Fiscal 2002 was another sluggish year for the housing market, demonstrated by the 2.4% year–on–year decline in overall housing starts. Notwithstanding this situation, in our non–consolidated housing operations we achieved a 1.7% rise in unit sales, topping 40,000 units for the second successive year and maintaining our No. 2 share in the market for newly constructed houses and apartment buildings. Nevertheless, factors such as falls in land prices and deflation had an adverse impact, causing net sales to slip by 1.7%, to ¥791,981 million and operating income to decline by 8.8%, to ¥39,135 million, both on a consolidated basis. The field of single–family houses is a pivotal one for our group. Ever since our establishment we have pioneered prefabricated housing, constantly pursuing improvement of single–family houses in terms of both space and functionality. Unit sales fell by 5.9%, to 12,909 units by the parent company, generating sales revenue of ¥329.6 billion, down by 5.4%. The market for newly built apartments in fiscal 2002 expanded by 2.8% from the previous year, but we outpaced that, boosting unit sales on a non–consolidated basis by 8.8% to 24,392 units, and posting sales revenues of ¥208.0 billion, up by 7.5%. We have built a cumulative total of more than 570,000 units. In fiscal 2002, construction starts declined for the first time in four years. Sales fell 7.0% to 4,253 units on a consolidated basis and 11.4% to 3,669 units on a non–consolidated basis. We predict that changes in lifestyles and sizes of families, and greater diversity in the ways people work, will lead to the expansion of new segments of demand, and so we are taking steps to supply residences of a kind that go beyond the conventional standard.