Thank you. Let me explain FY22 financial results as well as FY23 financial forecast. First, the summary of the FY22 consolidated financial results. Sales increased year-on-year with higher sales of Industry and Energy due to growth in information and communication, automotive related application and the consolidation of Blue Yonder. Adjusted operating profit increased with our efforts to revise prices and higher sales of Industry and Energy despite raw material price hikes that affected Lifestyle along with the temporary negative factors such as the impact of temporary accounting treatment related to reevaluation of assets and liabilities upon Blue Yonder acquisition. Operating profit and net profit also increased and ROE improved year-on-year. As for FY23 forecast, both sales and profit are expected to rise year-on-year. Sales are expected to significantly grow due mainly to recovery in demand. Group-wide profit is also expected to increase. In particular, sales are expected to significantly grow in Automotive with the recovery of automobile production and Connect with the recovery of demand in aviation industry, despite expected profit decrease in Energy due mainly to higher expenses for the future growth, such as development of 4680 cells. We will continue to take countermeasures such as price revisions against a deteriorating business environment, including raw materials price hikes. Next is the details. FY22 consolidated financial results are shown here. Overall sales was JPY 7,388.8 billion, up by 10% year-on-year. Adjusted operating profit was JPY 357.7 billion, up by JPY 50.5 billion year-on-year. Other income and loss improved by JPY 48.4 billion. Operating profit and net profit also increased. As for the differences from the forecast, as of February 2, 2022, adjusted operating profit and operating profit were below the forecast, but net profit exceeded the forecast. ROE improved to 8.9% year-on-year. This shows the result by segment. I would explain the analysis of comparison with FY22 on the next slides. As for the differences in adjusted operating profit from the forecast, Industry and Energy exceeded the forecast. Lifestyle was below the forecast due mainly to the impact of raw material price hikes. As a result, the group-wide adjusted operating profit was slightly below the forecast. This shows the sales analysis by segment. Overall sales increased. In Lifestyle, overall sales were at the same level as FY21. Despite the impact of FY21 stay-at-home demand in Japan for such products as room air conditioners, refrigerators and washing machines, sales steadily increased in growth businesses. Air conditioning in Europe, electrical construction materials overseas, consumer electronics such as washing machines and refrigerators in China, and commercial refrigeration and food equipment in North America. Accordingly, the sales of the Lifestyle product increased, but sales of other segment products decreased. In Automotive, sales were at the same level as 2021 due to the lower car production in Q2 and onward, despite the recovery seen in Q1. In Connect, higher sales were driven by mounting machines reflecting favorable market conditions of EVs and information and communication infrastructure. Higher sales of projectors mainly in Europe and U.S., as well as the new consolidation of the Blue Yonder. In Industry, sales increased due to higher sales of industrial use motors, capacitors for ICT infrastructure and EV relays. In Energy, sales significantly increased in automotive batteries, reflecting robust EV demand, operation of the new production line in North America and rebound effect from FY21 COVID-19 impact. In addition, there was a sales growth in the energy storage system for data centers. Within Other and eliminations in entertainment and communications, sales decreased due to the impact of component procurement issues, including semiconductors. In housing, sales increased with the launch of the new products for the new normal and accelerated digital market. Next is operating profit analysis by segment. Overall adjusted operating profit increased. In Lifestyle, profit decreased, largely affected by the raw material price hikes, parts and material procurement issues that impact from FY21 stay-at-home demand in Japan and the recording of the temporary expenses despite the higher sales and price revisions overseas and promotion of rationalization in each business. In Automotive, profit increased due to the cost reduction efforts and impact of temporary expenses related to on-board charger system in FY21, despite surge in parts and materials cost, including semiconductors and shipping costs. In Connect, profit increased due to higher sales of mounting machines and projectors and improved profitability of avionics, despite the impact related to the revaluation of assets and liabilities upon Blue Yonder acquisition. In Industry, profit increased due mainly to the higher sales, price revisions and rationalization efforts, which offset the impact of semiconductor shortage and raw material price hikes. In Energy, profit increased due mainly to higher sales of automotive batteries and power storage systems, as well as our efforts of rationalization and price revisions, despite the impact from the raw materials price hikes and higher fixed costs for increased production. As for other income and loss, profit increased due mainly to the gain from revaluation of existing equity in Blue Yonder upon new consolidation and sales of assets. This is a Lifestyle divisional company. Adjusted operating profit decreased at all divisional companies. I will explain each factor. In Living Appliances and Solutions Company, profit decreased due to lower sales affected by FY21 stay-at-home demand in Japan and price hikes in raw materials and logistics. Sales increased in China and Asia for washing machines and refrigerators. In Heating and Ventilation AC Company, sales increased due to the stable sales of the air conditioning business in Europe, despite higher sales of their purifiers and room air conditioners in Japan, due mainly to impact of strong demand in FY21. On the other hand, profit decreased due to the price hikes in raw materials and logistics, flooding in Malaysia, and the recording of temporary expenses. In Cold Chain Solutions Company, sales increased significantly, mainly in North America, despite the headwinds of the raw material price hikes and procurement issues. This contributed to the reduction of the losses from FY21, but overall profit decreased due to the temporary expenses. In Electric Works Company, profit decreased due to the raw material price hikes despite the higher sales with the stable electrical construction material business overseas, such as India, despite the parts and material procurement issues. We will continue with the countermeasures against the raw material price hikes and logistics, such as price revisions and use of the alternative material and rationalization through collaboration between China and Japan. This shows operating profit analysis. First, the profit generated from the sales expansion increased by JPY 130 billion. Fixed costs are a decrease factor of JPY 34 billion overall due to the higher production, despite JPY 21 billion improvement through the management structure enhancement, which was promoted during the previous midterm strategy. Price hikes in raw materials and logistics were together a decrease factor of JPY 160 billion. However, we revised prices to counter the situation. This effect of JPY 44 billion is included within the rationalization effect of JPY 121.3 billion. Temporary factors including new consolidation of Blue Yonder and temporary expenses recorded in Lifestyle were the decrease factor, totaling JPY 11.3 billion. The effect of exchange rate was increase factor of JPY 4.5 billion. The overall adjusted operating profit was up by JPY 50.5 billion. Other income and loss was increase factor of JPY 48.4 billion due to the one-off gains. Consequently, operating profit was up by JPY 98.9 billion. This slide shows the situation of free cash flow and cash positions in FY22. The free cash flow was negative JPY 543.5 billion shown on the left, and this is due to the acquisition of Blue Yonder as well as deterioration of working capital due mainly to external factors, including port congestion and increased inventories by strategically securing parts and materials. Net cash decreased from JPY 194.5 billion at the end of FY21 to negative JPY 649 billion. This slide, it shows the capital allocation during FY20 to FY22. In the previous midterm strategy, our capital allocation policy was to allocate the necessary cash with cash flow generated from businesses to establish a strong financial base needed for growth investment and structural reform. In line with this policy, we managed the necessary cash for growth investment, including the acquisition of Blue Yonder, as well as dividends and structural reform. Cash generation was achieved mainly through operating cash flow, transfer of businesses, and sale of assets. As a result, excess cash as a three-year total amounted to approximately JPY 160 billion, and our net cash position has improved compared to the beginning of FY2020. We believe that we maintained financial discipline and at the same time captured growth opportunities. I will explain the consolidated financial forecast for FY2023 from the next slide. For the consolidated financial forecast for FY2023, both sales and profit are expected to increase. Sales is expected to increase by JPY 511.2 billion to JPY 7,900 billion. Adjusted operating profit expected to increase by JPY 22.3 billion to JPY 380 billion. Operating profit is expected to increase to JPY 360 billion, and net profit is also expected to increase to JPY 260 billion. This slide explains our fiscal 2023 outlook regarding the impact from changes in the business environment. The chart shows at a glance the impact on each segment by the changes in demand, shortages of semiconductors, parts and materials, and price hikes in raw materials and logistics. The light blue shaded areas show factors with positive impact compared to FY22. The light red shaded areas show a negative impact. For the changes in demand, Automotive and Connect expect to see demand recovery. Industry and Energy expect continuous favorable sales. For shortage of semiconductors and parts and materials, the overall impact is expected to lessen due mainly to the procurement of alternative materials. This impact is expected to continue in Connect. For the price hikes in raw materials and logistics, we will try to mitigate this impact through efforts as price revisions. However, it is expected to persist in Lifestyle and Energy. Regarding the situation of Energy, the impact of sharp price hikes in raw materials in FY22 Q4 and onward is expected to remain in the first half of FY23, but we expect to mitigate this in the second half of FY23 through efforts such as price revisions and rationalization. As such, the situation of shortage in semiconductors and parts and materials seems to be improving. Due to the Russia and Ukraine situation, our assumption is that the impact of raw material price hikes will expand. As for the impact from lockdowns for COVID-19, it is difficult to estimate its size currently, but for the changes in the business environment, we will continue to closely monitor the situation. This slide shows our analysis of the FY23 operating profit forecast. Profit generated from sales expansion is expected to increase by JPY 110 billion. Fixed cost is expected to become a decrease factor of JPY 40 billion, increasing due mainly to investment for future growth. The impact of price hikes in raw materials and logistics is expected to become a decrease factor of JPY 180 billion considering the expanding impact involving the situation in Russia and Ukraine. We will continue to counter the situation with price revision. This expected effect of JPY 95 billion is included within the rationalization of JPY 135 billion effect. The temporary factors are expected to improve by JPY 12.3 billion from FY22 negative factors. The effect of exchange rates are expected to be a negative factor of JPY 15 billion due to the expanding impact of the depreciation of yen against the renminbi. As a result, adjusted operating profit is expected to increase by JPY 22.3 billion. Other income loss is expected to decrease by JPY 19.8 billion due mainly to the impact of one-off gains in FY22. Earning profit is expected to increase by JPY 2.5 billion. This slide shows the forecast by segment. Details are to be in the next slide. This is our sales forecast analysis by segment. Overall sales are expected to significantly grow. In Lifestyle, sales is expected to increase by focusing on growth businesses such as air conditioning in Europe, electrical construction materials and consumer electronics overseas. In Automotive, sales is expected to increase for automobile production recovery. In Connect, sales is expected to increase due to sales growth in avionics, as well as the effect of Blue Yonder being consolidated for the full year. In Industry, sales is expected to remain at the same level as FY22 due to decreased sales of other segment products despite increased sales of Panasonic Industry products for information and communication and automotive use. In Energy, sales is expected to increase due mainly to increased sales of automotive batteries with continuously growing demand and increasing sales. Next, our operating profit forecast analysis by segment. Overall, adjusted operating profit is expected to increase. In Lifestyle, is expected to increase due to the increased sales of overseas business, partial recovery from parts and components procurement issues in the electric works companies, as well as the effect of price revision and rationalization efforts to counter material price hikes. In Automotive, profit is expected to increase due to increased sales, the effect of cost reduction efforts, and the effect of price revision to counter surging costs of parts and components despite price hikes in parts and components such as semiconductors, increased shipping costs, as well as increased fixed costs from increased production. In Connect, profit is expected to increase due mainly to increased sales of avionics. In Industry, profit is expected to increase due to increased sales of Panasonic Industry products despite the impact of raw material price hikes. In Energy, profit is expected to decrease overall due to increased expenses for future growth, such as development of 4680 cells. We will mitigate the impact of sharp price hikes in raw materials, which continues from FY22 Q4 through price revisions and rationalization efforts by the second half of FY23. The impact is expected to persist for the full year. We will try to offset this. This is a forecast for Lifestyle segment by divisional company. Adjusted operating profit is expected to increase at all divisional companies. Cold chain solutions company is expected to record a loss. This is due to factoring in certain risks, anticipating the need to take drastic measures for its operations in China. Finally, this shows an overview of IR Day, which is scheduled for June 1 and 2, 2022. On April 1, 2022, Group CEO Kusumi announced the Group-wide medium- to long-term strategy. At IR Day, the CEO of each operating company will explain its individual business strategy. As for the new Panasonic Corporation or Lifestyle segment, details will be explained by the management of each divisional company. We will look forward to your participation in this two-day event. Thank you very much for your kind attention. We have Furukawa-san of Bloomberg. This is Furukawa of Bloomberg. I hope you can hear me. Yes. Thank you very much. About energy, I have two questions. At the end of February, 4680 facility was announced for Wakayama plant. After that, production line starting or any update from the end of February? Also, on page 17, 4680 development cost increase is mentioned. What is the size of this increase? Can I ask the second question? Yes, go ahead. Another question I have is U.S. 4680 production facility. Do you have a wish to set up the facility to do so in the United States? In the earlier briefing, Mr. Kusumi said that maybe it's after when you have a mass production in Wakayama. Are you thinking and are you looking for the site for such a production facility in the United States? Thank you for your questions. 4680 Wakayama plant production. The building, we are making sure that we have a good renovation and at the same time, the equipment and facility are being prepared. In terms of timeline, basically, we are on track. During the FY24, mass production, including the prototype validation, is something that we are trying to realize. We are making progress. 4680 related question, with the rising prices of the raw materials in energy in the first half, we cannot catch up, but with the higher sales, we can offset that. But there are pluses and minuses, but in relation to 4680, the lower profit is expected, but even higher decrease is factored in. That's my answer to your first question. The second question, in the United States, are we going to manufacture 4680? Kusumi-San has been communicating in different places, and I cannot say anything more than that. I want to make sure that we can start up the mass production, and that is the phase that we are in. Thank you very much. Thank you very much. When you said that, you have already started setting up the production line, when you said the facility and equipment. When I said the equipment and facilities, some of them are made by us and some of them are made by others. As we renovate the building, we are also making the preparation for the facility and the equipment. Thank you. Next question. Nagana Oson from Nikkei, please. Nikkei Newspaper. Thank you very much. Can you hear me? Yes. I have two questions. First, I would like to ask you about the foreign exchange rate for this fiscal year. You have an annual 115 yen for a dollar, and you have the numbers for the renminbi and the euro as well. Compared to our current exchange rate, there seems to be some gaps. I would like to once again ask you about the currency. If you are going to be working on the currency that you have now, is it going to be a positive for you? I would like to ask you about the forecast. That's one thing. The second question is, it's about the supplementary materials and the investment for the R&D. It's about 5%, and for the investment, for capital investment is about, more higher. I would like to know about how we are going to be making the investments. I would like to ask you about the current status quo. Thank you very much for your question. As you say, the forex that we assume, 115 yen for a dollar, and now it is 130 yen, so there's a big gap. For renminbi, it's 19 yen, and right now it's 13.9 yen per renminbi. The sensitivity for the whole group is something in US dollar. It is about +2, and euro, +2, and renminbi, yen is depreciated, and Lifestyle and entertainment related businesses, TV businesses, which is imported much from China, will be working in the negatives. As if the foreign currency is calculated as currently, the negative side is going to be following as it is, but the positive side is going to be showing some gaps. As you rightly mentioned, for the foreign exchange, there is a positivity for the impact. We are very much in a conservative manner. That's one point. Second issue, with the R&D and the capital expenditure investment. This is reaching that it is around JPY 300 billion for capital expenditure investment, especially for the Lifestyle and Energy, investment is growing. From October, we have been transitioned for the new structure and each businesses is focusing on their market and various movement is on the rise and making speedy. Therefore, the investment in research and development investment is now factored in within their budget. At the same time, each of the operating companies are going to be responsible autonomously for their management. Therefore, the finance should be created, the generated cash should be utilized from their side in order to make their investment. But we have to make a balance in order to work this through. The capital investment of JPY 300 billion or more, whether or not it will be working as scheduled, is according to the condition at the times. We will be looking forward into the status of condition in the future to make appropriate investments. Thank you very much. Thank you. Next from Kyodo News, we have Watanabe-san. This is Watanabe of Kyodo News. Hope you can hear me. Yes. One question about batteries. Current, the sales expansion of the batteries, could you talk about that? This requires a large sized investments, so when you consider the ROI for OEM manufacturers and other car manufacturers, are you providing samples to them? Could you talk about the situation right now? Well, it involves some customer information, so aside from what we have announced, it's difficult for me to say. There have been some various inquiries. What we can say is that from Tesla, there is a continuous strong demand for 2170 and 4680. There has been a strong request. Also Canoo, the new EV manufacturer, we have already made announcement. For them, we are thinking about the supply and that would be 2170 though. Supply is going to be probably from most likely from Japan. Other car manufacturers, OEM manufacturers, whether we are getting the inquiries, yes, we are considering many possibilities, but there are no facts that we can announce at this moment. Thank you. Does that answer your question? Yes. Thank you very much. Thank you. Next question. Nakayama-san from Nikkei Business, please. Nakayama from Nikkei Business. Thank you very much. I also would like to ask you about the battery. Regarding 4680, you say there's an inquiry. The customers who have interest, where are they drawn or think beneficial of 4680? What is appealing to these customers or clients? This is a cylindrical battery, and it has a special characteristic. In a single battery the output is very high. Making it into a module, the client has to put in a lot of cost, and we need a lot of know-how in order to make it into a module. Where the battery capacity is going to be high, the combination module is going to be much more simple. The battery of 4680 itself should be created robust or else the safety will not be guaranteed. For us, those are the source of our competitiveness. From the car makers, automakers, the cylindrical battery, making them into module, they need a rationalization. Therefore, there's a lot of benefit for 4680. That is what I think. Thank you. Thank you. Any other questions? Again, we are taking questions only in Japanese. Mishima-san from ITmedia. Thank you. This is Mishima speaking. I hope you can hear me. Thank you very much. I have one question. In China, due to the COVID-19, there has been lockdowns and the supply chain disruptions have been happening. How do you evaluate the impact from it? Any cost of the countermeasures that you have as a provision or anything that you can comment? Well, for example, the lockdown in Shanghai is included in our forecast, and that was actually started at the end of March. Extent of the impact, we have not been able to evaluate that, and we don't know until when this will continue. The business in China, there is an impact on our sales. Also, in Japan, the imported components and parts, May and June and onwards, we expect to see some impact from it. To what extent should we factor in? It's very difficult to decide. I talked about the foreign exchange rate earlier, and the fluctuation of the Forex is not something that we can forecast. There are positives and negatives. Based on those, we would take the appropriate measures. Lockdown in Shanghai, the impact from it is not a small one. That is what I feel right now. Thank you very much for the answer. Next question. Hiraoka-san from NewsPicks, please. Hiraoka from NewsPicks, can you hear me? Yes. I have one question. You have been transitioned to a holding company, and I think going forward, by operating company, are you going to be disclosing the balance sheet and other? The reason why I ask is that, for instance, the Sony Group is disclosing the cash flow of all the operating companies. By businesses, the balance sheet, whether or not the balance sheet is inflating or not, and then the operating cash flow, looking at the conditions, the stakeholders will be able to follow up and track down the cash movement. The shareholders will be looking into details and the entity or the operating company itself will be careful in managing their operation. In that sense, do you have any schedule or plan to disclose such information to the public? By operating company of our balance sheet and profit and loss statement, currently, there is no schedule to disclose. Our holding company, when Mr. Kusumi mentioned that the operating profit is in a certain amount, and this operating profit is going to be difficult to cut it out at the end of financial result closing. For myself, I would like to communicate with you based on EBITDA. For the profitability of the capital, each operating company is going to be utilizing ROIC. The efficiency of the capital, ROIC could be usable in comparing with other companies. Therefore, ROIC is going to be an indicator to be disclosed from the operating company. When the operating company is announcing the ROIC, the cost structure will be different applying companies. Are you going to be also disclosing that in the future? For each of the operating company, a resulting ROIC is going to be disclosed to do the communications. Thank you very much. Thank you. We are running out of time, so we take just one more question from a journalist. Kojima-san from Sankei Shimbun. Thank you. This is Kojima of Sankei. Hope you can hear me. FY23 forecast, I have a question on that. Connect Blue Yonder, as for the sales, full year Blue Yonder effect will be contributing. So as a, if you look at the Connect company as a whole, what would be the percentage of that? Might be difficult for you to give me the actual number, but could you talk about the size of it? Operating profit, positive impact, you know, we are not yet seeing that from Blue Yonder. Until when do you think that there will be a major profit contribution from Blue Yonder? Anything that you can talk about as of now. For this fiscal year, the sales of Blue Yonder is included in the supplementary information about less than JPY 60 billion. One time, through the acquisition, there's a change of control and the accounting treatment was necessary, so more than JPY 10 billion lower sales. We need to add that, and we multiply that by two. There will be a growth being generated. That would be the weight or percentage, and you need to use that. What would be the contribution from the Blue Yonder in terms of profit? If you only look at the Blue Yonder, it is profitable business. We have to look at the depreciation and amortization of the intangible assets through the acquisition. Based on the consolidated base- EBIT view probably would be more appropriate. EBITDA is something that we want to communicate. Right before this meeting, we talked about the Blue Yonder IPO, and we said that we announced that we will prepare for the stock exchange listing. The overall number of the Blue Yonder in calculation is something that I cannot mention legally. In terms of the actual results, that's how I would communicate. Through the IR activities, maybe we can give some additional information on that. Thank you. I hope that answers your question. Thank you very much. The question from the journalist, we are going to be finishing. Next, from the institutional investors and shareholders, please pose your question. We are only inviting questions in Japanese. Harada-san from Goldman Sachs Securities, please. This is Harada with Goldman Sachs Securities. I have two questions. The first one is about automotive. Your forecast is that you're going to be increasing profit. On the other hand, currently, there's a news about Toyota recently out. There could be some impact from the lockdown too. How do you factor in all these factors? Please share your ideas. That's one. The second question, it's a follow-up question of the other person of regarding Blue Yonder. Maybe in the last fiscal year, of the sales, I would like to know how it has been growing. And about the profit, operating profit margin, how was it? I would like you to share these numbers. Regarding automotive, the semiconductor shortages were in tight situation. We have already gone through that experience. The full capacity production is not something that we are assuming. To some level, we are factoring in, but how long is it going to be lasting, and how is it going to be continuing on? This is not something that we ourselves could decide. We are observing the situation closely. When things are much getting tighter, then when at a communication point, like financial result briefing, I would like to communicate our gut feeling, how we are. Regarding your second point, regarding Blue Yonder, the growth rate for the last fiscal year, it has been growing double-digit. For the recurring business- type business, in single form, software sales have been decreasing, and the sales of SaaS-type model has been increasing. Therefore, profitability, the base of the profitability is growing. That is our trend that we are seeing. I think that would be it. Yes, thank you very much. Thank you. Next is Morgan Stanley MUFG. Ono-san, please. This is Ono from Morgan Stanley MUFG. I hope you can hear me. I have one major question. This time, in the analysis of the sales and operating profit, you mentioned a higher material cost and logistics, JPY 180 billion is expected. Roughly speaking, the raw material hike and the logistics, how do you distribute those two? And the first half and second half, could you give us the image of each? Also, if you have any, if you see any differences by segment, could you add also some comments on that? Yes. First, the FY22, JPY 160 billion is the impact that we see. Out of that, about JPY 10 billion is the logistics related. That is to say JPY 150 billion or so is in relation to the higher material cost. Higher, the Lifestyle business is the business which was most affected by the higher materials prices, maybe higher than 50%. Industry and energy also were impacted, but those were probably less than 20% each. The rest of the businesses are not so impacted from the JPY 150 billion due to the higher material costs. As for FY23, JPY 180 billion is the number, and out of the logistics is about JPY 30 billion. FY22, it's actually triple that of the 22, especially Europe. For Europe, it's becoming much higher and there is a disruption of the logistics. Logistics related increase is high, JPY 180 billion. Now, in terms of the higher material cost, about JPY 150 billion again. In comparison to 2021, JPY 300 billion increase. 2023 Lifestyle, the countermeasures, for example, the products and the components are going on, so the percentage is about 40%, so it's lower. Also other segments, slightly, we are seeing the impact from those rising prices. That is the current status. Thank you. What about the changes of the first half and the second half? Any differences? As for the first half, second half, the numbers, we would like to refrain from mentioning that. Thank you. Understood. Thank you. Next question, Nishimura- San from Credit Suisse Securities. Thank you very much. I have two questions. It's about the analysis for the sales. You have been talking about rationalization. In fiscal year 2021, you have been sharing with. Please share me the difference of the value itself. My colleague also shared the question regarding the budget for the investment and the development. This is the first year of your third year strategy, so you could be investing in upfront. Is it so? You have been also mentioning that you were looking at the foreign exchange currency rate in a very conservative way. How do we observe your understanding? How should we understand your logics, please? Thank you very much for your point out. Regarding the rationalization, plus minus for FY 2022 to FY 2023, it is decreasing. To think of that, we are now switching over to an alternative materials or procuring other parts and materials. That has been done in FY22, so we have been reaping some results. In FY23, we assume that everything is now having a price hike. Therefore, it is difficult to even change with the alternative materials. The alternative materials and parts are also at its highest pricing. The imminent case is that the copper has been changed to aluminum for the air conditioner, but aluminum is at the peak of its price right now. Therefore, the alternative materials shifting into those area are decreasing its effect. But to replace that, we have to do everything that we should do. Compared to FY22, FY23 will be something that we would be factoring in the pricing that is going to be passed on to the customer side. That is the structure of the pricing. The second issue about the budget of the development investment. We're backcasting from 10 years, and we are going to be working on whatever we must do within the mid to long range. Therefore, necessary budget should be ensured and are ensured. What we need to do is something that we will implement and execute, but with speed. There's various environmental changes surrounding us. Therefore, whether the budget and the speediness, how the correlation would be is something that we must observe very carefully. Each of the company should be working for the investment and R&D investment and development that they need to do. Thank you very much. Thank you. Next, Nakane-san from Mizuho Securities. Thank you. This is Nakane of Mizuho Securities. Two questions. First, each company, the foreign exchange sensitivity vis-à-vis the dollar, could you talk about that? I understand pluses and minuses. Could you give us the size of the sensitivity? That's my first point. The second point is inventory. The longer lead time, disruption of supply chain, and also the accumulation of the parts and so forth. I can see the background, but as a fact, the inventory is up to JPY 1 trillion-JPY 3 trillion. So by each segment, what is the trend? And if you look at the budget for this fiscal year at the midterm, what would be happening? And also, at the end of this fiscal year, what would be the operating cash flow? If you can give us any hints on those points. Thank you. By segment sensitivity. Well, if you only look at the US dollars, Lifestyle is positive, but almost nothing. Auto will lower single digit JPY 100 million. Connect, virtually no. Industry, what I'm saying is the impact from the strong yen, sorry. In Lifestyle, when yen becomes weaker, it is negative. Automotive sensitivity is positive. Excuse me. It's plus, minus. I shouldn't talk about each of them, but Automotive, weaker yen means negative impact. Connect, small but is slightly negative. The big ones is Industry. More than JPY 1 billion positive impact based on 1 yen. Energy, it's not up to JPY 1 billion, but single digit. Middle of the single digit or higher. Positive impact. Others. Segmenting others. Media and entertainment. Entertainment, yes. TVs, the DIGA for the recording. Those, we have a lot of imports, so that's negative. Housing, it's basically domestic business, so it's not impacted. Those are the current status. That is about the effects by segment for U.S. dollars. Those are not the exact numbers, but that's the kind of size. As for the inventory, up by JPY 300 billion. Out of that, about JPY 80 billion or less has to do with the foreign exchange translation. Net increase is about JPY 220 billion or plus. But still, it's JPY 220 billion plus increase. What is not increasing is housing. Housing can be controlled in Japan, so it's not increasing. Asia, China, we manufacture and B2B, Auto Connect, and others. In many of those businesses out of the JPY 220 billion, the inventories are up. Little higher than JPY 220 billion increase. I cannot give you the details, but strategic investments is about a little less than 50%. We are consciously securing inventories. Also, concerning this more than 50%, the PSI fluctuation and the logistics issues, those are increasing because of those factors. Those are strategic inventories. We have to actually have more inventories than before. As for the external factors, shortening the lead time and the components and so forth, we are working on them, so we would like to reduce those. The sales are increasing for FY23. In terms of the inventory days, we will try to reduce it, but the inventory value, it would be a little less than flat. We want to maintain it at that level. Inventory days will be reduced. That's what we are expecting. As for the operating cash flow, EBITDA level, deducting tax from that is the level. The operating cash flow with the higher inventories was offset by it. We can control it. The JPY 790 billion EBITDA, I think you saw that. The tax equivalent, deducting from that number is what we expect as our operating cash flow. Thank you very much. Thank you very much. We are very sorry, but now, in the interest of time, we're now limiting two questions from two persons, but one question each. Isawa-san from Citigroup, please. I was listening to other people's questions, so it might overlap. If you do have anything to add, please. For the three-year that the operating profit is now at JPY 1.5 trillion was also shown too. As of the plan for the first year within the three-year strategy, the value seemed to be very small. The cash flow schedule and the profit schedule within the three years, can you attain for like it could be JPY 600 billion for operating profit within the second year should be attained. How are you going to be making the way, please? Thank you for the question. On April first, likewise question has been given from your side and our group CEO, Mr. Kusumi, also answered the question. It is not a very easy way. This is a challenging issue that we must face. For FY23, we have been announcing that. We have been making an announcement, and to that, we are slightly behind. However, we are taking various initiatives, accelerating initiatives, and when we accelerate, speediness will follow. Therefore, operating profit is going to be the largest profit. To be the largest profit is what we aim for. We just started our three-year strategy plan, therefore, we are going to be aiming to achieve our target. Therefore, I would like you to keep up with us. Thank you very much. Thank you. Katsura-san from SMBC Nikko Securities. Thank you. This is Katsura. One question. On page twelve for this fiscal year, the forecast or plan and how to understand those numbers. There are various uncertainties right now. Depending on the assumptions, there will be changes. In your case, this time higher sales and higher profit are expected. Of course, some companies are not providing guidance or expecting lower numbers. What is the message behind those forecasts? In terms of profit and loss, there are numbers, but aside from it, operating cash, as you already talked about this, investment numbers, CapEx is mentioned. If you only look at this, free cash is like JPY 200 billion-JPY 300 billion level. Is that the size or is it totally different? The Blue Yonder, the stock exchange listing, was mentioned. Are you going to be more aggressive in making investment? Is that the message? Could you tell us the message behind this forecast? Well, this time, the numbers that we announced in each operating company, we have revised them, maybe three times. Each operating company made a commitment, and this is the total of those numbers. Each segment, KGIs that they provided on the first and second of June, we have a business IR Days, and each CEO will explain. In that sense, what about the company-wide view? We revised three times because situation or invasion into Ukraine, since the beginning of this, there is acceleration of the higher materials prices. We factor that in. As I mentioned earlier, the lockdowns in Shanghai, the impact of it's really difficult to draw the line, so it's not fully factored in. In terms of sensitivity company-wide, when the yen becomes weaker by $1, about JPY 800 million positive impact and about EUR 900 million in terms of euro and about a little less than JPY 4 billion negative impact in relation to the renminbi. Those are the sensitivities. As for renminbi, the expected rate is close to what we expected, and we have a very conservative view on the FX level. You have to look at all of those factors when you consider the risks in Shanghai and what could happen from now on. We're making some comments based on the changes, and we will take quick measures as necessary. Also, as for the free cash flow, naturally the positive CapEx is included. At the same time, the autonomous management is what we are trying to promote. Inventory, as I mentioned, is what we see. But in making investments, we need to manage this on our own. As we do this on a daily basis, the free cash flow itself, we would accelerate this or we'll step on the acceleration. We, in terms of the financial discipline, we would follow up on the paying back the debt. We would look at the balance of all of those factors. Thank you. That means there are strategic investments, but in terms of profit and loss, you have a buffer so that you can generate higher sales and higher profit. Yes. What is uncertain is that what would happen next? That is what we think. About the Shanghai, it happened. The size of the impact is gradually becoming clearer, so we don't know when it would be ending. At the same time, as for the foreign exchange rate, there is certain buffer that I talked about. Within it, how much can we absorb with the buffer? Want to make sure that we watch the progress. Mr. Kusumi and myself and operating company of UD, we attend those meetings to follow up. It's very difficult to foresee the future in FY23. That is what we are feeling right now. Thank you. Thank you. With this, we would like to close the briefing for fiscal year 2023 financial forecast and FY 2022 financial result. Thank you very much for your participation.