I would like to say Happy New Year to you all.

When we look back at the year 2014, the domestic market continued to mature and shrink, we spent the year focused on the improvement of earnings in our domestic Infrastructure businesses by aiming to successfully execute our structural reforms, and on tackling the restoration and revitalization of the Electronics business. We carried out a range of activities, including the closure and integrating of manufacturing bases, the restructuring and utilization of Sakura Works, and the implementation of sales and logistics reforms. In addition, we plan to continue to make diligent progress, coupled with the "focus & deep" of businesses ahead of taking inventory at our businesses.

In the earnings in FY2014, we outshot our sales and earnings targets for the first half, as the recovery in the Electronics business more than compensated for sluggish performance in the Infrastructure business. We also achieved our earnings plans in the Optical Fiber business, owing in part to front-loaded demand for optical fiber preforms in China and positive demand for fusion splicers. In the Automotive Products business, although costs increased due to the launch of new car models in Europe, earnings were nearly in line with the plan. I would once again like to thank everyone in these related departments for coming together to carry out these improvements.

Recent trends have been positive thanks in part to benefits from the depreciation in the yen's value. I believe there is a good possibility that we will achieve our earning plan. But there is still a gap between our plans for FY2014 and our 2015 Mid-term Business Plan. Businesses that are posing a challenge are the Electronics and Infrastructure businesses. In the Infrastructure business, along with completing our domestic business structural reforms, we also plan to diligently move forward with market cultivation and business development in emerging countries. In the Electronics business, we have to acquire additional order volume for FPCs and connectors, the mainstay products of this business, and also need to further improve productivity. Performance is favorable at the Optical Fiber and Real Estate businesses. In the Automotive Products business, under the guidance of our three global regional headquarters, we are aiming to expand our businesses and boost our earnings strength to continue to enhance customer satisfaction. We go all-out to clear away these issues in FY2015, a key milestone toward becoming a company with a stronger & high-profit structure, and using these as stepping stones to move on to our next mid-term business plan.

R&D divisions are creating and launching four new businesses, fiber lasers, optical interconnections, superconductors, and medical. We are aiming to respond to our customers' needs more promptly.

This is the final year of our 2015 Mid-term Business Plan.

This is the year in which we manifest our goals by executing various organizational reforms, structural reforms and growth strategy measures. Let's work together to make every effort possible to achieve our 2015 Mid-term Business Plan which is a key milestone on our way to unifying the Fujikura group and becoming a company with a stronger & high-profit structure.

I would like all employees to be bright, healthy and strong as we go trough this year!v