I. Consolidated Results

 This slide shows the breakdown of our operating income compared to the same period last year. Subsidiaries in all regions of the world, excluding Asia and Japan, recorded decreases in profits. The increase in domestic subsidiaries' profits is due to the fact that devaluation of inventory that took place last year did not occur this year. The 5.4 billion yen decrease in the parent company's profits and 1.2 billion yen decrease in U.S. profits are the main factors for the deterioration of our consolidated profits. As for our European business, we regret to report that losses have increased slightly.