Finally, financial results for the first quarter of fiscal 2015 were almost in line with our expectations, with net sales of 618.3 billion yen and operating loss of 28.7 billion yen. As well, with the completion of the issuance of preferred shares and payment procedures, we have been able to increase the equity ratio and reduce interest-bearing debt.
In addition, we are steadily implementing the three key strategies of our Medium-Term Management Plan which was announced on May 2015.

Restructure business portfolio:
Sharp formed a business alliance with Hisense Group in China for the Americas’ TV business.
We are planning to sell off our production base in Mexico to the Hisense Group. Our aim is to shift our business in the Americas to brand license business and withdraw from production and sale of LCD TVs.

Reduce fixed costs:
To reduce fixed costs, we started a voluntary retirement program. Also, we are starting to reduce the workforce at subsidiaries overseas, and we have begun the bidding related to the sale of Sharp’s head office building and land.
We are also cutting salary and bonuses, and reviewing various allowances and benefits, through emergency labor cost measures.

Reorganize and strengthen corporate/governance systems:
We are looking ahead to the transition of the company system in the second half of fiscal 2015. In preparation for this, our current business groups have been reorganized into five product groups as of June 1, 2015.

Sharp is still in a difficult business situation. We will continue to speed up structural reform as we do everything possible to achieve the targets of our Medium-Term Management Plan.