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Next, I will explain movements in interest-bearing debt and other items located to the upper-right of the balance sheet.
Interest-bearing debt as of March 31, 2022 was 1,421.7 billion yen, our D/E ratio was 2.3x, an improvement from the end of the previous fiscal year, or 2.0x after consideration for hybrid financing for the purpose of maintaining our financial discipline.
Our targets for interest-bearing debt as of March 31, 2023, D/E ratio and D/E ratio after taking hybrid finance into consideration are 1,500.0 billion yen, 2.3x and 2.1x, respectively.
Additionally, for our long-term issuer rating by JCR, since being rated in January 2019, we have maintained our A-flat rating consistently even through the COVID-19 pandemic.
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