced certain initiatives like the reduction of policy shareholdings. I would therefore like to inquire about this use of assets and about the company's thoughts on balancing growth investment with returns to shareholders. Thank you for your question. I believe your question pertained to the company's measures to raise its price-to-book ratio above one once again. Against the backdrop of a large expansion in the adoption of BEVs worldwide, GS Yuasa announced its Vision 2035. In this vision, we detailed our belief in the significant growth over the medium to long term of batteries for BEVs and batteries for ESS in the regular field. We also announced our joint venture with Honda Motor and the use of subsidies from the Ministry of Economy, Trade, and Industry. We believe we were able to illustrate the direction we expect our company to take and the first step toward growth. GS Yuasa reserves the option to carry out share buybacks, we would like to apply capital toward growth investment. Through the understanding and anticipation of stakeholders for growth on the part of GS Yuasa, we expect to see an improvement in the stock price, market capitalization, and price-to-book ratio. Going forward, we are committed to doing our utmost to return further value to shareholders through improvements in the stock price and market capitalization. This is CFO Matsushima speaking. I concur with President Murao. Executing shareholder returns while balancing this with growth investment is a very difficult task, but it is also a crucial aspect for us. A large amount of capital will be needed toward growth investment. Naturally, that doesn't mean we will be neglecting shareholder returns. We seek to execute robust shareholder returns, and on top of this, carry out growth investment. As President Murao mentioned just now, we will be working to realize improvements in share price through an improvement in corporate value. Thank you for your answer. Mr. Naruse with Okasan Securities will be posing the next question. My name is Naruse, and I am with Okasan Securities. Allow me to ask two questions. First, I would like to know your thoughts about GS Yuasa's existing lead-acid battery business for this fiscal year. Additionally, I would like to know your thoughts regarding the scheme for the future of the automotive lithium-ion battery segment. Lead has various facets: domestic, overseas, industrial, et cetera. There have been price increases and a worsening of the mix since it's a business model generating profits through replacement batteries. I understand these dynamics. Despite a significant increase in net sales, operating income is expected to go down, and I feel that perhaps the company could possibly deliver more in terms of operating income. Is there upside potential when it comes to lead-acid batteries in the domestic and overseas markets and for industrial uses? Or does the current forecast already include all the potential? My second question pertains to the scheme shown on page 32. I would like to know the reasoning behind the inclusion of Blue Energy in this joint venture between GS Yuasa and Honda Motor. Does this mean R&D will take place, and then the manufacturing plant will be a joint venture or through the equity method between Honda Motor and GS Yuasa? Additionally, where will be the site of this factory? Will it be close to Honda Motor? Honda Motor has an alliance with POSCO Holdings for the procurement of raw materials, so is there a possibility for an addition here in terms of battery R&D? These are broad questions, but I would like to hear your thoughts? Thank you for your question. First, regarding our existing lead-acid battery business, we expect profitability to decrease in fiscal year 2023. The replacement battery business did well during COVID, as there was a break in the production of new automobiles during this period. As such, we registered high profitability. Since we expect the impact of the semiconductor shortage to be alleviated in fiscal year 2023, as you mentioned, this means a significant change in the composition between batteries for new automobiles and for replacement. As such, we expect profitability to decrease slightly. Additionally, while the weakening of the yen has worn off a bit, it's more like the yen has plateaued at a low level versus other currencies. As such, we expect the price of raw materials, especially lead, to trade at elevated levels. Taking into account the end of COVID-19, an alleviation of the semiconductor shortage, and a weaker yen, we believe the figures shown here to be a proper estimation of the profit margin. This therefore means the company has taken various risks into account in formulating these forecasts. That is correct. Next, I would like to discuss the scheme on page 32. Currently, we have reached a joint agreement and joint contract with Honda Motor, but the joint venture is actually yet to be established. I am not at liberty to discuss the details in terms of R&D and manufacturing and production, but given Honda Motor and GS Yuasa's collaboration over the years, as I mentioned earlier, we view Blue Energy as a core company with the most logical scheme. We would like to disclose more details as soon as they are agreed upon. Additionally, currently, this is an R&D initiative, but in terms of a manufacturing company, the GS Yuasa Group is currently considering Shiga Prefecture as a location. However, as it stands, things haven't yet been decided. As this joint venture hasn't been founded yet, this is the extent of the information I can disclose at the moment, so I would like to request your understanding on this front. Thank you for your answer, and we look forward to updates on this topic. Fiscal year 2023 is the first fiscal year toward achieving the targets for the Sixth Mid-Term Management Plan and Vision 2035. Against this backdrop, GS Yuasa would like to further grow as a company while contributing to society through our businesses centered on mobility and public infrastructure. Thank you for your time today.