Toyota Tsusho Corp Ord (TYHOF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.601 like to walk you through the consolidated results for the previous fiscal year, fiscal 00:00:04.601 -- 00:00:11.272 year 2025, and the earnings forecast for the current fiscal year, fiscal year 2026. 00:00:12.098 -- 00:00:16.327 Phase 2 shows a summary, and the foreign exchange rates used are listed in the upper 00:00:16.327 -- 00:00:21.334 right For fiscal year 2025, P&L translation was based on a US 00:00:21.334 -- 00:00:26.343 dollar Japanese yen rate of 151 yen, a 2 yen appreciation of the 00:00:26.343 -- 00:00:32.373 yen, and a Euro Japanese yen rate of 175 yen, an 11 yen depreciation. 00:00:32.373 -- 00:00:36.576 Operating profit for fiscal year 2025 reached 545.2 00:00:37.822 -- 00:00:41.504 billion yen and profit was 370.5 00:00:41.728 -- 00:00:46.755 billion yen. I am pleased to report that we have achieved record high profits for the 00:00:46.755 -- 00:00:51.782 fifth consecutive year. As I will elaborate later, we recorded 15 00:00:51.782 -- 00:00:54.907 billion yen in one-off losses for fiscal year 2025. 00:00:54.907 -- 00:01:00.215 When considering that fiscal year 2025 had recorded 00:01:00.215 -- 00:01:05.503 one-off gains, we reached this 370.5 billion yen profit despite 00:01:05.503 -- 00:01:10.906 a total negative swing of 26 billion yen in non-recurring items. 00:01:10.906 -- 00:01:15.133 Operating cash flow stood at 461.1 billion yen. 00:01:15.133 -- 00:01:20.262 This figure was heavily impacted by a substantial build-up of inventory, particularly 00:01:20.262 -- 00:01:24.669 in memory-related products, which increased by 400 billion yen alone. 00:01:24.669 -- 00:01:29.918 Regarding investing cash flow, while the headline figure may be slightly misleading, 00:01:29.918 -- 00:01:35.287 our actual cash outflow for...