Ladies and Gentlemen, thank you very much for joining us today in spite of such rainy weather.
I will first explain our Fiscal Year 2011 consolidated financial status and our estimate for full-year financial position for Fiscal 2012 (April 2012-March 2013), 
then move into our new Mid-Term management plan. Let me start with Slide A-1-1.


【Financial Highlights for Fiscal Year 2011】


A-1-1. Financial Results

First, let's have a look at our 4th Quarter results indicated in this slide.
Operating Revenues for this 4th Quarter do not change so much, but Operating Income was 9.0 billion yen deficit,
Ordinary Income 8.4 billion yen deficit and Net Income plus 0.8 billion yen, which drastically improved compared to the 3rd Quarter.


Due to these improvements, full year Fiscal 2011 resulted in, as mentioned in this slide,
Operating Revenues being 972.3 billion yen, Ordinary Income 49.0 billion yen deficit and Net Income 41.4 billion yen deficit.
Compared to earlier estimations as of January 2012, Operating Revenues increased by 2.3 billion yen from previous 970.0 billion yen,
Ordinary Income up by 5.0 billion yen from 54.0 billion yen and Net Income improved by 12.6 billion yen.


Major reasons for the improvement were the fact that from the beginning of the 4th Quarter there was some Yen depreciation in exchange rate
and also that measures for structural change, or cost reductions being further enforced from middle of last year, have proved effective.


Containership Freight rates saw sharp restoration from the latter part of 4th Quarter, which will be reported again later,
but for results of this 4th Quarter, they have not yet been fully reflected.
At any rate, we can report to you that worst term was 3rd Quarter of Fiscal 2011, and we have moved beyond that completely.


As to extraordinary items, I will only make brief mention without details here.
Extraordinary profit was 15.6 billion yen for full Fiscal Year 2011 which was mainly caused from sale of vessels, margin gain from share exchange, etc.
Extraordinary loss was 15.8 billion yen which was mainly caused by total of loss from sale of securities, valuable loss of securities
and loss from amendments or cancelling of shipbuilding contracts. 
Extraordinary profit and loss were almost balanced out.

Next, let us go to the Slide A-2.


A-1-2. Financial Results (Business-wise Operating Revenues/Ordinary Income)

Regarding segment-wise Operating Revenues and Ordinary Income, I will talk on full-year basis.
For Fiscal 2011, Operating Revenues for Containership Business were 395.5 billion yen and Bulk Shipping Business 463.5 billion yen;
Ordinary Income was minus 41.8 billion yen and minus 8.6 billion yen, respectively.
Improvement during 4th Quarter, as quoted, was more than 3.0 billion yen for Containership Business and for Bulk Shipping Business,
significant improvement was also achieved in comparison with 3rd Quarter.


A-2. Key Points

This next slide shows key points for our full-year results summed up item-wise as usual, which we have always explained for you. 
Especially compared with same term in previous Fiscal Year 2010, average exchange rate was higher by 6.98 yen per U.S. dollar as mentioned in the table.
About 7 yen per dollar hike resulted in increased loss of 7.9 billion yen.
Fuel oil price for the same period was up by 183 U.S. dollars per ton for year-on-year basis which resulted in 22.0 billion yen disadvantage to us as well.
Looking over the results for full Fiscal Year 2011, we can still say that the biggest factor for the loss was ‘Market Volatility’ as mentioned.
The fact that not only the market for containerships but also for dry bulk carriers as well as tankers dropped drastically led to profit decreasing a total of 58.4 billion yen.
Up to now I have commented very briefly about the outline of results throughout Fiscal 2011. For more details, please do not hesitate to ask questions later at Q&A session.


B-1. Estimate for Full Fiscal Year 2012

Next, I will talk about estimates for Fiscal 2012. In the 1st Half, Operating Revenues are estimated to be 540.0 billion yen, Operating Income minus 1.0 billion yen,
and Ordinary Income minus 2.0 billion yen. In the 2nd Half, we see some improvement so Operating Revenues are estimated to be 580.0 billion yen,
Operating Income plus 17.0 billion yen and Ordinary Income 14.0 billion yen.


For full-year term, as quoted in this table, Operating Revenues are 1,120.0 billion yen, Operating Income plus 16.0 billion yen and Ordinary Income 12.0 billion yen.
Premises for these estimates are exchange rate between U.S. dollar and Japanese yen of 80 yen per U.S. dollar, and fuel oil price of 720 U.S. dollars per kilo ton throughout the year.


There is one thing I must explain to you here.
For our Fiscal 2012, we will make amendments of fiscal term for our group companies, which is one of the preparations for compulsory application of IFRS.
This will make fiscal terms for our consolidated subsidiaries all end in March.
For example, many companies whose fiscal year had ended in December until last year must cover 15 months as Fiscal 2012 in this transitional period.
In this regard, our Fiscal 2012 figures are somewhat inflated for which your understanding is required.
If you ask how much the effect is, it is roughly calculated as approximately 56.0 billion yen for Operating Revenues and plus 4.0 billion yen in Ordinary Income.


Now I will explain segment-wise aspects indicated in the bottom table of this slide. As to Containership Business, at the top of the table,
Ordinary Income for this 1st Half is still estimated as slight loss of 2.0 billion yen which is expected to occur mainly in the 1st Quarter.
Talking about the 2nd Half, actually we see it turning into the black from the 2nd Quarter, but after the 3rd Quarter,
our plan includes concern that slight downturn could be seen, so for the 2nd Half, we made a somewhat conservative forecast of 1.0 billion yen loss.


Bulk Shipping Business also has to reflect dry bulk market downturn during the 1st Half,
so we are also making some conservative estimations such as minus 1.0 billion yen Ordinary Loss for the 1st Half.
For 2nd Half, including market recovery, we expect 13.0 billion yen profit.


Regarding extraordinary profit and loss, which is just present plan, for Fiscal 2012, we still have some excess vessels although the word ‘excess’ might be misleading.
We will dispose of some vessels from which we can make a profit when we sell.
Then we are also planning to sell some marketable securities as well. In total we expect extraordinary profit of 12.3 billion yen.


As for extraordinary loss, we have not counted much loss yet, but we have intention to cancel some charter contracts if we can,
and so tentatively 1.6 billion yen of extraordinary loss is now included in present forecast of Fiscal 2012.


B-2. Key Points

This table shows Key Points of estimate for Fiscal 2012, item-wise estimations. Considering change in premises for Bunker Oil Price,
average price for this term is set at 720 dollars per ton, up approximately 50 dollars per ton compared to Fiscal 2011,
which is expected to have 7.0 billion yen negative impact on our Ordinary Income.


Then, regarding market level, and contrary compared to the previous term, market for containerships has recovered significantly,
and in Car Carrier Business, although natural disasters happened repeatedly and transportation shipments dropped severely last year, for Fiscal 2012,
cargo volume is forecasted to recover to a considerable extent, which I do not know whether we can categorize as market volatility directly,
but of course we count on this as a factor for profit increase.  


Regarding cost reductions, I will talk about that again later but for this Fiscal 2012, we will continue to carry out whatever can actually be done.
Our present plan is 28.0 billion yen as a total for the “K”Line Group. So, combining all of the other factors together,
our Ordinary Income is expected to increase by 61.0 billion yen over the previous year.


C-1. Division-wise Trends  - Containership Business -

I will next briefly touch on segment-wise business trends.

With regard to our Fiscal 2012 estimate for Containership Business, Operating Revenues are up and as a result of revenue increase,
loss is expected to shrink drastically. In the slide mentioning ‘degree of freight restoration’ we will report about this later.


Freight rates have seen substantial restoration, and in addition, together with continuous and significantly lower fuel costs due to slow steaming,
we will cease or withdraw from some unprofitable service routes, or make as much rationalization as possible in continued routes,
so including all such measures, our view is that our Containership Business will enjoy an amazing improvement.


Lifting volumes, space and utilization are all as indicated in this table, but the point that you would be most concerned about is freight rate level for this Fiscal 2012.
I will not explain in further detail as per quarter, but compared to last year, rates have in reality increased drastically,
and we have estimated profit for our Containership Business based on these assumptions.

Although freight rates have themselves risen to around the Fiscal 2008 level, we are not certain that profit level can also come in line with 2008 level
because many cost items such as bunker oil, crew cost, etc. are greatly inflated. Therefore, it may be somewhat misleading to make just a simple comparison.

C-2. Division-wise Trends  - Dry Bulk Business -

Now for Dry Bulk sector, comparing Fiscal Year 2011 that ended March 2012 with the previous year, Operating Revenues increased but Ordinary Income decreased.
We will not go into greater detail, but as a result of the profit decrease, we failed to earn profit over 10 billion yen in Fiscal Year 2011. 


For this Fiscal 2012, we expect revenue increase because total operating vessels will increase.
However, considering profit level, it is expected to be slightly down in Fiscal 2012  from that in Fiscal 2011 because tempo of the market recovery is too slow,
although market has now started to recover step-by-step from its historical low in this February, which was the first time for 25 years.


Premises for the vessel-type-wise market level are mentioned in this slide.
In comparison with the most recent market, only Cape-size market is slightly apart from our premises.
On the contrary, Panamax market level is over the rates mentioned here.
So we can see slight up and down as per sector, but finally we think we can achieve profit level expected in our present plan for Fiscal 2012.


C-3. Division-wise Trends  - Car Carrier Business -

This next slide is for Car Carrier sector. I will not talk more about last year as events could not be helped.
For this year, as I touched on previously, cargo volume is increasing by a large extent, and so obviously Operating Revenues will increase and Ordinary Income will return to the black.


Cargo volume is indicated in this slide. 
For guidance, you can regard ‘Outbound’ cargoes as those being exported from Japan, and for fiscal 2012, outbound is expected to be 1,250,000 units.
Since total for previous year was 1,016,000 units, there is a sharp increase.
Then, as to homebound cargo, we receive some benefit from growth of transportation of relatively expensive cars to China due to U.S. Dollar and Euro both being weak.
Other trades are seemingly increasing and cargo volume is assumed to total about 3,700,000 cars for Fiscal 2012. Such trade growth is expected to improve our earnings considerably. 


C-4. Division-wise Trends  - Energy Transportation and Heavy Lifters -

This final sector is for Energy Transportation and Heavy Lifters.
Size of “K” Line business in this sector is much smaller than the other two major Japanese shipping companies, and so in spite of market level not being brisk, our damage is not serious.


As for oil tanker segment, our view is that market recovery cannot be expected for awhile, so we will continue tightening management for this sector. 


LNG market has been in high gear.
Under this situation, we have had a few free LNG carriers, which were not engaged in long-term projects and we could sign some mid-term contracts for them,
about 3-5 year contracts with favorable rates but not seeking unusual profit in the day-to-day spot market business.
We do not have vessels operating in spot market but we operate some for mid-term profitable contracts so LNG Carrier sector will see an upturn and contribute to profit for Fiscal Year 2012.


Talking about Offshore Support Vessel sector which support rigs’ operations, with present situation whereby crude oil price is greatly hiked,
development of oil drilling activities or rig operations is accelerating so this sector is expected to be strong in the future. 

This concludes my explanations regarding estimates for Fiscal 2012.


【The New Management Plan : Bridge to the Future】

Now I would like to explain our new Mid-Term Management Plan "K" Line Vision 100 : Bridge to the Future


Slide 2: Review of Developments of Financial Results

I would first like to explain about the background that led us to set up a new management plan
which may cause some to feel ‘here you go again!’ as we have recently been reviewing our management plans almost every year.


As indicated in this slide, since 2008 we made a profit one year and then repeatedly made huge loss the next year.
We can imagine some people obviously criticizing this situation as not being appropriate for industrial companies, about which we have reflected and analyzed,
and we have come to the conclusion that we may need to change our policy, so now we have again set up a new mid-term management plan.  


Slide 3 : Revisions of “K” LINE Vision 100

Please refer to the next slide, which briefly shows the review and transitions that I just now mentioned.
At first we set management plan "K" Line Vision 100 in April 2008 at a time when it was close to a peak in the shipping market. The plan was made under such an historical backdrop


In autumn of that year, a global financial crisis was sparked by the Lehman Brothers Shock which badly impacted the overall economy with cargo volume dropping drastically.
Against such a bad situation, we revised our plan in January 2010 to urgently respond to the situation, which principally involved emergency measures. 
We proceeded in due course with the plan, but coming into Fiscal 2010 after April, the financial situation recovered,
but when I think about it now it was just tentative even though cargo volume increased amazingly and markets returned to fairly positive levels for both containerships and dry bulk carriers.


So our thoughts then changed, realizing that leaning heavily on emergency measures should not continue any longer, so we slightly steered back to original direction of ‘sustainable growth.’ 
We decided to revise our management plan and set up a new mid-term plan that was known as "K" Line Vision 100 - New Challenges and was released in April 2011.


Thereafter, however, the markets moved adversely, which was not what we had foreseen at all.
Massive newbuildings continued in almost every shipping sector and this led to drastic market drop for each sector, which was the background of last year.
Furthermore, there were the earthquake and various other incidents at the time, plus further yen appreciation and fuel oil hikes about which I have repeatedly mentioned.


Based on the recognition of how extremely severe business circumstances were, we wanted a new steady management plan to become a bridge, or leading to “K” Line’s strategy for sustainable growth,
so we decided upon a new management plan named "K" LINE Vision 100 : Bridge to the Future.


As mentioned in this slide, considering how we can set counter-measures against volatile market and unclear prospects for development of the  business environment,
and with the thought that we will continuously conduct structural reforms so as to have more sources of stable profit
and to drastically change our overall business structure to be more endurable against market fluctuations,
we have now drawn up this new management plan "K" LINE Vision 100 : Bridge to the Future.


Slide 4: Analysis of Current Position & Our Goals

I have kept talking about the background for a long time. This slide mentions 3 of our current positions and missions. 


First, of course, there are some businesses other than Containership Business where profit depends deeply on market fluctuations.
Including such parts, how we can direct our entity so as to avoid market volatility as much as possible is one of the principle tasks. 


Next, after analysis of our current positions, of how our investments made in the past were, in one word, a problem,
we must now fully realize the current situation of how heavily capital burden from investments bears on us. 
And thirdly, our financial standing deteriorated significantly, damaged by drastic financial downturns two times in the past that were mentioned in Slide 2, showing that we must reorganize.


Those are analyses of our current position, and based on them we set 3 missions named hereunder. 
We will strive to achieve these 3 missions by any means possible, and which are the central core of our new mid-term management plan.


1st Generate ordinary income in Fiscal Year 2012
2nd Build a stable earnings structure
3rd Reinforce financial standing


Slide 5: Targets under the New Mid-Term Management Plan

As to new targets for the management plan, please look at financial indices as numerical targets are easy to understand.
Fiscal Year 2012 jumped up from Fiscal Year 2011 in this course. From this time we have included EBITDA for your guidance, which we understand foreign companies often show.


Ordinary Income is, as I previously commented, 12.0 billion yen for Fiscal 2012, and that for Fiscal 2013 is expected to be 39.0 billion yen, as indicated in this table and 60 billion yen for Fiscal 2014.
We see our profit growing step-by-step.


Equity ratio fell to 23% at the end of Fiscal 2011, and for Fiscal 2012 it is not expected to improve very much,
and as our Ordinary Income level is still small we cannot pile up retained earning dramatically.
However, it bottomed out in Fiscal 2011 and we will increase our shareholders’ equity, also enhance equity ratio. Our target is recovery to 30% in Fiscal 2014. 


Slide 6 : Action Plans to Achieve Targets

As this provides narrative explanations, let us move on to the next slide.

Slide 7 : Achieving “Black” in Ordinary Income in Fiscal Year 2012

This slide shows visual image of factor-wise effect to turn our financial performance into the black, from minus 49.0 billion yen in Fiscal 2011 to plus 12.0 billion yen for Fiscal 2012.
The breakdown for that change is shown in this table and is easy to understand.


In the center part, cost savings are quoted as 28.0 billion yen. We will make that cost savings for this year, 20.5 billion yen of which is from Containership Business and the remainder is from other businesses. 


Previously I reported market has been improving and that profit recovery from market improvement is estimated at 18.5 billion yen in total for all our group companies.
By combination of this market recovery and cost savings, together with effect of new businesses, etc.,
we will try to improve by 61.0 billion yen from the previous term, which is our goal for this Fiscal 2012.


Slide 8 : Full Enforcement of Cost Saving Targets

This shows breakdown of cost savings.
For Containership Business, through structural reform and drop in operating costs, 15.0 billion yen cost reduction was achieved during Fiscal 2011,
and for this year, we will make 20.5 billion yen further cost savings.
For Bulk Shipping Business, 6.7 billion yen cost reduction was achieved last year,
and almost the same 6.0 billion yen is planned for this year because there is no wide range of cost items here as in Containership Business . 


Then, regarding General and Administration Expenses, for this fiscal year 1.5 billion yen reduction for year-on-year basis is planned, which includes personnel expenditures, administrative costs, etc.


Slide 9: Restructuring of Container Ship Business

First, as to stance of Containership Business in our group companies, which is a point that you are asking each time,
we would like to briefly answer that we still see containership business as a growing industry with continuous demand increasing globally.


By keeping Containership business in our Group, as mentioned in this slide, we can add value to our company supported by the wide range of services in our business base.
In continuing our Car Carrier business, containership service is also required just like both being tires on cars as we can see them having synergy effects.
Then, also mentioned in this management plan, we have policy to enhance Logistics business in the future, which means containership business will without doubt also be essential.


As to ‘business strategy going forward,’ we will sustain business scale to some extent.
However, we will no longer aim at expanding market share as much as possible as this is no longer our thought, rather our policy is absolutely to be one of profit-oriented strategy.
Then, ‘business operations that can limit risks of expanding losses’ does not mean it is something we can achieve soon, for example, adjustment of our fleet to future demand,
but we would like to be in a position so that part of our fleet shrinks immediately whenever market shows downturn.


Slide 10 : Container Ship Business: Business Environment Outlook

This slide shows outlook for containership business environment.
As indicated in the upper part of this slide, taking current cargo trend, overall  cargo is growing by about 7% compared to the year 2011.
However, in Asia-Europe Route only 2-3% and Asia-North America Route only 4-5% increases are expected,
so our view for cargo growth is not set so much on the strong side as we suppose such conditions will likely continue for the time being.


Regarding vessel capacity supply-side, the percentage of growth is not quoted in this slide, but as you know well, on the supply side,
delivery of mega containerships is planned in the market continuously in 2012, 2013 and 2014.
Counting the newbuildings, we can say that supply pressure is very strong. 
For it to really come true, each containership company must display wisdom and adhere to their intention to maintain freight rate levels for awhile.


Slide 11 : Container Ship Businesses: Action Plans for Restructuring

For this slide about ‘action plans for restructuring’ for Containership Business, I will only touch briefly on a few points. 


Mentioned in this slide is the increasing number of large size energy-efficient vessels and sorting out service routes.
‘Large-size vessels' refers to, in case of us, 5 x 8,600 TEU type ships to be delivered this year which we will deploy in Asia-Europe trade,
then the vessels now used in Asia-Europe trade moved into other routes.
In this way each route will be operated with comparably larger type vessels and as a result cost per unit declines.
Then, as to sorting out service routes, which I touched on previously, we expect about 3.5 billion yen profit improvement from this.
Cost reduction is what we will keep working on continuously.


Our Containership Business size is indicated in this table so please refer to the number of vessels.
There were 98 vessels at the end of Fiscal 2008, and 79 for Fiscal 2011.
By way of returning vessels when their charter contracts are expired, etc., total will drop to 66 in Fiscal 2014 (ending March 2015), the last year of this mid-term management plan. 


Our space will not remain unchanged so much as we receive newly-built larger type vessels.
Loading volume is increasing in the routes where existing large type vessels are being placed and as we seek for most efficient vessel deployment as overall loading volume increases step-by-step.
We will proceed in line with these policies.

Slide 12 : Container Business : Effect of Restructuring

For this next slide, Effect of Restructuring, I will only just refer to figures shown for total in upper chart. 
10.5 billion yen is expected for Fiscal 2012, 12.0 billion yen for Fiscal 2013 and 14.5 billion yen for 2014. 


Slide 13 : Dry Bulk Carrier Business: Business Environment Outlook

Next is Dry Bulk Carriers.
In this field, supply pressure of deliveries of newbuildings is also very strong.
We thought number of deliveries of newly-built vessels reached its peak in 2011, but it is a fact that deliveries of newbuildings are still heavy in 2012
but the number will decrease to a large degree after 2013.
Considering that new deliveries will decrease continuously in 2014 and 2015, it is very difficult to forecast when we will see a turnround of the market.
We expect that the very low current market will recover from latter half of 2012, but real recovery when market returns to a level sufficient to make a profit will be after 2013.
When we say "real" recovery, we do not think the market will again hike to the extent it was before.


In Dry Bulk Carrier Business, there are similar characteristics in each business
for large vessels and medium-small vessels in addition to Thermal Coal Carriers and Wood Chip Carriers, but I will only touch on Basic Strategies.
For Cape Size we would like to maintain stable earnings through existing contracts, of course, and secure stable profit.
Moreover we will pursue new mid- & long-term contracts, mainly for overseas customers and expand stable revenue base.
For Panamax, Handy and Small Handy we have spot exposure to some extent, of course, otherwise it would not make much sense to be in the business.
However, we carefully manage in order to thoroughly control spot exposure within moderate exposure range by piling up mid- & long-term contracts to the greatest extent possible.
For Thermal Coal Carriers and Wood Chip Carriers, our policy is to make them a source of stable earnings by strengthening sales activity as usual.


Slide 14 : Dry Bulk Carrier Business: Role & Action Plan

This next slide also shows Dry Bulk Carrier Business: Role & Action Plan.
There is nothing more to repeat about role as we view Dry Bulk Carrier Business as one of the sources for stable profit and earnings.
And about fleet expansion plan, or if we maintain fleet scale or not, our number of operating vessels was 236 at the end of Fiscal Year 2011,
and our grand plan for the future is to increase this number to about 300 vessels within the next 5 years.
However, we will not stick to any certain increase in number of ships every year by any means.
We think we should make cargo contracts in advance before placing newbuilding orders or charter contract as much as possible, especially for cape size, vessels for thermal coal and Panamax.


Slide 15 : Car Carrier Business

Car Carrier Business cargo volume, as I already said, was slow last year due to effect of Japan's earthquake, flooding in Thailand and economic recession around the world.
This year we expect cargo volume, mainly for North America and developing countries, to grow rapidly, and that this trend will continue after 2013.
We think it is possible to have upbeat view, especially in transportation of completed cars for developing countries.


In addition it is expected that Japanese Automakers are much more likely to continue shifting their production base away from Japan to Thailand, India, Mexico, Indonesia or other countries.
To which market cars manufactured in those overseas plants will be exported is a most remarkable point for us.
We want to have a flexible system that can adapt to such diversification and change in trade patterns.
And as to supply and demand balance of tonnage and cargo, there is shortage of tonnage now rather than good balance, so we are chartering in some vessels from the market to address this shortage.
For this reason we are thinking the next order for newbuildings will be for car carriers in "K" Line's growing plan, but there is no concrete plan yet.


In addition, although "Development of New Business Model and Enlargement of Business Base" as we mentioned here is rather difficult to understand,
it means expansion of business for Non-Self-Propelled Vehicle Business.
We inaugurated a special sales team to aggressively sell services for such high and heavy cargo that are not Self-Propelled, which will be enhanced in order to continuously expand in this field.

Slide 16 : Energy Transportation Business

With regard to Energy Transportation Business, we will look just briefly as we do not have much time left.
Present oil tanker market is also very bad, so we are not thinking about strengthening this business; moreover, we will keep scaled-down management for some time.
Then for LNG Tankers, as we said previously, this field has great potential. We are focusing on trying to win new contracts as there are various tenders from now on.
Based on the assumption that we can win tenders, we will subsequently order newbuildings.


Slide 19 : Investment Plan

Although we will skip over some of the presentation, please see page 19.
With regard to Investment Plan, we will limit investment level to 50.0 billion yen starting in Fiscal 2012, which means within depreciation.
By limiting investment, cash flows will be improved, interest-bearing debt reduced and financial standing reinforced.
This is our 1st target. In addition, I would like to say again that Investment targets will be carefully selected in areas of stable earnings and high profit.

Investment cash flows are estimated at 50.0 billion yen for each of Fiscal 2012, 2013 and 2014, as mentioned in this slide, reflecting a considerable decline from what we announced last year.
Fleet-size is as mentioned in the table below.


Slide 20 : Income Projections

Comments with regard to Income Projections will be omitted here as we mentioned previously.

Slide 21 : Financial Indices

With regard to Financial Indices, I will briefly repeat again as I already mentioned,
our plan is to increase equity capital from 242.6 billion yen in Fiscal 2011 which was the bottom to 330.0 billion yen in Fiscal 2014.
On the other hand, we would like to decrease interest-bearing debt from 592.5 billion yen in Fiscal 2011 to 490.0 billion yen in Fiscal 2014.
Those measures will make it possible for Equity Capital Ratio to return to 30%.
On the  basis of the above scenario, we made our new mid-term management plan and we will manage the company with this plan as a target that will not be allowed to fail,
so your continued support will be greatly appreciated.