I will now present the consolidated financial results for the Q1 of Fiscal 2024, ended 30 June 2023. This is the summary. First, the impact of U.S. Inflation Reduction Act, IRA, on our financial results and forecast. Although the detailed rules have not yet been determined, an amount equivalent to the IRA tax credit is recorded in Q1 as adjusted operating profit. Details are explained in the next slide. Next, the results for Q1. Overall, sales increased year-over-year on increased sales in Automotive, Connect, and EV batteries, and through currency translation. Despite largely decreased sales in Industry, adjusted operating profit increased overall on increased profit in Lifestyle, Automotive, Connect, and Energy, despite decreased profit in Industry. Net profit increased considerably, mainly due to recording of JPY 121.3 billion for deferred tax assets and other factors with the liquidation through a special liquidation of PLD, Panasonic Liquid Crystal Display, as well as its debts waiver, which was resolved by the board of directors, as announced separately today. Operating cash flow increased year-on-year, due mainly to efforts to control inventories and improvements in working capital. For the full year forecast, group-wide net profit is revised upward, reflecting the considerable increase in profit in Q1. Group-wide sales and multi-step profits all the way to profit before income taxes remain unchanged. The forecast by each segment also remains unchanged from the initial forecast announced on 10 May. First, the impact of US IRA tax credit. As explained at the earnings briefing on 10 May, in FY2024, we are assuming to elect refundable tax credit method to monetize the tax credit. In addition, we are considering the idea of investing the IRA tax credit in our EV battery business in the US, as well as its effective use with our customers toward strengthening and expanding our EV battery business in North America. Accordingly, we recorded half of the total tax credit as adjusted operating profit. The amount recorded for Q1 is shown in this slide. For sales, -JPY 24.2 billion is recorded as deduction based on an accounting treatment for the amount to be effectively used with customers. This is a change from our previous assumption in the full year forecast. Details are shown in the upper right box. Initially, we assumed to record the tax credit as expenses of provision, whereas for Q1 results, we recorded the amount of tax credit as deduction of sales. While the method of effective use with customers remains undetermined, the revenue recognition standard is applied. We recorded the deduction of sales of JPY 24.2 billion, according to the following calculation: -JPY 22.5 billion, or half of the tax credit for Q1, together with -JPY 1.7 billion. This JPY 1.7 billion is derived by applying multiple year account accrual accounting to JPY 20 billion, which is half of the JPY 40 billion recorded in net profit in FY2023 Q4. For AOP, we recorded JPY 20.8 billion after the deduction of JPY 24.2 billion, that is the equivalent amount to be effectively used with customers from the JPY 45 billion of the tax credit in FY24 Q1. The impact on net profit is JPY 26.8 billion, which includes JPY 6 billion of deferred tax assets. The full year forecast remains unchanged at this time. Now, the details of the consolidated financial results for Q1. This is the consolidated financial results. Overall, sales increased to JPY 2,029.7 billion, up 3% year-on-year. Sales in real terms on constant currency were at the same level year-on-year. Excluding the negative impact of IRA tax credit, sales in real terms increased by 1% year-on-year. AOP increased to JPY 92.8 billion, and OP increased to JPY 90.4 billion. Net profit considerably increased by JPY 152 to 200.9 billion. This is due to the recording of deferred tax assets and other factors with the liquidation through a special liquidation for PLD, as well as its debts waiver resolved by the board of directors. This slide shows results by segment. The year-on-year variance analysis for sales and operating profit are shown in the next slides. First, sales by segment. In Lifestyle, overall sales decreased due to the deconsolidation impact of part of businesses in China, while sales increased for the priority business, such as HVAC system, electrical construction materials in Japan, and showcases in North America. In Automotive, sales increased due to recovery in automobile production. In the Q1 of the previous year, automobile production had been affected by Shanghai lockdown and other factors. In Connect, sales increased due to favorable sales in Avionics, reflecting market recovery in the aviation industry, increased sales in rugged mobile terminals and notebook PCs, as well as sales growth of SaaS business in Blue Yonder, despite decreased sales of Process Automation caused by investments slowdown for PCs and smartphone. In Industry, sales decreased due mainly to the downturn in market conditions for ICT use and FA in China, as well as the impact of changes in semiconductor sales channel resulting from the business transfer in FY2021, despite increased sales of capacitors for green vehicles. In Energy, overall sales increased in real terms, excluding the impact of IRA. As for in-vehicle, sales increased due to favorable sales and production, with continuously growing EV demand and improved productivity. For industrial and consumer, sales decreased due to weakening market conditions. Within other elimination and adjustments, sales of both entertainment, communication, and housing decreased due to the impact of weakening market conditions. This shows our adjusted operating profit analysis by segment. In Lifestyle, profit increased due to higher sales in HVAC system, electrical construction materials in Japan, and showcases in North America, and rationalization and price revision efforts to offset the increased fixed costs, mainly for higher production and strategic expenses. Automotive profit increased due mainly to higher sales, price revisions to counter price hikes in parts and materials, and cost reduction efforts, despite higher fixed costs for increased production and personnel expenses and persisting impact of price hikes in parts and materials, particularly for semiconductors. Connect profit increased due to higher sales in avionics, rugged mobile terminals, and notebook PCs, and Blue Yonder, despite lower sales of Process Automation. Industry profit decreased due to lower sales affected by the downturn in market conditions, despite price revisions, rationalizations, and effect of weaker yen. In Energy, overall profit, excluding the impact of IRA, decreased due to much lower sales of industrial and consumer. In-vehicle profit increased due to higher sales, normalized balance of material prices being reflected in sales prices, and the impact of IRA, despite higher fixed costs. This shows the result of Lifestyle by divisional company. In Heating & Ventilation A/C Company, both sales and profit decreased due mainly to lower sales in room air conditioners in Japan, impacted by weaker aggregate demand. Excluding this, both sales and profit increased. As for air-to-water in European market, we are facing a temporary slowdown in demand due mainly to a decline in new housing construction, reflecting economic downturn, lower gas prices, and changes in subsidy schemes in some countries. However, looking at the medium to long term, decarbonization initiatives in Europe remain unchanged, and we expect a gradual recovery. This shows our operating profit analysis by factor. From the left, profit from sales expansion increased by JPY 9 billion. Fixed costs were a decrease factor of JPY 26 billion. This is due mainly to investments in Lifestyle and Energy aimed at business growth. Price hikes in raw materials and logistics were a decrease factor of JPY 20.5 billion. On the other hand, the counter effect of price revisions and rationalization efforts was an increase factor of JPY 42.3 billion. By looking at other individual factors, the impact of IRA was an increase factor of JPY 20.58 billion, and higher profit of Blue Yonder was another increase factor of JPY 5.3 billion t he breakdown of our AOP of Blue Yonder is shown here on the right. The effect of exchange rate was an increase of JPY 6.2 billion, mainly seen in Industry and Energy. Our adjusted AOP increased by JPY 27.1 billion. Operating profit increased by JPY 26.7 billion. This shows situation of cash flow and cash position in Q1. On the left, operating cash flow was JPY 226.6 billion, increasing year-on-year. This is due mainly to efforts to control inventories, improvements in working capital. As for inventories, despite a temporary seasonal increase, we will continue to reduce inventories toward the end of Fiscal 2025, mainly by revising the strategic inventory level. On the right, net cash was -JPY 537.5 billion, improved from the end of Fiscal 2024. Next is consolidated financial forecast. This shows the consolidated financial forecast for Fiscal 2025. Net profit is revised upward by JPY 110 to 406 billion from the initial forecast of JPY 350 billion, reflecting the considerably higher profit in Q1. Sales and multi-step profits down to profit before income taxes remain unchanged from May forecast. Accordingly, the EPS are revised upward to JPY 197.8, and ROE is revised upward to 12% respectively. While the forecast by segment remains unchanged, we envision some changes in demand from our initial assumption at the beginning of Fiscal 2025 t his shows the latest outlook on changes in demand. Changes from the May assumption are highlighted in the boxes, and the situation differs by segment. For example, in Connect, aviation demand shows higher than expected recovery. However, industry demand recovery for ICT terminals is expected to be delayed. In addition, we cannot see signs of full-fledged recovery in China's FA market. We will carefully monitor the situation and then decide whether it is necessary to revise the forecast by segment from the next results announcement and onwards. Finally, the business portfolio. This shows our initiatives to carry out business portfolio management, which Group CEO Kusumi explained in the group strategy briefing held on 18 May. From this fiscal year, we will proceed with management initiatives considering the revision and replacement of business portfolio toward shifting to growth phase. As Panasonic Holdings Corporation, our aim is to provide all stakeholders with benefits and to increase the value of the group. To achieve this, we will make a decision by looking at two types of criteria t he first is the relevance to the group-wide common strategies. The second is the market position and competitiveness. Based on these assumptions, we will set the direction of the revision in the current fiscal year and execute the decisions accordingly. Thank you very much. Furukawa-san from Bloomberg. This is Furukawa from Bloomberg. I hope you can hear me? Yes, we can. Thank you. I have two questions on energy. I'm looking at, two page about IRA tax credit for Q1, and we see an increase by JPY 5 billion over the amount in Q4 of the previous year. Is this a one-time thing, or can we expect this to continue? If the tax credit is expected to increase in Q2 onward on a full year basis, although you are expecting it in JPY 40 billion or JPY 160 billion, could this increase? Another question. In addition to Mazda, Subaru today announced the collaboration with Panasonic on EV battery. Should you expect further supply in, in vehicle battery going forward? I think it will be more efficient to produce in Japan. What's your plan? Thank you for your questions. JPY 160 billion on a full year basis, JPY 45 billion in Q1 multiplied by four would be JPY 180 billion. JPY 130 was our original assumed exchange rate, but it was JPY 137 to the dollar in Q1. Also, if you can look at star three on page two, $35 per kilowatt hour by 9.4 GW. You can see that formula shown as star number 3. 4 GW. 9.4 GW hour. We are seeing improvement in productivity, and therefore, we saw a good progress. There was major impact from the exchange rate as well. On a full year basis, the actual amount we have not changed for now. Should we see further improvement in productivity and should be any changes to the exchange rate assumptions, there is room for upward revision. That is one thing that we might be looking at in Q2. That's the answer to your first question. Your second question about Subaru. Yes, we made the joint press release today. Already, from many OEMs, we have been receiving various requests, and we have been involved in consultations as we have been reporting to you. Should there be an agreement, we would be making that announcement, is the policy that we have been sharing with you, and it is along that line that we made the press release today. In addition to Mazda, Subaru is now on our customer list, and we have to... We are committed to the stable supply. As is shown in the press release, Subaru is going to be using the batteries at their Gunma plant, which is located in Japan, of course. Currently, 50 GW global capacity, 38 GW in the U.S., 12 GW or thereabout in Japan in terms of our capacity. Of course, we'll be considering what is the best, efficient way of supplying. Keeping in mind, what the customers are doing, we will be planning our capacity expansion, as well as where best to supply from. No final decision as of this point. Thank you. We take the next question. Hirashima-san from Nikkei. Thank you. This is Hirashima of Nikkei. Thank you very much. Two questions, please. This time, the net profit is at a record high in terms of number. What is your reaction to that? In relation to IRA and what you announced today, the POD, excluding those, what would be the progress so far? You mentioned that, that there could be some possibilities in the future, so could you tell us your reaction to this? The second question is about the POD. This was something that you announced in the past, but this is the liquidation. What kind of message should we receive from this announcement in relation to the liquidation of the POD? About net profit. Yes, at the beginning of the fiscal year, we announced that the JPY 350 billion, this included the major impact of IRA, so the highest profit was expected. This time, it just coincided with the timing that in Fiscal 2023, the liquid crystal, the responsibility of the supply has come to an end. This business or POD has come to an end. Now we have been studying whether we can liquidate POD. As a result, it is a highest profit. Regardless of that, we have had a cruising speed, and we have been steadily improving the profitability, and that is something that we will continue to do. As of now, even if we have achieved the highest record, it doesn't mean that, that we are very satisfied with it. We are not that excited about this at this moment. As for the IRA and the POD, excluding those impact, what is our take on that? IRA is effective on, in terms of AOP, and in terms of POD, this has to do with the impact on the income tax e xcluding those, it will be on track with our initial forecast at the beginning of the fiscal year. Earlier, we mentioned that we might consider the revision that is in Q2, and that is the differences a bit among the different segments. In Q2, whether to make such a division will be decided a s of now, we think that we are on track with our original forecast. As for the POD, the message from this is that in Fiscal 2020, we mentioned that we will withdraw from this business, supply responsibility is something that we have been fulfilling. Toyota, we are working together with Toyota for the prismatic battery, and this has become a factory to manufacture the prismatic battery. Rather than having the message, this POD business has come to an end, so as a result, we are liquidating this business. Other than that, there is no additional message from this. I hope that answers your question. Thank you very much. Next person, please. From Toyo Keizai Shimbunsha, please. Mingaki from Toyo Keizai. Hope you can hear me. Yes? Thank you. In your response earlier, you talked about the different impact by segment, especially in Lifestyle. Life appliance, Lifestyle appliance, and HVAC did not perform well in Q1. Can you elaborate on those businesses? That's my first question. I think you briefly commented on this, but if you exclude the impact of IRA, maybe not much difference from the previous year. Compared to your initial assumption, you said that the performance were more or less in line with your forecast, but could you elaborate on that? Difference by segment, page 13, is intended for that purpose. For HVAC, the negative figure, this was especially in relation to the room air conditioner in Japan. Last year in June, a very hot June last year, whereas this year, currently, we are suffering from extreme heat now, but up until June, we had a rather mild weather. In Japan, that is. Starting from the beginning of July, entirely different phenomena. In the previous year, we had cooler days in July, whereas this year, as you know, we are suffering from real heat every day in July. Currently, the total demand for air conditioners in Q1, 60%, 70% was the level, whereas starting in July, 1.3 x, 1.5 x is the growth that we observe in demand. Q2, we are only looking at one month, July, but we believe that we can catch up, make up the difference. Another factor that I'd like to comment on, another weakness, is air-to-water in Q1. Compared to the previous year, slightly slower in sales, especially in Poland. The gas prices, subsidies, are beginning to be provided. Gas systems were regarded as a better cost. Situation is different from country to country. For example, in Germany, the situation is quite different. -Czech Republic and Hungary, those countries have a severe winter, they have posted increase year-over-year. Overall, decarbonization is the major thrust. We have not been able to supply enough to satisfy the demand. We will be expanding our capacity. That is for HVAC. Another question, compared to last fiscal year, on page nine, you can see the variance analysis in operating profit. The fixed costs have increased quite substantially. Strategic investments have been made, including air-to-water and in energy-... About JPY 300 million, excluding IRA impact. The profits in in vehicle did not take place. JPY 18 billion is related to strategic investments. About a third of that is in relation to energy. For example, 4680 Wakayama and Kansas plant, new 2170 lines. We are accelerating the development investments in those sites, and those are having impacts on the profit that is due to the strategic investment. That is included in our initial plan, and that is the reason why I said that our performance is more or less in line with our projection. I see. Thank you. Now we move on to the next question. Sato-san from Nikkei Asia. Thank you. This is Sato from Nikkei Asia. Thank you. I have two questions in relation to IRA. First of all, about the tax credit. JPY 45 billion in terms of AOP and for JPY 24.2 billion for the use with the customers. The reinvestment in North America was something that we had an image about, but maybe this is because of my lack of understanding. JPY 45 billion, the whole amount will not be reinvested, just a part of it will be reinvested, and the remaining is posted or included as AOP. Is that correct? Also, JPY 24.2 billion, the impact of the IRA tax credit to be effectively used with customers. What is the purpose of the use? Is it mainly the investment in Nevada, the state of Nevada, or not? Thank you for your questions. First of all, this IRA tax credit, based on the law, we are to invest in the United States. Half of that is something that we will use to invest in North America. Also, another thing is about the joint development or the working of the Tesla. This comes from that. Together with the customers, we have to effectively utilize this amount, so that is something that we plan to use in the United States. Rather than using it as a discount in relation to the IRA concept, we want to promote the green energy, and mutually we will be considering that. That is how we plan to have use this. JPY 24.2 billion has not had any impact in terms of cash flow. When we monetize this, the use will be determined. The, based upon the, the ordinary procedure, the monetization will happen in Fiscal 26 timeframe. This time, we have booked a negative number in terms of sales, but in terms of the bottom line, this will be same as the provision. We have not yet monetized this, and therefore, we have not yet used it, to answer your question. The JPY 45 billion, all of them will be reinvested in the United States, but part of it is something that, that you would use in relation... in working with Tesla or together with Tesla. Yes. Thank you very much. Next person, please. From Reuters, [inaudible], please. My name is Daniel from Reuters. I have a question about the forecast by region. In Q2 onward, especially in Industry segment, the Chinese market, what's your projection for the Chinese market? Together with the global economic situation, do you expect the recovery in China as well? Thank you. You talked about Industry. As you can see on slide 13, mainly due to the situation in China, we are feeling the impact, and that is our projection. Those in black boxes are the additions this time around. For example, the first one in Industry, the recovery expected gonna be pushed back a s for server data centers, it will be lower than in the previous year. Some other negatives, the FA market in China, with no sign of full-fledged economic recovery. Given these factors, the economic forecast, current economic forecast is that it's gonna be worse than our initial projection. Some good signs?... would be the expanded demand for generative AI. That's something that we expect in industry in capacitors and electronic infrastructure or the board substrate. The substrate would be the products that are relevant. The high quality and quality are expected for capacitors. We don't expect the demand to result immediately, but most probably in FY2025 onward. Overall, compared to the initial forecast, we are afraid that industry and China in particular, might be more challenging. I see. Thank you. It seems that we have no other questions from journalists, so we'd like to end the Q&A session with our, our journalists. Now we'd like to take questions from analysts and investors. Once again, we are not taking questions in English. To repeat, we are only taking questions in Japanese. Goldman Sachs Securities, we have Harada-san. Harada of Goldman Sachs Securities, thank you very much. Two questions. First is about the Blue Yonder. Based upon the disclosed information from Q4 to Q1, the sales are up, but the profit is flat, so I'd like to know the background behind that. Recurring sales are on the rise, so I think that the profitability should improve. You mentioned that the strategic inventories, and probably that had some impact, so I'd like to know whether that is the case. The second question is in industry. Yes, in China, you are faced with some difficulties, and you're not seeing the full-fledged recovery there. In terms of industry, from Fiscal 2025, you expect to see some recovery. From your perspective, the recovery timing of the industry is something that I'm interested in knowing. About the generative AI, you mentioned that in the fiscal next fiscal year, it might start. Specifically, what would be the expected impact from the generative AI? if you have made any calculation on that? Those are the two questions. About the Blue Yonder, in May, when we had the strategic briefing session of the Blue Yonder, Duncan, our the Blue Yonder CEO, explained to you that the fiscal 2024, there was a cloud business investment. That's what he explained. The, this investment had certain impact on the performance. As Harada-san said, that is the current status that we have. About the breakdown of the Blue Yonder on the supplementary or the reference, in the quadrant on page 25, we are showing some details. Here, it shows the KPI of the progress of the Blue Yonder. When you look at this like that, it's based on the Duncan plan, and we are progressing based on that. In the May briefing, as Higuchi said, the stopping-- If we stop the investments, the profitability could go up right away. We want to make strategic investments so that we would like to continue to look at those four KPIs to see the progress. Harada-san, your understanding is correct a s for the second question, industry, during the Fiscal 2024, we are faced with some difficulties, and we have made the... We expected that the recovery would happen in six months, but then, this situation lingers after six months. As a industry as a whole, we see the same trend. After Fiscal 2025 and onwards, we expect to see the recovery, and that is something that we expect at this moment a s for the generative AI server, specifically, what would be the demand and what would be the inquiries that we get from the customers? Rather than talking about the calculations, we want to make sure that we have materials and components which are suitable for the coming demand. We want to make sure that we make improvements to accommodate such demand. We believe that this would be a major market. In terms of time span, it's not going to be right away. In Fiscal 2025 and onwards, we expect a increase of this market to emerge. Thank you very much for your answers. Thank you. Next, Ayata-san from JP Morgan. Thank you. Ayada from JPMorgan. I have two questions. First, on energy. Well, I'm looking at page five of the supplementary materials. The industrial and consumer, rather slow, and recovery to push back to the second half, you said. For the second half alone, to make up for the slowdown in the first half seems to be difficult, meaning that on a full year basis, too, maybe the industry consumer should expect a rather difficult year. If that's the case, for energy, the in-vehicle, I think the market is very vibrant, but given the constraint on the part of your capacity... If consumer industry is slowed down, do you think in-vehicle can make up the difference, or is that too optimistic? That's my first question. A second question on Automotive: the in-vehicle cockpit system for Q1, I think the progress was rather high compared to last year. Is this just a one-time thing, or can we expect this to continue in Q2 onward? In energy, the ICT, industry consumer, we are expecting a similar trend as industry, so rather a challenging forecast. Our initial forecast has been rather challenging as well, so would there be any downward downside to that is something that we need to pay close attention to. As for in-vehicle battery, last year, due to the higher prices of the materials, and we had a time lag in the price revision, but now we have been able to catch up with that, and that's the current situation. We are making these strategic investments, and that is the reason why we're not seeing a big increase in profit. Productivity will be improved, and, in addition, the IRA. With the higher productivity, IRA amount is going to increase as well. The foreign exchange impact will be something that we'll be paying close attention to as well. Overall, whether we can keep up with the regional forecast is something that we're gonna pay attention in Q2. Something surprising was $20 billion out of $40 billion, $1.7 billion in the Q1, times four, four times all together, which would amount to around $7 billion. How can we make up for that, catch up with that, is something that you might want to keep in mind. It's not that we don't have any visibility, but we'd like to make up the difference for energy overall. Of course, we'll be looking at the details in Q2. How about Automotive? Right. Automotive, the infotainment, the in-vehicle electronics, last year, due to Shanghai lockdown, the components, materials, supply was really disrupted, affecting our production, and we are recovering from that. That's a major factor. Semiconductor, for example, if you can look on page 13, the difference by segment, semiconductor has yet to really catch up, but part... In other words, the environment is improving partially. In Q1, was there a special profit that we recognized? Well, price increase and the components whose prices have increased have been reflected in higher selling price on our part as well. Last year was difficult. That's one factor. In Q1 of this year, was there a special factor? Not really. We are seeing a recovery in the supply of components, and we expect this to continue. Overall, in automotive, we are seeing a rather, a strong, impact, strong reaction. Thank you. Yaseen San from UBS Securities. Thank you very much. I have two questions, please. First, about the air conditioning and quality. It seems that you started off rather poorly. I think that in Lifestyle, the highest growth was expected. How do you plan to catch up in the Q2 and onwards? Today, Mitsubishi Electric made announcement, and they're doing well in their business. Could you talk about Japan as well as overseas? Second question is about the Blue Yonder and strategic investments. JPY 8.4 billion for the year and JPY 600 million in Q1, so the remaining nine-month, JPY 7.8 billion. How, how do you allocate that in coming nine months? If you can explain that. Yes. Thank you. About air quality and air conditioning, the reason behind the lower sales and lower profit is at the room air conditioner in Japan, especially in Q1, 60%-70% of the previous year. The Industry, I think that the performance has been similar to that. As for July, in Japan, we have seen the good trend, so in Q2, we expect the opposite, so we expect a positive performance in Q2. I think that as for the room-type air conditioner in Japan, we should be able to catch up in Q2. As for the air-to-water, the subsidy change, subsidy scheme change happened. This subsidy scheme, it's not something that was changed all of a sudden. In Germany, for example, the nuclear policy, due to the nuclear policy, there is a tailwind for air-to-water. There are differences among the different countries. This is something that, that we would like to see, and we do not believe that the medium to long-term trend has changed w e want to make sure that we look at the full year trend. That is about the air quality and air conditioning w e started off poorly, but we expect improvement a s for the Blue Yonder strategic investments, well, originally, increasing the headcount and doing the R&D is something that we have been doing in May. In Q1, this is what we expected. As image, in Q2, we expect the increase, and in Q3 and Q4, the high level will continue. For full year, JPY 8.7 billion or JPY 8.4 billion is something that we expect. The investments is something that we'll make sure we make that will lead to the future growth. It doesn't mean that we are lagging behind in Q1, but rather in Q2 and onwards, we expect a growth. Those are the numbers that we will see in the near future. Sorry. air-to-water. You mentioned that there are differences of the regions, but for the full year, you expected a good trend of in the air-to-water. Is that correct? Yes. As for the Poland market, this was the major factor in Q1, due to the subsidy scheme change, There was an impact. Europe, other different countries in Europe, there are strong countries, so the growth of the air-to-water for us in Q2, we expected the higher sales. In terms of a direction, air-to-water trend, or of course, depending on the quarters, there could be some differences, but in terms of overall direction, the steady growth is expected, and that has not changed. Thank you. Thank you. Thank you. Next, from Citigroup Global Markets Japan, Izawa-san, please. Thank you. Izawa, Citigroup Global Markets Japan. I have two questions. First, on IRA, on battery business. Tesla said in the earnings briefing that IRA benefit will be divided 50/50 with Panasonic. Looking at your figures though, JPY 1.7 billion excluded as a special factor, still, the gross amount that you will be receiving and half will go to Tesla, and Tesla will be receiving a $10 tax credit, so total will be $45. That's more than 50/50 for Tesla. 70%, 75% going to Tesla, and Tesla receiving... and Panasonic receiving 30%. Would that formula continue going forward? Also, IRA, I think the sales deduction was the way you recorded. I think this is going to make it appear as if that is used as to finance and fund the price discount. Would that be fair? My second question: PLG production, or the PLD liquidation. Sanyo, I think, still remains. So for the photovoltaic panel, solar panel, are you going to be liquidating that as well? If not, why is it? Thank you for your questions. First, regarding IRA impact, the Tesla portion, I, I think you're referring to Section 30D portion. That's something that would benefit the end users. So to what extent would you call the Tesla business is one question, but it does not go to Tesla. It will go to the end users, the customers, the consumers, that is. As for 45X, the total amount will come to Panasonic, from which we'll decide how to divide with Tesla based on our consultation. In light of the IRA policy, we will be deciding on the application and monetization, and therefore, the actual use would be in FY2026 onward, and that's when we'll be looking at the details. Not to fund the price discount, because the money will first come to us, so it will not be used for that. The battery production and sales are related, for example, supply chain enhancement and production facilities improvement and chemical plants. You know, there are many options. Together with Tesla, Panasonic will work on the effective use of this tax credit in light of the spirit of IRA. What is it used for today? Well, we are not using it yet. We will be using it, not for the price discount, but we'll be deciding how best to use it. Regarding PLD liquidation, you talked about Sanyo. Yes, that's true. Sanyo, as you know, is the general electric appliances company, so very different from PLD because PLD was engaged in the single line, the specialized business, a dedicated business, so no overseas operation, et cetera w hereas in the case of Sanyo, the operations still continue in China and others, through the joint ventures and other affiliation. There are partners that we have to keep in mind, and there are many after-sales services that we have to keep in mind, as well as the legal aspects and tax aspects. It's different. Liquidation of PLD is different from Sanyo. You know, once you make the decision, we're able to work on liquidation in the case of PLD, but that's not the case for Sanyo. The nature and the size of the businesses are very different, and therefore, we have yet to see any visibility in the liquidation, possible liquidation of Sanyo. Thank you. You talked about 30D and 45X, different sections. Battery module production is performed by Tesla, and therefore, it is receiving $10, whereas in the case of Panasonic, $35, and so altogether, $45 per kilowatt hour for Tesla, for the plant itself. You're not gonna be dividing that 50/50? Well, the details have yet to be decided. Many different consultations are underway in parallel. You are correct. $35 per kilowatt hour is the amount that will come to Panasonic, and $10 to Tesla, under Section 45X. So we'll keep all the factors in mind, and we will be expending them after the money comes to us, which would be FY2026 onwards. I see. Thank you. Thank you very much. We have many people wanting to ask questions, but we are coming to close to the end of it, so I'd like to. We would like to take questions. Ono-san from Morgan Stanley MUFG Securities. Ono from Morgan Stanley MUFG. I'm going to ask one question. In relation to IRA, the accounting treatment, I'd like to make a clarification. Earlier, Mr. Umeda said that you would decide on the use of a tax credit, and that would happen after the cashing in Fiscal 2026 and onwards. Actually, the booking in terms of the profit and loss, for example, in terms of the reserve, the revision, sorry, the reserve, I think that it's possible to book it in terms of assets. If there are gaps, quarterly gaps, you'll be able to book it, for example, in Q1, JPY 22.5 billion. In Q2 and onwards, there could be some reversal and there could be some increase. That type of accounting or booking, is that possible? If it is only after Fiscal 2026, you mentioned that the higher profitability and the higher volume. Aside from that, those factors, it'll be almost fixed or no change in Q2 and onwards. Could you clarify on that point? Well, the, I think there is an image of giving discount, but this really has to do with the accounting procedure. IFRS, based on the IFRS, if there is no clear application, the, it would be deducted from the sales. You, we cannot use it as a reserve or a provision. We have considered the reduction from the sales. In terms of accounting, so for example, the fixed cost, sorry, the tangible cost, it would be similar to that. In Q2 and onwards, as you asked, aside from the volume, would there be any changes? No. If the productivity goes up, it, it would increase, and if the production stays the same, the same amount, will be processed, in terms of the account, treatment. Based on the accounting rule, it'll be handled, and that's how we would like you to understand it. The application of the use of this, is not yet, finalized or is not decided. Thank you. Thank you. The last person, one question from Mizuho Securities, Nakane-san, please. Thank you. Nakane from Mizuho. One question, I understand. Electronics device in Industry is the focus of my attention, if possible. The Q1 or the Q4, the Q1 and Q2, Q3, especially the capacitors, what is the utilization rate of your production facilities and dB ratio? What is the current market situation? Also, for Q1, the operating profit compared to your original plan, how short, how much were you short of the plan, or was there no shortage? Looking at slide 13, you are describing various market situation, ICT bad, server recovery, and automotive not bad. Overall, is the Industry... what is the situation, especially Q2, Q3, Q4? Do you think Q1 would be the bottom, JPY 4.3 billion? Sequentially, I think you are expecting recovery, so could you give us some clues for that recovery? Electronic devices overall. On this slide, on page 31, as you can see, Mechatronics, Industrial Device, Device Solutions, these are the businesses that are included. Are all facing a rather challenging situation. The automotive applications, not that bad, but the automotive industry in China is part of our customer base, so automotive is not affected by the situation in China, but Industry is affected by the auto market in China, especially electric vehicles. They are doing well, but EVs, well, the applications are abroad in China currently, rather than electric vehicles t he gasoline vehicles inventory, we understand, are in the oversupply situation. We will be watching closely the policies, related policies, which indicates that it's going to be rather challenging going forward. Compared to the plan, how are we doing? Well, we are lagging behind the plan. That's our impression. Can we make up? Can we recover from this? As we indicated on page 13, different, different situations for different industries, we expect the rather uncertain situation to continue for some time. I think we need to have a better visibility in Q2. I think there is the downside risk, somewhat. In terms of profit, we can't give you the figures, percentage, but rather difficult, challenging situation, I think, you are describing this rather correctly. I see. Thank you. With that, we'd like to end the Fiscal Year 2024 Q1 financial results briefing session. Thank you very much indeed for your participation.