The Company is working to improve PBR as a measure toward improving corporate value, by decomposing PBR into Return on Equity (ROE) and Price-to-Earnings Ratio (PER), and improving each to enhance PBR. Regarding ROE improvement, we consider three elements. The first is improving profitability. We are focusing on revitalizing the domestic architectural business and international (civil engineering) business, which experienced a sharp deterioration in earnings in FY2022. We have positioned 'profit improvement plan' as one of the pillars of the current medium-term plan, and are achieving steady results. We are also working on realizing productivity improvements through DX. The second is improving asset efficiency. We have split the balance sheets of construction operations and asset value-added business operations, and are executing financial strategies for each business. We are also working on expanding reinforcement measures of the 'circular reinvestment model' in the asset value-added business. The third is investment with awareness of financial leverage. We aim for growth investment using interest-bearing debt while maintaining financial soundness. Regarding PER improvement, we also consider three elements. The first is promoting sustainability management. We have established a Sustainability Strategy Conference to examine and practice sustainability strategies for addressing materiality and realizing a sustainable society. Additionally, within the Sustainability Strategy Conference, we have established committees necessary for sustainability promotion (Risk and Opportunity Management Committee, Human Rights Committee, DE&I Committee, and Environment Committee). Furthermore, we are aiming for improvement in ESG ratings and selection as an ESG stock. The second is reducing policy shareholdings. Our policy is to reduce shares other than those necessary for business operations, thereby improving asset and capital efficiency. The third is enriching information disclosure to investors. In addition to growth strategies and execution status of strategies for each business, we are disclosing the results of collaborations with partners from different industries in integrated reports and earnings briefing materials to enhance disclosure. Through these initiatives, we aim to further improve PBR. Medium-Term Management Plan: https://www.nishimatsu.co.jp/ir/library/plan.html Earnings Briefing Materials (Fact Book): https://www.nishimatsu.co.jp/ir/library/factbook.html Integrated Report: https://www.nishimatsu.co.jp/csr/report/