We were able to achieve our initial performance targets for the Medium-term Business Plan that started in fiscal 2021 in the very first year. Therefore, we set new targets in fiscal 2022 to reach 300 billion yen in sales revenue and 30 billion yen in business profits. To reach our goal of "achieving top share in niche markets in the functional chemical sector, in accordance with the SDGs, while expanding the scale of business," we have focused on trying new business models, evolving our organizational culture, promoting digital transformation, and contributing toward reaching the SDGs. As a result, we have formulated a plan to achieve record-high sales revenue, business profit, and current profit for fiscal 2023.

It is becoming increasingly important to disclose sustainability information to guide corporate conduct. We established the Sustainability Promotion Department in April 2023 to organize and systematize our departmental policies. We will continue striving to reach carbon neutrality on a global scale by expanding our use of electricity from renewable energy sources, installing more solar power systems, and considering new technologies.

From the perspective of securing human resources, which we expect to become more difficult, we will strive to respect diversity, improve the value of human capital, and increase labor productivity by investing in the digital transformation required to achieve this.

Our consolidated results for fiscal 2023 are expected to reach sales revenue of 295 billion yen, business profits of 28.5 billion yen, and current profits of 21.5 billion yen. As for this fiscal year, although demand has continued to slow for the second half of fiscal 2022, the market is expected to gradually recover. Since we expect that it will still be difficult to secure sales revenue at the beginning of the fiscal year, we will work to secure profits through meticulous cost management, while also setting up a production system that will ensure that we do not lag behind the recovery in demand.

I also feel that, more than ever before, we need to work on developing new products and new applications, and quickly acquire new customers.

I believe that the most important thing is to maintain a firm financial foundation, and to conduct our business based on the premise of stable fund management. In addition to requiring long development periods, our Group's functional chemical products are used in fields such as the automotive and electrical and mechanical industries, where extremely high reliability, safety, and long-term stability are required. Under these circumstances, we believe that maintaining a firm financial foundation is a source of reassurance for our customers, and that building long-term partnerships with our customers is essential from a strategic point of view.

At the same time, for our Group to expand, we need to actively invest in the future. We want to take a proactive approach to investments, business expansion, and mergers and acquisitions aimed at promoting sustainability mentioned earlier, and make sure to get the timing right. We will further increase our profitability by aiming for an ROE of 10%, as set out in our Medium-term Business Plan.

Regarding shareholder returns, our existing policy of effecting stable continual shareholder returns has not changed. Specifically, we would like to continue to maintain a rough target of 30% or more for our dividend payout ratio. In fiscal 2022, thanks to improved business performance, we were able to pay an interim dividend of 60 yen per share and a year-end dividend of 70 yen per share, for an annual cash dividend of 130 yen per share, an increase of 20 yen per share over the annual cash dividend paid in fiscal 2021. We foresee even greater improvement in business performance in fiscal 2023, and on April 24, 2023, announced that we expect to increase dividends by 10 yen per share, for an annual cash dividend of 140 yen per share.

In addition to increasing dividends for the third year in a row, we also conducted a share buyback in May 2023 with the aim of provide shareholder returns. Meanwhile, we intend to actively pursue mergers and acquisitions that will help to enhance the corporate value of our group. I would like for you to understand that mergers and acquisitions are measures we hope will return the fruits of business expansion and strategic investments made from a medium- to long-term perspective to our shareholders and investors.

We will respond to the various changes in the business environment with agility and flexibility, and continue to create products and services that are indispensable to society, as we aim to exceed the expectations of all stakeholders and become "a company that makes your dreams for the future a reality." I hope that you will continue to honor us with your support.