Good afternoon. I am Han Chang-Yun, the Head of Investor Relations with Hanwha Aerospace. First of all, I'd like to thank everyone for joining the call. Now, I will brief you on the 2024 Q1 performance of Hanwha Aerospace. Please refer to pages 6 and 7 of the presentation. The consolidated sales for Q1 are KRW 1,848.3 billion, which is 9% decline year-on-year, and the operating profit has decreased year-on-year to record KRW 37.4 billion. While Hanwha Vision and Hanwha Systems have recorded strong performance, there was some base effect coming from decrease in the export volume to Poland in the Land Systems segment. The details will be explained in the performance by segment section. Pre-tax profit for Q1 is KRW 56.2 billion, and net profit is KRW 3.1 billion, which has declined quite significantly on the year-on-year basis. This is due to the one-time gain of valuation of derivatives worth about KRW 430 billion recorded in the same period last year in relations with the acquisition of Hanwha Ocean. Please turn to page 8 for financials. Total assets are KRW 20,525.2 billion. Total liabilities are KRW 15,895.3 billion, which has slightly increased from the end of 2023. The net debt to equity ratio has increased from that of the end of last year to 59%. I will share with you the performance by segment. Please turn to page 9 for Land Systems. The Q1 sales are KRW 656.6 billion, or 22% decline year-on-year. Domestic sales went down by 4% year-on-year to KRW 352.2 billion, and the overseas sales by 36% year-on-year to KRW 304.4 billion. The operating profit declined year-on-year to KRW 14.2 billion. While the domestic sales did not change much on the year-on-year basis, the overseas sales volume for Q1 was not a lot, as it follows the prescribed delivery schedule. Starting from Q2, however, the export to Poland is expected to be delivered, and for the remainder of the year, we expect the quarterly volume, sales, and operating profit to grow gradually. So on the annual basis, we expect the sales and the operating profit to grow from that of last year. Please turn to page 10 for Land Systems order backlog. As of the end of Q1, the Land Systems order backlog is about KRW 30.3 trillion. As some orders are established and managed on a U.S. dollar basis, the total amount is reflective of the effects effect. Regarding the new order taking, the company had signed an additional execution plan last week with Poland on Chunmoo multi-launcher, worth around KRW 2.3 trillion. The new order will be reflected on the order backlog from the Q2. Regarding the Romanian self-propelled gun project, where the company had participated in the bidding last year, we are waiting for the result, and if there is any announcement, we'll share it with the market. Please turn to page 11 for the performance of aerospace segment. Q1 sales are KRW 443.4 billion, which is 14% growth year-on-year, but the operating profit declined year-on-year to KRW 2.9 billion. While the sales grew with the increased delivery, the growth was mostly from the business with relatively lower profitability. Regarding the GTF RSV, the operating loss in Q1 2024 is KRW 9.9 billion. The GTF engine sales continued to increase in the Q1, with 233 from 163 in Q1 2023, and 118 in Q1 2022. Regarding the number of aircraft delivery, 225 aircraft were delivered during Q1 2024, which has declined from 257 of Q1 2023 and 237 of Q1 2022. This is believed to be associated with production restraints imposed due to the recently uncovered manufacturing defects. The number of deliveries by Airbus, however, has increased by 12% year-on-year at 142, and the airline's demand for new aircraft remains still high. As for the space business, the company was selected as the preferred bidder to be the operator for the next generation launcher or so-called KSLV-III development project... negotiations on the details are currently underway, and any decision that comes out from the negotiation will be shared with you by disclosure or press release. Please turn to page 12 for performance of Hanwha Vision. Q1 sales are KRW 310 billion, which is 13% growth year-on-year, and the operating profit is KRW 52 billion, or 40% growth year-on-year. The demand for security industry, which shrunk during the second half of last year, started to show signs of recovery, and the demand from the North American market rebounded, and the growth from the European market, especially the U.K., and from the Asian market, were notable during the quarter. The profit has significantly increased, driven by such strong sales growth and the FX impact. We expect solid sales and operating profits from Hanwha Vision for the whole year, as the growth is likely to continue in all regions, including the U.S., Europe, and Asia, based upon security industry's demand recovery. Please turn to page 13 for the performance of Hanwha Systems. Q1 sales are KRW 544.4 billion, which is 24% growth year-on-year, and the operating profit is KRW 39.3 billion, which is more than threefold growth year-on-year. As for the detailed performance, outlook, and progress of new business of Hanwha Systems, please refer to the earnings release of Hanwha Systems, which happened on April 26th. Lastly, I will briefly share with you the performance of Hanwha Precision Machinery and the Satrec I, which are included in the others. During the Q1, Hanwha Precision Machinery has recorded KRW 88.9 billion in sales and KRW 22.6 billion in operating loss. For Q1, Satrec I has recorded KRW 31.7 billion in sales and KRW 3.5 billion in operating loss. Satrec I has participated in the project to develop constellations of microsatellites. On April 24th, the company has made a meaningful space heritage by successfully launching NEONSat-1, the pathfinder for the country's first-ever microsatellite constellation system, and also by communicating successfully with it. The remaining 10 microsatellites will be launched in 2026 and 2027. This concludes the briefing, and we will have the Q&A. The first question is from Shinhan Investment Securities, and it is to do with the profit of the Land Systems. So you said that the export has declined, but KRW 300 billion is not a small amount, and how much of it went to Poland? The answer is, during Q1, there was no volume that was headed to Poland. And even though we have recorded KRW 300 billion in sales for export market, the profit was relatively low. That is because the sales were from not main systems, but subsystems. And the margin of subsystems are relatively lower than that of the main system. Starting from the Q2, we believe that the delivery will begin to Poland, and on a quarter-by-quarter basis, we expect the sales and the delivery volume and the operating profit to increase. The next question is from Daol Investment Securities. You said that things will improve from the second quarter. Can you share with us as to how much or how things will improve over time? So in 2023, there were quarters that have demonstrated a stronger performance, so we expect that will happen quite similarly on a quarter-by-quarter basis in 2024. And generally, we expect the second half to be better than the first half. An additional question is that you said that the margin from the Land Systems for the domestic customers are relatively lower, and you said that for the export sales of KRW 300 billion, they are mostly the subsystems. Can you elaborate the composition? The answer is, then other than what is headed to Poland, that we cannot disclose the destination and the competition, but what we can share is that the volume that goes outside of Poland has a different product composition and a different margin. On top of that, there was an increase in the personnel because the total volume and the production has increased quite significantly. So during the Q1, you must have felt its impact, but on the quarter-on-quarter basis, especially during the second half, then you will not be able to feel much impact. Next question is from the Nomura Investment Securities. Thank you for the opportunity to ask questions. On the conventional basis, based upon the past delivery, the margin that I have calculated out of your performance was around 15%. So that means that the export sales was at KRW 300 billion. That means the operating profit should be around 450, or rather 45 billion won. You explained that there was a one-time expense of 10 billion won, but it does not explain the difference altogether. So, can I assume that the order that you have won last year or the previous years had the lower profitability? Are you losing money somewhere else, such as Australia? Because even though there are some one-time expense, that it does not explain the differentials. The answer is that even though we do not necessarily share the margins per product, there was increase in the fixed cost that is coming from the increase in overall, workforce. And especially during the Q1, there were higher amount of, the subsystem sales that has a lower margin, and also the higher portion of the domestic sales that also has lower margin. So you will be able to see the improvement throughout the rest of the year. The next question is from Shinhan Investment Securities. So, was there any change or the shift in the profit, on a quarter-by-quarter basis? The answer is that there was no particular shift or manipulation on the Q1. The conventional practice is that the sales is generally focused on the development project and, mostly towards the second half of every year, then the sales from the mass production happens, and of course, that means that, it will have a higher profitability as well. So what we have experienced during the Q1 is not puzzling or something that, we were not able to expect, to happen, as we have been communicating from last year. So even though we might not be able to share the exact details or the competition, but because of the combination of manufacturers combined, the Q1 performance is lower than other quarters. But you'll be able to see that things will improve over time, because out of the total order backlog, the ratio of the export, will increase, and that will translate, very positively in our sales and operating profit, performance. The next question is regarding, the number of sales, to Poland. Has there been any change, to what has been disclosed earlier? The answer is: there is no change to the guidance figure that we have shared with you earlier. So those figure is for K9, 60 K9s or more, and 30 Chunmoo or more. So, I said, or more, which, represent that if and when there is a request from, the customer, and if our capacity allows, then there could be, the potential upside potential, and it is most likely to happen during the Q4. The next question is from Tower Investment Securities. So you have recently won the second round of Chunmoo order from Poland, so how the timeline pans out? Will it happen immediately after the first round? What will be the delivery schedule for those 72 Chunmoos? The answer is, yes, the delivery will start, immediately after the completion of the first round. So for the second round of Chunmoo, delivery will begin from 2028. And the Polish government is yet to share with us the delivery schedule, so I cannot disclose any further details. And FYI, there is no current production of Chunmoo at this moment. The next question is from Shinhan Investment Securities. So, for the self-propelled gun for the U.K. market didn't pan out. So can I understand the background a little bit better? Was there any cost associated with it? The answer is, regarding the U.K.'s project, so the announcement was about the development of the self-propelled gun, and the announcement was regarding the possible collaboration for the development. So we are internally discussing about the ways to respond to the situation, and there was no cost in money provision associated with it. The next question is from Shinhan Investment Securities. Can you share with us any progress on the local production in Poland? And another question is that in the Q4 of 2023, there was one Chunmoo whose sales was not recognized. So when will it happen? The answer is, let me respond first about this one, Chunmoo, whose sales was not recognized in the previous quarter. So it was not recognized during this quarter, but will be done in the Q3 of this year, and that is in line with the customer's request. Regarding the local production, for the first and second rounds of K9 and Chunmoo, so that is not something that we expect to happen. So it will be more likely for the remaining volume outside of the first and second rounds of contracts. The next question is from Nomura Financial Investment. I have a question regarding RSP. So what is the expected volume, and do you expect the size of the loss will decline? The answer is, the RSP cost versus last year has improved, and that is because even though the total sales, or the volume has increased, the AM sales has also increased, and that has contributed positively to reduce the size of the loss. But for the whole 2024, outside of the AM sales, then we believe that what we have shared with you for the total amount of loss for 2024 will be maintained. We expect there could be some announcement from Pratt & Whitney by the end of this year regarding the accounting treatment possible reversal of allowances, and if and when that happens, then we will share that with you. Next question is from Daol Investment Securities, and this is to do with the Romanian situation. So the answer is, regarding the Romanian project, we expect to see the result by the first half at the earliest. Next question is from Hanwha Investment Securities, and it is to do with the consolidated adjustment. Can you share with us the details of the consolidated adjustment? The answer is that that is to offset the internal transaction among the different divisions or business units. For example, even within Hanwha Aerospace, there was transaction between the aviation and the engine division, and the PGM, and the land systems business unit, and also between aerospace and the Hanwha Systems. So offset of those internal transactions could account for the majority of the adjustment. Next question is from the Yu Jin Investment Securities. The question is to do with Hanwha Precision Machinery and Hanwha Vision. So for Hanwha Precision Machinery, there was a large amount of loss, but for Hanwha Vision, the profit was quite favourable. So do you expect this trend to continue throughout the rest of the year? The answer is, first, to do with the Hanwha Vision. In the previous quarter or the Q4 of 2023, North American sales was not very favourable due to the inventory effect. So there were some concern internally if those trend might continue. But luckily, in Q1, those inventory effect disappeared, and we were able to witness a rebound in not just North America, but also in Europe and Asia. So for the whole year, we expect this favourable performance to be maintained. As for the Precision Machinery, and they are supplying to the semiconductor manufacturer, and they are at a very early stage of the business, so it is too early to share anything meaningful in numbers with you. Even worse, our key market is China, which is suffering from the economic slowdown and the trade conflict. So it is likely that this amount of loss will continue throughout the year. Next question is from Tower Investment Securities. Other than the Romania project and the second phase of Poland, what can we expect in terms of the pipeline? Which area or which project? The answer is that we have three focus areas. First is Europe, which includes both Eastern Europe and Northern Europe, and the second is Middle East, and the third is Asia Pacific, specifically Australia and India. Out of these three key focus area, we are focusing on these three key products, namely K9, Chunmoo, and Redback. So what we have witnessed so far is that existing customers show interest in not just the existing products that they have already purchased, but on other products. And we are seeing some new interested parties as well. So this will help us maintain a pipeline for this year and next year. And you must have read, the media report recently that the customers with, the existing purchase are showing interest in other products offering as well. Next question is from Hai Investment Securities: Recently, you signed an MOU with Saudi Arabia, so any tangible decision that was included in the MOU, and if there is any specific timeline, can you share? The answer is, the MOU with Saudi Arabia, it is to confirm their interest and their willingness to cooperate on the overall weapons system. So as it is still an MOU stage, there is no definite decision that is involved in, but what we can tell you is that as Middle East is one of our focus area, then we will continue to discuss with Saudi authorities on the possible surface-to-air launcher and, the Hanwha Systems and radar assistance as well. The next question is from Shinhan Investment Securities: There was a recent revision in the Export-Import Bank of Korea Act, so will it help you with financing for your future project? And for the Poland project, what are the logics for your delivery? The answer is, the logic behind the delivery is at the request of the customer. For example, one Chunmoo, whose sales was not recognized in the Q4 of 2023, it is recognized or it will be recognized in the Q3, not the Q1 of this year, and that is at the request of the customer, and that will be used for the testing purposes. And regarding the recent revision of the Exim Bank Act, so that might help us with, the overall available funds, but it will be some time that, it will be led to the actual financing. In the meantime, as you have seen with our recent contract with the Polish government, there is something that we can do on our own with our respective customers. Next question is from Nomura Financial Investment: So what will be the timeline for the remaining volume for Poland? The answer is that we have just signed the second phase contract of Chunmoo last week, last week, and the delivery will start from 2028. The remaining volume for K9 will happen sometime after 2029. As we have signed the contract, whose delivery will begin from 2028, I believe that there is no sense of urgency for signing the contract for the remainder of the volume, because it will happen five or more years down the road. Generally speaking, as was the case with a K9 2-1 for the last week's contract for the Chunmoo phase two, we expect that there will be the series of future contracts coming out that confirms the existence of demand. We remain quite hopeful for the remainder of the volume. The next question is from Shinhan Investment Securities: So in case of the accounting treatment of the volume that goes out to Poland, why do you follow the delivery-based principle? The answer is, yes, as you have mentioned, that we recognize sales basis of delivery because we believe that is a logical approach. If we do it on the progress basis, and if there is any problem or delay that happens during this process, then we will have to retract that, and it is not logical at all. That is also the opinion from the outside accounting firm, so we follow their advice as well. The next question is from Merrill Lynch: The Q1 performance, you said that there was the increase in the personnel or the workforce. Was there any other factors contributing to this increase in the cost? The answer is that other than the increase in the fixed cost, there was a one-time expense of KRW 10 billion. So that comes out of the Polish gap filler that happened last year. So we used the volume that was sent or ordered for the domestic customers, but we have used it up for the delivery for Poland. So that means that we have to deliver to the local customer, and the materials cost associated with the delivery went up. We expect the cost will be-