First of all, I would like to extend my heartfelt gratitude to you as shareholders and investors for your continued understanding and support of the Teijin Group's business activities.

In FY2023, the Company's net sales and operating income both increased from the previous fiscal year. However, the growth rate was low due to factors including weaker demand for products for some applications and the impact of customer inventory adjustment in the Materials business, as well as payment of a one-off lump-sum contract fee and the market entry of generic alternatives in the Healthcare business. Meanwhile, as a result of implementing restructuring initiatives across the Company with a focus on improving the profitability of three underperforming businesses (aramid business, composites business and healthcare business) and reforming the management structure of corporate officers and HQ staff, we were generally able to achieve the results close to the profitability improvement target of 30 billion yen or more. However, among these businesses, the timing of improvement was pushed back for the stabilization of production in aramid business and composites business. While aramid business was able to achieve improvement in 4Q, composites business continues to face the issue.

After analyzing these results, we announced our new medium-term management plan for the period through FY2025 in May, and we will continue to advance our profitability improvement measures throughout the period to drive a recovery of fundamental earning power, while carrying out business portfolio transformation, including the handling of unprofitable and non-core businesses, to achieve the long-term vision of becoming "a company that supports the society of the future." With an aim to become "a company that prioritizes the health of the planet, protects the environment, and supports a circular society," and "a company that resolve issues of patients, families and communities in need of greater support," we will proceed with our transform process from a long-term perspective to build an optimal business portfolio and provide value to society, so that we can provide care for both the physical and mental health of people and the health of the planet they live on.

The Company has been conducting a purpose branding activity called the "Journey to One Teijin" since August 2023. The objective of this activity is to express the inner passion of each employee, convert tacit knowledge into explicit knowledge, and clarify the value of existence or the purpose of the Group on a global level. We strive to enhance our ability to execute by becoming a company where the management and employees share the same values and employees identify with such values. Moreover, based on our purpose, we will strengthen our global management base, such as governance, technology and human capital, and evolve them into a foundation for transformation to put ourselves back on a growth trajectory.

This fiscal year, we will implement "management that is conscious of cost of capital and stock price" by demonstrating our stance to steadily execute each of these measures including business portfolio transformation, so that we can meet the expectations of our shareholders.

We look forward to the continued understanding and support of our shareholders and investors.