Good afternoon. This is Choi Tak Jin from the IR team of Hyundai Mobis. I would like to thank all the analysts and investors for participating in today's 2024 Hyundai Mobis CEO Investor Day. Thank you very much for your time. Now, the presentations at this Investor Day will be on the present and future of Hyundai Mobis, to be followed by the global OE strategy and the ESG management strengthening strategy, as well as the financial strategy and a Q&A session. And now, ladies and gentlemen, we will be beginning the presentations of the Hyundai Mobis 2024 CEO Investor Day. Now, first of all, allow me to introduce the CEO of Hyundai Mobis, Gyu-suk Lee, who will deliver the first presentation. Good afternoon. This is Gyu-suk Lee, CEO of Hyundai Mobis. Thank you all very much for taking the time out of your busy schedule to be here today, and for all of you watching online. We are live streaming now, and that makes me a bit nervous because I'm not used to being in front of such a big audience, but I'm also excited to connect with the market. I'm sure that you've come to this event with as much anticipation as I have. Starting with the CEO Investor Day, Hyundai Mobis will continue to communicate with the market and shareholders. We look forward to your continued interest. Now, I'd like to first start with where Hyundai Mobis stands today, and where we are headed in the future. Now, despite the challenging business environment, including COVID-19 and the semiconductor supply shortage, Hyundai Mobis has been able to maintain steady sales growth of 17% per year on average since 2020, reaching KRW 59 trillion in revenue in 2023. We also focused on strengthening our business competitiveness and attracting new customers through aggressive CapEx and R&D investment. The strong push has led to growing global order intake. In numbers, we had a global OE order intake worth $9.2 billion last year, approximately doubling year-over-year. The company was ranked 5th as a global auto parts maker again this year, and we're also recognized for our financial strength with our first-ever A3 credit rating. In addition, we implemented various supply chain policies for our win-win partnerships and achieved the best possible rating on the win-win growth index for six consecutive years. In R&D, we are strengthening our technology DNA with 17 world's firsts and over 8,000 patent applications in the last 3 years. And of course, at the well-renowned CES, as you may know, we won a total of 4 innovation awards from last year, garnering much attention from customers around the world. Not only that, but we also won all 3 of the top global design awards, achieving a grand slam. Now is the time to make another growth transition based on the business capabilities that we have built up so far. In the past, Hyundai Mobis has expanded its business from modules and service parts to core parts such as chassis, electronics, and electrification. Since then, we have expanded our global infrastructure in earnest and strengthened our technology leadership capabilities by acquiring semiconductor businesses and increasing R&D investment. Going forward, we will focus our profitability-driven qualitative growth through market-leading technology, efficiency in resource operations, and expansion of global customer sales. Currently, the main issues in the mobility market are the transition to SDV, HMI, or the human machine interface technology diversification, EV Chasm, and component supply reliability. In a rapidly changing market environment, as in-vehicle systems converge and consumers demand new user experience, customer needs are diversifying. As a Total Parts company with a product lineup covering the entire range of automotive parts, we are able to respond quickly and flexibly to customer needs based on our, based on our quality competitiveness and global footprint. With such competitiveness, we will expand our business role as a Tier 0.5 company in the future to create new value-add products and preemptively launching innovative products that have been never seen before. Based on the aforementioned internal and external momentum, four keywords will drive Hyundai Mobis valuation, Value Up: securing leading-edge technologies, focusing on profitability, accelerating global customer expansion, and strengthening ESG management. Now let me tell you one by one about the Value Up of Hyundai Mobis to become a leading global player. First is securing forefront technologies. In recent years, mobility industry has been moving toward electrification and the SDV. This is driving a rapid shift in vehicle architecture to become more software centric, EV centric, and system products over unit products. In response to these environment changes, we are focusing on securing core technologies that can strengthen the fundamental competitiveness of our products, while ensuring competitiveness in electrification, electronics, and chassis safety businesses. In this process, we want to make the leap into a technology-driven company that can respond quickly to changes in the market by strengthening strategic alliances and investments, along with our proprietary technology development. Let me first discuss the electrification business. The EV market is experiencing a temporary slowdown recently, but we expect the demand to recover in the not-too-distant future. In this transitional market environment, we need to flexibly respond to the EV substitution demand and secure competitiveness early in preparation for a full-scale EV transition. To this end, our strategic direction is to provide products and technologies that can solve consumer pain points for EVs in the short term. We are securing EREV technology that combines the advantages of both ICE and EV, developing entry-level EV products that can lower the initial cost of EVs for consumers, and commercializing battery thermal propagation prevention technology that can resolve consumer concerns about EV batteries. In the longer term, we will build a full lineup from entry-level to large and premium to meet various market needs. We will strengthen the technology and price competitiveness of the drive motor system and battery system to capture market leadership in the EV market when it blossoms. Now, the EREV system is a transitional technology as we move from ICE to EVs. Building on our existing capabilities in developing electric drive motor systems, we aim to offer both performance and price competitiveness. By leveraging our existing lineup of motors and inverters, we are able to address EREVs with minimal additional investment, and realize cost savings by sharing components. In addition, we expect to improve power efficiency of vehicles by incorporating motor technology with superior power density, and to help reduce vehicle weight by simplifying the motor structure. We have already won orders for two North American SUVs from Hyundai Motor Company, and are targeting mass production by the end of 2026. We will focus on acquiring new customers based on our product competitiveness and business experience. In the meantime, to prepare for the full-scale transition to EV, we are proactively developing a 120kW entry-level motor system to respond to the declining EV demand and strengthen our longer-term business competitiveness. It is a product that targets smaller models that are preferred by consumers and will help popularize EVs by lowering the price burden. We are targeting a price of around 70% of the current flagship 160 kW class product, and plan to utilize motor hairpin winding, winding technology to gain a competitive edge in performance and efficiency. In addition, we integrated the current sensor and board into one, optimized the use of core materials such as core and coil, and changed the cooling structure to maximize cost competitiveness. Product development is currently underway to be completed by the end of 2025. And let me now move on to electronics. As more electronic contents are deployed in automotive systems, electronics have become a key driver of sales growth in our core parts business, as, amid the increase in more option products and higher value add. We own the full spectrum of products and technologies across automotive electronics, with competitiveness that has already been proven on the market, as we are a supplier to major OEs in Europe and North America. We will gradually expand our core product portfolio to include more value-added products, such as our integrated IVI controller and displays, which already has recorded more than KRW 500 million in sales as a single product, as we accelerate revenue growth. We will build a diverse lineup of high-performance controllers that integrate different controller functions, as well as next-generation automotive electronics, in collaboration with expert partners in the market to define and lead market trends. To prepare for the upcoming SDV era, we will secure the underlying E&E architecture, software, and hardware platforms required by our customers. We can offer the entire platform to OEs lacking architecture design technologies on a turnkey basis, based on our Tier 0.5 business model, or offer hardware and software solutions as a Tier 1, as we do now to OEs seeking individual products, through a flexible business model that allows us to respond to all customer needs, whatever they may be. Our integrated infotainment system offers an innovative and different user experience. We're now working on advanced development of next-generation technologies ahead of the competition in order to lead in the global markets. We're working to develop differentiated next-gen displays using rollable, pop-up, slidable, and micro-LED technologies that are aligned to the latest changing trends in technology. We have exclusive business partnerships with optical leaders such as ZEISS, where we are developing innovative new products such as the Holographic Head-Up Display that can bring innovation to the market. For sounds, on top of our own Krell and Meridian brands w e are in talks with multiple European and global premium audio brands to collaborate on concept development. We will continue to strengthen our lineup of premium auto audio systems as well. We're also developing integrated IVI controller that can be integrated with all of these types of innovative products, providing full integrated infotainment coverage, covering HMIs to controllers unique to Hyundai Mobis. Our integrated SDV platform is a zonal-based next-gen automotive platform that can fulfill various customer needs. We want to provide clients with an integrated solution that provides full coverage of hardware and software. We have a full portfolio of system software across the full SDV spectrum, including domain controllers to sensors, and a complete portfolio of software across all vehicle areas, including the body, infotainment, brake/ steering control, which is a major strength. Which we'll leverage to create new value add, by providing a customized response to customers as a total SDV solution provider. At present, we have named our SDV software platform Vision Link. So that is our new brand name, and we are in the process of concept development on Vision Link with a North American EV maker, with plans to begin promotion next year. Next, moving on to our chassis and safety business. While in the past, we started out this business as a fast follower, but we have since worked to internalize our technology and build global network, and have since acquired competitive technology and supply capacity on par with the leading players. Recently, we have achieved order wins from high-end European OEMs for sophisticated products like electric boosters and rear wheel steering, and we now pride ourselves as first movers. Going forward, we will continue to reinforce our high value add lineup, launching next-gen products to proactively grow into a leader in this space. To highlight some examples of some recent order wins, we have succeeded in gaining orders for large capacity EPBs, also panoramic rooftop airbags, high luminance LED rear lamps, which are the first such products in the world. Going forward, we will develop next-gen chassis and safety solutions such as X-by-Wire, brake steering technologies, next-gen airbags, and also convergence lighting products as well. Next, moving on to electromechanical EMB or Electromechanical Brakes. EMB represents a next-gen braking system that applies braking force using an independent motor through electric signaling without any mechanical connection. Compared to conventional hydraulic systems, it not only reduces braking distance, but also improves energy efficiency and mileage through regenerative brake booster system. It provides optimized scalability, giving customers greater deployment options, allowing us to serve diverse customer and platform needs. We've also achieved cost competitiveness through standardization and shared use of actuators. To date, we have completed advanced development of customized EMBs for four major global OEMs, which are scheduled or are targeting market release in 2028. Next on to SBW, which stands for steer- by- wire. So similar to EMB, this controls steering, purely through electric signals only, without any mechanical connection. This allows for maximum use of the cabin space inside an autonomous drive vehicle. We have developed a high-performance SBW, optimizing the structure. We've achieved 35% lower weight versus competing products, while reducing friction by 30%. We support diverse customer specifications such as cost savings, high performance, and package type, allowing us to respond flexibly to different user needs. We have also built in triple redundancy, backup communications, and an integrated safety steering system that connects rear wheel steering with the braking system. So through our diverse SBW lineup, we seek to lead the X-by-Wire market in the future. We are doing promotions for global OEMs at the moment, targeting market launch in 2028. Based on the strength of our technology, we are targeting global market share of 10% in the global chassis and safety market by 2032, as we establish ourselves as a global leader in this space. To reinforce the fundamental competitiveness of these products, which I've just highlighted, internalizing core building block technologies optimized to our products are key. We expect automobiles to evolve into SDV, and therefore, key software and semiconductor capabilities are very important. To improve vehicle performance and quality control, we seek to achieve vertical integration across the entire value chain, from components such as semiconductor chips to the controller-level. We're focused on fostering independent design capabilities for automotive semiconductors. As we look to a fabless business model, we're building a collaborative network with major players to secure stable supply of semicon products in the mid- to- long term. In parallel, in order to obtain differentiated competitiveness in the future mobility market, we're in advanced development of new mobility systems with converged functionality across different core technologies. So now in the next slide, I will highlight some of the automotive semiconductor and future convergence technologies that we have been working on. Now, the inverter is a key factor determining electric vehicle performance and costs. Basically, power modules and power semiconductors make up more than half of inverters, which is why we seek vertical integration of the power semiconductor value chain across power modules, inverters, and motors. We seek to enhance quality control, performance, and cost competitiveness by internalizing design capabilities for system semiconductors, which include battery management and power control ICs. We're also working with major semicon manufacturers to expand production capabilities, while building an ecosystem for design and manufacturing to support co-development with diverse partners, to also secure stable supply. Now, as an example for future convergence technology, here is an example. This is our smart cabin with sensor fusion technology. AI and different sensors are used to capture audio, video, and biometric signals, which are then integrated with vehicle information to assess conditions inside the vehicle, as well as passenger attentions, to provide appropriate functions in response. This is an in-cabin AI agent system, which is our own proprietary development. We've already secured healthcare-related technologies based on biometric signals, such as EEG technology, for example, to reduce motion sickness, and are planning to secure other core building block technologies up to 2028. The goal of this smart cabin solution is to provide different convenience and reliability to users, and a new spatial user experience and values. By converting existing products, such as infotainment and airbags, with these future core technologies, we can create and deliver new value add. For future exterior products, we believe competitiveness will be determined by design and performance. So this is our new concept lighting module, which is a convergence of our existing products and technologies. It is the world's first integrated lighting system that incorporates aerodynamic enhancement technology in the exterior lighting module. The moving lamps enable effective control of airflow dynamics, which improves driving performance and stability, while also benefiting fuel economy and energy efficiency. This technology has already completed advanced development phase, and we found that air resistance is improved 10%, and it can boost driving range by 5%. Our lighting module has won all three top global design awards, have been proven in terms of outstanding design and longer driving distance through improved aerodynamic performance. We are in talks with Kia on co-development and mass production, with the goal of market release in 2028. Now, as we engage in independent development of various technologies, as I've explained, we're also seeking and strengthening global strategic partners, partnerships, and co-investments. We have long-standing partnerships with global OEMs, where we have signed 10-15 long-term supply contracts, and this is due to our track record of stable supply. Now, securing key semiconductor technology is very important for electronics, and so we seek to expand our collaboration for timely access and supply. We are seeking inorganic strategies as well, including battery cell joint ventures, to strengthen our competitiveness in battery systems and drive motor systems as well. We will seek diverse forms of global partnerships, including JVs, inorganic opportunities, to strengthen our capacity and advance into new markets. So far, I've talked about our strategy for acquiring leading technologies for global markets. Next is Hyundai Mobis' profitability-focused business improvement plan. The direction of our profitability improvement is resource optimization, for example, like R&D and also CapEx investment, and also management innovation. We plan to optimize our business portfolio, rationalize our products, and optimize resource allocation. In addition, we will operate with a strict focus on profitability through global centers, manufacturing innovation, proactive management of profitability, and optimization of service parts business. Now, the first part of resource optimization is business portfolio optimization. We intend to drive revenue and profitability at the same time by focusing on electrification and electronics businesses, which are expected to generate high value add in the future and will be businesses that can drive company-wide growth. In module chassis safety, lamp service parts businesses, which are expected to generate stable profits, we will focus on streamlining business operations to maximize profitability. Finally, we will continue to develop our Seeding Businesses, such as future air mobility and robotics, to secure new opportunities in the future mobility market. By optimizing our business portfolio, we will use the additional available financial resources to invest heavily in growth businesses, to complete a virtual cycle, and to achieve both sustainable growth and profitability in the future. I've just talked about optimization from a business perspective. Now let me also move on to the product level. The goal of product lineup optimization is to realign the product portfolio to focus on higher value-add products. We will analyze profitability, marketability, growth potential, and competitiveness on a product-to-product basis to distinguish between products with high potential for profit generation and growth, and products that need to be rationalized. Products with high profitability potential will drive our growth and profitability through profit improvement activities, while products that need to be rationalized will be subject to stronger management. From a select and focus perspective, we are currently revisiting more than double-digit low-value, non-core products out of total 60 products, and plan to invest the additional resources freed up through optimization, such as from steering gears, in future core technologies and products. Here's how we plan to optimize our global operations. We aim to optimize our global operations through a more local decision-making and the integration of regional functions. First, we will accelerate localization by strengthening local standard business operations. We will have local talent lead our plant operations, becoming the head of local subsidiary and local plants. We will strengthen our dedicated local customer organization by having local experts for targeted OE wins by region. In addition, we will secure the stability and professionalism of corporate operations by launching regional integrated support centers that integrate all management support functions, such as human resources, administration, and legal affairs. By building a locally optimized operating model across the entire value chain, from R&D to order and production, we will maximize sales and profitability of overseas subsidiaries by securing independent business capabilities by region and making locally appropriate decisions. Next is applying manufacturing innovation technologies. We offer Digital Twins using Virtual Reality, intelligent automation technologies for unmanned assembly and logistics, and facility control with AI to enhance production efficiency. Through such accelerated Digital Transformation, we are actively developing technologies that can expand profitability by optimizing wasteful factors, such as defect rate, labor cost, and investment cost in the manufacturing process. In particular, we are expanding our technological cooperation by investing in the HMGICS, which is Hyundai Motor Singapore Smart Factory, as a test bed for developing various specialized manufacturing technologies, and we are also proposing to accelerate digital transformation. We also share the innovative manufacturing technologies that we have developed in our own exhibition, called M.Sphere, with our group companies and suppliers to strengthen mutual technological cooperation. The following is the process of preemptive management of profitability. We will strengthen our management processes with focus on profitability throughout the Project Life Cycle. In the pre-order stage, we will optimize design and sourcing to strengthen preliminary cost competitiveness, to enhance profitability and contracting competitiveness. In the bidding and order phase, we will secure the best deal based on our competitive products, quantity guarantee, cost increase reimbursement, and so forth. In the most important stage, which is mass production, we will conduct targeted cost checks in three stages: initial drawings, production drawings, and mass production, to recognize cost changes early and implement necessary profit improvement activities, such as sales reflection or internal cost reduction. Finally, in the post-production phase, we want to improve profitability through a profit and loss monitoring system, revisit underperforming products, and systematically manage inefficient products. We aim to ensure the company's target profitability is maintained and strictly managed at each stage of the project that we win. Finally, in the service parts business, we will optimize the structure of the after-sales service network through the integration and automation of logistics spaces. In two months, the Yeongnam Logistics Center, which integrates Gyeongsan, Gyeongju, and Ningxia Logistics Centers, will start its operation. In the mid to long term, we will gradually expand these integrated logistics centers to five, dramatically reducing logistics and operating costs by reducing transaction steps. In addition, in order to respond to changes in logistics spaces and upgrade the parts operation system, we have built N-Smart, which is a next-generation system that allows us to manage our nationwide inventory in one system, enabling suppliers integrated ordering and shorter lead times, and automate inventory control. Now, based on the aforementioned market-leading competitiveness and profitability-oriented improvement, we will also accelerate global customer expansion, which is the third strategy. Our goal is to increase the share of our global customers from 10% today to 40% by 2033. To that end, we will drive global customer expansion in two directions. First, expanding the market based on bidding competitiveness. Supply stability based on our global footprint, differentiated technological competitiveness, like SDV and X-by-Wire, and quality proven through our business experience with Hyundai and Kia, are the sources of our bidding competitiveness. Based on this, we will diversify our offerings to existing customers, expand our share in high-value-add products, and acquire new customers. Second, expanding partnership-based customers. By establishing strategic partnerships with major global OEMs, we plan to stabilize large-scale supply and create new value add, and also lead the next generation of innovative technologies together through collaborative exchanges, such as joint research. Now, of course, as the basis for all these management activities, we are actively promoting ESG management activities, which is the fourth strategy, to enable responsible innovation and mobility with green technologies. First, we will increase our renewable energy conversion rate to 35% by 2025, with the goal of making a greener transition to future generations and the planet. We will also increase our workplace sustainability audit rate to 100% with our employees and various stakeholders to achieve sustainable development. Finally, we will strengthen board-centered management and build trust with stakeholders through enhanced communication. Now, of the four keywords of Hyundai Mobis Value Up, I have talked about securing leading technologies and improving profitability-centered business structure. And the other two, global OE strategy and ESG management, will be discussed in detail in the following sessions. First, our global OE order strategy will be presented by Mr. Axel Maschka, Vice President of Sales. Now, it's all yours. Good afternoon, ladies and gentlemen, and thank you, Greg, for a great presentation. Now let's look how Mobis can continue our dynamic growth path. Let's start with a few questions. Why is global OE business actually important for Mobis? If you want to continue our growth, if you want to find new ways, then we need to recognize, once we supply 4 calipers and 4 lights into a Hyundai or Kia vehicle, we need to find new ways to grow. Global customers are the solution. There's a second reason for that. There is competitiveness. Once we are competitive, growth is very easy. However, if you would not be competitive, we need to learn this early and need to improve, for global and for Hyundai Kia. Why is scale important for a Tier 1 supplier? Let's look at our business model. As a Tier 1 supplier, we amortize our R&D, and we amortize our factories over as many shoulders as possible. So the more projects we have, the lower the allocations, the more competitive we are. This means scale drives competitiveness, and this is particularly important in areas at times of disruption, like where need high R&D for EVs, for autonomous driving, and for software-defined vehicles. So why do we talk about 10x non-captive growth? Order intake is the measure of trust from our customers. We have the ambition to outperform the market, and therefore, we have set a very demanding target going forward, a tenfold growth of our global OE business over the next 10 years. Let's look where we are. What have we achieved so far? In the years 2020 to 2023, we already doubled our sales from a, okay, modest $0.4 billion to more than $0.9 billion last year. The order intake already grew fivefold from $1.7 billion to more than $9.2 billion last year. Now, if you are more conservatively and exclude the Volkswagen BSA award, which was a very big one, even then, we would have increased our order intake to sales ratio from 4 to 5.2, which shows the strength of our sustainable growth pipeline. And this is confirmed by increasing awards. And you see here what we have achieved over the past years, almost every year, a world first from Stellantis, whether it was calipers or batteries or, surround view cameras. Volkswagen, we mentioned already. In 2022, we are proud to get a chassis module award from Mercedes. So you see, the customers are trusting us and allowing us to grow. We are expanding our portfolio every year. So we continue this year, not only existing businesses, for instance, with GM, where we are proudly Supplier of the Year, already the 6th time, but also like Mitsubishi or Mazda. More important for you is this area, where we have the first-ever order intake in India, thanks to localizing our column MDPS, our electric steering. The first electric award at Mitsubishi and ICCU, and in Chery in China, we have won an ACU. This means Mobis we can also compete in China. In total, we have 24 OEM partners around the world, and 9 of them, the dark blue ones, we have added only in the last 3 years. The light blue ones are our focus customers. I will come to them at a later stage. 2020, we have been very modest. We had only 3% global business. 97% was Hyundai-Kia. At this moment, you heard it from Greg, we have a 90/10 ratio, and our ambition is to grow to a 40% global ratio, 6% Hyundai-Kia, which represents a 10x growth, as we announced earlier. Our vision is to become a top automotive supplier. This is based on 3 strategies: winning with the winners, stepping up value-added products, and innovative business partnerships based on trust. Let's take them one by one. Winning with the winners. These are the 5 customers we enjoy the best mutual relations today, where we have a mutual ambitions on both sides to grow and enhance the business and to develop in bigger, newer areas. This list is not limited to those five, but this area we have the best relations today. Typically, we would start with a braking, a display, a lighting, or a module, and then work up the value chain to get EVs, ADAS, or Steering business. While this looks easy here, it's not as easy as it seems. What we need to realize is that the customer's business is based on trust. No customer awards are coming out of the blue for an EV or for an AV. All customers want to test the waters. They want to make sure that we actually can launch safely, ramp up, deliver quality, and be a partner over an extended period of time. Therefore, most customers like to start with a module business or a display and a lamp. Once we demonstrate performance in launching and in delivering, they are ready to give us more complex projects. We gain the trust to win a braking or a steering or even a battery assembly. When we have this done successfully, then the customers are ready to give us business in the blue areas, as we just have seen from Greg before. Intelligent SDV, software integrated systems, PE systems for EVs. This is where we have higher values and higher margins. Since about 18 months, we discover a new area of collaboration, an area that's more long-term oriented. We call this company-to-company partnership. We said we see that certain OEMs expect more life cycle-oriented contracts. Not a model-by-model, but more entire platforms and even several platforms. We see this coming in the electric braking area and the electric boosting in the BSA, the battery assemblies, in AR-HUD, where we have, as you have seen, world-first technologies, or in chassis modules, where we can expand from module into electric driveline. There, we can enjoy long-term arrangements, recurring business, stable loading of our plants, and finally, cost reduction on both sides, for us and for the customers. Now, all these things have not been easy to achieve. A lot of changes we had to do within Mobis. I will pick out for you four different areas where we had to change more fundamentally over the last years and continue to work hard to improve. The first one is to adapt our product and technology offering to better respond to the market demand. In the last decade, we had relatively limited overlap with the market requirements. We were focused on Hyundai-Kia and did not really understand and have the right technology, the right solutions for them. So we worked very hard on product, on technology, on price, and quality to increase the overlap, to increase the match with what the customer needs, and we are ready to do. The right technology at the right price, at the right quality, and you have seen the outstanding response that the customers are offering for us. The second area is the mindset we had to work on. When I came, I discovered some of the teams were relatively too far from customer, a little bit out of touch. So we had to turn this around into really like starting earlier, getting engaging with the customer, with R&D, way before any RFQ is coming. Be faster, get deeper involved with the customers. This allows us to win more business, which allows us to get ever closer to customer. Like this, we start a virtuous cycle that is propelling us up and up and better and better. The third major change is about localization. There's no way around. We need to have the KAEs, the sales, the engineering, the production, and purchasing close to customer, and this in all five regions. Key to success is local culture, local language, and local time zone. So let's get to the final one. Major organizational change was done in our regions with the introduction of the KAE solution. KAE, as executives, lead the sales teams per customer in the region. This means we switch from a product-oriented sales approach to a customer-oriented sales structure in the regions. The teams have a target to listen to the voice of customer, understand the customer needs, communicate back to headquarters, and help us to deliver good quotes, and finally, win the business. You can see on this curve what a dramatic success we could achieve. In 2019, we had a mere 1/3 of the business allocated to the large customers. Where we deployed KAE in 2023, we had 94% of the business, thanks to our KAE and the customer-focused organization. You see, we have provided the base, and we are starting the work. In the 2020s, Mobis was knocking at the doors of OEMs to enter the business. In 2023 and 2024, we can say we are on our way, but without a doubt, it is hard and it's demanding, culturally demanding, technology-wise demanding, organizational-wise demanding. But we have to step forward step by step. We have to keep climbing, growing with our partners, localizing the regions, and develop and deliver high-value products at top quality. Because stagnation means decline in our business, and failure is simply not an option. Therefore, I would like to conclude with our grand founder, Chung Ju-yung, and he carved this famous saying that was guiding Hyundai and is guiding us as well: "Make the impossible challenge possible." We can do anything when we stay true to our beliefs and dedicate enough hard work. Thank you very much. Thank you very much. So that was the Senior Vice President, Axel Maschka, explaining the global OE strategy. And now we will move on to the ESG strategy. We will invite Head of the ESG Planning team, Sung-hee Han. Yes, good afternoon. This is Sung-hee Han, Head of the ESG Planning Office at Hyundai Mobis. As our EVP has just explained, we have achieved steady growth over the years, constantly rising to impossible-looking challenges. As you know, within the automotive value chain, we stand at the very front lines of the automotive parts and components industry. Globally, as major economies increasingly assert their national interests first, there is a growing need for realignment of the global supply chains and for ESG, which considers human rights, climate change, and other related dimensions. As carbon emissions become subject to full-fledged regulatory control, there are also growing demands for decarbonization across the entire value chain, including the vast upstream section from the tailpipe all the way to raw materials. We recognize that we are living in the midst of changing times, where conventional thinking may no longer work. By applying ESG management in areas where convention does not apply, we wish to convert new forms of risk into opportunity to create our own unique set of values that live up to today's times. We wish to leverage the six different sources of capital that are listed on the left, not just financial capital, but also natural, intellectual, human, and social capital in order to advance our business. We want to connect the creation of new value, not just economic, but social and environmental, with the future of Hyundai Mobis. In today's presentation, I would like to touch upon our efforts to enhance our corporate value and strength in the mid to longer term from the perspective of green and societal value. At Hyundai Mobis, we have stated our goal to achieve net zero emissions across our operational sites, by 2040, and across the entire supply chain by 2045. If you analyze greenhouse gas emissions from the automotive sector's value chain, which we are a part of, our emissions only account for 2.6%, whereas 6.8% of emissions are produced by suppliers in the process of production of parts. More than 80% are emitted during the raw material phase upstream. As such, we seek to achieve carbon neutrality at each stage of the supply chain, at the company level, the supplier level, and the raw material level, using our green plant, green supply, and green product strategy. If you look at our sites, more than 80% of the greenhouse gas emissions are produced through energy usage, which is why shifting to renewable energy sources will be our main mitigation tool. We plan on converting 65% of our sites to renewable energy by 2030 and 100% of all sites by 2040. This year, we expect to overachieve against our initial conversion target of 17.2%, by transitioning more than 20% of our sites, both domestic and global, this year. Considering the ease of renewable energy sourcing and costs, we are working to proactively convert our overseas operations to renewable energy as well. Our electrification plant in Savannah, the U.S., scheduled to start mass production in 2025, as well as our battery system plant in Spain, targeting mass production in 2026, as well as all new large-scale plants that will be built, will be all run on 100% renewable energy. In achieving carbon neutrality in the supply chain, we are first focusing on our Tier 1 suppliers to assess emissions volume and characteristics. To formulate detailed management plans, depending on their emissions type, we will provide stronger education and infra support to encourage suppliers to transition to a more eco-friendly supplying system, while ultimately reflecting their emissions in our purchasing policies and improving related processes to speed up greenhouse gas reduction in the supply chain. The upstream end of the value chain, raw materials, which account for the biggest part of all emissions, is a more challenging domain, which may require innovative technology for reduction. We are convinced, however, that development of eco-friendly materials and digital transition will translate into improved competitiveness of our parts and components. We have recently announced our new material development strategy with the keywords of sustainability, innovation, and digital. We're also working on parts development, incorporating recycled plastics, developing nickel-free materials for use in EV inductors, as we seek to innovate the upstream. We're also working to strengthen our capabilities in material development by investing in related technology and R&D to reduce greenhouse gas emissions while improving our quality competitiveness at the same time. As we expand globally, we currently operate 43 subsidiaries and affiliates worldwide. We have R&D hubs in the U.S., Germany, China, and India, and have a total of 36,000 people that are a part of Mobis worldwide. We recognize human resources to be an important source of capital, and hope to maximize our human capital by providing them with greater support, so that as many of them can contribute to the workplace, work together, and ultimately become successful. We are supporting diverse ERG programs that suit the characteristics of different business domains and regions. Domestically, we have been working harder on talent pipeline management, so that our increasing female workforce can grow into leadership positions, and so that diverse employees can go on to create value at Mobis for years to come. As I said at the start, the automotive sector is seeing widening of supply chain risk. To change this into opportunity, we have tightened our risk management and due diligence processes to enhance the soundness of the supply chain. Recently, we have joined the RBA, Responsible Business Alliance, which is the largest supply chain management initiative globally, and have also adopted the global code of conduct for labor, health and safety, environment, ethics, and management systems, and are in the process of conducting diagnosis and due diligence across all sites in and outside of Korea. As a Tier 1 and also a Tier 0.5 in the automotive industry, we seek to upgrade sustainability management across our supply chain, ourselves included, all the way to the upstream end of the value chain, reflecting suppliers, supply chain practices in our procurement policies, so that we can work together to improve sustainability while building a broad ecosystem of shared growth. As we expand our global business, we have been engaging with the local communities where we have a presence, to help resolve local issues while expanding our long-term contributions to achieve mutual growth together with the community and stakeholders. We have Junior Engineering Classes to foster future talent. We have a Transparent Umbrella Campaign for child safety and other CSR activities to support biodiversity. We will be categorically expanding these types of activities, considering the characteristics of the different local regions, as we wish to expand social and cultural capital, which are all interconnected, to shape even bigger new value moving forward. Finally, our board has been working to enhance the professional expertise and diversity of the composition, while strengthening transparent decision-making governance centered around the BOD. In the future, we are committed to sharing our decision-making processes and business activities, not only with investors joining here today, but more diverse stakeholders in a more transparent and timely manner going forward. Thank you very much. Now we will move on to the financial presentation, and I will pass it on to our CFO, Mr. Park Ki-tae. Thank you very much. Good afternoon. This is Park Ki-tae, the CFO of Hyundai Mobis. So far in the previous presentations, we've talked about the direction of Hyundai Mobis' current and future growth and Value Up, and also the mid to long-term profitability targets. Let me now tell you about our Shareholder Return Policy, where we share our performance with you, our shareholders. Hyundai Mobis has been investing in R&D and CapEx since 2017 to proactively respond to the changing trends in the automotive industry, led by EVs and SDVs, and to transform into a global operator. As a result, since 2021, in just four years, the company has grown out of revenue stagnation on the back of revenue growth in electronics and electrification that we developed into growth businesses, and also on the back of growth in non-captive business. Also in operating profit, improvement in metrics is not as immediately visible as a sales growth as a result of our bold investment, but we have been able to increase the contribution of new growth business to sales... and also the effort to ease cost pressures and strengthen profitability, which I will discuss in detail later. In the future, as a result, we expect to see qualitative growth with operating profit and revenue growing at the same time. Let me first talk about the revenue outlook. With the recent acceleration of electrification of vehicles, sales of electronics-oriented core parts are increasing significantly, and with the increase in the proportion of non-captive sales and the mass production of the new North American electrification plants, we expect the trend of sales expansion to continue. Also, profitability is expected to grow together with revenue. With increased sales of electronics and non-captive customers, revenue mix improved with higher value-add components and better management of profitability. With that, I can unveil to you today our financial targets for the next three years through 2027. Compound annual revenue growth of at least 8% and operating margin of 5%-6% in 2027. As a reminder, our 2027 revenue and operating profit targets partially reflect an assumption of slower demand for battery EVs due to the EV Chasm, which we will continue to review and update until our next announcement. Next, I'll explain the specific direction for strengthening profitability. First, we will ease the burden of investment cost. Historically, R&D investment has been centered on the development of electronic components, and CapEx investment has been mainly focused on expanding the Electrification Business. Investment in electronics and electrification will still be necessary, but the pace of growth in investment is expected to slow. Furthermore, as sales growth in our two most heavily invested businesses has picked up, R&D and depreciation as a percentage of sales have continued to decline, and we expect this trend to continue. The easing of fixed cost burden also indicates that the businesses are entering a payback period, which will lead to improved profitability in the parts manufacturing business. On the other hand, the year-on-year sales growth of our core components is significantly outpacing the growth in OEM volumes. This is largely due to increase in the revenue contribution of the high value-add core components, which is electronics business, where we have been focusing our R&D investment. The main reasons for the expansion of sales in the electronics business are the supply of new content and the increase in ASP due to the upgrading of existing components. According to an analysis of leading models of customers, as you can see, our electronics component have seen a significant increase in revenue per vehicle, and we expect this trend to accelerate as the SDV transition takes hold, which is why our revenue mix is also expected to keep improving. Now on to measures to enhance profitability management. As our CEO has mentioned in great detail when he was talking about the strategy, a key component is to enforce tight Life Cycle Profitability Management throughout the cycle, from order intake to mass production, up to post-production, which will allow us to respond to any changes to the design or costs, following order win, once the project has already begun. This will allow us to reflect changes in our ASP or adjust and introduce cost-saving measures. This will help us maintain margin targets set at the time of order win through the cycle, even post-mass production. Next, on to our shareholder return policies. As we have said, we will seek quantitative top-line growth and also qualitative margin growth up to 2027 together. We have established a more upgraded Shareholder Return Policy to better share our results with you, our shareholders, in a more genuine way. Up to now, we have been attentive to the feedback of our investors and shareholders as we worked to improve our shareholder return policies. To enhance predictability of dividends, we changed from Free Cash Flow indicators to payout basis in 2022, and we reflect the shareholder views that canceling all shares following share buyback were best. We have continued to collect shareholder views through multiple communication channels, including NDRs and town hall meetings, and we have worked very hard and made thoughtful efforts to reflect your feedback in our new shareholder return policies, which I am now very happy to share with you today. First, we have decided to expand our shareholder returns. Total Shareholder R eturn, which includes dividend payouts, buybacks, and cancellation, will be enhanced from 19.7%, which was the last three-year average, to 30% or beyond. Due to large-scale CapEx since 2022, our dividend or TSR policy had been operated on a year-to-year basis. But for greater predictability, we will maintain the TSR over the next three years, and we intend to be more flexible and strategic in managing our TSR policies. While we will set a target, we will be strategic, based on share price movement. If we find that share prices are undervalued, we may expand, share buybacks, and we may increase cash dividends in opposite cases to enhance effectiveness.... This will allow us to maximize shareholder value by balancing investments for the future growth of the company and, shareholder returns. Lastly, in order to achieve Value Up for Hyundai Mobis, these are, again, our three financial targets. Up to 2027, we seek sales CAGR growth of more than 8%, boosted by sales growth in our growth businesses and non-captive business. Also, we will expedite payback on investments and strengthen profitability-enhancing processes to achieve operating margins of 5%-6%. And we'll accelerate the profitability-driven growth to achieve strong TSR of above 30%. This will result in higher ROE at above 10%, which is higher than our COE. We look forward to your continued interest and feedback as we go. And with that, this concludes my presentation on financial strategy, and I will invite our CEO, Mr. Gyu-suk Lee, back to the stage. Thank you. So far, we've talked about our mid- to long-term strategy and Value-Up direction. What do you think? Hyundai Mobis is preparing for disruptive changes in the automotive industry, such as electrification and SDV, and taking advantage of this opportunity to become a global top player. We have been building up our business capabilities through proactive investment, and while we experience a brief plateau while focusing on this proactive investment, but we are now at a point where we need to achieve qualitative growth based on profitability. The company has disclosed financial targets of revenue and profit growth through 2027 at a CAGR of 8%, an operating profit of 5%-6% in 2027, and ROE of higher than 10%. To share this with our shareholders, we have a policy of at least 30% TSR. Today, we share with you a bold challenge to become a top three parts company by 2033, with a non-captive sales ratio of 40% and a global MS of 10%. To make that goal into reality, my colleagues and I are innovating today and preparing for tomorrow. Already, our electrification and electronics businesses have secured market-leading technologies and are working hard to meet the needs of our customers. We are bringing customers customized products to market, and our chassis safety business, which was a fast follower, is evolving into a First Mover in the next generation of products. While we have not been able to show you everything we are planning, but we do hope that we have helped you better understand the future that we envision at Hyundai Mobis. We promise that we will continue to communicate with our shareholders and investors through various channels, and we hope that you will continue to support us on our journey. Thank you very much for your time and your attention.