[Foreign language]
Thank you for joining us today. My name is Kazumasa Nakai. Since 2022, I have been in charge of the three business units that comprise the Lifestyle Segment and the Nutrition and Agriculture Business Unit within the Chemicals Segment. Today, I will explain what we are trying to achieve through wellness ecosystem creation, which is one of the three key strategic initiatives established in the medium-term management plan, 2026, MTMP 2026, that we announced in May 2023, and discuss specific projects related to this initiative. First, I will cover the three key strategic initiatives that we established in MTMP 2026. This slide was already explained in the MTMP 2026 announcement. It illustrates how we determine areas of focus based on important environment changes, such as diversification of lifestyles and heightened health consciousness, and changes in global supply chains.
Similarly, this slide has also been discussed previously. The slide gives an overview of our business model. Internally, we call these familiar areas of business, where we cultivate core businesses in fields in which we have accumulated expertise and form business clusters with adjacent businesses. In the key strategic initiative of Wellness Ecosystem creation also, we are promoting the formation of business clusters in accordance with the business model. Looking at the world from the perspective of food and health highlighted on this slide, we perceive a variety of changes taking place, which include the following: One, rising global demand for food driven by increases in population and economic growth in developing countries, particularly the emergence of problems in relation to the supply of animal protein. Two, heightened consciousness of the need for safe, secure, and stable supply of food, including traceability.
Three, changes in eating habits driven by health consciousness and diversification of lifestyles a nd four, heightened interest in prevention and well-being. The graph at the bottom right shows the outlook for spending on healthcare in the United States. Although the heightened consciousness of prevention is projected to have no significant change on healthcare spending in future, it is forecasted that there will be an increase in spending on well-being in such areas as food and nutrition, that contribute to health, weight loss, personal health devices, and fitness. In emerging countries in Asia and elsewhere, the gap between supply and demand of healthcare remains large, and the healthcare market is expanding. But our perception is that trends in the U.S., which is at the leading edge of healthcare and well-being, represent a major tide of change that will spread around the world.
I will now explain Mitsui's aspirations through its wellness ecosystem. As shown in this diagram, we will form the ecosystem by combining multiple business clusters related to food and wellness. Through this wellness ecosystem, we aim to provide food, health, and healthcare tailored to diversifying lifestyles, and to help enhance the quality of life throughout people's lifetimes and across the globe. The major business clusters making up the wellness ecosystem are wellness itself, food services, animal protein, and agrochemicals. It is through close combination between these that we will form a high value-added ecosystem. One, the wellness business cluster provides healthcare, such as a medical treatment and support for prevention and health. Two, in addition to developing and providing food options that contribute to health, the food services cluster develops, manufactures, and distributes food that meets the increasingly diversified needs of consumers, such as deliciousness, convenience, and functionality.
Three, in the animal protein and agrochemicals clusters, we provide support for stable supply by focusing on efficient production of the animal protein and agricultural produce that provide the basis of safe and secure food supply, while mitigating environmental impacts and taking into account its effects on natural capital. I will explain the functions of Mitsui that are essential for the formation of the wellness ecosystem. In addition to the functions provided by the business clusters on the left, through the provision of compound functions that leverage our strengths as a trading company, such as trading and logistics, that provide support for stable supply, we are able to form the wellness ecosystem with added value, such as enhancing productivity, mitigating environmental impacts, addressing the diversified needs of consumers, among others. When providing added value through the formation of the wellness ecosystem, it is essential to have cross-industry initiatives.
It is precisely because the business units, such as food, retail, wellness, and nutrition, and agriculture, have transcended the barriers between the organizations to combine their functions and strengths at the global level, that we will be able to form the ecosystem and provide a higher level of added value. From the next slide onwards, I will discuss the respective business clusters. First, I will explain the agrochemicals business cluster. In this business cluster, we have operated globally, primarily in the major agricultural countries of the world.
Our goal is to deliver crop protection, fertilizers, seeds, and other agricultural inputs in a form optimized for each site of agricultural production, so as to enable stable supply of food and increases in food output. Recently, it has become increasingly important to mitigate the environmental impacts of agriculture from the perspectives of sustainability and natural capital. In addition to biocrop protection, an area in which we have been concentrating for some time, we have entered a business known as biostimulants, which is a fertilizer business derived from natural materials. We are extending the agrochemicals business cluster by adding a variety of solutions to a menu of options, such as by launching a regenerative agriculture business that adds to the soil's original strengths, and entering the vertical farming business, which represents a new form of production.
As shown on this slide, in quantitative terms, we aim to take this business cluster, which had profit of approximately JPY 20 billion for fiscal year March 2023, and grow that by the final year of MTMP 2026 to achieve stable profit levels of more than JPY 20 billion. We will do this through the promotion of the above mentioned initiatives and strengthening of existing businesses globally. N ext, I will explain the animal protein business cluster. The volume of animal protein consumed worldwide continues to rise in response to global population increases and economic growth, as well as production of livestock and aquaculture products centered on chicken and shrimp. We're also involved in feed, animal solutions, and animal breeding.
By working with these group companies, we will enhance traceability and productivity, and maintain stable supply and respond to rising demand, resulting in consistent improvements in value over the long -term. We position chicken and shrimp, which have high market growth rates, as particular areas of focus. This is due to their short production period and their resistance to economic volatility, few restrictions in terms of food, culture, and religion, and how they meet the requirements of the health consciousness. With regard to shrimp, we gave a detailed explanation of a shrimp project in Ecuador last month. For chicken, we have the expertise that we have accumulated in the feed production and processing businesses in Japan since the 1960s. Leveraging this expertise, we'll take the business model that we have developed in Japan and roll it out globally.
I think we will be able to share more information with you about new projects related to chicken in the near future. In terms of quantitative performance, this business cluster achieved profit of approximately JPY 13 billion in the fiscal year March 2023. By investing in assets with the competitiveness in the animal protein business, centered on chicken and shrimp, and improvement of productivity in existing businesses, we aim to grow profit to JPY 30 billion or more by fiscal year March 2026, the final year of the MTMP 2026. As I explained when discussing our perception of the environment, with healthcare expenses rising around the world, we believe that there is a major trend of increasing spending on prevention and wellbeing, including both physical and mental health.
We have, for some time, been developing the hospital business centered around IHH, and have provided medical treatment services to many patients. Currently, we are focusing on initiatives for businesses in the area of prevention at the stage prior to treatment, and for recuperation support after leaving hospital. In terms of initiatives to create value through the themes of food and health, we intend for AIM Services, which we made a wholly owned subsidiary this fiscal year, to become a platform for the promotion of health through food. Specifically, AIM Services builds nutrition management systems that are effective for the maintenance of health, and is developing menus based on nutritional science.
We are on the point of strengthening our offerings through such initiatives as healthy food, with prevention effects for meal services provided to workplaces and schools, and therapeutic food and nursing care food, with health maintenance and recovery effects to hospitals and medical facilities. We will combine the healthcare business, of which the hospital business is the core, with the cluster that provides prevention and the food services cluster that is responsible for developing, manufacturing, and providing food. In this way, we will find a unique position for ourselves going forward, promoting value creation that addresses the trend towards health awareness centered on wellbeing. In terms of the performance for this cluster, we aim to grow profit from approximately JPY 37 billion in the fiscal year March 2023, to JPY 50 billion or more in the final year of MTMP 2026. We plan to achieve this by enhancing the earnings power of existing businesses, including IHH and AIM Services, and contribution of new investments, including Nutrinova, functional food ingredients company.
These are the quantitative targets for the wellness ecosystem. On this last slide, this graph shows core operating cash flow, profit, and ROIC for the major business clusters that make up the wellness ecosystem. The profit is broken out into one-time factors and others. In the fiscal year, March 2023, the profit was over JPY 75 billion, and ROIC was approximately 3%. We intend to grow these to having profit of over JPY 100 billion and ROIC of approximately 5% in the fiscal year, March 2026. Furthermore, we'll continue to expand the business size and enhance ROIC through a combination of continuous strengthening of existing businesses, acquisition of highly profitable assets, and asset recycling.
We will continue to promote the building of a Wellness Ecosystem that is unique to Mitsui, while combining businesses with different profitability timelines, such as businesses that contribute to the strengthening of profits in the short- term, and the businesses that are aimed at future growth. That concludes my presentation. Thank you very much for your attention. Now, we'd like to start the Q&A session.
[Foreign language]
I'd like to ask two questions, if I may. First of all, I think it was on page eight, so if you could show page eight. Thank you. When it comes to the management resource allocation, there are a number of business clusters and different projects, and it is covering variety of businesses.
In other words, what you have explained, there are so many variety of businesses that you'll be covering, and when we look at this, of course, you're talking about healthcare and animal solutions and animal health in a wider scope, and of course, you are also dealing with seeds as well. In PER, it may be 30 or 40 folds. I do understand that it has potential to grow, but the valuation is also high at the same time. When it comes to animal health, there may be Zoetis, and there may be Bayer. There are many giant companies working in these business areas. I do understand that you're not intending to compete with such companies, but how are you going to keep up that level?
I mean, how are you going to grow, and how are you going to actually extend these business? That is the image I'm finding difficult to imagine for myself. Within the wellness ecosystem, when creating this ecosystem, how are you going to allocate the management resources? What is your plan at the moment? Is there areas that you can see added value being brought by your company so that it can be prioritized? If you could explain from the perspective of management resource allocation, it would be appreciated. I just want to confirm the quantitative values, and I believe that you are trying to grow this area by JPY 170 billion as a whole company.
And the Wellness Ecosystem, you are thinking of about JPY 30 billion, and I think for new projects or businesses, you are thinking of growth of JPY 20 billion. So when you explained about the business cluster, you talked about animal protein, and it was JPY 17 billion. And for food and wellness combination, you are thinking of JPY 13 billion, and if we add them together, it will come to JPY 30 billion. So in the medium-term business plan, of course, you are thinking of growing it, but is this a correct interpretation when it comes to your projection for growth in these business clusters? And of course, for MTMP 2026, what is the growth going to be from March 2023 to 2026 to give you this growth? So this is just confirmation of your quantitative figures. Thank you very much.
[Foreign language]
Thank you very much for your question. Nakai-san, please.
[Foreign language]
Thank you very much for your question. As for the first, on page eight, for your first question, of course, our wellness ecosystem is very, very wide-ranging, and of course, it is covering almost all the areas of businesses that it may embody. We are focusing on growing these business clusters, so we are looking at food production and stable supply in animal protein business cluster, food services business cluster, and wellness business clusters. These will be focuses, including agrochemicals business clusters as well. We're looking at the shrimp and chicken in animal protein business cluster, so we have very clear targets. We are looking at, for example, feed and animal health, which comes together.
So, added value, 1+1 does not just become two, but maybe three or four. That is the kind of weapons that we want to build in these business clusters that we have identified. So we talked about seeds and animal solutions earlier, and, as you said, they are giant companies in these areas, so we're not going to buy those giant companies. But in the business clusters, we want to gain weapons in those areas by extending our business. So that will be the basis of business. So of course, we want to be in those business clusters. We are not going to aim high. We are looking at the economic factors, and we'll be selective in choosing the businesses that we are going to enter.
When it comes to animal health, we have acquired Sumitomo Pharma, and in Brazil, we have entered those areas as well. In animal health, we are extending our presence in those areas. Going forward, what is going to happen is something that we want to look for, and of course, we want to increase the valuation as well. When it comes to management resources, this diagram, these numbers that we have set at the end, we want to realize these targets. Internally, that is our target, so we want to accumulate the path, and this has resulted in the target figures. In the business clusters, where are we going to focus? We have summarized all these and allocated the management resources accordingly.
We believe that these initiatives have been strengthened in that sense. As for the quantitative figures, we are thinking of JPY 170+ billion in the midterm management plan, and JPY 30 billion for wellness ecosystem as a whole. That is something that we are conscious of in coming up with the figures. Whether they are going to coincide, that is something that is different. Within the definition of wellness ecosystem, is it just going to be lifestyle, or are we going to add nutrition and animal protein? That is something that we need to clarify. Within Mitsui, there is ICT, and they're working on DX and AI, and they're working on drug delivery as well. At the corporate development, they are investing in pharmaceuticals, etc . So Wellness Ecosystem is very wide-ranging, so we want to have a wide perspective in taking them in. We don't want to dilute them by extending it too much, but within the overall wellness business, we hope that we'll be able to achieve and increase the target figures at the very end. That is our focus and our target. Thank you.
[Foreign language]
What about invested capital numbers? Can you explain more, especially the animal protein? IR of Integrated Report, as of the end of August, there were numbers.
[Foreign language]
Yes. As you said, there are parts that are disclosed and that are not disclosed. For animal protein, invested capital will be increased from JPY 240 billion to JPY 380 billion in March 2026. Those numbers are disclosed, but for other business units, we have not disclosed. Sorry for that.
[Foreign language]
I have two questions. Thank you. First of all, previously, I haven't asked for this information in detail. As for AIM Services, there have been various expectations. That's what the management team have said many times. But I haven't had the opportunity to have this explained in detail. So can you explain more philosophy? You have made this a wholly owned company, a subsidiary, and in this industry, there's Nissin Foods, which is a giant. And AIM Services is strong in hospitals and school meals or workplace meals. I don't know where they are strong. And you said that there is combination of businesses with hospitals, businesses, but in terms of impression, because of inflation, some other companies are struggling with price increases. And performances, business performances, AIM Services that were disclosed previously, doesn't have, don't seem to have grown so much.
And with COVID-19, with inflation, school meals are having some difficulty in being provided. So there are many small and medium players, and they may be on sale, become on sale. And maybe you are buying some of those in Japan or overseas. Since there is IHH, you're going to seek a combination with this business. So as AIM Services, there are a lot of things that are being talked about. So can you explain more about what you think is going to happen to this business?
Secondly, you talked about invested capital. So in a reverse calculation, you can see that it's going to be JPY 2 trillion. IRR is lower in some businesses or many businesses in this field. Therefore, I don't know how to put this, but isn't there any businesses that should be divested? So in a positive environment in this fiscal year, if it is only 5% that you going to achieve, then it is quite low. I don't know if there are many unprofitable businesses, but low profitability. Of course, there are some focus areas, but if I'm wondering if there are any businesses that are struggling, and if you can recycle them, then can you enhance the entire level? Maybe y ou may not be able to specify that if there is some businesses that are become outdated. Can we expect some of the divestiture that you may consider?
[Foreign language]
Thank you very much for your questions. As for AIM Services, it is true that more recently, be it shrimp or Nutrinova, well, we had a business meeting explaining about details. But as you said, in terms of AIM Services, we're not able to do that, and we just provided materials for you to see. So maybe this today is a good opportunity to talk about this. Since 1970s, Aramark and ourselves had a 50/50 joint venture, so we knew each other very well, so the management went smoothly. But we would like to receive dividend as soon as possible, or with reinvestment, we would, some party wanted to have some more growth. In April, this has become wholly owned subsidiary, and so we can achieve something that we want to do, and that's why we made this a wholly owned subsidiary. So there are three things. Firstly, it's about more internal business. The internal processes of work or management through DX should be made more efficient and should have improved work productivity. So with the DX on paperwork, you can enhance efficiency and reduce cost.
DX expenses may be incurred upfront, but we should go forward with it. In the mid to long- term, this is going to be leading to the cost decline and margin increase over the long- term. As for external part, as you said earlier, the raw materials costs are increasing and fuel prices are increasing, and personnel cost is increasing, and there is shortage of labor. In this environment, price revisions should be done in talking to customers. Unless we do that, we'll be in difficulty, because small and medium players are struggling, and that is exactly because of this reason.
[Foreign language]
Since one year and a half ago, in AIM Services, they have been negotiating with the customers for price increases, and more recently, there are some results and effects that we're seeing. What sets AIM Services apart is that the main customers are large and medium-sized companies, not a bunch of small companies. Recently, there are some difficulties that are being reported, and many, an increasing number of companies are actually considering to accept price increases more possibly, and this should lead to accumulation of profits at AIM Services. Third, not short- term, but in the midterm, with Mitsui & Company more involved, what sort of growth scenarios would be drawn?
[Foreign language]
This has been considered before we came in, but overseas business presence, or in domestic market with the center kitchen in place, several facilities, business facilities can be consolidated to have more competitiveness. So even though there is going to be upfront investment, if we do something that is going to be possible in the future, AIM Services can have a different growth trajectory. So that's why we made this a wholly owned company. So we have been doing negotiations with customers, including the DX introduction. So there are some steady results that we're seeing. Maybe not this year, but in the next fiscal year, if you can accept more in actual financial numbers, that'll be appreciated.
And second question, ROIC and IRR, businesses that are lower in these areas, minerals and energy, metals and minerals and energy. There are some business units that are having higher ROIC, but there are some other business units that are lower in ROIC. If you can take a look at the last slide, in March 2023, 3% was achieved, four business units, plus something for Wellness Ecosystem. The average was 3%, but in the MTMP, and that is currently ongoing, we are going to increase this to 5%. That is our target. 5% may seem to be low, again, but that may be true, but it's just an interim milestone, and we will continue to enhance ROIC after that.
So in order to enhance profitability in ROIC, the unprofitable businesses are going to be recycled significantly. It's not just in these, those four businesses, but this is something that we are going to do with some commitment in the entire company, and with regard to Wellness Ecosystem, animal protein, as I explained, 6%, 8% ROIC is what we are targeting at, but the higher ROIC new businesses should be introduced, and then exit from those businesses with lower ROIC. With that recycling, we like to increase the ROIC to 5% and more.
[Foreign language]
So, what is unnecessary should be exited. That's what you said, but that is what each of the business units needs to do first. Does that answer your question? So unprofitable businesses are lower profit businesses. So, what is it bigger in terms of proportion in the entire ecosystem creation? So, how significant and serious these challenges are? Is it just a 1% or 2% of the businesses that are lower in ROIC, or generally speaking, they are all lower? Then it may be difficult to decide where to start.
[Foreign language]
Well, for more those details, we have not disclosed. But generally speaking, different businesses have different colors, and if there are some business units that have many projects or other business units are narrowing down the businesses and already exited from some of those. So different businesses have different situations. So those businesses with many small projects with lower profitability, not negative, but lower profitability. The head of the business units should be more aware of this and reduce those projects and businesses. That's what we are doing. Generally speaking, as a company, we should be seeing reduction in those businesses. I cannot be more specific than that. Thank you.
[Foreign language]
Thank you very much. I'd like to ask two questions, if I may. My first question, so, related to what you have just said, of course, this is a wide-scoped area. So what would be the core business model? That is something that is ambiguous at the moment. You did buy a shrimp business in Ecuador, and then volatility was the focus of discussion. In the upstream, in the materials and inputs and raw materials, of course, it may be related to the market situation, and you may have a downstream, like AIM Services, IHH, with platforms, and you need to connect them to different businesses. So there are different variety of business models that is possible. So in the invested capital, what are the business models that are your strength, that you want to continue to grow?
If that can be made clearer, it would be much easier for us to understand. So please, let us know the direction going forward. And, the second question: as for IHH, you had an explanation session last year, and, it started very well at the beginning of the year, but, an aggressive, growth strategy was, announced, and the management was, changed as well. So can you talk about the progress of the, milestones, please? And, if you have any milestone strategy, please let us know.
[Foreign language]
Thank you very much for your question. Thank you very much. As for your first question, it is a very difficult question to answer, and I might not be able to give you a clear answer. However, when it comes to the upstream of food, proteins, and of course, the feed that is needed, of course, if we have one volatility that is hedged, and as a value chain, if we can pick up the profits, that will be important for us. So animal protein value chain is what we have, and that will lead to food, and it will lead to the downstreams. Even if they are connected together or directly, by having all these, we'll be able to manage the risks better.
That is our understanding, and that is why we have portrayed them in our diagrams. AIM is a downstream, and IHH is a platform business, that is what you mentioned. But dependent on the business areas, how we enter these businesses will be different. In AIM, we entered in 1970s, and by increasing the platforms, we were able to manage them well. And of course, when we enter, we need to make a bigger step forward in IHH, for example. And so the initiatives for each of the businesses and how they are growing is different. Therefore, we cannot have a clear-cut business model, but I think that is a strength of a trading company at the same time.
We may see something unexpected going forward, but in the areas that we targeted, of course, it is wide-focused, but this is a wellness ecosystem. It is included under that umbrella, so that is something that we want to target going forward. I hope that answers your question. When it comes to IHH, in June of last year, we had the explanation session on IHH. Kelvin came and gave you some explanation, and management has changed since then. IHH itself is a listed company, therefore, it's very difficult to give you a detailed explanation, but looking at the results, it is a robust, performing company.
We had COVID-19, and we were after getting the demand. Yeah, COVID-19 happened, and by everybody returning, medical tourism, in other words, people from different countries came for medical services. And in addition, there are local patients who are coming back to hospitals. During the pandemic, they were not able to go to hospitals, but after the pandemic, they are now coming back to the hospitals, and we are seeing increases in the patients. So the hospital services is being strengthened. And it's related to the recycling earlier. Medical university in Malaysia was sold, and we were able to increase the hospital beds at the same time. So recycling was done to increase hospital beds and patients. So it is a very understandable growth scenario that is being implemented in this business. In the third quarter and the fourth quarter, it's very difficult to forecast, but we believe that we will be able to expect a lot from IHH when it comes to profitability. Did that answer your question? Thank you very much.
[Foreign language]
Thank you. I have one question. The prevention of the disease is something that I'd like to ask about. Since several years ago, Welltok and Hoken Dohjinsha was bought and acquired, and I think there was some emphasis in this in these IR meetings. But there's no core companies or your company's business deployment and quantitative numbers have not been provided. So going forward, about prevention of diseases, what would be the core businesses and companies within your company or group? And is there any quantitative targets that you can disclose, then I'd like to know that. Thank you.
[Foreign language]
Well, prevention of diseases for this, since several years ago, we've been having this target for this field. First of all, the supplement company, Thorne, in the U.S., is what we invested in. Thorne, in the U.S. market, has become listed, and then Thorne Asia was also established, bringing in Thorne to Asia, and supplement that will prevent people from getting diseases is something that we started with. And then after some period, we sold shares of Thorne with a capital gain in a sizable manner. So as we deploy Thorne in Asia, Eu Yan Sang, the Chinese herbal medicine company, because Chinese herbal medicine is more familiar in Asia than the supplements. So evidence-based prevention business is what we are expanding into with Eu Yan Sang.
With regard to Thorne, we have reaped profits and benefits, but Eu Yan Sang will continue to expand further. Chinese herbal medicine and supplements are what we are doing, but it's not just that. Like in AIM Services, in food service, we can provide value-added meals to schools and nursing care facilities. With the food services, we can also contribute to prevention of diseases. Hospitals and food services and prevention of diseases, the boundaries are becoming blurred. What is the actual pure profitability of the prevention of diseases is something that is difficult to explain, but we'd like to grow this business. Excluding AIM, whether there is any core company that we can mention. Not yet. But, following Eu Yan Sang, we are looking at various opportunities in the pipeline. So looking at the valuation and profitability, we'd like to take a next step.
[Foreign language]
Well understood. Thank you.
[Foreign language]
Thank you very much for the explanation. I'd like to ask one question, if I may. It may be redundant with the previous question, but the ROIC of 3%-5% or more, I'd like to clarify the pathway going forward. IPSP was at ROIC 8%, so high ROE business, what is the proportion of them within your businesses? Are you thinking about contribution or exits or recycling projects? Are they going to appear in your portfolio going forward? So which businesses is going to contribute going forward? Can you talk about the premise in terms of, qualitative figures, please?
[Foreign language]
Yes, thank you very much for your question, please. Thank you. So ROIC to be increased from 3% to 5%. Of course, we would like to accumulate a high profitability new projects, and we will be removing low profitability or loss-making business. But in food businesses, of course, we need to really increase the numerator, but of course, we also need to increase the denominator as well at the same time. Of course, we are making a lot of investments recently, but trading business is something that is a pillar of our business. And of course, it was mentioned in the MTMP material earlier, we need to really shrink the working capital, and of course, we will be reducing the capital investment by JPY 100 billion. But, of course, the coffee beans, we are dealing with about 40% that comes into Japan.
But in order to sustain that, the market share, to answer to the needs of the customers, we need to have inventory in different areas to continue to provide our service. But we had to reduce it by JPY 100 billion so that we can improve our ROIC. So that is a kind of trading principle that we are following at the moment. So asset recycling and also in trading, the reduction in capital, working capital, is something that we are working on so that we'll be able to increase our ROIC by 2%. We believe that we can do it, and that is why we have given you the explanation today. Does that answer your question?
[Foreign language]
Yes, thank you very much.
[Foreign language]
Since there seems to be no more questions, we'd like to close the session at this point. There is a housekeeping announcement. On November 30th, in the afternoon, we are going to hold an Investor Day. For more details, we'll give you the information by email. We are welcoming all of you to this Investor Day. With that, we'd like to conclude today's business briefing. Thank you very much once again for your attendance out of your busy schedule today.