This is Hidaka. Thank you very much for joining the FY 2021 online business results meeting of Yamaha Motor Co., Ltd. today. First of all, I'd like to express my condolences for the lives lost by COVID-19 and express sympathy for those who are still suffering today. I'd like to express my sincere gratitude and respect for medical staffs and essential workers who support society. I'd like to present the business results overview and the information by segment. First, let me start with a summary of medium-term management plan from 2019 to 2021. In 2021, we marked the record high net sales and operating income.
We believe this was because of the enhanced resilience of the company through autonomous operation vis-à-vis the environmental changes in each base and the department based on the break-even point management, besides the external factors, including strong demand and the pandemic and the reduced cost due to restriction on movement. As a measure to strengthen business foundation, sales efficiency and productivity in the development department improved via digital transformation and that contributed to improved cost efficiency. As for the structural reform of the global production system, manufacturing plant consolidation in Europe, Taiwan and India progressed and we launched the production system optimization in Japan. These initiatives led to successful results and we improved the profitability.
As for the financial foundation stabilization, operating income ratio was 10.1% against a target of 9%, and the ROE was 12.8% as a three year average and the equity ratio was 46.9%. In FY 2022, we expect strong demand to continue and sales to exceed the previous year in all segments. For the parts shortage, including semiconductors and the soaring costs for raw materials and the logistics, which have been continuing since last year, we'll control margin profit ratio and expense ratio and promote premium segment strategy so that we will absorb the cost increase and establish the break-even point management style. As for the financial strategy, backed by our solid financial position, we accelerate the investment for growth and actively distribute returns for shareholders. Let me walk you through the business results for years.
The results of benchmark year 2019 is shown left in the table and those of 2020 and 2021 are shown beside. The comparison versus 2019 and 2020 are shown in the right. As for 2021, net sales were JPY 1,812.5 billion, 123% of the previous year. Operating income was JPY 182.3 billion, 223% of the previous year. Operating income ratio was 10.1%, up 4.5 points year-on-year. Ordinary income was JPY 189.4 billion, 216% of the previous year. The net income attributable to owners of the parent was JPY 155.6 billion, 293% of the previous year.
Net income includes a gain on sales of Yamaha Corporation shares, JPY 12.8 billion, which was implemented in August. Foreign exchange rates actually applied are shown in the bottom of the table. Throughout the year, we faced issues in procurement, production and logistics, but we were able to minimize opportunity losses through the prompt and flexible responses. This slide shows operating income change factors by segment. Except other products business, in all business segments, profit increased over 2020. As for emerging market motorcycle business in particular, though demand has not come back to the level of 2019 yet, operating income recovered substantially, boosted by premium segment strategy. This is the operating income change by factor. As you see, sales increase contributed substantially as +JPY 139.2 billion.
The breakdown is scale increase is +JPY 83.7 billion, model mix improvement +JPY 42.8 billion, rebate reduction +JPY 10.9 billion, decreasing allowance for doubtful accounts +JPY 7.3 billion and increase in logistics cost was -JPY 5.5 billion. In addition to the raw material cost surge of JPY 31.6 billion, logistics cost and labor cost also rose, but they were absorbed by model mix improvement through premium segment strategy and cost reduction and profit increased substantially. As for the forecast for FY 2022, we expect demand recovery will be sustained and the sales and operating income will exceed those in the previous year through production and sales increase.
Net sales will be JPY 2 trillion, 110% of the previous year. Operating income will be JPY 190 billion, 104% of the previous year and operating income ratio will be 9.5%, down by 0.6 point year-on-year. Ordinary income will be JPY 190 billion, almost unchanged year-on-year. Net income attributable to owners of parent will be JPY 130 billion, 84% of the previous year. We plan to renew the record high net sales and operating income. Foreign exchange assumptions are shown at the bottom of the table. Unit sales forecast for FY 2022 by major product and region in comparison to 2021 and 2019 are shown here. This is a basis for the full year plan presented before.
Demand is expected to be strong, but impact of parts shortage, including semiconductor, has been ongoing since last year. Currently, due to the spread of Omicron variant, the utilization in production is falling in some regions. At present, production adjustment was unavoidable in the first quarter, but we plan to recover over the course of a year with a progress in measures for parts procurement. Operating income change factor in FY 2022 by segment. Except the financial services business, which had one-time factor in the previous year, all business segments will increase profit. Based on the rich cash flow, we'll increase the growth strategy expenses for the future to develop new businesses and engage in carbon neutrality efforts. Operating income change in FY 2022 by factor. As shown here, sales increase impact is expected to be +JPY 104.3 billion year-over-year.
Following the previous year, raw material cost and the logistic cost surge will affect further with a negative impact of JPY 63.1 billion. We'll absorb the impact as much as possible through the cost reduction and model mix improvement, including passing on price increases. In addition to the SG&A increase, along with the scale increase, we expect the labor cost increase mainly in developed countries, but SG&A ratio will be controlled to the level of 2021. Key financial indicators. Three-year ROEs, which indicate capital efficiency and their comparisons for 2020 and 2021, and the plan for 2022 are shown in the chart. In 2021, net income ratio was up 5.0 pp year-on-year to 8.6%. Total asset turnover was up 0.1 times to 1.04.
Equity was up JPY 144.6 billion to JPY 859.2 billion. Equity ratio was up 3.3 points to 46.9%. As a result, ROE was 19.8%. In 2022, net income will be down, but total asset turnover and equity will increase and ROE will be 14.5%. Accelerating investment for growth will also increase capital efficiency. Stock dividends. In 2021, backed by the strong business performance, dividend is increased from the previous forecast of JPY 100 per share to JPY 115 and that will be presented as an agenda for AGM. Annual dividend of JPY 115 per share is planned for 2022 and we will continue to strive for the stable return for shareholders. Details by business segment.
Net sales and operating income by business segment. This chart shows three-year results of 2019, 2020, and 2021, and 2022 forecast. Land Mobility business sales in 2021 were JPY 1,179.7 billion, and operating income was JPY 68.7 billion with the increase in sales and profit. In 2022, sales will increase in all businesses and net sales will be JPY 1,303 billion. Operating income will be JPY 66 billion, affected by raw material cost surge, with sales increased and profit decreased. Marine Products business sales in 2021 were JPY 391.1 billion. Operating income was JPY 76.8 billion with the increase in sales and profit. In 2022, sales will be JPY 432 billion.
Operating income will be JPY 90 billion with sales and profit increase. Robotics business sales in 2021 were JPY 120.3 billion. Operating income was JPY 17.6 billion with the increase in sales and profit. In 2022, sales will be JPY 140 billion. Operating income will be JPY 20 billion with sales and profit increase. Financial services business sales in 2021 were JPY 48.6 billion. Operating income was JPY 19.1 billion, including the one-time profit contribution and sales and profit increased. In 2022, sales will be JPY 51 billion, and operating income will be JPY 13 billion, with sales increase and profit decrease. Other products business sales in 2021 increased to JPY 72.7 billion, and operating income decreased to zero.
In 2022, sales will be JPY 74 billion, and operating income will be JPY 1 billion with sales and profit increase. I will elaborate by segment from next page. Motorcycle business. Left chart shows sales by region, developed markets and emerging markets. In 2021, in developed markets, backed by the sustained strong demand, sales increased in all regions and due to the progress in structural reform, loss has been steadily contracting. In emerging markets, demand in Southeast Asia and India has not recovered compared to 2019, but average unit price has been increasing due to the promotion of premium segment strategy. As a result, net sales increased to JPY 1,016.5 billion and operating income ratio was 5.2%, showing the growth even compared to 2019 as an operating income ratio for the entire motorcycle business.
In 2022, strong demand will continue in Europe and the U.S. in developed markets and the demand will further recover in emerging market as well. We increase production and sales and net sales will be up to JPY 1.11 trillion. While operating income ratio will be 4.6%, heavily affected by raw material cost surge, we will aim to increase profit by pass on to price and cost efficiency improvement. RV and SPV business in land mobility business. RV business was supported by the Wolverine RMAX series, our flagship model in recreational vehicle segment, in addition to the boosted outdoor leisure demand. Net sales in 2021 increased to JPY 112.7 billion and operating income ratio was 7.5%, turning to profitability.
In 2022, in the forecast recreational segment, we will continue to enhance brand equity and expand market share. Despite parts shortage and risk of logistic issues in North America, where production base is located, we will strive to minimize sales opportunity losses as we did in 2021. Net sales will be JPY 133 billion and operating income ratio will be 5.6% with solid profitability. As for SPV business, amid the expansion in the largest European market, our sales have been expanding. As a result, net sales in 2021 increased to JPY 50.5 billion and operating income ratio was 15.4%. In 2022, demand will continue to expand. In our business for overseas OEM, due to sales expansion of E-Kit for E-MTB and E-City, net sales will increase to JPY 60 billion.
On profit side, cost increase in parts procurement is incorporated and operating income ratio will be 12.5%. Marine Product Business. Left chart shows sales by product. In 2021, demand for outboard motors have been strong in all segments, from small, medium to large types. Unit sales increased despite adverse impact by transport ship and container shortages. Water vehicle unit sales also increased with the progress in measures for raw material procurement delays caused by record waves in the U.S. As a result, net sales increased to JPY 391.1 billion and operating income ratio was 19.6% and achieved a record high profit in marine products business segment. In 2022, to meet market demands with our supply, we will operate fully utilizing capacity.
Unit sales will increase in outboard motors, water vehicles and sport boats, and net sales will increase to JPY 432 billion and operating income ratio is expected to be as high as 20.8%. Robotics business. In 2021, capital investment gained momentum, especially in Asia, as COVID impact subsided in the first half. In the second half and onward, sales in Japan, Europe and America were on the recovery track and unit sales in surface mounter and industrial robot increased. Sales in Yamaha Robotics Holdings also increased, and net sales increased substantially to JPY 120.3 billion. On profit side, due to the profitability of Yamaha Robotics Holdings, profitability improved and operating income ratio improved to 14.7%.
In 2022, demand will recover for developed market in addition to for China. We input resources actively for the production system expansion to grow business further and accelerate the synergy of business integration in new products development and cross-sales activity. Net sales will increase to JPY 140 billion and operating income ratio will be 14.3%. Financial services business. Left chart shows receivable balance and its regional breakdown and the right chart shows the net sales and operating income ratio. As the left chart shows, receivable balance grows steadily and as of the end of 2021, it stood at JPY 376.2 billion. Net sales increased to JPY 48.6 billion. On profit side, due to substantial one-off impact by the reversal of allowance for doubtful accounts, operating income ratio increased to 39.4%.
In 2022, expecting the recovery in wholesale financing, receivables balance will increase to JPY 430 billion, and net sales will also increase to JPY 51 billion. Operating income ratio will be down due to the absence of one-off profit growth factor of 2021, but due to the profitability improvement by the increase in wholesale financing, it will be high level as 25.5%. With this, I will conclude my presentation of the business results for FY 2021. Finally, I appreciate many customers kindly wait for our products due to our production and supply shortage. I would like to express my sincere apology and ask for your understanding as we are making utmost effort to deliver our product as soon as possible. Next, new medium-term plan will be presented.
Hello, everyone. Today, I will explain our new medium-term management plan set for 2022-2024. Based on our long standing corporate mission to be a Kando creating company, we have been working to promote growth strategies and to reinforce our management foundations toward achieving our long-term vision for 2030 of Art for Human Possibilities. Let's strive for greater happiness. However, the times are now changing faster than expected in terms of the external environment and the people's sense of values.
In addition to the growth strategies and reinforcement of our management foundations that we have been pushing so far, in the new medium-term management plan that starts in 2022, we will strengthen our efforts for sustainability based upon the recognition of new factors and issues, which include the various changes seen in the business environment, the growing public awareness of the importance of sustainability and necessity to transform ourselves as a company. To that end, we will strengthen the earning power of our core businesses and accelerate investment in new and growing businesses that contributed to the creation of a sustainable world. We will also expand the use of digital technologies and the number of co-creation partnership in order to boost our growth potential and thereby, raise our corporate value.
With this new medium-term management plan, we have clarified and stratified the positioning of our businesses based on sales growth rate and ROIC to manage our business portfolio and appropriately allocate management resources. We have designated new and growth businesses under our strategic business fields and will tactically distribute management resources to them in order to develop them into future core businesses. At the top left are our new businesses. In order to create the core businesses of our future, we want to strengthen our structure to generate net sales. We will move forward with the commercialization in the four business fields we narrowed down in the previous medium-term management plan, as well as in the new mobility fields, aiming for JPY 30 billion in sales by 2024. Moving to the top right, we have our growth businesses composed of the robotics business and the SPV business.
We aim to increase investments and expand the scale of these businesses as next generation sources for cash generation. The chief KPI here is the sales growth rate and we are aiming to achieve 19% in CAGR. For our core businesses on the lower right, we have our respective operations for motorcycles, marine products, recreational vehicles and golf cars. As these are our current sources for cash generation, we aim to maintain or improve profitability here. The chief KPI here is the operating income margin, for which we will aim for a three-year average of 11%. We will also position the financial services business as a core business as it works to support the activities of the other businesses. As for the structural reforms at the bottom left, in the new midterm period, we will determine their direction from the perspective of scale and profitability.
Now I'd like to briefly talk about resource allocation. Based on our portfolio management, we will increase our resource investments in our strategic business fields over the course of the new midterm plan's three-year period. Specifically, we will raise our cumulative development and growth strategy spending by 1.6 times and capital investment by 1.8 times over the next three years. Next, I will cover the new businesses in our strategic business fields. One of the focus areas in our long-term vision is rethinking solution. To address the numerous societal issues present today, we will call on the technologies and know-how we have accrued to date, as well as engage in cooperation with our partners to promote the creation of new, uniquely Yamaha value and accelerate the development of businesses that contribute to achieving the SDGs.
In the area of mobility services, we will establish new companies in India and Nigeria and expand our asset management business through collaborations with local partners. For customers who until now have not been able to purchase a motorcycle solely with their own funds, we will establish a motorcycle financing scheme tied to employment opportunities. By doing so, we will help people secure a stable income and contribute to improving the standard of life. With low-speed automated vehicles, we will move forward with commercializing the transport of goods and conduct feasibility studies for public transit options. By establishing automated driving technologies for operation under specific conditions, we aim to provide labor savings in logistics operations, as well as provide solutions to mobility issues in areas where public transportation is unavailable or not easily accessible.
These two pursuits are on the cusp of transitioning from the seeding phase to the growth phase, where they will begin generating sales and we are aiming to post JPY 30 billion in net sales by 2024. Regarding the medical and healthcare and agricultural automation fields, we will continue with our work toward commercialization, with the goal of these contributing to our sales figures by 2030. Now I'll go over the robotics business, another one of our strategic business fields. We expect the market growth rate for SMT systems, industrial robots and semiconductor manufacturing equipment to be 7% per year. With these growing markets, we aim to further expand business scale and our fields of operation to boost profitability. We have also completed the post-merger integration for Yamaha Robotics Holdings, or YRH, which we acquired during the previous midterm period.
For the new midterm period, our goal is to further increase profitability through synergies that include YRH with an annual sales growth rate of 16% for our net sales and raising YRH's profit contribution to our operating income to 25%. One of the first major steps we will take is maximizing synergies as a total supplier. We will make our one-stop smart solution more attractive for clients by employing more shared platforms to raise our products' competitiveness and acquiring major client accounts through a special sales team operating across market regions and product categories. The second step is to strengthen our manufacturing, sales, technology, and service structures. We will make investments to raise production capacity with an eye on expanding the business by increasing our factory's production area by 1.8 times by 2024.
We will also further improve on our strength in technologies, sales and services carefully tailored to client work sites and operations. Through these two initiatives, we aim to raise the number of business negotiations we conduct, increase unit price per project and raise the rate of successfully placed orders, and thereby expand our business and strengthen our profitability. Next, I would like to talk about another strategic business field, the smart power vehicles business. The prolonged global COVID-19 pandemic has changed people's attitudes about travel and movement, triggering a shift in the preferences to stay closer to home and avoiding crowded spaces. This has resulted in a spike in demand for small personal mobility.
With this being the case, and also due in part to a growing preference for more eco-friendly means, the e-bike market in Japan, the U.S., and Europe is growing at an annual rate of 18%. We believe that this market will continue to grow at this pace as we head toward 2030. Our projections for these principal markets are for scale exceeding 10 million units by 2024 and we will accordingly focus on the top three e-bike categories, namely E-City, E-Trekking, and E-MTB models. In response to this rapid market expansion, we will aim to expand our business scale at a rate that outpaces the market's growth and double our net sales by offering clients e-Kits customized to their needs and introducing new Yamaha brand models. This forecasts a CAGR of 22% for unit sales.
First, in order to stage this business scale expansion faster than the market's growth, we will begin customizing our e-kits, conducting co-development of e-kits with the e-bike manufacturers that use them, start total production of drive units in Europe, where the market is the largest and aim to acquire new overseas e-kit customers by providing direct services via our own dealer network in Europe. To double our net sales, we will develop new compact, lightweight, quiet, high-value added drive units and expand our lineup with mid to high range Yamaha brand e-bikes. Next, I will move to our core businesses, starting with motorcycles. Our task in this new midterm plan is to improve profitability by continuing with our premium segment strategy in markets where demand is recovering. Total demand in Asia has still not fully returned to where it was in 2019 before the COVID-19 pandemic.
That is why with the new midterm plan, we will accelerate our efforts in preparation for a recovery in demand. In Asian markets and in India, we'll target the upper middle class, which is expected to grow rapidly over the next 10 years and ramp up our premium segment strategy even more than before to solidify our advantages. As we aim for higher unit sales growth, we will carefully map out strategic segments in each country and not only offer attractive products, but also launch stronger brand marketing initiatives to create firm ties with customers. Shown at the upper right are the strategic product segments and unit sales growth targets for our major Asian markets. In India, we'll aim to double the number of premium sport models sold.
In Indonesia, we will look to increase the number of premium scooters by 1.3 times to form a new bedrock of operations. In the Philippines, our target is to sell 1.5 times the number of units by strengthening our premium scooter segment offerings. For customers in this segment who, through digital media value individuality and self-actualization, we'll combine the digital and the real worlds to implement our one-to-one marketing approach, targeting each individual customer in order to expand our range of touchpoints and to strengthen the relationship with our customers. To accomplish this, we want to expand sales of connected motorcycles to 2.5 million units by 2024. We also plan to roughly double the number of Blue Square premium dealerships in India, which serve as real points of contact with our customers.
To summarize, we will aim to improve profitability by forging ties between the customers and Yamaha brand by using digital technologies and by accelerating implementation of our premium segment strategy, targeting the upper middle class in India and Asian markets. Lastly, I will go over one of our core businesses, Marine Products. Our policy for the Marine Products business is to implement our Marine CASE strategy to expand the range of value we offer and to maintain as well as strengthen our high profit structure. In pursuing our Marine Long Vision, our work will focus on three items shown here. For our growth strategies, we will carry out the Marine CASE strategy to transform our customers' marine lifestyles into experiences with greater comfort and peace of mind.
In particular, for C, our connected part of CASE, we will work together with U.S.-based Siren Marine, a company we acquired last year to develop systems allowing customers to remotely monitor and operate their boats from their smartphones. This will provide them with the peace of mind shown here and help expand the value we offer. In enhancing our business competitiveness, we will maintain and strengthen our high profit structure. By bolstering our lineup of large outboards with new models, we will further expand our product lineup and increase the sales ratio of large outboard models to 30%. In addition to this, we will continue increasing our production capacity for these large outboards as well as personal watercraft.
Finally, to enforce our business foundations, we will strengthen the R&D role in the U.S. and further enhance our product development arrangement in order to be flexible and thrive in this era of rapid change. To summarize, the marine product business will implement our Marine strategy to expand the range of value we offer and to maintain and strengthen our high profit structure while also allocating resources for growth. This is so that we turn the business into one that further increases the value of the ocean as stated in the marine long-term vision. I will now explain our initiatives for sustainability. Among our various sustainability initiatives, the most important for us is our work to meet our goal for carbon neutrality by 2050. We are now seeking to reduce our own Scope one and two CO2 emissions by 44% by 2024.
By 2024, we will deploy energy saving and renewable energy and equipment in more than 10 countries. We will also now begin using carbon-free electricity at business sites in Japan this year. For Scope three, which is CO2 emissions from customer and employee product use, raw materials, transportation, disposal and the like, we will accelerate our move to electrification through a platform strategy. We also plan to introduce at least 10 battery EV motorcycle models by 2024. Further, we will not limit ourselves to only BEVs for reaching the goal of net zero carbon emissions by 2050. We will instead conduct development for compatibility with a variety of powertrains. Also, we will expand our R&D facilities to realize this goal.
To accelerate the carbon offsetting initiatives we need to now achieve our goals, we'll establish a JPY 10 billion fund dedicated to environmental technologies and resources at our venture capital firm in Silicon Valley. The fund is scheduled to operate for 15 years and will explore technologies and business models that contribute to sustainability. Next, I will talk about our digital transformation strategy. We are promoting our DX strategy under the Yamaha Motor to the Next Stage banner to enhance brand value and create lifelong Yamaha fans. Our policy for the development of human resources specializing in digital transformation, which forms the foundation of this initiative, is to become a company where everybody can use digital technologies in their day-to-day jobs. We aim to create 1,200 DX promotion personnel by 2024 to drive our digital transformation.
These people will be capable of conducting digital marketing, data analysis, cloud computing, and more through hands-on training, such as data analysis courses tailored to each purpose and the level of difficulty and by proactively shifting personnel around. From this foundation comes YDX1, Reform Management Platforms. Here, we are now working to accelerate management's decision-making and to standardize processes by implementing a globally consolidated database and management dashboards. Next is YDX2, Strengthen the Present. We will connect with customers and offer new experiences by proactively launching connected products, conducting digital marketing and transforming ourselves into a more customer-centric business. As a KPI for creating a customer touch point and for creating lifetime Yamaha customers in both the real and digital worlds, our goal is to have 4.7 million people with registered Yamaha Motor IDs by 2024.
Lastly, now YDX3 is Create the Future and in it, we will establish an R&D framework specializing in the digital technologies essential for next generation businesses. We will build internal processes for co-creation with customers and society, allowing us to create new value and a new future. Moving on to our human resources strategy. The energy in a company's workforce is a critical factor in its growth and that is why we will make employee engagement an important indicator. We will promote diversity and inclusion, as well as human resource development as initiatives to improve engagement. With diversity and inclusion, we will increase the number of available options for working styles and strive to be a company where our diverse workforce plays an active role.
We will create an environment where people of diverse backgrounds gather and excel by expanding our training programs for leaders in each country, revamping the HR system at our headquarters, enhancing mid-career professional recruitment and more. As indicators of our progress, we will set targets for the ratio of local employees in core positions at overseas subsidiaries and for the ratio of women in management positions globally. With human resource development, we will establish frameworks that provide equal opportunities for personal growth to our employees. Specifically, we will enhance our online and on demand learning platforms to increase the number of employees in self-development course, some five-fold compared to 2019.
In addition, we will implement new work styles that take better work-life balance into account as part of encouraging employees to increase their rev app time, which will have the effect of enhancing their work efficiency and enriching their time off. Through these efforts, both employees and the company will grow together and increase the value we bring to society. Here now I will talk about our key financial indicators, namely growth, profitability, efficiency and shareholder returns. In terms of growth, we are targeting net sales of at least JPY 2 trillion in 2024, with a CAGR of over 7%. For profitability, we aim to now achieve a three-year average operating income margin of 9% or higher. In the area of efficiency, the aim is to continuously generate a three-year average return exceeding the cost of capital.
We also aim to build a corporate structure for sustainably achieving an ROE in the 15% range and ROIC in the 9% range and an ROA in the 10% range. For our shareholder return policy, we will emphasize making a consistent and ongoing dividend payments while taking into consideration the outlook for business performance and investments for future growth. We will also distribute the returns to shareholders in a flexible way based on the scale of our cash flows with a target total payout ratio in the 40% range for the cumulative period of the new medium-term management plan. With our cash flows, we will invest JPY 480 billion into building business foundations and our core and strategic businesses, leveraging that to accelerate future growth initiatives and our work toward carbon neutrality.
Regarding shareholders' returns, we will have secured JPY 160 billion in cash required for our shareholder return policy, while also actively pursuing share buybacks as an option. Finally, as I have touched upon throughout this presentation, sustainability is a new pillar we have added to our new medium-term management plan. We will focus on the points shown here for enhancing social value as non-financial indicators. The first item is contributing to a more sustainable world. We will do this by shifting to more green pursuits, like converting our products to carbon neutral powertrains, making our company more energy efficient and carbon neutral and establishing the environmental tech fund. We will explore possible innovative development directions in new areas for future mobility in collaboration with external parties.
The second item is to connect with our customers and employees and thrive as a company by providing mobility users with the features and courses for riding safety, peace of mind and working to help enrich the daily lives of everyone. We will endeavor to enhance our corporate value by linking economic value and the social value together to make the Yamaha brand shine. This concludes my overview of our new medium-term management plan. Thank you for your attention.