It's the time. It's the search for time. Now we'd like to begin. Thank you very much for taking your time to attend this meeting despite your busy schedule. We would now like to start Nippon Yusen Kabushiki Kaisha's fiscal 2025 first quarter results presentation. I'll be serving as your moderator today, and my name is Yasuaki Okada, Head of Investor Relations. Please bear with me as always. We would like to first introduce the speakers for today's meeting. Executive Vice President, Executive Officer, and CFO, Mr. Akira Kono is here with us, and also we have Chief Executive of Liner and Logistics Business, Mr. Takuji Banno. Today, Mr. Kono will begin with the overview of the financial results for the first quarter of fiscal 2025, and after that, we would like to entertain your questions. The materials to be used for today's session are already posted on our homepage, so please refer to them as adequate. Please also be advised that the video of this session, including the Q&A session, will be posted for an on-demand video distribution later. Now, without further ado, we would like to begin the explanation. Mr. Kono, the floor is yours. This is Kono, CFO. Thank you for taking your precious time despite your busy schedule to attend our fiscal 2025 first quarter earnings call. We thank you very much indeed. I will first explain the overview of our first quarter results and then the forecast for the full year of fiscal 2025. I would also like to take this opportunity to explain the acquisition of the healthcare logistics business that we announced the other day. Once I finish the presentation, we would like to entertain your questions. The presentation material will be projected on the screen, but if you have already downloaded it from our homepage, please refer to them. Now l et me start with the financial highlights for the first quarter of fiscal 2025. Please see the table on page six. The second columns from the right, highlighted in light blue, are the results for the first quarter of fiscal 2025. Revenues were JPY 609 billion, down JPY 50.7 billion year- on- year. Recurring profit was JPY 59.7 billion, down JPY 66 billion year- on- year. Profit attributable to owners of the parent was JPY 52 billion, down JPY 58.1 billion year- on- year. The major reasons behind this decline include a deterioration of market conditions in dry bulk and liner trade businesses. In addition, other business segments were also affected by the U.S. tariff policy and the appreciation of yen. Next, about the results by segment, please see the table on page seven. The second columns from the right, marked in light blue, show the first quarter results in the liner and logistics business comprising liner trade, air cargo, transportation, and logistics. Recurring profit for liner trade was JPY 12.8 billion, down JPY 40.8 billion year- on- year. Air cargo was JPY 2.2 billion, down JPY 1.2 billion year- on- year, and logistics business was JPY 3.4 billion, down JPY 2.1 billion year- on- year. In particular, in the liner trade business, amid the increased supply of ships due to the U.S. tariff policy and the fluctuation of transportation demand from China, the freight rates changed significantly over a short period of time. As a consequence, the freight level for the first quarter declined compared to the same period of last year. Thus, recurring profit recorded a decrease year- on- year in air cargo, transportation, and logistics businesses due to uncertainties over the economic outlook caused by the U.S. tariff policies and other factors. Profit level, primarily of U.S. related business, declined compared to the same period last fiscal year and we recorded a year- on- year drop in both revenues and profit from. Consequently, the recurring profit for overall liner and logistics segment decreased by JPY 44.1 billion year- on- year and came in at JPY 18.4 billion. Next, automotive business recurring profit was down JPY 8.3 billion year- on- year and came in at JPY 29.4 billion. The number of units transported remained nearly unchanged from the same period of last fiscal year, but the Japanese currency appreciated over the dollar compared to last year and because of the cost increases resulting from inflation, the profit recorded a decrease. In dry bulk business, profit decreased compared to the same period of last year when the market conditions were favorable and also because of the impact of exchange rate fluctuations which caused exchange losses in our dollar denominated receivables and the dollar based assets owned by overseas subsidiaries. Dry bulk business recorded a recurring loss of JPY 3 billion, down JPY 17.1 billion year- on- year. With respect to the energy business, LNG carrier and offshore business performed favorably, sustained by long term contracts. VLCC market condition was also strong. On the other hand, VLGC and chemical vessels dropped significantly in April due to concerns over demand reduction caused by the U.S. tariff before they started to recover afterwards. However, for the first quarter overall they recorded a year-on-year decline. Recurring profit for energy business, including the one-off profits associated with the start of the new offshore business project, was JPY 16.4 billion, up JPY 5.3 billion year-on-year. Now if you can go back to page three please. Again, overall recurring profit for the first quarter was JPY 59.7 billion, down JPY 66 billion year-on-year. After subtracting the special profit and losses and taxes, the net income amounted to JPY 52 billion, down JPY 58.1 billion year-on-year. As for the share buyback program for fiscal 2025, which was started on May 9, as of July 31, we repurchased a total of 7,921,200 shares worth approximately JPY 40.7 billion so far on an accumulated basis. Now please turn to page eight. As you can see from the table on the left, the JPY 66 billion year decrease in recurring profit was largely due to the changes in market conditions, handling volume, and exchange rate, primarily in the liner trade business. That was about the overview of our fiscal 2025 first quarter results. Next, I would like to move on to the full year forecast for fiscal 2025. Please open page nine. As for the full year forecast for fiscal 2025, compared to the previous forecast that we announced during the earnings call for fiscal 2024 full year on May 8, the revenue projection was revised downwards by JPY 30 billion- JPY 2 trillion and JPY 350 billion. Recurring profit was revised downwards by JPY 15 billion- JPY 240 billion, and net income was revised downwards by JPY 10 billion- JPY 240 billion. Please take note that in the previous forecast, the impact from the changes in external environments resulting from the U.S. tariff policies were not included; this time around, they are factored in the forecast numbers. Because it was difficult as of May 8 to foresee the impact of these various countries' tariff negotiations. Previously, these numbers were estimated to be JPY 100 billion. As I said, it was difficult to foresee the impact of the tariff negotiations with the United States. We provided a maximum amount of the impact as external numbers. However, now that three months have elapsed since then, we are now able to project the future market trends with a certain degree of accuracy. Therefore, we have decided to reflect these numbers and impacts in our new forecasts. These figures include the latest figures for the impact of tariff measures and other factors on recurring profit for each segment shown in the upper right corner of page 9, have been factored into this forecast. These figures include - JPY 19 billion for liner trade, - JPY 1 billion for logistics, - JPY 3 billion for automotive, and - JPY 1 billion for energy. As the impact on dry bulk is currently modest and not easy to measure individually, we have assumed the impact to be zero and have factored it into our market assumptions. Adding these figures together, the annual impact of U.S. tariff policy is estimated to be about - JPY 24 billion. However, this does not include the impact of additional port entry charges on non-U.S.-built car carriers that the USTR is considering. This is because the details of the application of additional port entry charges have not yet been finalized, and if they are applied, the impact on profit is expected to be limited by, for example, the introduction of surcharges. We will provide more detailed information by segment later, but please refer to page 12 for information on each level of profits as well as the assumed exchange rates and bunker oil prices based on a target dividend payout ratio of 40%. Given the ongoing uncertainty surrounding current tariff policies in various countries, the outlook for the global economy as a result of these policies, and future cargo movement trends, we have not changed our initial forecasts for both interim and year-end dividends at this time, which are JPY 115 per share for interim and JPY 120 for the final dividend, for a total of JPY 235 per share for the full year. As mentioned in a review of A four first quarter results earlier, we are currently conducting a share buyback. This total annual dividend forecast is based on the number of shares excluding those purchased back as of July 31. Next, we will explain the full-year earnings forecasts for each business segment, comparing them with our previous forecast. Please refer to page 14. The blue column in the center shows our revised full-year forecast for fiscal year 2025. First, for the liner trade, we expect recurring profit to be JPY 70 billion, down JPY 11 billion from our previous forecast. We expect profits to decrease compared to the previous forecast, taking into account the impact of tariff policies in various countries and not anticipating the short-term freight rate increase on Asia-North America routes from the summer onwards. As initially anticipated. Regarding air cargo transportation, the share exchange between Nippon Cargo Airlines, NCA, and ANA Holdings was completed on August 1 of this year. Therefore, the results of NCA will not be included in our consolidated results. Next, regarding logistics, we expect air freight and ocean freight to remain strong, but due to the impact of tariff policies in the contract logistics business, we expect recurring profit to be JPY 17 billion and a decrease of JPY 1 billion compared to the previous forecast. Next, automotive, we expect recurring profit of JPY 100 billion, up JPY 4 billion compared to the previous forecast. Although the tariff impact is expected to bring down profit by JPY 3 billion mainly in the Atlantic trades, the full year results will improve driven by the strong results in the first quarter. The recurring profit of dry bulk is expected to be JPY 10 billion, down JPY 7 billion from the previous forecast. The main factors behind the decrease in profits were increased costs in the first quarter, the impact of foreign exchange fluctuations, and lower profitability for certain vessel types compared to our initial forecast. Next, with the energy business, we remain committed to our previous forecast for full year recurring profit of JPY 48 billion. We expect both VLCC and VLGC operations to remain at the same level as our initial forecast, and we expect the business to remain strong supported by stable profits from the LNG and offshore businesses. Going back one page, on page 13 we have the table of year-on-year comparison. Please refer to that table as well. So far, the explanation about the full year forecast. Finally, I'd like to briefly touch upon the acquisition of healthcare logistics business which we announced in July through an overseas group company of Yusen Logistics Global Management established in April of this year. NYK Group has agreed to acquire all shares of Movianto International B.V. with the aim of acquiring the healthcare logistics business of Walden Group, European logistics company, and we agreed the agreement for the transfer of shares on August 1 pursuant to European legal procedures. The acquisition will be completed subject to approval by the relevant authorities in each country, and the company will be a wholly owned subsidiary of NYK Group. The overview and strategic significance of the acquired business is as described in the materials. This is a business investment in line with a mid management plan, and we believe that by expanding the logistics business, which is expected to achieve stable growth across our entire business portfolio, it will contribute to reducing earnings volatility and expanding the scale of earnings as a whole group. In the Q and A session, if you have questions, Mr. Banno in charge of this deal, they will be happy to take up your questions. That concludes my explanation. In addition to the slides projected today, the materials published on our website also contain reference materials such as estimated values for key specifications for each business segment in the appendix. Please refer to them at your convenience. That concludes my presentation. Thank you. Thank you. Now we would like to move on to the Q and A session. The first questioner please. Thank you very much for the explanation. I have two questions. The first is about the automotive business. The tariff impact there is about JPY 3 billion impact factored in for the Atlantic route. Can you give us a breakdown of that and in the total number of transportation is going to come down by 1% year- on- year, 2% in second quarter and 1% in the second half. What is the total reduction for the North American route? Can you talk about that? My second question is about the healthcare logistics business acquisition. The JPY 134 billion was the revenue size that you have disclosed for fiscal 2024. If you have any numbers that you can share with us with respect to the profit size that we appreciate the multiple, I think, was it on par with the market prevalent level? Were you able to acquire that place? When will they start to make contribution to your business? Thank you very much for the question. First, regarding automotive business, I would like to answer that question. For the North America route trade, i n the beginning of April, the Trump administration they said that in addition to reciprocal tariff, automotive tariff was implemented by the administration. The impact from that, mainly according to the cars that we transport from Asia to Japan, those are the main cargo that we are transporting. The impact for that trade for the April to June period was insignificant actually. On the other hand, from Europe to North America in this Atlantic route, from Far East to Europe and then to North America, that is the main route that we use. Those vessels that went to Europe coming back to Far East as part of that trade, some of the vessels will bring the European cars to North America and then come back to Japan via North America. That is one of the transportation routes that we use. For that part from April to June period, there was a little bit of impact, a slight impact there. But a s far as some European manufacturers are concerned, they have reduced the exports to North America. That is already happening. That was an area that there would be an impact. That accounts for the bulk of the JPY 3 billion reduction in terms of revenue. I tried to answer your question. Thank you very much, I understood very well. The healthcare logistics business will be explained by Mr. Banno. Thank you very much for the question regarding the profit level of this company. We have an agreement in place with the seller and that is not to be disclosed. I cannot answer that part of the question regarding the multiples for the acquisition. EBIT, EBITDA multiples, again, this number cannot be clearly stated. Over the last several years, these healthcare logistics businesses have been acquired by some other companies in Europe mainly. I think there's a range there. Within that range we have been able to come to an agreement with the lower part of that range, according to our recognition. As for the schedule, actually the announcement was about the put option agreement that we concluded. We have made announcement that we have come to an agreement for the put option agreement and that was the European side of processes exerting the option rights. After that the SPA share purchase agreement was to be concluded. To be honest, to give you the conclusion first, after the announcement last Friday, the SPA agreement was already concluded as of Friday l ast week was quite speedy to a level that we are also surprised by the speediness and after that not only the antitrust but also a lot of procedures remains because this is an M&A agreement and we have to do a lot of clearance with the relevant authorities and I think that is going to take several months to complete. Finally, I think this closing is expected to be sometime towards the end of the fiscal of this year. That's it. Thank you. Thank you very much for your detailed explanation. Thank you for the question. Moving on to the next question. Thank you very much for your presentation. I have two questions on page nine. The impact of tariffs are now incorporated in the forecast as to JPY 19 billion of liner trade. Negative impact of JPY 19 billion in terms of volume or the unit price, freight and cost. Could you please give us some breakdown of those negative impacts? That's my first question. The second question is about logistics on page four. I have two such questions as to the air cargo transportation, I mean the air freight. Air freight. Here it says the decline in purchased prices. What about unit price? Also to the contract logistics, the volume decrease. That's the result described here. What would be the trend? Would that continue into the future container or logistics? Banno is going to answer your question. Thank you for the question. First, liner trade, the impact of tariffs, JPY 19 billion impact and the breakdown of the number. I understand that's your question and of course that includes increased cost. Rather than tariffs, in terms of tariff, I should say the cost did not increase so much. It's just the volume and unit price. As to volume, already in the first quarter, especially in April, May, big decline in volume and the increase significantly in June, but all in all slightly weak and the freight first quarter was weak. From the second quarter and onwards, as to the logistics, we did not expect many changes. The unit price is expected to go down slightly and those are the elements for this JPY 19 billion. Especially the season, especially the North American route starting from about now through the autumn. Usually there's a boom, but in June there were significant movements of the other cargo and because of the concern about the tariffs, the imports are decreasing. We will not face a big season this year. That is a big element. That is for liner trade. Next, logistics, air freight, the margin is increasing because purchase prices are down. The market conditions are not necessarily strong, actually coming down most recently, but the purchase prices are coming down more significantly. Margin is increasing going forward. It depends on market. As to contract logistics, North American customers, April and May from China to the U.S., the general consumables, the orders have stopped. Orders stopped temporarily and in June those consumables did not reach North America. The contract logistics associated with North America suffered a decrease in profit and that's a big impact. What about going forward? To be honest, it's very uncertain. That's what I can say for now. 90 + 90 in terms of tariff, the part of the tariff development had stopped and because of that there's more movement in the logistics. We did not factor in the full year forecast. The bigger impact is coming from the more impact from the tariffs. We assume that the current trend will continue within this year. If there are more additional tariffs coming in, then the imports from China are very likely to decrease. At this moment that element has not been factored in. Thank you. Thank you. One additional question from the second quarter and onwards, the fourth day liner trade, alternate price is likely to come down. Is this because of the North American riot? Not so much for the European trades. Thank you for the question. As to Europe at this moment the numbers are becoming very strong and also for several months to come. It's not likely that the volume will decrease. In May when we made the announcement as to European trade because of the European economy and the concern about it, we could not be very bullish. Currently the current level of volume is higher than our expectation and it is likely to continue for a while. The European side is getting better than the North American side. North America and other trades are kind of offsetting the good news in Europe. That's clear. Thank you. Thank you for the question. Now we like to move on to the next question. Thank you very much for the opportunity. I have two questions. One is just a confirmation of numbers with the revised forecast. One's profit, it was $1.1 billion in the beginning of the year, but this was brought down to $700 million, is that correct? If it's coming down from $1.1 billion- $0.7 billion, it represents a downward revision of close to 20 billion. Because the liner trade is 11 billion, was it terminal business turning favorable? Can you just comment on the difference? The second one is a dry bulk downward revision. You provided us with an explanation, but I would appreciate some more details. What are the vessel types? Is this a one-time cost only? Is that included? If you can add some more color to that, that would be appreciated. Thank you very much for the question. First of all, all profitability, the basic assumption is that $1.1 billion coming down to $0.7 billion as we mentioned earlier, because of the tariff impact. The JPY 19 billion yen impact is almost identical to that number. In totality, the 11 billion revenue profit decrease. The difference, as you rightly pointed out, is terminal and also the tugboats business. In addition to that, there are some containers that we still own and those are rented out to ONE. That kind of business is still what we have in place only for NYK only. The hiring of ships will improve in line with the market. That is one thing that has turned favorable. These revenue coming from chartered vessels is making a contribution. Therefore, JPY 11 billion altogether. That was about the liner trade. Did I answer your question? Yes, I understood. Thank you very much. The dry bulk business, some vessel types that are not represented in index. The chips vessels and the bulk shapes of vessels. Those vessel types, individual with customers, we have a contract in place with them. The semi liner cargoes are transported with them. With them, compared to our initial assumptions, the contract with customers, because of the circumstances of customers, some of them have changed from the initial assumptions. Also, the freight level has dropped compared to our initial assumptions. Those are the major factors that's affecting the performance of those business. Thank you. With respect to the second point, are you not making allowances? No, not. That's not the case. Thank you. Understood. Thank you for the questions. Thank you. I have two questions. First ON E, the appropriate forecast JPY 1.1 billion-JPY 700 million decline without assumptions. Mainly it goes down in the second half of the year. The evidence for that is not very clear yet. Maybe you didn't really need to revise down the other forecast. Could you please elaborate on your thinking? Could you please talk about whether you are using those numbers for the second half? The second question, the dry bulk on a full year basis and some decline in recurring profit. The rate has been changed to JPY 145 per dollar. Maybe another change in FX might not be so necessary. What is your judgment basis for these numbers shown this time? Thank you for the question. For the ONE question in the second half of the year, the cargo movements, market, the conditions, our thoughts, our outlook. Banno San is going to explain about that. Thank you for the question. For the fourth quarter, but not necessarily only fourth quarter. The first quarter and the fourth quarter worse than our original expectation. The second quarter about the same, flattish or a little bit better. The third quarter flattish. It's not written here, but roughly speaking that it is our perspective and for the post quarter decline there you're right, it's far down the road, so it's not visible yet. Not just us, the three shareholder companies of ONE have had lots of discussions if this level is really likely or unlikely. After that discussion we came up with these other numbers accepting their thoughts coming from Singapore and usually Chinese New Year, t oward the Chinese New Year the volume increases. This time this year that movement will be a bit weaker than normal years. At this moment what will be the correct level? We cannot make a very accurate judgment, but we shareholders agreed with the or inside the thinking. Have we answered your question? Yes. Moving on to dry bulk FX element and how we look at the market conditions. On the full year basis, when you change full year plan, if the $1 stays at JPY 145, then the FX gains and so on. Maybe based on that FX level, maybe the operating profit that did had not been. You don't need to change it. It's not only about dry bulk. That's right. You change it to JPY 240 billion, the whole portfolio. If you had changed FX, you had not needed to change the other or the other profit lines. It's difficult to come up with the accurate FX view in the first quarter. For the dry bulk business, we said that there's impact coming from FX per se because our earnings, most of them are in the dollar. There's fluctuation because of that. Also, the trade receivables and the dollar cash are held by overseas subsidiaries. When the FX changes during the period, the timing of bookings and the timing of really getting the revenue, there's a gap between them. There are gains and losses because of that. JPY 149 in the first quarter in April, but JPY 152 in May and the yen appreciated temporarily and those movements bring about the FX losses. Currently it is about JPY 147. For the second quarter compared to JPY 140 we raised it to JPY 145 because already we are looking at the other changes in the FX. JPY 145 is closer to the real FX level. It's really difficult to look at FX, U.S. economy and the unemployment ratio and also the big monetary policies. Based on these elements, yen could be stronger. We might be on the rather conservative side. In the second half we keep the FX rate at JPY 140 and internally we came to a conclusion that that level will be appropriate. That's the FX rate we are using. I understand electrification, the car carriers, for example, the results are better than the plan. Other than dry bulk or container, for example energy, those businesses are not so bad. Basically the conservative assumptions, based on such assumptions, you came up with those numbers, am I right? I'd like to know more about your confidence in those numbers. As to FX, we did not use our discretion. It's neutral. For the second quarter we thought that the JPY 140 will be good and the second half JPY 140. Through this, while looking at the numbers issued by financial institutions, we made a judgment. For each, it's not that we decide on FX for each business segment based on their results, excluding FX factor. Then the impact coming from market conditions, for example container ONE and dry bulk, for example. For dry bulk, market assumptions are not so different. We have not changed it so much from the beginning of the year. There are some ups and downs due to what we carry. At this moment the market conditions and perspective has not changed so much. If it does, there will be an impact on numbers. The automotive and energy, rather than market conditions, depend on the mid to long term contracts. Relatively speaking, it is not so vulnerable to market condition change. Understood. Thank you. Thank you. Moving on to the next question. Thank you. I have two questions. The first question, somewhat detailed question, but in the first quarter there was a one off profit coming from in the energy business. How much was that one off business? Is there any other one off element for the first quarter? How does this one off element factoring in your full year forecast? The second is related to the healthcare logistics business synergies. What kind of synergies are expected in what kind of time frame? Can you explain that? That would be appreciated. Thank you very much for the question. First, regarding the energy business in the offshore business, one off profit coming out of the offshore business, this is mainly in relation to the offshore business SPS business before the vessel becomes operational, when they are berthed at the berth, the expenses after the ship becomes operational, this will become lease liability, lease receivable. The gap of that will be accounted for as one time income. In this case of FPSO project, this is something that usually happens. This time around this has been recorded. The size of this one off income is not that significant. The actual amount altogether would be less than JPY 20 billion altogether. That is the size of the business. This was recorded as one off income this time around. For energy business, from next fiscal year or from the second half of the year onwards, the LNG vessels will become operational. These will make contribution and therefore the profit level will be sustained. We are not expecting a decline in the profit level at the current moment. Other than this, there are no major other one off elements in our current projection. That was the explanation relating to the energy business. Did I answer your question? Yes, you did. Thank you. Now, regarding the healthcare logistics business, this will be explained by Mr. Banno. Thank you for the question. With respect to the synergy, I think that was your question. Yusen Logistics, especially in Europe, we've been engaged in the healthcare arena in many different ways. This time around, this Movianto Group, the Walden Group, in terms of size, in terms of coverage, it's quite a sizable company. The truck transportation on the land, we have so far outsourced our business to other companies, but they are capable of doing them on their own. This is a synergy that we can expect. We can utilize their resources in that regard. To give you more details, up until now, all the services that we outsource to other companies can now be switched to Walden's assets, and we shall be able to offer these services to the broad customer base of Walden, and the Walden services that they offer can be provided to our current customers as well. Those are the immediate synergies that we can target for. Immediately after the integration, I think this will start to show effects immediately after that. In the first year, those are the effects and the contribution that we are expecting from these M&A. As with other M&A projects, in many cases, one-off costs and expenses happen in the beginning, so they may offset these contributions. The forecast for the actual numbers, I think these will kick in starting from next fiscal year onwards. Therefore, when we provide the explanation for next fiscal year, we'll provide you with more details. That was the short-term things, but for the medium and longer term, we believe that the healthcare business is expected to grow over the longer term. That's not limited to Europe, only Asia, North America. We've been engaged in these kind of businesses even on a little scale from before. We would like to leverage our relationship with these partners and expand what we have been rolling out in Europe and other markets as well. Those are the expectations that we have from this acquisition. This may be something further down the road, like several years ahead. Those are the expectations that we have had in deciding on this M&A project. That's all for myself. Thank you. Understood. Thank you. Thank you for the question. Next question. I have one question. This healthcare logistics business and the cash used for this, the acquisition and your expectation of the profit. I mean, I think you had a little bit less than JPY 700 billion. The cash flow expectation. That number includes this deal and in your midterm plan, new businesses and services. That's JPY 400 billion. JPY 450 billion. Rather, this particular deal is included in that number as well? Thank you for the question. Please look at the appendix. Page 23, we have business investment policy. On the next page, on page 24, we have cash allocation described. If you look at page 24, cash allocation, existing business and a new business at JPY 1.3 trillion. I mean the JPY 1 trillion, JPY 1.3 trillion. We are going to sell some businesses, so it will be around JPY 1.4 trillion. The acquisition of healthcare business of Walden is not either included in this JPY 1.4 trillion. On page 23 this time, new business and services and technology. New technologies and services. There are various deals and core business also has earmarked the big weight of our budget among various investment deals when it comes to M&A as the order of the other execution is engaged with the opportunities. JPY 800 billion business is kind of transferred to the new technology and services, making the whole amount about JPY 1.4 trillion. On page 24, cash allocation latest plan remains the same, more or less. It's based on the latest plan that we can position this latest acquisition deal. That means the cash allocation at JPY 200 billion management allocation remains unchanged. Am I right? You are right. That said, this is linked with profit plan. The management allocation JPY 200 billion absorbs the impact and it might increase in the next year. This management allocation here, JPY 200 billion still exists. Thank you. Thank you for the question. We still have some more time. If there's any other question, since we are approaching the scheduled time to finish this session and there seems to be no further questions, we would now like to finish the Q and A session at this juncture. Thank you very much to you all for your questions. With this, we would like to finish fiscal 2025 first quarter earnings call. Thank you very much indeed for taking your time to attend this meeting.