Hello, everyone. My name is Ueda, I'm the President and CEO of INPEX Corporation. Thank you very much for your attendance, despite the hot weather and despite your busy schedule, also for those people participating through Zoom, thank you for your interest. I would like to start by giving you business activity the related matter, and I will also talk about effort to improve our corporate brand value. Today, I want to focus more on the latter. In regards to the interim result, Mr. Yamada will give a more detailed explanation after myself. Still the same, I would like to give a brief overview of our business activities, so please refer to the document at hand.
We have the first half of the year result and the second half year expectations. As for production, the Ichthys LNG has continued to make steady operation, and we have shipped 65 LNG cargos. We did have some technical issue, but we have been able to overcome that already. In the second half of the year, we were expecting to establish 9.3 million tons of production. We are intend to do enable stable production. Abu Dhabi, we're continuing to make stable operation, and we are continuing to work on enhancing production capacity together with ADNOC, the Abu Dhabi National Oil Company.
And, uh, Norway, as Snorre, uh, the oil field, for example, um, we have, uh, um, uh, we're planning to supply power from a floating, uh, wind farm, uh, to the oil and gas production facility, but we were able to make a start. In fact, thirty percent of the platform electricity used at, uh, Snorre, uh, is supplied by floating, uh, the wind farm. As for Snorre, we'll continue to work on achieving stable, uh, the operation, and, um, uh, they discovered and undeveloped, um, uh, the oil, uh, fields, uh, will be, um, uh, considered for, uh, future, uh, development. As for Abadi, where the work has been suspended for a while, but, um, we have, um, submitted a revised, uh, plan of development that incorporates CCS, um, and we've, um, um, uh, submitted this to the Indonesian government.
New partner has been selected after Shell, and the new partners are Pertamina and PETRONAS, the national oil companies of Indonesia, and they are new partners. We are going to make a restart of the Abadi project with our new partners. Near the Ichthys field , we are continuing to engage in exploratory drilling, and we are planning to drill an exploratory well at WA-532-P . For Abu Dhabi onshore, Block Four, we will continue with the exploration appraisal work. Apart from that, we have acquired a block in Malaysia, and we have started various activities in that relation.
In Japan, domestically, we are continuing to drill the exploratory wells north of the Minami-Nagaoka gas field in Japan, and we intend to look at the result come autumn. Next is regarding five net zero businesses other than oil and gas. There, there are various initiatives. First, in regards to hydrogen and ammonia, some of you may be aware, in the Kashiwazaki city, Niigata, prefecture, we have done the groundbreaking ceremony in July this year for the construction of blue hydrogen and ammonia, a demonstration plant in the city. We expect to begin commissioning in March of 2025, and we expect to complete construction in August 2025.
This is the first, the blue hydrogen and blue ammonia project in Japan. We've made a large progress in that regard. CCS is also very important. There's been many things in excess in the Darwin, in Australia. We have all obtained a the CCS block from the Australian government, and we are continuing to do assessment, and we will also drill the appraisal well going forward. In Japan domestically, there is a project called Survey on Implementation of Advanced CCS Project, and two CCS project, one in the Tokyo Metropolitan area and also another one in the Tohoku region.
These projects that we involved in have been officially selected as part of the Survey on Implementation of Advanced CCS Project. We will proceed to a phase going forward in regards to the project. In the case of renewable energy, in terms of obtaining asset, we have obtained a Moray East offshore wind farm. In fact, we've acquired part of the shares in this project already. Also, as being reported just recently, there is a company called Enel in Italy, and there is a subsidiary of this company called Enel Green Power. Enel, as you may know, is the, the largest, one of the largest renewable energy company in Europe.
In fact, the asset they have is probably about half of all of our renewable energy capacity in Japan. It's quite a large renewable energy company, and they have a subsidiary in Australia called Enel Green Power Australia. We have obtained 50% share of this company in Australia, and on an equal basis, we will work together with them and to engage in new and renewable energy business. We have already, they concluded the contract, and we just making way towards closing the transaction. Carbon recycling, a new business and forest conservation and so forth, various initiatives are making steady progress. This is essentially the highlight of the first half of the year.
In terms of net sales, JPY 1.078 trillion. In terms of net production, it's about 647,000 b/d, and JPY 254.2 billion on net income, and the production per barrel is $5.7. This was what we have achieved in the first half of the year. Throughout the year, we have the forecast shown here. In terms of net sales, we're expecting JPY 2.031 trillion. In terms of net production, it will come down slightly, but 625.9 thousand b/d.
Net income attributable to owners of parent or JPY 320 billion, and production cost per barrel is approximately $6, and this is what we are projecting for the full year. Moving to the next page, this is the progress against the medium-term business plan. The full year forecast is shown towards the middle to the right. $80 of oil and JPY 135 is the assumption for the exchange rate for Japan U.S. dollar, and JPY 320 billion of net income and cash flow is also shown here at about JPY 195 billion.
Generally speaking, we are making steady progress to achieve the midterm business plan, although there are some ups and downs. Next is allocation of cash flow. More than expected initially, the operating cash flow before exploration, we were initially expecting about JPY 800 billion. For full year forecast, we are now assuming JPY 900 billion and an increase of JPY 100 billion. The growth for investment will be reduced slightly from JPY 500 billion to JPY 460 billion. On that basis, shareholder returns will be set about at the JPY 200 billion, which is a significant increase from the JPY 110 billion that was initially expected. Next is ESG initiatives.
We have been quite proactive in this regard, and as you can see on this slide, say, for example, ESG Finance Award, and this is a special award that we have been able to obtain, which is conducted by the Ministry of the Environment. We will continue to be very proactive in terms of ESG. From here, what I really want to talk about today, which is towards a sustainable growth of our corporate value, and I would like to share with you my thoughts. First page of this section, and this is essentially analysis of our current situation.
As you know, when you talk about the performance, as you can see, towards the right, after we started production at Ichthys, the INPEX performance has remained quite stable. I'm not going to mention the numbers, but last year and this year, we have been able to generate profit, and we have been able to generate a reasonable level of cash flow. From 2018, we started to growth. We did actually book a large impairment in 2020, but apart from that, the company's ability to make earnings have continued to improve since then.
On the other hand, as maybe, the instructed by the Tokyo Stock Exchange in regards to PBR, as you are well aware, I'm not sure, again, as which is shown on the left, we are still far short of the price-book ratio of 1 time. 0.49 or 0.5 was the level that we were at, and today, I think, is 0.7 because our share price has increased, but it's still the same. The PBR ratio is still short of one time. Why is the case? Why is this the case? I question myself, because we have been achieving, you know, a strong result, and our midterm projection is not all that negative, but still the same.
We have not been assessed highly by the market. So what is the reason for this? We had quite a thorough discussion on this. There are a number of points in this regard, and to mention a few, first is the hydrocarbon business, like oil and gas. There are a few uncertainties in this area. Would there be a possibility of assets becoming stranded? To when can we continue production? I think there are the uncertainties regarding hydrocarbon, which could be one of the reasons as to why we are not considered highly by the market. Another factor is the ability to make a profit, particularly in comparison to super majors overseas. People may think that our ability to generate earnings is not that high.
Also on that basis, our returns policy. When we compared against the international majors and also inquisitive of what the foreign investors are saying, there are points raised that we may be able to do something more. These are facts. Uncertainties regarding fossil fuel and the long-term outlook of our earnings and shareholder returns, I think all these have contributed to the market assessment of INPEX Corporation at this point in time. Next page, please.
The question is, what should we do? There's the discussion, and there are three main pillars shown here. There three arrows are shown. Maybe three directions are shown on the slide. For each of these pillars, for each items, I'd like to explain using one slide respectively. These three pillars, as explained, one is the increase in the capital efficiency. The second, as shown on the right, the actual initiative to gain market confidence. The third is at the bottom, the stronger shareholder returns and deeper dialogue with investors. These three pillars, from our perspective, are not special, but these three pillars should be worked comprehensively, and that is our view. In particular, for example, for capital efficiency improvement, the ROIC is included in the management KPI, and that's the main approach.
Just including ROIC will not solve the fossil fuel market and the uncertainties, and if that's the case, the value should be low. Based on that recognition, the shareholder returns have to be enough, or else we won't gain the market confidence. Therefore, these three pillars, the improvement in capital efficiency and gaining market confidence, and stronger shareholder returns and deeper dialogue with investors, these three pillar is what we like to work together comprehensively. I think it's better to refer to this as three arrows. Having three, it might be not so certain, but we will work on them all together comprehensively, and that's what we'd like to mention today. For each of these different pillars, I'd like to explain them in detail using the next slide.
The first is the improvement of capital efficiency. From our perspective, our company, since the start of Ichthys production, we are entering the new phase to expand the business foundation. We are entering the next phase today. By continuing even higher quality growth investments, and by accumulating these good assets, we would like to enlarge our portfolio and improve capital efficiency through strengthening our business foundations. That's the first and foremost basic approach. As shown in the middle, to achieve the capital efficiency improvement, we have a new management KPI, which is ROIC, to be above WACC. Talking about ROIC, might be slightly different from the general definition. Based on our business, for example, we have the non-operating equity method affiliates. In normal case, you have those operating income.
However, in our case, it will not be appropriately reflected. Also, 90% of our business is in overseas, therefore, there are some different tax systems. Therefore, the operating income itself is not appropriate. From that viewpoint, as you can see, the Ichthys Downstream IJV and including those profits, we have adjusted net income. So the non, profit, profit of the non, owners of parents, and those are also included in the denominator. Then we have the same for the numerator. This ROIC should be above WACC, W-A-C-C. As you can see, there's a trend of the both of these figures at the bottom. How to look at ROIC, WACC, and the shareholder return?
These are what we have to look at. As you can see, WACC was 6% or so, and the cost of capital, about 8% or so. If you look at 2023, each of them were 7.7% for ROIC, and ROE was 8.5%, so that was the level. Going forward, for each of the project, we'll have ROIC, WACC, and compare those two, and also look at the spread, and that's how we'd like to proceed the projects going forward. When it comes to capital cost, cost of capital, maybe there are different views of this, maybe from the reverse calculation of PBR, and there are various approaches, and that might be true.
However, WACC is considering the risk of our business and also the resource business of gas and oil. There is uncertainties in such market, so we like to pay efforts to have a stability going forward. The other thing is, for the increased capital efficiency is the debt, how to treat the debt. As you know, in Ichthys, we have accumulation of large debt, over JPY 2 trillion. Our debt or interest-bearing debt reduction is what we have worked with and prioritized. As a result, as of end of June, we have JPY 1.4 trillion of debt, and D/E Ratio 34%. Having lower debt might not be good in some perspective, and we think there are very various views.
0.3-0.5 is what we like to control, and we think in that sense, we won't be any problem as a company. That is the precondition in our business, and net debt-to-equity ratio, 0.3%-0.5% is the range we like to keep and control the leverage in that manner, so that return ROE, ROIC will have a certain positive impact. That is the view. This new debt control area is what we are considering as a company today. These are the three areas to improve capital efficiency. What I have to mention today is talking about our future growth, how are we going to trend going forward?
Compared to super majors, people might refer to our company being lower ROE, but please have a look at the bottom left-- bottom right graph. You have the ROE on the vertical axis and time on the horizontal axis, compared to super major, we are lower, or majors are higher. The main reason behind that is for the super majors, of course, there might be difference between them, but we have-- they have acquired good assets and accumulated those assets from the past. Many of those majors or super majors have acquired good assets in the 2000s, so 20 years, 30 years ago. Naturally, they have already depreciation, it's a quite low burden. From that accumulation, ROE will gradually increase. That is our analysis. What is the case for INPEX?
We do have assets like Ichthys, but most of our assets, or 95% or more, is the assets we have acquired after 2015. Because depreciation, that's progressing, ROE will not be as high. Therefore, going forward, these good assets will be accumulated, and by that continuation, we think it will take some time. Whether we can achieve the same level as super major or not is another question, but we like to increase ROE over the long-term period. The red dot is where we are standing today as INPEX, and especially for those super majors, compared to those companies, we are work in progress or developing stage today.
By accumulating the assets, we think it will take some time, as you can see, but we would like to achieve the level of super majors or get close to that level in the future. There are also discussions, why don't we stop investments? That might lead to higher ROE over the short term, but over the long term, because of drop in production, ROE will go down, so that is not an appropriate approach. In this era, the difference between us and super majors, we do have assets, oil and gas assets, Abadi included, and we like to accumulate those assets. When it comes to asset accumulation, not only hydrocarbon, but also hydrogen, renewable energy, in these areas, we like to also accumulate assets in the future course. That's all for the improvement in capital efficiency. Next, next page, please.
The other is the highlights of our growth initiatives. To explain what this is, there are explanation of projects here, but as mentioned, why there is doubt about INPEX growth is because of the fossil fuel and also the uncertainties around hydrocarbon. This is what we have mentioned in the past, but this is our view. For hydrocarbon, especially LNG, is in a transition period, and it will play an important role in the transition period. Increasing production level while also introducing CCS. By the introduction of CCS, that will lead to a large decline of carbon, and by using that approach, we like to meet the future demand, so the oil and gas business will be conducted in that manner.
On the other hand, the five net zero businesses, we have the hydrogen in those areas, and we like to approach in that manner as well. We think that over the long term, we will have a future growth as a company. 2040, 2050, when we reach those years, energy will start to shift to hydrogen and various other energy. Still, INPEX will still play an important company continually, and for that reason, we like to unfold our strategy from today. What are we doing in particular? Well, I can talk endlessly for these projects, but for some of the typical case, I'd like to explain about Ichthys and Abadi. For Ichthys, as much as possible, we'd like to continue the platform to beyond 2050.
Today, the surrounding blocks and also the existing developed discovered reserves will be developed. For the new exploration, we'd like to start drilling next fiscal year as well. For Ichthys, over the long term, we'd like to have a stable production. 2050, 2030, we'd like to also expand those production. For Ichthys, we would like to introduce CCS. CCS block is what already we have been awarded by the Australian government, and today we are doing the evaluation, and we will be drilling two evaluation wells next year. By these drilling of appraisal wells, how much CO2 can be injected or injectability is what we like to appraise. Well, in the latter half of the 2020s, we would like to apply CCS for Ichthys project.
For Abadi, because of COVID-19 and the Shell withdrawing from the project, was in a suspension for a while. As reported, the Indonesian NOC, National Oil Company, Pertamina, and the Malaysian NOC, Petronas, will have 20% and 15% stake, respectively, to participate in Abadi, and that has been mostly decided. These new partners, we would like to restart Abadi. Abadi's goal. Abadi is a greenfield, and there might be a high risk, but from our perspective, to accumulate the long-term good assets, we are taking Abadi from that perspective. As mentioned, at the mid-10% level of IRR is what we would like to secure for Abadi, and also largely above WACC. The ROIC, well above the WACC, is what we like to do in the future course for Abadi project.
For the future stable earnings, we have the renewable energy. Regarding renewable energy, we already have 0.45 GW, including the wind power, and we have that level of capacity. Just recently, Enel, which is located in Rome of Italy and also in the Australian market, Enel Green Power Australia, we have acquired 50% of the share, and we have a 50/50 stake to promote this project in Australia. The content of this project is wind power, solar power, and also the storage battery technology being included. The power generation facility, we do have completed facility, but not only that, there is a work in progress construction or those construction that is being planned. We like to do trading business of the power generation as well.
For renewable energy, after acquiring asset and selling, that will not lead to good economy, as you know. A lot of storage battery businesses, from the plan stage to the retail, in total, we like to be involved in the renewable energy with the equal footing, and that's what we like to position in the future. For the new market, being a front runner in the new market. For CCS, we mentioned earlier, so I won't talk in detail, but for the hydrogen, in Niigata, we have the blue hydrogen project, and also ammonia, UAE, United States. In various areas, we have various projects, and we are considering to promote these projects. As visited Abu Dhabi, we participated in two projects.
One is Mitsubishi Chemical and ADNOC, which is a green hydrogen-utilized petrochemical, and that is one project, and the other is Masdar methanation e-methane project. For these, we would like to continue feasibility studies. These hydrogen or ammonia and other new areas is not something we can generate earnings right away, but when it comes to the future transition, we would like to be prepared, and we'll be the first company, first entrant, and that is what we like to achieve. Including natural gas and hydrocarbon, we think for the meantime, it is important, and we like to make sure we will work with Abadi project as well. Plus, using CCS, we can have a cleaner energy business over the long term.
On the other hand, renewable energy, hydrogen, CCS, the so-called net zero business, is what we like to work aggressively, so that when the energy transition happens and if we have hydrogen society in the future, INPEX will still be the supplier and may play the main role, and we would like to prepare ourselves for that future. This, or these are the efforts we like to take continually, so that we will take off your concerns on whether INPEX will be okay in the future or whether we won't have any stranded asset risks. That is one thing. The next slide, please. The third is the stronger shareholder returns and deeper dialogue with investors. This time, as mentioned, considering various areas, shareholder return is what we like to strengthen, and also have deeper dialogue with our investors.
As already reported in news, there are four main areas. One is the annual DPS forecast increase to JPY 74 per share from JPY 62 in fiscal year 2022. JPY 37 on the interim, and JPY 37 at the year-end. For the next fiscal year, we'd like to be make best efforts so that the DPS will not be lower, will be equal or greater than the fiscal year 2023 in the next fiscal year. We also have the buyback amounting to JPY 100 billion in fiscal year 2023. We plan to cancel our shares acquired in fiscal year 2022 and 2023, which is the amount as shown. This is what we like to do to reduce...
Based on the reduction of interest-bearing debt, controlling the D/E Ratio, also balancing with the growth investments, we'd like to continue strengthening the shareholder returns. That is the direction as a company. If we have JPY 320 billion of net income, then we have a high 60% level of total payout ratio. As mentioned, the dialogue with the investors are something we like to unfold and have a deeper dialogue. For the first time, we are setting up Investor Day, also individual meetings as well, to meet the institutional investors, the retail investors, and have increased engagement with these investors. The tour of our facilities in domestic and overseas is what we'd like to utilize as well. That's all for our large direction and the three pillars.
Working on them all together comprehensively is the direction to improve our corporate value. That's all for me. Thank you very much.
Hello, everyone. I'm Daisuke Yamada, I'm responsible for the Finance and Accounting division. I would like to explain the financial results for the six months ended June 30th, 2023. Here are some highlights from the first six months of the year. Net sales decreased by JPY 19.6 billion to JPY 1.0787 trillion. Net income increased by JPY 70.1 billion to JPY 254.2 billion. Our profit increased, but sales decreased. Net income of JPY 254.2 billion was a record high for the first half of a fiscal year, exceeding the previous high of JPY 184.1 billion achieved last fiscal year.
We saw the Brent oil come down to $80 level. This Brent crude oil price dropped by $25 or by 24% year-on-year. There were a number of reasons for this. Here, the gas prices remained high due to the impact of time lag, the yen also weakened significantly against the dollar by JPY 11 or by around 10% year-on-year to JPY 135, based on average yen-dollar exchange rate. We were also able to reduce tax expenses due to the start of Japanese group relief scheme. Somewhat technical, we registered a reduced loss on revaluation of financial assets. I think all these were the factors behind our strong earnings result.
For your information, net income contribution from the Ichthys project was around the mid-JPY 150 billion level, accounting for around 60% of our consolidated earnings, as has been the case in the past. I would like to explain the sales by products. Net sales of crude oil decreased by a certain level. The net sales of crude oil decreased by JPY 76.9 billion to JPY 766.3 billion, despite being helped by weaker yen due to low oil prices, as well as lower production and sales volume resulting from Ichthys exiting from a project in the United States.
As for natural gas, we recorded net sales of 296.5 billion JPY, an increase of 54.1 billion JPY as a result of weaker yen, in addition to higher average unit price caused by time lag, and production and sales volume increasing due to Prelude production recovery, which was an issue for us last year. I would like to explain the movement in consolidated net income from the 184.1 billion JPY recorded in Q2 last fiscal year to 254.2 billion JPY recorded in Q2 this fiscal year. Net sales, as I said before, decreased by 19.6 billion JPY. This reflects decreased net sales of crude oil and increased net sales for natural gas. On net basis, sales decreased.
The exploration expenses increased by JPY 5.6 billion. SG&A increased by JPY 4.6 billion, both impacting net income negatively. An increase in SG&A was due to the R&D spending related to the blue hydrogen and methanation demonstration tests. The other income and expenses increased by JPY 91.8 billion, accounting for majority of increase in net income. Increase was mainly due to high equity in earnings of affiliates, mostly excess Downstream IJV, and higher net interest income, and the third is the lower revaluation of financial assets. Next, I'd like to explain our balance sheet. Total assets increased to JPY 6.8647 trillion, which is an increase of about JPY 600 billion.
Now, this was mainly due to currency translation effect of dollar-denominated assets resulting from a weaker yen. As such, there were no significant changes in the substance of the balance sheet. For your information, total assets of the excess downstream IJV, which is not included in our consolidated balance sheet, came to approximately JPY 4.7 trillion. If we include this amount, our consolidated total assets would come to around JPY 8 trillion. Net assets, due to the weaker yen, saw the translation adjustments increase. Net assets increased by about JPY 500 billion to JPY 4.5356 trillion. That's the balance of our net asset.
The balance of translation adjustment was about JPY 1 trillion. Essentially, the translation adjustments account for some 25% of our consolidated net assets. This is a statement of income, but the movements in net income attributable to owners of parents were already explained using waterfall chart earlier in the presentation, so I will not go into details here. Next is the cash flow. The consolidated cash flow statement shown here is based on statutory accounting, and hence excludes the cash flows of excess downstream IJV, which is our equity method subsidiary. Net cash provided by operating activities increased by JPY 21.3 billion to JPY 432.3 billion, due to increase in our profit.
Net cash used in investing activities decreased by JPY 16.4 billion and came to JPY 367.2 billion. Net cash used in financing activities came to JPY 120 billion, because we made accelerated repayment of a part of our debt. Please turn to the next page. Next, I would like to explain our consolidated financial forecast for the year ending December 2023.
Let me first explain the gap between the first half results and the financial forecast announced back in May. The majority was in line with expectation. We have increase in the net income attributable to owners of parent by JPY 36.2 billion, increase of JPY 36.2 billion, compared to our forecast. We analyzed and recognized the content of net income, mostly the same as the initial expectation. We have the pushback. The actual oil price was $80 per barrel, which was mostly the same as forecast, while the Forex was JPY 135 to the dollar, about JPY 4 increase depreciation compared to forecast. We have the asset retirement obligations as part of the exploration expenditure, which was pushed back.
For the assumption, the full year average oil price was kept the same from May, considering the recent market, it's at $80 per barrel. Based on the recent yen depreciation trend, we revised the Forex assumption to JPY 135 against the US dollar, JPY 5 depreciation. Based on these oil price and forecast, Forex assumption, we have a net sales revised up by JPY 37 billion to JPY 2,031 billion versus previous forecast. For the net income attributable to owners of parent, it's up by JPY 20 billion to JPY 320 billion. Compared to fiscal year ended December 2022, when we booked historical level of income, backed by the high oil price and yen depreciation, we forecast a decline in net sales and income.
However, this net income of JPY 320 billion is the second highest level, followed by the previous year. We are expecting contribution from excess to income at mid to JPY 130 billion, which represents around 70% of the consolidated net income. For the shareholder return, as our president, Mr. Ueda, mentioned, we made an upward revision in full year dividend by JPY 12, from JPY 62 in the previous year to JPY 74 per share, regardless of forecast decline in net sales or in net income. We will also conduct share buyback with the maximum amount of JPY 100 billion. Next slide, please. The reason of JPY 20 billion increase: First, for the external factor, we have the Forex and oil price.
For the oil price, there is some difference, but there is an impact of -JPY 2.8 billion, and the Forex is plus JPY 16 billion, so a total of JPY 13.2 billion positive impact from external factor. For the basic income factor, as mentioned, with excess, we had some issues, and it's resumed today, but in total, about JPY 9.6 billion of drop in profit. For the exploration, a slight decline. R&D, a slight increase. For other factors, we have a total of JPY 13.9 billion increase, which is number one. We have the European wind project, which had a decline in amount of power generation due to bad wind conditions, leading to -JPY 10 billion as a loss, project-related losses.
Partially, we have a divestment, which is a disposal of a stake, and also, the drop in income tax by introduction of Japanese group relief system, leading to a positive JPY 6 billion or so. Other factors included, we have, adding all these factors, the net income attributable to owners of parent, which is JPY 320 billion. Next page, please. The cash flow, not statutory accounting, but including excess downstream IJV. The cash flow from operation before exploration is JPY 895 billion, and the cash flow from investment is expected to be cash flow outflow of around JPY 380 billion. For the growth investment, we had a May forecast of JPY 458 billion, and compared to that, an increase of JPY 4 billion from the May forecast.
Details are the following: the oil and gas business being around JPY 347 billion, the five net zero businesses of around JPY 76 billion, and exploration investment of around JPY 55 billion. For others, we had investment in the U.S. bonds, but as mentioned earlier, together with the share buyback and dividend, we are using this disposal of marketable securities, to use for these various projects. Then free cash flow will be around JPY 515 billion. That's all from my presentation. Thank you very much.