Good afternoon. I am Shin Yong-in, CFO of Hanwha Solutions. First, I'd like to thank all the participants to the call. Before we begin, I'd like to let you know that we have changed the names of the Qcells division into Renewable Energy division as the portion of solar, wind, and other renewable power generation increases. I will go over the P&L and the general financials for Hanwha Solutions for the period of the first quarter of 2022. First on P&L. Please refer to page 10 of the presentation. The consolidated sales of the Q1 2022 increased by 0.2% Q-on-Q to KRW 2,970.3 billion. This is mostly due to higher chemical products ASP driven by higher oil price. As the one-off expense from the previous quarter disappeared and the ASP of the Renewable Energy division increases, the operating profit grew by 87% Q- on- Q to KRW 157.9 billion. Please refer to the bottom of page 10 for the segment-specific performances. Next, on financials. Please turn to page 11. As of the end of Q1, the total assets increased by KRW 1,142.9 billion from the end of last year to KRW 21,150.5 billion. The cash and cash equivalent decreased by KRW 123.4 billion from the end of last year to KRW 1,731.1 billion. Total liabilities increased by KRW 995.2 billion from the previous year end to KRW 12,801.5 billion, and total borrowings increased by KRW 805.9 billion from the end of last year to KRW 6,680.7 billion. Net borrowings increased by KRW 929.3 billion to KRW 4,949.6 billion. The debt ratio increased by nine percentage points from the end of last year to 103%. The net debt-to-equity ratio increased by 10 percentage points from the end of last year to 59%. Division performance. First, Renewable Energy Division. OP recorded KRW 114.2 billion in loss, but the size of loss decreased from the previous quarter. The OP is in recovery because higher ASP was able to offset declining sales volume and continuous cost pressure. In Q2, higher energy price will continue to drive demand for renewable energy. Along with the higher model ASP, the amount of loss is expected to decline even further. Next, on Chemical Division. Despite narrower spread from high raw materials cost due to the war in Ukraine, the OP in Q1 increased by 11% Q-on-Q to KRW 257.6 billion, thanks to the base effect of the one-off expenses in the previous quarter. In Q2, as the war in Ukraine continues to drive the price of oil higher, the narrowing spread is expected to continue as the raw materials cost increases, thus decline in operating profit. Next, on Advanced Materials. Due to strong sales of the customer's new model in the U.S. market during the first quarter, the profit from the automotive material increased. Combined with the one-off expense in the previous quarter, the OP turned positive. We expect the profit would remain solid in Q2 as higher raw material cost is expected to drive higher ASP for solar materials. Also major electronics customer will increase the production volume before the launch of new models. Next, on Galleria Division. While the sales in Q1 declined from the previous quarter due to the seasonality, the one-off expense from the previous quarter drove the operating profit by 15% to KRW 9 billion. In Q2, we expect the government authorities to ease disease control measures and the sales from the luxury goods and the home and living to do better. The operating profit is expected to decline because of the property holding tax that is being levied in the second quarter of each year. Next, on equity method gains. The equity method gain in the first quarter recorded KRW 6.3 billion in loss. Despite suspension of the YNCC Plant Three, markets for key products did better, and the FX rate played in our favor. Despite the reopening of YNCC Plant Three, in the second quarter, the equity method loss is expected to continue due to the narrowing spread of key products. This concludes the IR briefing. Thank you. Now Q&A session will begin. Please press star one, that is star and one if you have any questions. Questions will be taken according to the order you have pressed star and number one. For cancellation, please press star two, that is star and two on your phone. The first question will be presented by Yongsan Baek from KB Securities. Please go ahead with your question. Yeah. Two questions in total. First, you said during the presentation the volume of loss in the Renewable Energy division has declined. Considering the increase in the ASP, the sales, total sales did not increase to our expectation. If possible, I'd like to understand the decline in the sales volume Q- on- Q. Also if possible, I'd like to understand the quarterly shipment guidance throughout the year? The second question is that looking into the equity method again, other than YNCC and Impact, there is additional KRW 29.7 billion in positive. I'd like to understand what constitutes those growth? Regarding the seeming decline in the first quarter, there could be multiple reasons, but most important or the highest contributing reasons could be the increase in the volume in the previous quarter, the fourth quarter of 2021. Compared to the volume of other quarters, the previous quarter's sales volume increased by close to 15%. Combining those base effects and the low season seasonality of some of the markets, the sales volume in Q1 declined. Aggravating factor is the congestions in the supply chain. Considering all of those reasons, the shipment in the first quarter Q- on- Q has declined close to 10%. You also requested the shipment guidance quarter- on- quarter, but this is the figure that we do not disclose. Instead, we share annual shipment guidance. In the previous call, we gave you the figure of 9.2 gigawatts throughout the whole year of 2022. From this call, we'd like to give you the revised guidance. That is 8.2 gigawatts, and that is taking into consideration of the performance of Q1. We expect the tendency to be on the growing trend in the second, third and fourth quarter. The quarterly volume will be pretty much stable throughout the year. I'd like to give you some additional background behind the decision to reduce the guidance from 9.2 gigawatts to 8.2 gigawatts. According to our production plan for the year, the production volume is 10 gigawatts, and out of that, 9.2 gigawatts was supposed to be sold outside. COGS, although it is not increasing very rapidly, but is still on growing trend. Because of the lockdown in China has complicated the situation of securing supplementary materials. Because of those reasons and also, the cell volume and the module volumes are not completely in sync. The shortage in cell is something that we purchase from outside, but we have done this economics analysis internally and decided to reduce the volume that we purchase from outside to make sure that we are profitable. That contributes to the reason behind the reduction in guidance. [Foreign language]. Let me respond to your second question about the equity method gain of the figure KRW 29.7 billion. That is not actually belonging to the other category. I believe that is the combination of Hanwha Impact and Hanwha TotalEnergies Petrochemical. The others are marked in gray color. If you compare this other section from the previous quarter, it actually declined. The decline is because of the fact that there are more than 20 companies that we include in this equity method, and there could be some variable performances in those companies. All of those combined, it contributes to some decline in this overall figure in the other categories. The next question will be presented by Parsley Ong from JPMorgan. Please go ahead with your question. Hi, thank you for the presentation. So could I check, given the current market condition, can you give us an update on when you expect to potentially break even on your solar or renewable energy division? Is there any change? Second question is, do you expect any earnings from power plant sales in second quarter, fourth quarter or next year, and how much? The third question is obviously, solar raw material price inflation has been quite a problem for the company. Is there a way Hanwha is thinking about solving this problem more structurally or longer term? I know in the past we used to have our own polysilicon assets, I think in Korea, but it was very high cost and therefore we exited it, because it was a lot higher cost than our Chinese peers. At the same time, because we are so reliant on buying solar raw materials externally, we do have a lot of margin risk in an inflating environment. What are some strategies management is thinking of in the mid to long term to structurally improve our position? Thank you. [Foreign language]. About the first question, when will be BEP. As we have said in the previous calls that we expect that to happen in the second half and more specifically, the third quarter is our internal target. But as to how much above the BEP, there are quite large number of variables, so unfortunately, we cannot disclose any range. But there could be a number of considering factors. First is the wafer that we purchase externally. Just before that, the supply of polysilicon. This year there has been many planned expansion of capacity of polysilicon, and there has been increased supply of that. So we expect the situation has improved so far. [Foreign language] [Foreign language]. What we view as a positive development, and what we believe have contributed to reducing the loss volume in the first quarter is that the increase in the COGS were not 100% reflected in the ASP in the past. Things are getting better, I believe. I believe that the supportive conditions are being created going forward. To give an example is that the war in Ukraine between Russia and Ukraine have driven the energy price or the electricity price up, and we expect that to be continued for the time being. That will also increase the price of module. The market is more acceptable to this kind of trend. [Foreign language]. Also looking into the supply and demand situation. The supply is quite tight in some of the markets, partially influenced by the political calculation. In case of the U.S. market, the influx of the volumes are rather limited. In terms of the demand, until the previous call, previous quarter, we maintained a rather conservative position over 200 gigawatts of the installation throughout the world for this year. There has been some positive development in terms of the volume that has been released by many research institutes. Some predicts the volume to be mid to even high 200 gigawatts. We can expect the demand to be quite solid for the year and combined with some geographically tight supply condition in some of the countries. Considering that the cost pressures are now reflected in the sales price, all of those factors combined, we expect that we will be able to reach the BEP in the second half of this year. [Foreign language]. Also in line with the strong energy price, I'd like to give you an update on our power generation businesses. The earlier guidance that we have shared with you in terms of the volume for sales or otherwise was 1.5 gigawatts. That is our existing previous guidance. Because of the increasing energy price that the company has decided to review all projects that is currently ongoing or under review. That includes all the projects that were up for sale or we decide whether or not we will operate internally, the method of operation or the timing of change in ownership or the types of operations. With those review underway that I can tell you with certainty there will be no additional volume that will be up for sale for the first half of this year. Also the existing guidance that we have shared with you, worth 1.5 gigawatts, it is no longer relevant. We will continue to look at the trend in the overall energy and electricity market. If we believe that the energy price will continue to go up or maintain in this high upward trend, then we might postpone all the existing projects until after some time. [Foreign language] Regarding the third question about the structural or the long-term approach to alleviate the raw material related or the cost related issues, as we have disclosed, we have acquired a 21.34% equity of REC Silicon. They do operate a polysilicon manufacturing facility in the US. You might also found this media report, I believe today, that we have entering to the MOU on the long term polysilicon purchase with a customer who has some production facility in Malaysia. Those are our efforts to secure the raw material in a stable fashion and also in the strategic fashion as well. With regard to any specific other future steps that might happen in the next five years. There are many things that we are considering, but there are too premature to share with you at this occasion. But we are looking at a variety of options to address the situation. [Foreign language]. The next question will be presented by Jae-seong Yoon from Hana Financial Investment. Please go ahead with your question. [Foreign language]. Two questions. First regarding our REC Silicon. I'd like to understand how they are cost competitive versus its peers in China or in Malaysia. And if there is any update on this investment? and I'd like to understand. A second is that with regard to the Chemical Division, I'd like to understand any particular products that had a higher contribution to profits? [Foreign language]. First, about the REC Silicon, their manufacturing facility, as you might be aware, are currently not operational because of such issues as anti-dumping. We are looking at ways to resume the operation there. Other than that, the REC Silicon resort to the hydropower. Renewable energy source they are utilizing. Now and also even more so going forward is that carbon footprint will be a very important element in any of the corporate governance and so forth. We will be benefited from the authentication that the REC Silicon already has. That is the reason why we made this strategic investment decision into this company. Also another factor that contributes to the decision is that U.S. is our key market. The U.S. is, and many of our customers require the energy or the products that were manufactured in the United States. That also works in our favor. [Foreign language]. Regarding the second question, there was the one-off expense in the previous quarter, fourth quarter of 2021 of KRW 55 billion. Because of that, the operating profit was KRW 288 billion. The Q-on-Q, the first quarter, there was some change. Despite the high petroleum price and the high naphtha price, the caustic soda market condition was much better, and that has contributed to the overall condition. [Foreign language]. The next question will be presented by Dong-jin Kang from Hyundai Motor Securities. Please go ahead with your question. [Foreign language]. This question is regarding the REC Silicon. I believe that the bottleneck is with wafer. The way out of the situation is to secure either a customer outside of China or to make additional investment by Hanwha Solutions. I'd like to understand what are the options that you are contemplating and when we'll be able to see the situation improving? [Foreign language]. When we share our physical capacity expansion plan for the mid to long term, that also includes the facilities for the wafer manufacturing. As I said earlier, that we are currently reviewing a variety of scenarios, and wafer facility expansion or the manufacturing capacity expansion is one of those. If you just focus on wafer, the current focus is with the Chinese market, but we are looking at the possibility of other regions or markets into mid to long term basis. We are looking at possible cooperative opportunities in other regions as well. The next question will be presented by Jiyeon Lee from Shinhan Securities. Please go ahead with your question. [Foreign language]. Yeah. I have two questions. First about the Cimarron. I'd like to understand the guidance, and it might take some time to actually develop the technology and to commercialize the project. When will that happen? Any information will be appreciated. About the YNCC, I believe that the one-off expenses must have been reflected in the first quarter. In the second quarter, I believe that the loss will decline. I'd like to understand when the YNCC will start to make profits. [Foreign language]. Regarding hydrogen projects, there are not a lot of updates, if any, that we can share with you. The Hanwha Solutions Chemical divisions are dedicated to developing this technology, hydrogen technology. What we have worked together is with the provincial government of Gangwon to actually embark upon some of the proof of concept project with them, but nothing much to share in terms of any update. [Foreign language]. With regard to Hanwha Cimarron, they have the technology of the high-pressure tanks, and the construction in the U.S. are currently underway for the plant. The target is to complete the construction within this year. At this moment, we believe that it is 70% completed or underway. In terms of any sales from this facility, it will start to happen from next year. But if for that to be any meaningful size, that it might take some more time. We are looking at some time in the year 2023-2025. We will continue to keep an eye on any developments and when the time is right, then we will provide you with the meaningful guidance. [Foreign language]. Regarding YNCC, there is no particular one-off expenses that were reflected in the Q1 performance. Also in Q2, as you have mentioned, that the size of loss will decline versus the previous quarter. The reason for this loss is mostly driven by the higher petrol price and also higher naphtha price. If you ask me when the YNCC will start to profit is really difficult to predict because the reason for this high oil price is coming from the external factors that are outside of our control. When and if those external factors are no longer relevant, then we might be able to expect some positive results. Currently, there are no participants with questions. Please press star one, star and one to give your question. The next question will be presented by Hyun-yeol Jo from Samsung Securities. Please go ahead with your question. [Foreign language]. I have two questions on the solar energy. First is that you shared the revised shipment guidance for this year, and I'd like to have the sales guidance for the year if there will be any change? The second question is that you said that in the second quarter the loss or the order size of the loss will be even smaller in the second quarter. When I look into this market components, the module and wafer, the spread is further narrowing, and the tendency is getting stronger towards the end of the first quarter, especially the month of March. I understand that this kind of tendency are reflected in a lagging fashion. With those considered that, do you still believe that in the second quarter, this amount of loss will be smaller than the first quarter? I believe that you could understand that we are very cautious to share with you any sales guidance because we need to go through some adjustment for the consolidated statement. There could be some movements of inventories among different entities. Please take into consideration there are some degree of variability into the figure that I am sharing with you with regard to the sales. Even though we have lowered the shipment guidance, but because of the higher ASP, our internal guidance is to maintain the existing sales figure. We want to protect the sales despite the lower shipment that we have shared with you. As for the second question, we expect the incremental reduction in loss in the second quarter. In the first quarter, the loss amount was somewhere in KRW 114.2 billion, and our internal target for Q2 is to lower the loss amount below KRW 100 billion. You are right in reading the direction of the COGS. We have witnessed the recent change in the past week or two in the ASP. That has been felt quite strongly amongst our company and also in the market. Our prediction is rather reflective of the very latest change in the market. The time is up, so I'd like to conclude the earnings call for Hanwha Solutions for the period of the first quarter of 2022. Thank you very much for your participation today.