Looking back, FY2010, ended March 31, 2010, was a challenging year for the consumer finance industry. With the revised Money Lending Business Law poised to take full effect in June 2010, all companies in this industry had to consider how this law in its fully implemented form would impact operations while searching for ways to sustain profitability despite increased obstacles. Unfortunately, the market rapidly shrank in size, as a high tide of refund claims of interest received from customers overwhelmed business resources and pushed more companies in fiscal jeopardy toward bankruptcy or closure.
   Takefuji was not immune to these deleterious conditions. In fact, a series of rating downgrades forced the Company to put repayment for interest-bearing debt ahead of its contractual schedule. In addition, market developments, particularly the sustained surge in refund claims of interest received from customers and possible business-squeezing repercussions arising from the full implementation of the revised Money Lending Business Law, made it harder to procure funds from fi nancial institutions.
   The situation cast a question on the assumption of Takefuji as a going concern, which only added to the increasingly unfavorable business environment. Against this backdrop, the Company stringently reduced fixed expenses through the consolidation or closing of selected branch offices and by trimming selling, general and administrative expenses, particularly advertising expenses and personnel expenses. In addition, the Company pressed on with the disposal of assets and marketable securities to secure liquidity in hand.
   FY2010 revenues reached ¥120.3 billion, slightly above the ¥118.7 billion we had initially expected. On the profi t front, we are pleased to report that Takefuji surpassed previously announced targets for operating income and ordinary income. Operating income hit ¥33.4 billion, beating the ¥13.3 billion forecast, and ordinary income settled at ¥33.2 billion, passing the ¥13.7 billion estimate.
   Takefuji also posted net income in FY2010, but, at ¥4.6 billion, the amount was far below the original target of ¥13.0 billion. This reflects the incredibly severe fund-procurement environment and management's decision to acquire necessary funds by selecting real estate and loan assets for transfer to other companies. The Company booked anticipated impairment losses on those portfolio items with a high probability of concluding contracts, which eroded net income.
   Our cash flow status is undoubtedly disturbing to shareholders and investors. We have alleviated some of the concern by recently servicing the early redemption of ¥41.4 billion of Convertible Bond-type Bonds with subscription rights to shares due 2018. However, since we still face an adverse fund procurement environment as well as a high level of interest refund claims, our weakened cash flow position remains a critical problem.
   Nevertheless, we will do our utmost to improve corporate value. We will realize this goal by emphasizing a flexible response to interest refund claims and dramatically reducing costs, mainly through the consolidation and closure of branches.
   We ask for the continued understanding and support of not only shareholders and investors but all our stakeholders as we strive to overcome the challenges that have beset Japan's consumer finance industry.