II. Restructuring of European operations

 The restructuring activities taken in Japan and Europe are expected to bring about profit improvements exceeding £28 billion at the end of the next fiscal year. The whole company shall do its utmost to return our profits to the black as soon as possible, even as demand continues to decrease.
 I anticipate that for the next two years, we will continue to face difficulties that threaten our very survival in these harsh economic environment. We must cope with these violent changes and carry out our promised structural reforms.
 This concludes my brief explanation of "The 2nd Phase of the NSK Business Restructuring Program". We hope you will give us your continued support and understanding.

Thank you for your attention.