◎Lastly, I will discuss the fourth theme shown here and explain the convertible bonds and share buyback that were the subject of timely disclosure on August 31.
◎As is shown on the left, the objectives of this financial and capital deal are the pursuit of both business growth and recapitalization.
◎First is securing growth capital. We plan to allocate 70 billion yen towards fleet investments, which will be the source of future income growth. We will continue to prioritize growth investments and take advantage of future business chances.
◎Next is share buyback, up to 70 billion yen by the end of March next year. Thus far, we have enhanced capital accumulation. However moving forward we will shift our capital strategy to a focus on improving capital efficiency. We will partially repatriate capital and control capital costs as well as increase a stock value per share.
◎We have selected CB with clauses for controlling conversion as the scheme to achieve this. In addition to financing with zero coupon, this scheme is designed to be favorable to existing shareholders by constraining dilution to a minimum.
◎The graph on the right shows trends of management indices. Here we can confirm financial status after implementing this deal. We are able to maintain financial soundness without major changes.
◎We will continue to accelerate business strategies based on an optimal financial platform as we pursue future growth in our corporate value. An overview of this transaction is outlined on page 8 for your reference.
◎This concludes my presentation. Thank you for your attention.