price revisions. Although profitability benefited from increased sales revenues and cost reductions through transformation and other measures, external factors such as rising commodity and energy prices as well as the impact of foreign exchange rate fluctuations increased the cost burden by 19.9 billion yen and put significant pressure on profits. As a result, our business income loss was 14.4 billion yen, an improvement of Although price revisions are expected to have a negative impact on sales volume, we are targeting a 4.9% year-on-year revenue increase to reach 847.1 billion yen. We will accomplish this by capturing increased demand opportunities from traffic recovery, as well as implementing the third price revisions since 2022. Business income, although we are implementing various initiatives, including price revisions, we expect a loss of 5 billion yen due to rising commodity and energy prices as well as foreign exchange rate fluctuations. which has led us to divest non-essential assets that emerge in the process of transformation. Additionally, we have been gradually reducing cross-held shares in accordance with the Corporate Governance Code. In 2023, our commitment to sound capital management will remain a top priority. This will entail maintaining a strong financial structure, prioritizing capital allocations, ensuring appropriate cash flows, executing capital investment with an ROI focus, and stable dividends.To achieve sustainable growth, we believe that investing in marketing efforts to build a strong foundation for market share growth is essential. Additionally, we aim to establish a just 200 million yen over the previous year. Despite the challenging circumstances, our initiatives aimed at building a strong learnings foundation and achieving low-cost operations produced steady results. For the areas under our control, we were able to achieve a roughly 20 billion yen improvement in profit, which is a noteworthy achievement.However, we target about a 10 billion yen improvement in business income, that will be supported by the earnings improvement through revenue growth.In 2023, we can expect a certain level of growth in the beverage market in terms of value, including the effect of our price revisions and those of other companies. Based on these assumptions, we will implement various measures to provide value to customers. While we will make efforts to thoroughly capture demand and carry out commercial activities with an emphasis on profitability and investment efficiency, including price revisions. We will closely monitor market trends after implementing price revisions and respond as necessary to ensure the success of our initiatives. On the cost side, we will continue to move forward with transformation initiatives in manufacturing and logistics area to achieve 3.3 billion yen in cost savings. We will continue to review our cost structure to ensure sustainable growth over the medium to long term.flexible cost structure that enables to quickly adapt to changes in the business environment. We plan to further standardize business processes and leverage DX as the improvement of the balance sheet is important from the perspective of good stewardship of capital.We will strive to maintain stable dividends and in the future, aim to improve shareholder value in line with growth. We will explore all options that will lead to an increase in shareholder returns. In 2023, we plan to pay an annual dividend of 50 yen per share, which is the same as the previous year.Since our integration in 2017, we have undertaken various financial initiatives, including stable dividend payments, share buybacks, and corporate bond issuance, with the goal of improving shareholder value. We continue to optimize the balance sheet to achieve this objective. Although the difficult business environment is expected to continue in 2023, we are committed to further transform our business. We will work to strengthen the agile and resilient business foundation and continue our efforts to improve profitability that will lead to enhance corporate value.24Placing the highest priority on improving profitability as we pursue a thoroughcommercial strategy and achievement of a stable, low-cost product supply in 2023In 2023, we anticipate the continued pressure from rising costs due to external factors. However, we will leverage the achievements and learnings from 2022 and place top priority on improving profitability. Our key measures include additional price revisions in May for can and large PET bottle products, implementing a comprehensive commercial strategy focused on profitability and investment efficiency, and further transformation to achieve stable, low-cost operations.Strengthening our business foundation emphasizing investment forgrowth and good stewardship of capitalWe are focused on investments that will promote growth and good stewardship of capital to create shareholder value. To achieve growth, we will continue to invest in key transformation initiatives that will drive growth in the medium to long term. At the same time, we will carefully manage the total capital investment amount to reflect the current business environment and cash levels. In 2023, we plan to reduce our capital investment by 1.9 billion yen from the previous year to a total of 37 billion yen.We are committed to being good steward of capital,
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