The Mitsubishi Paper Mills Group was founded in 1898 and has been operating for more than 120 years. However, the increasing use of digital technology associated with the lifestyle changes brought about by COVID-19 has accelerated the decline in demand for paper. To respond to this market change, we need to embark on structural reforms at an unprecedented speed in order to strengthen our revenue base.
To achieve our goals, we aim to (1) strengthen our earning capacity through selection and concentration strategies and expansion of new business; (2) contribute to the preservation of the environment; and (3) ensure robust compliance as well as promote diversity management and work style reform.

First, we aim to strengthen our revenue base through selection and concentration strategies and expansion of new business. The information media market, including the Company's traditional core business of printing, publishing, and photographic materials, is expected to continue to shrink. Consequently, we will adopt sweeping cost reduction measures in this segment in order to maximize cash flow. However, while we have been working to shift our focus to the functional materials business, including non-woven fabrics and filters, we have been unable to respond to market changes as we continued at our usual pace. We must now respond faster to market needs in order to accelerate that shift. These efforts will enable us to strengthen our earnings capacity at an early stage by restructuring our business portfolio and optimizing the allocation of management resources.

Second, we will ensure that the Company's business activities contribute to the preservation of the environment. We supply products made from FSC-certified paper, contributing to de-plasticization and helping alleviate the problem of waste plastics. We will continue to strive to ensure that our activities contribute to the achievement of the SDGs (Sustainable Development Goals) through initiatives aimed at developing and introducing new products that contribute to the preservation of the environment and realizing a carbon-neutral, decarbonized society.

Third, we are working to ensure robust compliance as well as promoting diversity management and work style reform. We will impress upon all employees that compliance is not only the foundation for trust in the Company, but an essential requirement for the company's survival. Moreover, as well as working to prioritize the safety of all our employees and eliminate workplace accidents, we are working to achieve diversity management, drawing together the knowledge, experience, and values of each and every employee to create value. We are also working to achieve work style reform in order to protect the health of our employees and create work-life balance.

In addition, we are committed to improving corporate value by communicating and disclosing appropriate information in a way that meets the expectations of all our stakeholders -- our shareholders and investors, our customers and business partners, local communities and our employees. We appreciate to your continued support and patronage. Please be assured that you can count on the new Mitsubishi Paper Mills Group to deliver on our goals.