Good evening, ladies and gentlemen. Thank you very much for taking time out of your busy schedule to join us in this online Press Conference of Panasonic Corporation. Although the state of emergency declaration has been lifted for the sake of preventing the spread of COVID-19 infection, we are holding this online press conference. Your understanding is appreciated. As of today, the Panasonic Group has in substance transitioned to a new system ahead of the formal establishment of the holding company and operating company next April. Today, we will have a presentation on the management direction under the new system before taking questions from the members of the news media. Today's presenter is Yuki Kusumi, CEO of Panasonic Corporation Group. First, our group CEO will make the presentation using the slides. The slides will be projected on the screen, but they are also available from the company website. Good evening. I'm Yuki Kusumi of Panasonic. Thank you for taking time out of your busy schedule to join us today. As was just mentioned, as of today, October 1, 2021, the Panasonic Group has in substance transitioned to a new system ahead of the formal establishment of the holding company and operating companies in April 2022. The new system is generally called a holding company system, but to emphasize that each operating company plays the main role, I will call this system an operating company system. Today, as we begin the operating company system, I would like to explain the future management direction and what we aim to achieve with the new system, including my thoughts after the first 100 days after becoming the president. After becoming the CEO in April, I was unable to travel overseas due to the COVID-19 situation. Still, whenever the state of emergency in Japan was lifted, I have visited various operational frontlines in Japan, including more than 10 factories, mainly where I had never visited before. In addition to observing the production process, I've had dialogues with the employees at each site. I've also discussed with the heads of the operating companies how to enhance competitiveness. Through these, I have come to realize that Panasonic Group has great potential in all areas related to business, from manufacturing and technology to products and services. Above all, I strongly feel that we are fortunate to have a splendid team of excellent human resources. At the same time, I realize that there is still plenty of room for improvement at each business. In particular, I have encountered cases that made me concerned about the basic way of thinking and management, which used to be fully understood by all employees during the expansion phase of Matsushita, but it seems to have faded away. Currently, we are not achieving a management style having everybody fully understand this basic way of thinking. However, this also means that if we can return to the basics of management and fully exert our potential, the competitiveness of each business will improve, make great contributions to society, and business will turn to growth naturally. I'm quite confident about that. During the times of our founder, Konosuke Matsushita, in addition to the management philosophy of the Basic Management Objective, Company Creed and Seven Principles, we had the Basic Business Philosophy defining our basic way of thinking and implementing the management philosophy, and we have been practicing accordingly. However, at a management policy meeting in 1982, the founder sent out a warning that the Basic Business Philosophy was being neglected, and it further faded even further after his passing away in 1989. Some say, "I know the meaning of Basic Management Objective, Company Creed and Seven Principles, and we will make contributions to the development of society as a public entity." However, upon transitioning to the new system, I strongly feel that each employee must return to the basics and fully understand the essence of the Basic Business Philosophy in order to implement it. Simply being familiar with the phrases is not enough. It is true that the content of this philosophy compiled about 60 years ago may not fit the times today, or the languages might be difficult. To help all employees fully understand its content, we need an updated interpretation that complies with today's societal condition and social conventions. Therefore, we conducted a major revision for the first time in about 60 years. We call it the Panasonic Group's Basic Business Philosophy. I participated in the editing team, which for about four months engaged in discussions with many knowledgeable employees, extracting what we must not forget even today based on the original idea, and we re-edited the Basic Business Philosophy into a guideline that is relevant today. In particular, the information on how to implement is more strongly emphasized and described in detail compared to the original to prevent implementation ability from fading away. The Basic Business Philosophy serves as a guideline for implementing management of the Panasonic Group, and it is very detailed. Today, I'd like to give you the overview. First, we will strive to become unrivaled in accomplishing valued work so that customers select Panasonic's products and services. This will lead to founder Konosuke Matsushita's aim toward matter and mind as one, reaching an ideal society with affluence in both matter and mind. To accomplish this, each employee should faithfully practice the customer comes first attitude more than anyone else as a merchant to gain customers' trust. Profit comes as a result of customers selecting us. It should be returned to society and employees as well as being invested in what we need to achieve in the future. This means investment towards solving societal and environmental issues in the areas that each operating company addresses. If this cannot be achieved, immediately make bold decisions to change the situation. To achieve such a management style, we will thoroughly implement the idea of Autonomous Responsible Management and employee entrepreneurship, which encourages all of our employees to make their best efforts to come up with better procedures in their own work. Furthermore, it encourages employees to boldly take up the challenge and gain a sense of responsibility for greater achievements. For quicker and better decision-making as an organization, we will create a culture in which employees can speak up and promote management through collective wisdom of all. As a premise for implementation, we will promote management that maximizes the potential of our human resources. This philosophy will be available to employees from today. I expect everyone from executives to employees to read it carefully and fully understand its content so that all of us can implement it. It is available on our website so one can refer to the past comments and writings for further study. This content will also be shared with the public so as to demonstrate to society our commitment to implement our Basic Business Philosophy. Each employee's conduct is expected to live up to the standards clearly stated in this Basic Business Philosophy, which can be read by anyone in society. Accordingly, all employees, including myself, will have a stronger foundation in dedicating ourselves to our work. Next, based on the premise that implementation of this business philosophy will draw out the potential of employees and organizations at each business, I will explain what we aim to achieve under the operating company system. First, we should clarify the areas in which each operating company or a business division will strive to make contributions to society and environment and make a hypothesis on the state of operating company over a 10-year horizon. We should conduct our management based on this hypothesis. It is essential for each operating company or business to contribute to the environment, and we should clarify which kind of contribution to make. Therefore, strategy and strategy formulation, we should properly consider the goals of the hypothesis for the 10-year horizon rather than numerical targets. To achieve these goals, we should examine detailed strategies and execution plans over and over. If there's anything wrong in the hypothesis, we should swiftly adjust the strategies. This is the cycle of formulating strategies. More specifically, we will drastically reform our approach to promoting the business strategy. That is how operating companies formulate strategies and follow up the new medium to long-term strategies starting from FY2023. Second, we must continuously enhance our competitiveness, moving ahead with strategy and operational capability, which are indispensable to each other. We will clarify KPIs to enhance the competitiveness of each business. We will evaluate such KPIs instead of the result figures so that we can effectively deal with the ever-changing management issues. Furthermore, to support these transformations, management will stay close to the operational frontlines and hold frequent and deeper discussions. We will improve the speed of business and the quality of decision-making, which will enable us to adjust our strategies swiftly when necessary. This is what we are aiming to achieve. I, along with other directors, will participate in the board meetings of each operating company and proactively get involved in deeper discussions. Since April, I've been saying we will enhance competitiveness in all businesses for the next two years. My message may have been misinterpreted as not classifying core business or pillars of business and that we will not make investments for that purpose or that we are going to decide which business to divest, but those are not my intentions. Let me clarify. As explained earlier, the aim of operating companies is to clarify where to make contributions to society and to enhance competitiveness thoroughly, envisioning a 10-year horizon. For this, it is not enough to simply refine our strategies and operational capabilities. In fact, there are many things we should do based on the Basic Business Philosophy, such as thorough execution of autonomous management and cultural reform to maximize collective wisdom. In particular, it is essential for each operating company to make its own investments to achieve its aim of contributing to society and the environment. We are not working to enhance competitiveness just for the sake of temporary increasing profit over two years. Rather, I set two years as a reasonable period to have each operating company become fully used to this way of thinking. For each business to develop and thrive, we together need to establish a firm foundation. That is my intention. Competitiveness is being unrivaled as we accomplish valued work that is selected by customers. We must continue to polish our competitiveness and to make continuous contributions to customers and society. I believe this is the value of business that will eventually lead to growth in business. As long as we have such competitiveness, regardless of the size of business, it represents Panasonic. Therefore, again, as a holding company, we do not intend to classify businesses as focus areas or core businesses. Each business has its own necessary investment scale, which is not the same as the fundamental value of that business. Of course, if we foresee a certain industry shrinking in the future or a business having difficulty competing against its peers due to structural weakness, then we will swiftly take the necessary actions. However, such decisions should not be made based solely on reasons involving our own economic rationalization. Rather, individual cases should be judged carefully by considering a variety of factors and giving priority to avoiding inconvenience to our customers and ensuring the happiness of our employees. With regard to the detailed aim and initiatives of each operating company, we will have an opportunity for each head of operating company to make a presentation. Therefore, at this time, I'd like to elaborate on how Panasonic Holdings Corporation will make contributions to the group's development. As I explained, operating companies will take up challenges in contributions to society and enhancement of competitiveness by envisaging a 10-year horizon. The aim of the holding company is to envisage our future even beyond that period and to devote ourselves to enhancing the group-wide management foundation. This slide shows the five roles. The first point is what I explained earlier. The fourth point is also related to my previous explanation, and I will talk about the GX and DX later on. The third point is to maximize the potential of the human resources. Now, the fourth point is also related to the previous explanation of how to improve the competitiveness at all businesses. As I said, each operating company plays a major role in developing its business. As a holding company, we will be taking actions toward our group's development where necessary. The fifth point includes the financial discipline and thorough implementation of safety and compliance. Let me talk about the second point. Now, specifically, we will focus on the six key initiatives: Green Transformation, which we announced in May 2021 to help accelerate environment management; Digital Transformation; Gemba Innovation; Design Management; Brand Management; and various accelerated innovations. In the next few slides, I would like to elaborate on the progress of GX as well as initiatives in DX, which are being promoted as one of the CEO projects. First, I'd like to explain the progress of Green Transformation, particularly the need to prevent global warming, recognized as the most serious social challenge. At the CEO briefing in May 2021, we announced our commitment to achieve zero CO2 emission at all operating companies by 2030. We have already established detailed roadmaps to achieve this goal at all operating companies. Also, several businesses have drawn up their plans to achieve the target well ahead of the schedule, the year 2030. For individual plans, we'll make an opportunity for each operating company to explain its vision. This will be given by each operating company in the future. Now, this area can be viewed as a minimum requirement for approval by society to continue our business. Our Basic Business Philosophy stipulates that as long as we conduct business activities with resources entrusted to us by the society, we will effectively utilize them as much as possible and make contributions to society. With the idea that the company is a public entity of the society as a basis of our management, we will further accelerate our initiatives to reduce CO2 emissions, not only emitted directly from Panasonic but also by customers and society. Panasonic products are used by more than 1 billion customers globally. The total CO2 emission calculated from those products is approximately 86 million tons a year. This scale of emissions, which is classified as Scope 3, proves how we have been deeply involved in our customers' daily lives through electrification since the foundation of the company. At the same time, we recognize this as a responsibility. Thus, we are determined to continue our efforts to reduce CO2 emissions going forward. Panasonic will develop proposals to reduce the CO2 emissions of others through the products and services we supply, which means that reducing CO2 emissions at B2B and B2G customers. This is regulated at the size of contribution in reducing CO2 emission according to IEC, or International Electrotechnical Commission. By 2050, we aim to achieve a greater scale of contribution in reduction beyond the emissions of Panasonic's value chain. Specifically, we are considering offering solutions suited to reduction that accumulated through our manufacturing operation to other manufacturing customers. The more we polish our competitiveness in these businesses and make contributions to customers and the earth, the closer the world can get in achieving carbon neutrality. We devote ourselves to accelerating our efforts to meet those challenges in the future. Next, let me talk about the DX. To attain excellent operational capabilities as a group, promotion of DX is essential. Thus, we will immediately conduct transformation to support each business promoting DX and raise the level of group-wide IT management infrastructure. In our group, there are various systems introduced by each business based on the individual priorities. The requirements as a result, IT infrastructure has not contributed fully to the speed up of our management. Unfortunately, this is our current status. To break the status quo, we will transform the IT infrastructure, and we will utilize IT systems to transform business procedures and work style. In other words, we would increase the speed and quality of the management through IT. To achieve this aim, we named this project as Panasonic Transformation, and we will continue to promote it as one of the most important management strategies beyond IT transformation. CIO Tamaki-san, who has vast experience as an IT specialist, will lead this project. I am also committed as a project owner. In PX, we will steadily promote the IT system transformation. Our intention is to evolve business processes according to changes in society and business environment with IT, not to regulate the business processes. Let me explain this point. Traditionally, one of the main purposes of IT was to regulate the business process. However, it is essential we continue to evolve its business process swiftly and tirelessly. In other words, with agility, according to social and business environment changes. Therefore, we will transform business processes to become agile, including building systems and shifting to the cloud. In addition, we will establish data-driven infrastructure to utilize data for management by analyzing various data closely. Under the operating company system, we will thoroughly implement autonomous responsible management at all businesses. For IT, the holding company will support the operating companies and have a firm grip with necessary governance. The holding company will support each operating company's competitiveness as well as taking advantage of group-wide economic scale. Through PX promotion, we aim to achieve speedier management as a group and to become the leading company in the industries. Lastly, I'd like to explain the management that maximizes the potential of human resources. When Panasonic makes contributions to the society, human resources plays a central role. In other words, individual employees. Panasonic has approximately 240,000 employees globally with diverse personalities and talents. The holding company will proactively support the challenges taken up by individuals. For example, to expand opportunities for challenges and actions taken up by employees, we continue to exchange human resources proactively among businesses even after the transition to the operating company system, making the most of the group's organization. The value of individuals is becoming more diversified, and challenges also are becoming diversified. Anxieties and worries of individual employees are also different. We will remove those various obstacles and accelerate initiatives to maximize the diverse value of employees so that employees feel happiness and are proud of working at Panasonic. Recently, diversity and inclusion includes the notion of equity. Equity means providing equal opportunity for challenges and actions taken up by employees. Panasonic Group proactively promotes DEI in our workplace. However, Panasonic Group's HR system and operations are not yet sufficient enough to support the DEI promotion. For example, evaluation of the employees who are raising children. Therefore, we will swiftly solve those shortcomings. Matsushita Electric Industrial, which is the former name of Panasonic, was the first company in Japan to introduce a five-day workweek. We were considered to be an advanced company in terms of the management that maximizes the potential of human resources. However, we are now learning these initiatives from other advanced companies. Going forward, we aim to become an advanced company again in maximizing the potential of human resources. Thus, every single employee will be able to exert their personalities and capabilities to take up challenges in the business areas for Panasonic Group to address and make contributions to society. To accomplish Panasonic's aim of achieving an ideal society with affluence in both matter and mind, there are many things that need to be done. Therefore, we will spend a two-year period focusing on enhancing our competitiveness by returning to the basics of implementing our management, which used to be the source of our strength. At the same time, we want to lay a foundation toward the goal defined by each business and changes it will bring in improving people's lifestyle and developing society and to make contributions to the global environment. To accomplish this, adhering to our company creed, we will dedicate ourselves in our daily work with integrity through working together with a united spirit. Thank you very much for your attention. We will now take questions. The first question is from Soma-san, from Nikkei BP. Thank you. Soma from Nikkei ESG, I hope you can hear me. Yes? I have three basic questions. First, for the first time in 60 years, you have revisited the Basic Business Philosophy. I'm sure one of the motivations for that was to adapt to the changing times. I think you also have to consider how well to have it well understood by all of the employees. Can you explain what way do you intend to disseminate this new philosophy amongst all of your employees? Secondly, what are the parts within the original philosophy that did not fit today's world and how you revise them? My third question, the GX Green Transformation to practically eliminate CO2, I wonder how that translates or how that is related to the competitiveness, which was one of the main themes of today's presentation. Thank you for your questions. Thank you for your questions. First, about this new Basic Business Philosophy, as I stated earlier, this is now publicly available, so I encourage all of you to take a look at that and thoroughly read through this new philosophy. How are we to disseminate this amongst all of our employees? Many things would be needed. Repeatedly, we have to emphasize that everything is based on that. We have to have discussions about that. Of course, to make sure that this takes root, we will take up that theme in our training sessions and study sessions. In addition, in the ordinary everyday work, we'll have to relate what we do to what is described in that philosophy. The top management of each operating company, as well as heads of each business division, should take a lead in such discussions. I myself, whenever I meet different sites, we always hold roundtable meetings with the heads of the divisions and sections, as well as younger employees. I always solicit questions. In response, I try to relate my response to what is described in that new philosophy, the revised philosophy. I think this is the process that needs to be reiterated. Over the next two years, I'd like to make sure that this is well understood. What are the revisions? In terms of rewriting the wordings from the last 60 years, all our philosophies, the principles, and company creed, they all are described in rather antiquated wordings. We needed to update them to the modern language. Now, with the plain Japanese, I think everyone can follow that. We have also changed the chapter orders so that people can follow and will understand what's in them. Now, 60 years ago, when the company was going, the total elimination of waste, and if I could use the Toyota phrase to eliminate the waste, stagnation, and rework, I'm afraid those were just phrases, rhetorics, and were not translated into actual work that we do, especially in some of our businesses. In light of that situation, although it was not clear in the past, we wanted to make them all evident. The third question about the relationship between our competitiveness and the total elimination of CO2. Do I take it that you are asking this question in relation to Scope 3, Mr. Soma? No, not necessarily. Carbon neutrality, I think, is more relevant. Thank you. I think there are two things. First, what we emit from our operations to eliminate CO2 emissions from our operations, that is already a requirement from our B2B customers. This will entail investment, but through our technology, we want to improve on the efficiency of doing that so that it will be less costly. That is one source of our competitiveness. Since we are addressing the common issue of addressing the global environment, this could be a business opportunity, and we should have the competitive edge as well. Do we have that already? Not perfectly yet, but we need to enhance the competitiveness along those lines as well. As we do so in Scope 3 and also in terms of the absolute amount of emissions, we can offset the overall mission. These are the things that we have in mind. Does that answer your questions, Mr. Soma? Yes, thank you. Next question is Tsuzuki -san from Yomiuri Shimbun. Yes, this is Tsuzuki speaking. I hope you can hear me. Thank you. I have two questions. First is about the core businesses of the group. Last year in November, you talked about you announced that the shift to the operating company, the air conditioning and air quality and consumer electronics and so forth, those were the pillar businesses. You mentioned that you will not have the core business or pillar businesses. It might be the change from a year ago. One of your challenges is that you did not have a core business. What company is the Panasonic? That was a question that some people had. What are the reasons why you are not going to have any core businesses or pillar businesses? Is this something that you are going to continue with? Let us take one question at a time. The former President, Mr. Tsuga, what he has done, for example, in the semiconductor, solar, and LCD, he showed the direction. At the same time, the core business and the focused business, that kind of expression. In a way, I think that maybe analysts are listening to this presentation, so it's difficult for me to say. I think it was used so that it would be easy to understand for analysts. At the same time, what kind of negative impact do we have? For example, non-core businesses, the motivation of the employees were reduced, or customers saying that your business is not one of the pillar business, so you're not making the important investments. Should we keep buying from you? That was the question that we received from some of the customers. Using the term pillar business, by using those labels, we did not intend to do so, but those were the reactions that we had. To make it easy to understand, of course, those words would be helpful. Now we are shifting to the operating company system. Each operating company, how can they grow, and how can they shift to the growth? Each operating company has to enhance their competitiveness and to generate growth. Some operating companies probably will come up with those other pillar businesses or non-pillar businesses. As a holding company, we are not going to do that. Another thing I have to say here is that to enhance the competitiveness, in order to realize that, we need to make major investments. It could be beyond the investment capability of the operating company. That is where the holding company should help. CNS, Blue Yonder investment is one of the examples. Each business or each operating company, which is the better business, which is more important business, that is not what we are trying to do. Those are the investments to improve or enhance our competitiveness. When you think about that, why are we making investments? This is because this is in order to improve our competitiveness so that we can contribute to the society. In that sense, all the investments will be made based on the idea of the ESG, especially E. That is the way of thinking. Regardless of the volume or the amount of the investments, that is the way of thinking. Maybe you think it's difficult to understand, but the operating company will be announcing their own policies and so forth. That would make it easier for you to understand, I'm sure. I hope that answers your first question. May I ask another second question? Yes, related point. One of the challenges, there were a lack of synergy because each business was separate from each other. You mentioned that you're now moving to the new system. After 100 days after becoming the CEO, and you looked at the different front line, are there any impressions or are there any specific examples that you can talk about? Thank you for your question. Synergy, if you ask me whether I am feeling the synergies everywhere, that is not the case. We see synergies in some areas and not in other areas. We are at the beginning of this shift to the operating company. If I talk about where I can see the synergies, maybe the head of the operating company will not feel very comfortable. I am not going to give you the specific names. I think I could feel some of the areas that the operating companies are making efforts in. As I said, we have to have a 10-year horizon to change the businesses and to transform the society. In that sense, the synergy among the operating companies that we see now, that is something that we need to reconsider. The operating company's perspective and the divisions, we have to consider that so we can find out what is missing so that we can create a synergy within the group or maybe even outside the group. That is the way of thinking of the holding company. I hope that answers your question. Thank you very much. The next questioner is from Nikkei. Iwato-san, please. Thank you. This is Iwato. Can you hear me? Yes. I also have two questions. This is a follow-up question. Over long term, you want to clarify the direction of each operating company. Now, why is it that you need to do that now? What is the background intent or the underlying intent of doing that? Iwato-san, when we say long-term view, it varies from business to business because their counterparts in terms of industry or customers are different. Of course, it is not that all industries are changing rapidly all at the same time, at the same rate. One thing for sure is that things are changing at the rates that are not comparable to the past. Almost once every three years, we put together our business plan, the midterm plan. If we do that, we cannot break away from our conventional mindset. Instead, we are thinking of 10 years. When we look back on the past 10 years, what was happening 10 years ago? For example, what was Tesla saying, doing 10 years ago? Many of the things that Tesla was saying has realized. It's not just Tesla, but others as well. With that in mind, we have to think of how we are to change our business. At the risk of sounding like I'm criticizing my predecessor, because that's not my intent, there were times in the past where our businesses were suffering. An operating profit margin of 5% was the criteria used to decide on the future. When we do that, each business tends to focus on that. They will look at what they can do this fiscal year or in three years' time. That was not a very good approach because that could be one factor where we were not able to grow many of our businesses. We are not going to have a constant operating margin of 5%. It was not a goal or anything even in the past, but I have made it clear that I am not going to use a single criteria to be applied to all our businesses. We need to draw a line somewhere. Ten years is a mark for that to think of what needs to be done over the next three years. It is that sense of crisis that was the underlying thinking. If that answers your question. How do you monitor the operating companies? I think you were mentioning the competitive indices, and I think that you've said that for automotive batteries, that's rather easy. To compare different operating companies, have you decided on what competitive indices you're going to use? It's rather difficult because there is a risk of these indices becoming the result-focused indices. I think there are two ways of thinking. One is the strategic KPI, and the other is the operational KPI. The automotive batteries are easy in that in order to enhance the cost competitiveness, the cost production is directly translatable to the CapEx. The strategic KPIs will have to be based on the hypothesis for the next 10 years. From that hypothesis, see what elements are missing and how to fill that gap. Aside from the question of whether we can quantify all of them, we can backcast from 10 years to think about the next three years. From the next three years, backcast on the immediate one-year period. We do not have finalized what indices to use, but by next April, as we formulate the mid to long-term plans, those would be taken into consideration. I see. Thank you. Next is Liu-san from Toyo Keizai. Are you there, Liu-san? We cannot hear you. We are sorry. Please keep your hands up so you will have another opportunity. Next is Morita-san from Asahi Shimbun. Thank you very much. About the human resource strategy, I have a question. Until now, Panasonic, that is a big company. Now you are going to shift to the operating companies, which are independent. In order to improve their competitiveness and their area of expertise, how do you make sure that you can secure enough talent? Nowadays, we talk about the job-based employment. What are your views on that? The job-based employment, so how should we or how do we recruit people? Details are something that need to be finalized from now on. As a Panasonic Group, as a whole, we will recruit people. Each operating company, the job-based employment needs to be also considered. The candidates who want to join Panasonic, we will face them. Recruitment, of course, will be done by each operating company. It is very close to job-based employment. Now with this operating company system, each operating company will have different requirements for the human resources, the different areas of expertise. When we try to recruit people, for example, remuneration system or compensation system probably is not sufficient. We need a variety of that. Each operating company will be able to formulate that. Including that, for those potential employees, we'd like to make sure that we have good communication with them. That will be something that we'll be working on. Another question which is related to that. There was a report that with this change of the organization, you'll be paying extra retirement benefit for the early retirement. We heard that more than 1,000 people applied for that. The number that you want to actually use, I understand that you're not giving us the specific number, but how do you react or how are you responding to this reaction to this early retirement program? Yes, you are right that this Special Career Development Program, each operating company, when they try to sharpen and also to specialize themselves, they needed to reconsider the recruitment. Employees need to restart their own careers. Some people want to go outside of Panasonic. We prepared this program for those people. Shifting to the operating company and the way of work style and so forth also needs to be changed. If employees find that it's not suitable for them, they have an opportunity to do so. In fact, now we are being reborn. Maybe due to the lack of full explanation, even when we have a great talent, internal talent, some of them have chosen to go outside of Panasonic. That means that our group as a whole and the kind of direction of each operating company, which gives a lot of dreams and opportunities, we have to make sure that we communicate that. If we could have communicated that earlier, this is not exactly a misunderstanding, but those people who expected what we expected to stay in the company might have chosen this career development program. Maybe we should have given this explanation earlier to avoid that. Liu-san from Toyo Keizai Thank you. This is Liu from Toyo Keizai. I hope you can hear me. I apologize for the earlier opportunity where I could not unmute. You said that there will be no focal areas or core businesses. I think the operating company, each and every one of them, is going to decide on where to focus, which means that it's going to be very difficult to see a clear demarcation line between the holding company and the operating companies. Is it the amount that is involved, like in the case of Blue Yonder? Drawing the line in terms of the amount, I don't think I can say this is the amount that we have in mind. The investments to be made by the operating companies will be made based on the own responsibility of the operating companies. Of course, the baseline will be decided by the holding company. Regarding the general investments by operating company, the authorization line is going to be raised so that they'll have more discretion. The executive officers of the holding company will be attending the board of directors meeting of the operating company so that there will be the right oversight and supervision. The basic business decisions are to be made by the operating companies themselves. Still, in the course of the discussion at the operating company's BOD, when we find that the speed of competitiveness enhancement is not enough or that the business is not growing as much, and the reason for that is because of the poor management, there will be a deeper involvement, engagement of the holding company. I see. Thank you. My second question. In terms of clarity, frankly speaking, the core business focal areas, if the holding company is not going to define that, then looking from the outside, it's going to be difficult to judge where Panasonic is headed towards. I think the investors are deciding on the value and the investments by looking at the business portfolio of the holdings company, the Panasonic Group. How do you try to alleviate such a concern that is going to become less clear? Thank you for that question, Liu-san. That was exactly one of the points that I struggled myself. Over the next two years, we're going to enhance the competitiveness. What are the priorities is the question. Amongst the stakeholders, the analysts primarily, if we want to prioritize clarity to that audience, when we want to enhance the competitiveness, the people involved might be demoralized. That is defeating the purpose. We need to decide what to prioritize. When we do that, the analysts are going to criticize us, saying that it's not clear. Simply put, we'll have to put up with that. If that is going to discourage them from investment, that's not what we want. Enhancing the competitiveness will have to be decided by each operating company. I can't say right now as to what extent we will be disclosing those. With the capital market, we will be communicating. We will be sharing that information over the next two years, especially in that regard. EBITDA margin, ROE, are the indices that we've been using in our communication. Was that convincing enough? Were the analysts, investors really satisfied with those alone? Not necessarily. Cash-generating capacity, capability, I think should be more focused. That would be the means through which we will be communicating with the capital market. For example, the operating cash flow over the three-year period might be something that we might use. We are going to demonstrate that the enhanced competitiveness has resulted in improvement in those indices. If we find that they are not improving on the operating company to operating company basis, then we will redress the situation. We will try to be more clear going forward. I see. Thank you. Thank you very much. We are running out of time. There are several people who have raised their hands, but unfortunately, we would take just one more question. From ITm edia, we have Mishima-san. Can you hear me? Yes. Thank you. I have two questions. First, individual employees to revitalize their activities, and you have revised the Basic Business Philosophy after six years. In how many languages is this going to be published? And 240,000 employees that you have, what is the percentage of the coverage in terms of the language spoken by those employees? Second question is about Scope 3 in GX efforts. Reduction and contribution, you'll be showing that. One thing is that the products and services, you can save energy and reduce CO2 emission. That's one thing. Another is as a solution, when you provide a know-how to outside of the company, that is a kind of business that you're going to be developing in the future. Thank you. How many languages? English and Chinese, yes, we have started on those languages. I don't know whether I should say this, but the BOD meeting was held the other day, and the outside director, one of the outside directors, who has done something similar, and they needed to translate that to more than 50 different languages because U.S. and U.K., they had the different versions. We were taught that. That's something that we need to do. We just noticed that. That's something that we need to consider to what extent we would do that. As for the Scope 3, the contribution of reduction, when we explained our policy in the previous meeting, I think I mentioned this, the fuel cell, using the fuel cell, for example, at the Kusatsu plant, the virtual carbon neutral is something that we are working on. That solution applying to other company, that was one of the examples that I used. To realize carbon neutral and our solutions to apply it or to bring to others outside of Panasonic, for that, I think we need to enhance our competitiveness, and that's what we are doing, and that's what we would like to keep doing. Thank you very much. Which operating company, you're not going to mention which operating company will be introducing such a solution, but as a whole, you will be bringing those solutions to outside of Panasonic as well. Specifically, there are some businesses who are doing something similar to that. For example, devices, and maybe we can integrate some of them. How do we do that in the future? There are some integrated company who is doing the integration. Combining the different products and services and to integrate them, that would become more important. That aspect. Carbon neutral of plants, factories, that's something that we are trying to achieve. For example, the supply chain, making it more efficient, that would also make a contribution. For example, Blue Yonder can contribute in that area. There are many solutions that we have. We want to make sure that we deliver them and improving each competitiveness. We will also work on the integration of them. Thank you very much. Sorry that some people have still raised their hands, but our time is up. We would like to end the conference to explain about the management direction under.