Good morning and good evening. First of all, thank you all for joining this conference call. Now we'll begin the conference of the fiscal year 2021 fourth quarter earnings results by LG Display. This conference will start with a presentation, followed by a divisional Q&A session. If you have a question, please press star one, that is star and one, on your phone during the Q&A. Now we shall commence the presentation on the fiscal year 2021 fourth quarter earnings results by LG Display. [Non-English content] Good morning. This is Brian Heo, in charge of LG Display's IR. [Non-English content] On behalf of the company, let me thank all the participants at this conference call. [Non-English content] Today I'm joined by the CFO, Sunghyun Kim, Hee-Yeon Kim, Senior Vice President of Corporate Strategy Group, Seung Min Lim, Vice President of Corporate Planning, Kiy oung Lee, in charge of Business Intelligence, Daniel Lee, in charge of Large Display Marketing, Jae-young Kwon, Vice President of Medium Small Display Marketing, and Ki Hwan Son, Vice President of Auto Marketing. [Non-English content] The conference call will be conducted in both Korean and English. Please refer to the provisional earnings release today, or the IR events section in the company's website for more details on the financial results of Q4 2021. [Non-English content] Before presenting the company's earnings, there will be a presentation on OLED.EX, a new technology for large OLED. It can be viewed via mobile devices or a video webcast through an IT device, as well as on the IR website. [Non-English content] The OLED.EX presentation will last for about five minutes, followed by a briefing on the financial results of Q4 2021, and the company's outlook for Q1 2022, and Q&A. [Non-English content] The technology presentation will be led by Min-kyu Jin, in charge of Life Display Promotion. The company's large OLED has been evolving and developing ever since its launch, culminating in the OLED.EX technology. [Non-English content] This presentation is in English, with Korean subtitles at the bottom of the screen. Hi. I want to appreciate all of you for joining us today. I'm Min-kyu Jin, I'm head of Life Display Promotion division. I'm proud to introduce to you almost an OLED evolution, OLED.EX. Evolutionary experience, the EX in OLED.EX, embodies our goal of providing customers with an evolved experience through constantly evolving technology. I will introduce to you EX technology, the core of OLED.EX, which enables an evolved experience. EX technology improves product efficiency and brightness by increasing the stability of organic light-emitting devices, which are the most important elements in creating great picture quality of OLED. The two keys that enable this technology are deuterium and personalized algorithms. Deuterium is an element also known as heavy hydrogen, and as the name implies, it literally means hydrogen that is heavier. Deuterium has a similar structure to hydrogen, but it has an extra neutron. It is not artificially synthesized, it is a real, natural element. However, there is only one atom of deuterium for every 6,000 atoms of hydrogen. We developed the technology to extract deuterium from water to replace hydrogen in existing OLED materials. Our OLED materials maintain their original shape, but become more stable through a deuterium substitution process, meaning that they are stronger against electrical stimulation and heat, which means they remain more reliable for longer, even at high brightness. In the end, we developed the highly stable devices that emit brighter light. Using deuterium, OLED.EX can realize a higher level of natural brightness and detail, similar to what we see in real life. The second key to EX technology is personalized algorithms. We use personalized algorithms to control OLED's brightness and enhance performance by predicting usage for each device according to viewing patterns of each user. I often display places I want to travel to after the pandemic on my OLED TV. This is one of them. It is an aerial view of Grand Prismatic Spring, a huge hot spring in Yellowstone National Park in the U.S. It looks almost like the sun blazing, doesn't it? Some days, I leave this scene on for a long time, and the blue subpixels on my OLED TV are of course used a lot for the blue part. The green parts use mostly green subpixels, and as you can guess, the red parts use mostly red subpixels. This is where our personalized algorithm technology comes into play, intelligently predicting usage and optimizing each W, R, G, and B element to maintain stable use. These personalized algorithms, combined with deuterium, we just talked about, gives our OLED panels their strengths. With EX technology, our OLEDs has evolved to become stronger than ever, with 30% increased brightness and natural colors reproduced with greater detail. OLED. EX recreates details accurately the way content creators intended. Design is also no exception when it comes to the evolution of OLED. EX. OLED. EX introduces a new bezel that's about 30% thinner than before, making this the most aesthetically pleasing design of any existing OLED. We took innovative evolution a step further to satisfy the most demanding consumers without making any compromises to OLED's image quality or slim design. We can sum up OLED. EX's philosophy of evolution with the words great detail, meaning detailed innovation to bring our customers perfect picture quality. The reason why we bet on and focus the 10 years of technical expertise on developing the detail is simple, because every detailed innovation results in the details in the content our customers experience. This is not only important for Hollywood filmmakers and other professionals, it's also very important for everyone who wants to capture, get immersed in, and feel every last detail. OLED. EX panels with EX technology will be used in all of our OLED TV panels from the second quarter of 2022. We will continue to showcase new innovative products with pursuing natural reality, the philosophy that guides us. With OLED EX, we will bring our customers evolved experience with OLED and show evolved leadership in the global OLED market. Thank you. [Non-English content] Thank you for your attention. Before we begin the presentation, please take a moment to read the disclaimer. [Non-English content] Please note that today's results are based on consolidated IFRS standards prepared for your benefit and have not yet been audited by an outside auditor. [Non-English content] There has been a revision to the K-IFRS 116 on property, plant, and equipment. In applying the revision, the company modified how we account for prototypes that are sold during a plant's test operation. [Non-English content] It used to be that the net selling price of the goods produced during test operation would be deducted as PPE as the acquisition cost, but with the amendment, the cost has to be recognized as profit or loss. [Non-English content] Early application of the amendment has caused some changes from our earnings in 2020. [Non-English content] With that said, we will now start with the presentation on Q4 2021 earnings result. [Non-English content] Let me start off with our business performance in Q4. [Non-English content] Revenue in Q4 was KRW 8.881 trillion. It was driven by the higher share of large and medium and small OLED. An increase in IT panel shipment following the business structure upgrade. It was the highest ever for a quarter, up 22% QoQ, and up 18% YoY. [Non-English content] Operating profit was KRW 476 billion. It was down 10% QoQ due to continued decline in LCD TV panel price and year-end one-off costs. In terms of actual performance, excluding the one-off factors, it was in line with market expectation. [Non-English content] Operating profit margin in Q4 was 5% with EBITDA margin at 19%. Net profit was KRW 180 billion. [Non-English content] Let me now go over our business performance for the year. [Non-English content] Revenue in 2021 was KRW 29.878 trillion, and operating profit was KRW 2.231 trillion. Revenue was the highest ever, while profitability was also considerably improved thanks to the turnaround in OLED and upgrade in our business structure. [Non-English content] Revenue was up 23% YoY. We turned around to profit with operating profit margin of 7%. [Non-English content] Next is area shipment and area ASP. [Non-English content] Area shipment in Q4 was 9.36 million sq m, increasing 12% from the previous quarter. IT panel shipment remained solid, and large OLED panel shipment grew on the back of strong demand for high-end TV. [Non-English content] Area panel price was $806, up 8% QoQ, thanks to shipment growth in large and medium small OLED. [Non-English content] The company's production capacity in Q4 decreased 3% QoQ owing to line adjustment to prepare for new models and additional allocation to R&D. [Non-English content] Next is Q4 revenue breakdown by product segment. [Non-English content] IT panel, our standout among competition, maintained the biggest portion at 42%. TV panels came in next with 27%, down 5 percentage points QoQ, despite higher shipment of large OLED due to declining LCD TV panel price. Mobile and others accounted for 31%, up 8 percentage points QoQ, thanks to growth in shipment of pOLED smartphones and wearables. [Non-English content] Next is the company's financial position and ratios. [Non-English content] The company's cash and cash equivalent at the end of Q4 was KRW 4.3 trillion. Inventory was KRW 3.35 trillion, decreasing by KRW 230 billion QoQ. [Non-English content] The inventory is kept at a higher level than usual. As a safety stock to prepare against supply chain uncertainties, such as commodities and logistics issues. [Non-English content] Liabilities to equity ratio was 158%, and current ratio was 94%, both almost flat QoQ. Net debt to equity ratio came in at 57%, improved by 6 percentage points QoQ. It was down 20 percentage points YoY, showing meaningful improvement in financial soundness. [Non-English content] Next is cash flow. The company's cash and cash equivalent at the start of Q4 was KRW 4.209 trillion. It increased by KRW 75 billion and stood at KRW 4.285 trillion at the end of Q4. [Non-English content] Next is presentation by the company's new CFO, Sungh yun Kim, on business performance and strategy. [Non-English content] Good afternoon and good evening to shareholders, investors, and analysts from home and abroad. [Non-English content] This is LG Display's CFO, Sungh yun Kim. [Non-English content] I went from being in charge of finance to CFO last year, and I greet you for the first time today through this conference call. [Non-English content] As the new CFO, I feel the responsibility of having to deliver on the company's strategic tasks under an increasingly volatile business environment with the persistent pandemic and intensifying competition. I also harbor expectations of new opportunities as we see our strategic push in the past few years to upgrade the business structure and better prepare for the future bear fruit. [Non-English content] With a sense of heavy responsibility, being the CFO at such a critical juncture, I will play an active role in improving corporate performance while balancing opportunities and risks. [Non-English content] With that, now let me move on to the guidance for Q1 2022, as well as the company's business strategy. [Non-English content] Fir st is Q1 guidance. [Non-English content] In Q1, area shipment will decline by mid- to high-single-digit QoQ. [Non-English content] The pace of seasonal decline will not be as much as in other years. Although shipment of panels of all sizes is expected to fall due to seasonality, IT panel continues to enjoy B2B demand coming from the increasing trend of work from home, online education, and general changes in the office environment. [Non-English content] Area price is expected to fall by mid- to high-teens QoQ due to seasonal decline in shipments of mobile panel. [Non-English content] Next is operational strategy for each business. [Non-English content] Looking back on the past year, we were able to show meaningful results in our core strategic tasks even as COVID-related volatility and uncertainty continued. [Non-English content] More importantly, OLED is now at a stage where it can produce substantive results. [Non-English content] Although the TV set market saw a negative growth of over 10% last year, sales of OLED TV sets grew over 60%, driving the expansion in the overall high-end TV market. The high-end TV market grew at a 30% level YoY, with OLED TVs share in this market surpassing 30% as of Q4 last year. [Non-English content] Panel shipment recorded a remarkable growth of more than 70% YoY, and the business turned around to profit in the second half of last year, reaching the BEP level for the year. Continuing from last year, shipment growth for this year is planned at 20% for the year. We also plan to keep improving profitability based on the stronger business performance. [Non-English content] In the case of small and medium OLEDs, we became capable of ensuring consistency in development, mass production, and quality. It is now in a stable growth path based on stronger relations with strategic partners. In mobile business, we aim to further improve profitability by expanding new models in the second half. We will leverage our unique competitiveness to broaden outside the mobile, preempt medium-sized OLED premium market, and expand to the mobility industry, including automobiles. [Non-English content] The LCD sector also achieved outstanding results by proactively responding to market changes. [Non-English content] In LCD, we are maintaining the select and focus approach centered on high-end IT in line with our strategic positioning. [Non-English content] This year is expected to see demand adjustment after COVID-19. [Non-English content] The company continues to secure stability in business operation by minimizing volatility. We are gradually reducing the portion of supply-demand businesses that are highly susceptible to market conditions while increasing the businesses that can produce consistent results in strategic collaboration with customers. [Non-English content] Going further, anchored on OLED, we will continue to expand our business to deliver new experience and values to customers going beyond existing product areas. [Non-English content] Last is our investment and financial management activities. [Non-English content] CapEx last year was KRW 3.2 trillion. It is expected to increase this year as we go ahead with the investment in small and medium OLED that was decided last year. The company will keep to the principle of keeping CapEx within EBITDA while trying to improve our financial soundness. [Non-English content] The company announced today a predictable and sustainable midterm dividend policy with a view to improve shareholder value. We will maintain a dividend payout ratio of 20% of the consolidated net profit from the business years of 2021 to 2023. Accordingly, the BOD today decided on KRW 650 per share in cash dividend for the 2021 business year. [Non-English content] The company will keep looking for ways to improve shareholder value from a long-term perspective. [Non-English content] Even as the pandemic lingers, we will bolster our responsiveness to the external environment to minimize risk and ensure stability in business operations. [Non-English content] We will spare no effort to continuously heighten market confidence and create higher values. [Non-English content] Thank you. [Non-English content] That brings us to the end of earnings presentation for Q4 2021. We will now take questions. Operator, please commence with the Q&A session. [Non-English content]. 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 the number star one. For cancellation, please press star two, that is star and two, on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant. [Non-English content] The first question will be provided by Hyun-soo Kim from Hana Financial Investment. Please go ahead with your question. [Non-English content] Now, I have two questions. One on large OLED and another on LCD. Now first about the large OLED. What was the performance in 2021 and the outlook for 2022? Are there any differences between the guidance last time about the 2021 performance and the expected shipment in 2022? What was the profitability for these business division? For 2021 and also the outlook for 2022. The second question is on LCD. The LCD panel price has been falling for the seventh month now. We are also now seeing some signs of the price decline stopping for 30-in and 40-in LCD panels. What is the panel price outlook for LCD this year? Also for IT, we see that the IT LCD panel price also started to decline last month. Similar question. What is the price outlook for IT panel this year? [Non-English content] Now regarding the first question about the large OLED, this is Daniel Lee in charge of large display marketing responding to that. [Non-English content] [Non-English content] Now, first of all, as the CFO had highlighted earlier, the overall TV set market showed negative growth of over 10% last year. Among them, the OLED TV, in other words, the high-end TV, continued to grow and OLED TV solidify its position in the high-end TV market. In the fourth quarter of last year, the OLED TV took up over 30% in the high-end TV market. [Non-English content] To give you more highlights, what we see as some meaningful performances, so in the developed markets, like the North America market, for the year, it took up over 30% market share, and in Europe it was over 40% for the year. [Non-English content] Now, not only the sales of the TV sets, but accordingly, the company's panel shipment also grew by over 70% YoY. In the second half, it turned around to profit, and for the year, it reached BEP. [Non-English content] Now, in terms of the specific shipment, we did fall a little bit short of the target in terms of the shipment, but then in terms of the area, we did come in line with the target as we had focused more on the large OLED. [Non-English content] For this year, as the CFO had reported earlier, our guidance is over 20% increase in panel ship. [Non-English content] The more recent numbers show, although they are for the weekly sales, but, so in the month of January, we see that the actual sales remain similar to the fourth quarter level. Based on our strong, stronger business structure, we will continue to improve our profitability. [Non-English content] [Non-English content]. The following question will be presented by Won-s uk Chung from HI Investment & Securities. Please go ahead with your question. [Non-English content] We apologize for the inconvenience. We had not finished the response to the first question by Mr. Kim Hyun-soo. Allow us to complete the response, and then we will take the next question. [Non-English content] Now, this is Kiyoung Lee, in charge of business intelligence, responding to your question about the outlook for IT panel price. Now, for the IT panel, compared to the TV, the decline in price was lagging behind by about a quarter. We believe that in terms of the stabilization of the prices, it will also come later than the TV price. [Non-English content] We believe that most of the IT panel price decline will be centered on the low-end products like TN or VA. For the high-end products where the company is strong, we believe that the price will remain stable. [Non-English content] That is all. [Non-English content] Now this is Jae-young Kwon from the medium small display marketing. Just now regarding the IT market outlook, there was explanation by Kiyoung Lee from Business Intelligence, but I would like to just add some additional explanation. [Non-English content] Regarding the demand outlook for IT. Now, so since the onset of the pandemic, there was the trend of working from home as well as online education, which drove the demand for IT products. Now as COVID-19 continues to be prolonged, we are also seeing the easing of restrictions in different parts of the world. There are increasing outdoor activities by the citizens. This means that the B2C demand is likely to go down. For the B2B, you know, because of the back to office trend as well as the recovery in the economy throughout the world, we believe that the B2B demand in 2022 will remain strong. [Non-English content] Now, for the demand itself then, between 2022 and 2021, the outlook is that they are going to be pretty much similar, so a flat demand between 2021 and 2022. When it comes to supply, because of the soft TV market last year, starting in the second half of last year, much of the supply on the TV side has been shifted to IT, which had prompted the decline in IT prices starting in the last part of last year. [Non-English content] For the short term, we believe that the IT price decline, which started in the latter part of last year, will continue for the time being. In terms of the pace of the decline, now that is mostly concentrated in the mainstream products, whereas the company is strong in the high-end products. We do believe that our business will remain stable compared to the overall market. [Non-English content] We will take the next question. [Non-English content]. The following question will be presented by Won-suk Chung from HI Investment Securities. Please go ahead with your question. [Non-English content] Now I also have two questions. First is what has actually been reported through media coverage extensively recently, and that is about the cooperation between Samsung Electronics and LG Display. Samsung Electronics deciding to adopt LG Display's white OLED. Now, if you could give us an update on this front, and if new products are to be launched in the first half of the year, then this probably means that you are in the last stage. Can you give us comments regarding this? The second question is, Samsung Display also recently got ready for the, or started the mass production of QD OLED. Then compared to the QD OLED, what does the company believe are the advantages of white OLED? [Non-English content] This is the CFO responding to the first part of the question. Given that this involves not only the company, but a specific customer, please understand that we are not in the position to give a comment on it or share our plan or update. [Non-English content] I already explained earlier that in the high-end TV, the OLED achieved outstanding performance. The company's plan is to continue with this growth trend based on the existing customer base. [Non-English content] If new customers are to be gained, then in terms of the OLED, 'cause it would help mainstream the premium OLED products and will also have a positive impact on driving sales. [Non-English content] It is true that there have been some media exposure at the CES, but then the actual product has not been launched in the market yet. Any comparison would have to wait until it's been launched. [Non-English content] I would just like to add that, when it comes to the product competitiveness, it does not depend on one or two, specific, specifications. I believe that what is important is the overall quality as well as the overall competitiveness. I do believe that the market will be able to make that decision after the launch. [Non-English content] Now, given our history of more than 10 years since the launch, as well as business operation, and also based on our product competitiveness and cost competitiveness, as well as the economy of scale and the customer base, as well as the readiness of our differentiated product lineup, we do believe that we are enjoying an overall competitiveness and we intend to maintain this competitive edge. [Non-English content] [Non-English content] We will take the next question. [Non-English content]. The following question will be presented by Jungh oon Chang from Samsung Securities. Please go ahead with your question. [Non-English content] [Non-English content] Now, I also had two questions, but then I also have one request for clarification about the presentation earlier. It was explained that for the fourth quarter financial performance, excluding one-off factors or the one-off costs, then the performance was actually in line with market expectation. I do not believe I heard about the one-off factors, so maybe I missed it, but if you could clarify what the one-off factors were. The next question is we have been hearing about the auto display for some time, but so I would just like to hear more about the outlook. If you could give us some more highlights about the auto display. If you believe that there are growth drivers for auto display, then do you believe that they will come from applications or the display form or from the customers? The last question is, now since the pandemic, we see many of the panel makers enjoying higher sales as well as profitability. We see that like Taiwanese panel maker is enjoying like over 20% operating profit margin in the third quarter of last year. Of course, the company has also done quite well. I'm just wondering about the difference and also, when it comes to the company strengthening its competitiveness, then what do you believe its implications will be with regards to the margin as well? [Non-English content] This is the CFO, regarding your question about the one-off costs. Now, when it comes to business performance, we have a way of sharing the good performance with investors in the form of dividend. Likewise, we also have a way of sharing our performance with those who made it possible. In other words, the executives and the employees of the company. [Non-English content] The reason why I cannot give you the specific numbers today is because we have not gone through the communication with the members of the company about how we are going to share the business performance. Please understand that it's a bit too early for us to give you further details. Once we do go through the process, then we will create opportunities where we will be able to communicate with you on a one-to-one basis. [Non-English content] This is Ki Hwan Son, Vice President of Auto Marketing, responding to your question about auto display. [Non-English content] Now first, about the status of our auto business. As is well known, LG Display enjoys leadership in the auto business in terms of both sales and technology. [Non-English content] Especially, with the auto display, the size becoming bigger and the resolution requirement also becoming higher and also more sophisticated requirement for design, the orders that we receive continue to grow. As a result of this, for LG Display, the order backlog for the LTPS LCD and OLED remains at 90% as of the end of 2021. [Non-English content] About our auto business strategy. Now LG Display intends to have customized platform for the different market segments as well as the customers. [Non-English content] Now for the auto conditions. Now in terms of the extreme conditions that are required for the auto display, now the LG Display will center its marketing on the Tandem OLED. For the customers that value design, then we will provide our plastic OLED. [Non-English content] For the customers who value the higher picture quality, then you can also provide the ATO, which is the Advanced Thin OLED. Based on these two technologies, we will be able to continue to broaden our market as well as the customer base by utilizing our OLED platform. [Non-English content] Last, for those who wish to differentiate by cost, then we can also market our in-cell touch-based LTPS LCD. [Non-English content] That is all. [Non-English content] This is Kiyoung Lee from BI, responding to your question about the difference in profitability with other players. [Non-English content] Now the profitability difference in the LCD business comes from the differences in the customer structure as well as the product lineup. [Non-English content] Now when we look at the history of display business, then we see that when there is a higher share of commodity or general LCD products, then when the market is doing well, then the profitability also tends to improve considerably. Vice versa, when the market is not doing well, then there could be big losses. [Non-English content] We see that for the players, like the Taiwanese player that have a larger share of other customers and also larger share of commodity products, they have benefited more than other players during the pandemic. [Non-English content] As was explained earlier, we see that the price is falling centered on commodity products. For the company, we are focusing more on differentiating for the long term. We believe that we will be ready to have a more stable business down the road. [Non-English content] [Non-English content] We will take one last question. [Non-English content]. The following question will be presented by Simon Wu from Bank of America Securities. Please go ahead with your question. [Non-English content]. Now, first of all, thank you for the good performance in the fourth quarter. My question is pertaining to the growth potential down the road because we see that the OLED capacity is almost to the full and the new ramp up can come only like in a year's time. In 2022, does the company believe that there is still room for more top line growth to come for OLED? Perhaps maximizing utilization rate and also enhancing productivity could help pull up the growth rate, but then it would also have limitations. What is the company's outlook for the growth of OLED? [Non-English content] This is Hee-Yeon Kim of Corporate Strategy Group. [Non-English content] The question is pertaining to the growth potential of large OLED. Now regarding this, we see that recently the market is moving more toward convergence. [Non-English content] Under this trend of convergence, we believe that there will be more opportunities for the company. For example, based on the WRGB technology, we can supply to the TV market. Not only that, but IT in the gaming side. Also utilizing our unique transparent feature for OLED, we can also get ready to move into the mobility market. In these markets for these products, the ASP would be higher than the TV. It is from both, the revenue growth and also higher profitability that we are seeking to achieve top line growth. [Non-English content] In short, more growth will come after CapEx spend. For example, there's going to be the CapEx on the mid-size OLED, from where mass production will begin from 2024. There is going to be higher sales from here. Also, even without CapEx spend from the gaming and the transparent OLED side, the ASP is going to be higher than other applications. Let me make one correction. About the transparent display. It's not getting ready to enter the mobile, but it's the mobility market. [Non-English content] Thank you very much for the good explanation. This question is to the CFO. You did emphasize the company's intent to keep the CapEx within EBITDA. Given the fact that the EBITDA has grown considerably from the past, from the investor's perspective, perhaps keeping it in line with depreciation amortization would be more reasonable, because now the dividend payout is likely to be around KRW 200 billion, KRW 300 billion. There is the EBITDA, and then there is also the taxes to be paid. The setting aside the working capital. After all this, the cash is likely to be quite tight. What is the company's view on this comment? [Non-English content] This is the CFO, and I take that as a suggestion or a recommendation to the company, and we will take that comment into due consideration. [Non-English content] Now, as you all know very well, part of the nature of this business is that it requires large scale investment. [Non-English content] I'm sure that you also understand that this is indispensable to make sure that we achieve sustainability and also continued profitability, which are also the aspiration of both the company and the shareholders. [Non-English content] You might be aware of this, but then, for the company, to make sure that we get the right returns on our investment, we have, and I also have, five rules and one additional rule. [Non-English content] First, we look at whether there is alignment between the planned investment and the company's mid to long-term strategy. [Non-English content] We also look at the market demand, and also more importantly recently, the market supply, as well as our selling capability and also our production capacity. In other words, we also look at the fit between our current condition and the planned investment. [Non-English content] We also look at the timeliness of the investment. In other words, between the time of making the investment until the mass production, then will the production be in time for the market? Also whether it is the right time for the company to make this kind of investment, whether the company has the fundamentals to withstand this. [Non-English content] Of course, also the economics, which are also the more immediate factor. [Non-English content] We also look at the technological feasibility. In other words, whether the company has the right technology and the technological sophistication befitting this investment. [Non-English content] That is, from the business performance side, and then, the one additional rule for the finance side, and that is whether we have the financial resources to make this investment at this time. If we lack such financial resources, then how are we going to finance that from the market? [Non-English content] Now, for the CapEx plan of the year, as was explained earlier, we intend to keep it within EBITDA. [Non-English content] We are moving ahead with the investment, with the answers to all of those 5 + 1 rules, with the conviction that it is the investment that we need. I hope for your patience for a bit, and I do hope that we will be able to share in the good performance out of it, and I also hope that the time until then will become shorter. [Non-English content] Thank you. [Non-English content] That brings us to the end of the conference call for the earnings presentation of LG Display Q4 2021. I thank all the participants, and if you have further questions, then please contact the IR team.