Thank you very much for sparing your time to join us here today at the announcement of Honda Motor Company's FY 2021 financial results. I'd like to convene the meeting. I'll be serving as the MC. My name is Okamoto from Corporate Communications. Thank you. First, allow me to introduce the executives attending. Executive Vice President, Seiji Kuraishi. Senior Managing Director, Kohei Takeuchi. First, Executive Vice President Kuraishi will give the outline of FY 2021 financial results and FY 2022 financial forecast, please. Let me explain FY 2021 financial results. First, regarding FY 2021 unit sales of the Honda Group. For motorcycle businesses, 15.132 million units. Automobile businesses, 4.546 million units. Life Creation businesses, it was 5.623 million units. I'll explain main market situations next. Total market in Japan dropped from last year due to COVID-19 pandemic impact. N-BOX and others marked strong sales results. However, Honda's sales declined year-on-year. N-BOX Series won the top unit sales out of the new launches in mini vehicle segment for six years in a row. In March, we launched a new Legend in Japan equipped with the Honda Sensing Elite, which is the world's first automated driving technology Level 3. Total market in FY 2022 still remains uncertain going forward due to the concern of resurging COVID-19. However, Honda expects the results will exceed the year before, thanks to the effective launch of a new model, Vezel. Total market in the U.S. declined year-on-year. Nevertheless, as the gradual reopening of economic activities since May, the market slowly recovered. Though it ended up still below the last year. Honda recovered the businesses mainly with the CR-V and Pilot, finally being close to the market results. During the fourth quarter, many of light truck models have upgraded those sales records of the month of March, outperforming the market growth. Total market for FY 2022 is expected to be better year-on-year, thanks to increasing vaccinations for COVID-19 and efficient economic policies. Honda will enjoy the effective launch of a new model Civic, as well as the sales expansions mainly with the light trucks, so that our results will exceed the level last year. The total market in China exceeded the level of last year with effective stimulative measures for consumption by the government. Honda enjoyed strong sales of the Breeze, CR-V, Vezel, and so on. Thanks to the extended EV lineups across leading models, we have marked the record highest sales units so far. Regarding the total market calendar of FY 2021, we're expecting the growth from the year before along with economic recovery. Honda will launch new models and will further improve EV lineups, aiming for this highest sales results than the preceding year. In April, in Shanghai Motor Show, Honda made a world premiere showing of a SUV e:prototype or the first Honda brand EV in China. Moving on to the motorcycle business. The markets have recovered in China, U.S., and so on. Its largest market of Asia showing a moderate recovery. It resulted below the level last year. Honda's results declined year on year. In India, since third quarter, the sales recovered to the level same period last year. In Indonesia, the sales of the fourth quarter have recovered to 83% at the same time last year. China and Pakistan exceeded the level last year. Total market of FY 2022 is expected to grow from the year before despite the concern of the COVID-19 flare-up. Honda expects the sales to exceed year on year, mainly in Indonesia. Let's conclude our financial performance of FY 2021. Despite declining demands due to COVID-19 impact, we have revisited our business activities to control SG&As and to reduce costs. With the positive effect of credit loss provisions in this term for the financial businesses, the operating profit was at JPY 660.2 billion, outperforming the year before. Profit attributable to the owners of the parent was JYP 657.4 billion, also favored by the increased investment of profit based on equity method. The slides also present unit sales and P&L. Next, with regard to the FY 2022 forecast, we plan to increase unit sales year on year across all business areas of Honda Group. Regarding operating profit, albeit the impact by soaring raw material prices and concerns over supply shortages of semiconductors, as well as the effect of our credit loss provisions, we will press forward the actions to increase unit sales, to optimize our production capabilities, to improve efficiencies of our product manufacturing, and to fortify the existing businesses, expecting to achieve JYP 660 billion, same as this year. Regarding the impact of the semiconductor supply shortages, as of now, we are withholding production at some facilities. Supply situations of those parts are changing day by day, however, Honda managed to coordinate the production activities globally so that we can minimize its impact on production throughout the year. For the expected business performance, we plan to defend JPY 660 billion operating profit by catching up with the production together with our corporate efforts and et cetera. Speaking of dividends, annual dividends for FY 2021 is JPY 110 per share, with JPY 28 more added to the previous expectation we announced, and the dividends for the fourth quarter is JPY 54 per share. Expected annual dividend for FY 2022 will be JPY 110 per share, same as for FY 2021. Our dividend policy is to keep the consolidated payout ratio aiming 30%, despite our changing business environment going forward. We decided to revise them as shown here, making efforts to provide a stable and continuing profit returns to shareholders. Now, I'd like to hand over to Mr. Takeuchi. He will be giving you the details of the financial results and financial forecast. Allow me to begin my presentation. First, the fourth quarter results. Honda Group unit sales. Motorcycles, despite drop in Indonesia and others, unit sales was up in markets such as India, Pakistan, and China. Automobiles, despite decline in markets such as U.S., there was increase in markets like China. Life Creation saw increase in such markets like China, but decrease in the United States. Next, income statements. Sales revenue was up in all business categories, reaching JPY 3,623,800,000,000, up 4.8% from the same period last year. Operating profit, due to drop in SG&A and increase in profit attributable to increase in revenue model mix, operating profit was JPY 213.2 billion. Share of profit of investments accounted for using the equity method was JPY 68.1 billion, due to profit increase derived from increase in sales revenue model mix in China. Moving on to change in profit before income taxes. FY 2021 fourth quarter profit before income tax was JPY 255.3 billion, up JPY 251.5 billion from the same quarter last year. Operating profit, due to lower SG&A expenses, profit increase coming from difference in the provision for credit losses, and change in revenue model mix amongst others, operating profit was JPY 213.2 billion, up JPY 218.8 billion from the same period last year. Please look at page 14, sales revenue operating profit by business segment. Motorcycle business operating profit, due to profit increase and from increase in unit sales and model mix, combined with cost reduction effect, it was JPY 72.2 billion. Automobile sales related operating profit, including automobile and financial services business, was JPY 140.4 billion combined. Automobile business operating profit, due to profit in SG&A and as well as profit increase from unit sales model mix change, reached JPY 37.6 billion. Financial services business operating profit, mainly due to difference in the provision for credit losses, was JPY 106.3 billion. Next, Life Creation and other businesses recorded operating loss of JPY 3 billion, of which aircraft and aircraft engine operating loss was JPY 7.8 billion. Next, FY 2021 12 months financial results are as shown. Please look at page 16, change in profit before income taxes. Profit before income taxes was JPY 914 billion, up JPY 124.1 billion year-on-year. Operating profit, though there was decline in profit due to drop in revenue model mix, thanks to a cut in SG&A, difference in the provision for credit losses, cost reduction effect, amongst others, operating profit reached JPY 660.2 billion, up JPY 26.5 billion year-on-year. Next, cash flows of non-financial services businesses. Free cash flow was JPY 303.8 billion. Cash and cash equivalents at the end of period was JPY 2 trillion, JPY 528.3 billion. Also, net cash was JPY 2 trillion, JPY 48.3 billion. Next, FY 2022 consolidated forecast. Beginning with Honda Group unit sales. Motorcycles, due to increase in Asia, our major market, we are forecasting 18 million units, up 2.86 million from last fiscal year. Automobiles, though there is concern over semiconductor supply shortage, due to market recovery and introduction of new models, we are forecasting 5 million units, up 450,000. Life Creation business, we are forecasting 5.9 million units, up 270,000 units, mainly coming from North America. FY 2022 consolidated financial forecasts are shown on this slide. FY 2022 forecast change in profit before income tax. Despite a decrease factors such as increase in SG&A, including a difference in the provision for credit losses and lesser cost reduction effect, due to increase in profit coming from revenue model mix change, we are forecasting the operating profit to be the same as FY 2021, JPY 660 billion. Cost reduction effect is minus JPY 51 billion, but this is mainly due to sharp rise in raw material cost. Meanwhile, we are planning for cost reduction of more than JPY 200 billion and price increase. Lastly, FY 2022 capital expenditures, depreciation, and R&D forecast are as shown on this slide. This concludes my presentation. Thank you for your attention. Thank you very much indeed for your attention. I'd like to now move on to the questions and answers part of the session today. We have already spoken to those in media. We are going to accept questions through Zoom functions, and due to the interest of time, please limit your number of questions to two.Two 2 questions per person, please. Thank you very much for your cooperation. Please raise your hand should you have any questions. Thank you. Question one, from Mr. Abe from Nikkei Shimbun newspaper. Abe from Nikkei. Nice to meet you. First of all, the operating profit margin for the automobile business here is recently, the profit margin has been coming down, and it is 1% down too in March 2021. In order to improve the operating profit margin of the automobile businesses, what is the measure action for that? The other question is purpose, the target of electrification. By 2040, zero-emissions vehicles will become 100%, and EV FCV, those are the zero-emission vehicles. When you switch over to those types of vehicles, how much investment would you need? In case of a Tesla, they say in order to start up one EV factory, they take about JPY 100 billion or so. What is your prospect for the investment in your case at Honda? Thank you for your question. Let's talk about operating profit margin for the automobile businesses. For long, we have been trying to solidify the existing businesses. We have actions for that. Last year, across all Honda, we have been pushing forward reviewing of the businesses. Because of that, we are improving our business structures today. For automobile businesses, we have communicated that before, due to the development organization changes, the number of the models and the number of the derivatives are changing. Also, we have introduced the Honda Architecture for better efficiency. By 2025, the number of the processes for the development will be down by 30%. That's the actions we are taking now. In terms of the production, we are trying to optimize them, too. By the end of this fiscal term, we're going to close down the factories in the U.K. and Turkey, Sayama factories will move to Yorii. Thanks to that, we can improve our business efficiency for better operating profit margin. In terms of the second question, the development expenses for the electrification of the vehicles. Our president, Mibe, the other day talked about JPY 5 trillion R&D investments in the next five years. In the area of the R&D, we will, of course, define the core technology areas where we are going to be pursuing our independent efforts. We also try to make a more improved efficiency for the current development processes for the models, so that way we can get more investment margins. If we find some areas which is efficiently pursued by the alliance, of course, alliance with other companies could be a choice. In order to make that possible, we need to optimize the production system and make improvements for the efficient production. This way, we can improve the efficiency of all, including the development. In terms of investment, battery procurement is one of the issues that we believe to be a major one, GM in North America and CATL in China, those are the areas that we're investing with already. For other kind of technologies, we will look into the technology trends and particularities of the regions and so on, so that we can pursue the appropriate alliances. I cannot share with you how much we're going to need for the electrification processes, however, six or ten trillion JPY in five years, those will be the basic idea as we shared before. Thank you very much. Thank you very much. Next question. Yomiuri Shimbun, Katagiri-san, please. Can you hear me? Yes, we can hear you. Please. Thank you very much. Katagiri from Yomiuri Shimbun newspaper. Thank you for this opportunity. I have several questions. First, you say that there's increase in profit, and you attribute this to the cost reduction of sales amongst others, SG&A and others. Can you be more specific as to where the profit is coming? Also, you are expecting further cost reduction for next fiscal year. Can you be more specific about next fiscal year, where you say that you're expecting JPY 200 billion or more cost reduction and also about R&D expenditure. Compared to recently, it's higher than the past, JPY 840 billion, also for safety purposes, electrification and safety. Can you be more specific as to what you'll be doing? Please. Mr. Kuraishi will answer these questions. Thank you. About the SG&A and what cost reduction we have achieved and will be achieving. Well, last fiscal year, the SG&A was an area where we have the financial business. Compared to the previous year when the U.S. unemployment rate, compared to that, the provision back then was increased for the credit losses. Last fiscal year, and thanks to the U.S. government support, as well as the fact that the unemployment rate improved, we were able to reduce the provision. Also aside from that, our business activities had to be held down due to COVID-19. Given the pandemic in the different countries, our workers, associates, worked hard to reduce the cost. Thanks to that, we saw the SG&A reduced year on year for FY 2021. About the provision for credit losses, aside from that, even if we were to exclude that, we believe that we were able to achieve SG&A reduction of JPY 200 billion. About cost reduction and also the effect of price increase, we're looking at both these. The automobiles, motorcycles, and Life Creation products, we want to focus on making our manufacturing efficient and together with our suppliers, work out where we can reduce the cost. I think that these efforts, as well as the price increase, have produced this result. About R&D, we are expecting JPY 840 billion. As for R&D expenditure, well, it was JPY 780 billion the year before, and therefore, JPY 840 billion is high. Before that, it was JPY 820 billion. It is the highest on record, that is true. This is because the existing internal combustion engine is going to be electrified, and we need money, and we are shifting towards electrification. I cannot give the breakdown of how much will be spent on what, but as a result of this shift and also CONNECT, we are investing or spending JPY 840 billion for R&D. As Kohei Takeuchi said, it is not going to be purely used for R&D for Honda alone, but we also want to rely on alliances. That is the reason why we are planning for JPY 840 billion R&D expenditure for FY 2022. Thank you. Thank you. Next question, please. From Asahi Shimbun Newspaper, Mr. Kamiyama, please. Asahi Shimbun Kamiyama. Kamiyama from Asahi Shimbun. Can you hear me? Yes. I have two questions. For the FY 2021, I have a question about that. In terms of the sales unit, you're expecting to grow them in the U.S. and China in March 2022 period, FY 2022 next year. I think that is mainly because of rebounding or rebound from last year. For China, how much growth or percentage growth are you expecting in China? Question two. March 2022 sales is expecting to grow, but the profit level is down, including the net profit and, of course, that includes the soaring raw material prices and the semiconductor effect. How much of a effect included in those results? I can talk about unit sales, and they can talk about the profits. JPY 15 trillion expectations for next year, and JPY 660 billion operating profit expectations next year. Let me explain about it. As I said earlier, cost reduction area, negative JPY 51 billion. That is a difference. As we said earlier, more than JPY 200 billion can be reduced by the cost reduction efforts as well as the price increases. With that all included, actually, you can find out the effect by the raw material price increases, as much as the gap between the two. In terms of the semiconductor effect, as of now, in the first quarter, as of now, today, we are changing our number of days in operations, and we are trying to reduce the type of the models we're producing. This way, we can try to contain its effect in terms of the unit sales. Of course, we're trying as much as we can do, we can also cover that by the efforts as well. JPY 660 billion, as I said earlier. Financial credit loss provisions. It was booked up in previous years, it was written off, that is causing effect. Unemployment rates involved in this factor and also the subsidies by the government are going to be provided up until autumn or sometime like that. For those ones, JPY 110 billion is going to be included for the negative effect. It is not just the raw material prices, JPY 660 billion is results based on the combination of all those efforts. In terms of the unit sales, the COVID-19 impact is getting alleviated globally today, and demand is coming down, thanks to that today. In the U.S., in April, the vaccination's going on smoothly, and Biden administration's providing good economic measures, causing higher demands. We have 111% of the market growth today, year-over-year, in the end of April. Of course, semiconductor effect still continues in the U.S., too. Perhaps growth rate still uncertain because of that. In China, COVID-19 actually was started in China. However, they have no impact whatsoever nowadays. In April, they had good business. However, they also are hit by the semiconductor situations. We do have the impact in our factories as well, and depending on how it goes going forward, its effect on the business will change. However, as of now, Chinese government says that the total market will be 2.1 million cars. They're expecting to have the growth by 8%, 108% of the last year. We try to do our business to be in line with the market growth. Of course, we have to pay attention to the semiconductor situation as well as the COVID-19 in the global business situations. Thank you. Thank you very much. The next question. NHK. Ms. Tsuboi-san, please. Thank you. Can you hear me? Yes, please. About the unit sales once again at Yorii, you say, well, I'm sorry, it's 5 million. Because of the soaring raw material costs and semiconductor shortage, to what extent have you measured these impacts in coming up with this number? Can you give the breakdown of the impact of raw material and semiconductor shortage? Basically, for the automobiles, 5 million units, we have factored in the impact of the rise in raw material costs and semiconductor shortage. Let me explain about semiconductors more in detail. From the end of last year, due to COVID-19, we have been suspending our production, had problems with logistics, and the industry as a whole had a shortage of components, procurement, especially of semiconductors. Because there was a growing demand for games, there was a shortage in supply of semiconductors. For a stable supply, we, including overseas with multiple sources, have tried to secure a source of semiconductors so as to have appropriate inventory. For each of the components, we tried to secure optimum inventory. Initially, the semiconductor manufacturers tried to increase production, and we tried to accommodate, and we thought that there would not be a major impact. Then Texas was hit by a storm, and then one semiconductor was hit by a fire outbreak. Unfortunately, in the first half and for this fiscal year, we will still continue to see an impact of semiconductor shortage. We'll try to minimize the impact. We're continuing to make every choice this end, and currently, we don't know what the situation will be. It's fluid. In the second half, we think we can recover, and therefore, we can minimize the impact at the end of the year. Even if there is an impact, from our corporate effort, as explained, we will be able to defend the budget that we explained, and it is based on that premise that we have put together this budget for FY 2022. Thank you. Thank you. Next question. Toyo Keizai, Mr. Yokoyama, please. Yokoyama from Toyo Keizai. Hello. Question one, about North America. According to the survey I have, the number of days in stocks are kind of pressured at the moment, very tight. Is that because of the semiconductor situation, or is that because of the market going so well, and you're selling so well and the stocks are really tight? Is that the situation? Please let me understand how you take this now. In terms of the battery procurement, you have your alliance partner in North America and China too, and including Japan. You probably have a plan or idea about different markets in different regions, including Japan, for instance. Please tell me your ideas about it. In terms of inventory situations in North America, in the first place, since last year, due to the COVID-19, every company, we needed to do the adjustment of the production days, and because of that, of course, we have the effect by that on the inventory level today. Of course, every company has a different approach for that. Semiconductor insufficiency, of course, causes that as well. We had some stocks of semiconductors, thankfully, and we didn't have the immediate impact by that. However, going forward, if the semiconductor shortage continues on and on, then the tight stock situation may continue, too. 33 days, that is the average stock days. That is the average in North America. Ours is about 50 days. Semiconductor situation is now being adjusted in the market, and then we will look at the inventory levels and supplies as well to try to alleviate the situation. In the second half, we will try to recover then, so this way we can achieve 5 million unit target finally. In terms of the battery sourcing, as you may know, North America and CATL in China, those are the partners to try to get the batteries. Of course, batteries are one of those components, and we need to work on a QCD of those, meaning that we might have a different sourcing in different regions, though we have not defined who as yet. Of course, we do have such ideas, as you said. Thank you very much. Next question. From Reuters, Mr. Shiraki. Ms. Shiraki, excuse me. How do you do? This is Shiraki from Reuters. Can you hear me? About India's production, let me confirm the situation, including the outlook. Well, currently, the four motorcycle factories are closed down until tomorrow. Also, the automobile factories have also been suspended. With the spread of the pandemic, how are you going to try to secure the production of motorcycles, automobile production in India, and how do you see the impact on the units that can be produced? Well, it's very difficult to predict, but what is your premise on doing production in India? Well, about the situation in India. Well, our motorcycle plants, due to the second wave of COVID-19 and also the lockdown that was introduced domestically, our dealers also, about 80% of our dealers in India closed down. From May 1st, four factories have been closed, and we'll suspend production until May 18th. That is our current situation. Well, to be candid with you, we really don't know what will happen. We cannot predict, but we have to observe what happens to the pandemic, and we have to ensure the safety of our associates. With that in mind, we need to consider when to resume production. About the impact on production units, we really do not know for sure at this point in time. For India, actually last year, there was a big impact. In the second half, we saw the recovery was even better than we expected, thanks to partially the government's pump priming measures. From the end of March, the second wave hit, and currently, the medical system has been totally overwhelmed. Therefore, we have to keep an eye on what is happening in India and carefully consider what needs to be done. That is all. Thank you. Thank you. Next question, please. The Wall Street Journal, Mr. Sean McLain, please. Nice to meet you. Sean McLain from The Wall Street Journal. I'm going to ask in English, if that's okay. Yes, please. Two questions. One, if you could give us a number in terms of lost production from last year as a result of the semiconductor shortage, if you could try to give us a number for how much production you think will be lost in this current fiscal year as a result of the shortage. Secondly, if you could give us a high level sort of idea of where you think your alliance with General Motors is headed. You seem to be cooperating on more and more areas, how close should we expect GM and Honda to become in the future? In terms of semiconductor effect, we had 100,000 units affected last year. In the current year, as I said before, the effect continues in the first half, and in the second half, we are going to catch up. As of now, I expect that all those loss effect on the production will be as traded off or set off in the end of the year. With GM, actually two companies are taking actions for the FC and other areas, automated driving, so forth. We have announced collaborations in North America last year, and we are continuing our discussions together. Electrification strategy is supported by the GM alliance. That is one of the pillars supporting that strategy. For that purpose, we are going to try to find out efficient collaboration going forward. In specific, I cannot give you an idea as yet. Going forward, when we are ready to share with us more specifics, we will of course do that. Thank you very much. Any other questions? Thank you. If not, and with this, we would like to conclude today's presentation on our financial results. As for the materials, they will be posted on our webpage, so please access our webpage. Once again, we thank you for your attendance.