This slide shows the highlights of our earnings forecast. Assuming exchange rates of 80 yen to the dollar and 105 yen to the euro, we forecast 800.0 billion yen in net sales, 48.0 billion yen in operating income and 22.0 billion yen in net income.
We intend to increase capex, depreciation, and R&D expenses from levels in the fiscal year ended in March 2012. We anticipate a 10.0 billion yen loss in FCF, but as reference we note that the cash flow from operating activities and capex is 30.0 billion yen. This demonstrates that this differential will be invested for our future growth.