Good morning. Thank you for joining us today. I am Yoontae Kim, the Vice President and Business Management Office of Samsung SDI. First, I'd like to introduce our management team attending today's conference call. This morning we have with us Head of Business Management Office, Jong Sung Kim, Head of the Automotive and ESS Battery Strategic Marketing Team, Michael Son, Head of the Small Battery Strategic Marketing Team, Jae-Yong Lee, and Head of Electronic Materials Strategic Marketing Team, Sang-Kyun Kim. We will now begin the earnings call. Let us start with the Q4 results. The revenue for the Q4 was KRW 5 trillion 965.9 billion, increased 11% from the previous quarter and 56% from the corresponding period last year. Looking at each business segment, the energy businesses saw expanded sales with automotive and ESS battery business playing the central role and recorded a revenue of KRW 5,341.6 billion, up 11% quarter-on-quarter and 72% year-on-year. The Electronic Materials business posted KRW 624.3 billion in revenue, which increased by 17% quarter-on-quarter, but down by 12% year-on-year. The operating profit was KRW 498.8 billion, down compared to the previous quarter, but a leap from the same period last year. Although the Q4's profit decreased quarter-on-quarter due to one-off costs such as ESS-related allowance, excluding such one-off costs results in the profitability on par with the previous quarter. The pre-tax profit was KRW 803.2 billion, and the net profit stood at KRW 629.2 billion. For the full year, we recorded KRW 20,124.1 billion in revenue of 48% versus last year, and our operating profit was KRW 1,808 billion, which increased 69% from the previous year, hitting a new record high two years in a row. As of the end of 2022, the total assets are recorded at KRW 30,257.5 billion, which is down by KRW 109.9 billion quarter-on-quarter due to increased accounts receivable affected by exchange rate decline. Liabilities were reduced down to KRW 13 trillion 40 billion of KRW 421.6 billion decreased quarter-on-quarter. Shareholders' equity posted KRW 17 trillion 217.5 billion, which is up by KRW 310.4 billion quarter-on-quarter. Now, our shareholder return policy. Last January, Samsung SDI disclosed and announced the shareholder return policy for the three-year term that pays out common dividend of KRW 1,000 with additional 5%-10% of the annual free cash flows. Amid the historic business volatility that struck us in 2022, Samsung SDI managed to achieve a record high revenue, yet due to increased CapEx and operating costs, the annual cash flows stood at KRW 40.4 billion. Duly considering the future needs for raising CapEx, we decide on the additional shareholder return at 5% of the generated free cash flows with the total payouts of KRW 69 billion, resulting in KRW 1,030 common dividends and KRW 1,080 preferred dividends. The dividend payout will be made upon final approval of the shareholders meeting. Please refer to the fiscal year 2022 dividend page under the appendix. Next, I would like to walk you through our ESG management performance last year. The year 2022 marked the first year that Samsung SDI established a sustainable management system and ESG mindset throughout the company under the management's firm determination. The specifics being, we set up a comprehensive framework for sustainable management by creating Sustainability Management Committee under the Board of Directors and Sustainability Management Office under the CFO and Sustainability Management Council under the direct lead of the CEO. Also, we have spared no efforts in devising our own vision and strategy for sustainable management and in selecting and carrying out crucial tasks for environmental management. Last October, SDI not only declared environment-friendly management but also joined our RE100 initiative in this context. In the new years, SDI's drive for global ESG management will be in full swing by establishing and reinforcing dedicated ESG working groups under each business unit and overseas operations to foster our capability in taking action against the climate change. SDI plans to assess and calculate Scope three carbon emissions, which encompass indirect emissions occurring throughout the entire value chain, and formulate carbon reduction plans accordingly. We pledge to take the lead in the ESG management by continuing our efforts and taking on even more environmental management tasks. Each division will present the details of Q3 results and the outlook for the year 2023. Good morning. I am Michael Son, Head of the Automotive and ESS Battery Strategic Marketing Team. Despite concerns over sluggish demand in the Q4, automotive and ESS business saw a big jump in the revenue, both quarter-on-quarter and year-on-year. Automotive battery business revenue continued to expand, pushed by strong supply of P5, our prismatic Gen 5 battery, which with the launch of new vehicle models of our customers. ESS batteries recorded a higher revenue, thanks to increased utility sales in the U..S. Profitability remained about the same level as the previous quarter, with one-time costs excluded. In the Q1 of 2023, we expect those P5 sales to maintain its upward trend. Automotive batteries are expected to make higher sales, mainly with P5 for new vehicle models, where seasonal low will steer ESS battery sales to take the downturn. We expect to see revenues going up in both automotive and ESS batteries compared to the same period last year. As for the 2023 market outlook, there are looming concerns over weakening consumer demand for vehicles overcast by rising global interest rates and slowing growth. However, with major OEMs push for electrification and ease of supply chain disruptions that persisted last year, the EV production is forecast to continue its expansion. As such, the automotive battery market is projected to grow by 40% from the previous year, reaching a value of $159 billion. SDI plans to maintain high level of revenue growth, where P5 battery will propel the sales increase in the premium EV market. Also, we will maintain our drive for project acquisitions and development of next generation products, such as solid-state battery to pave way for long-term growth. ESS battery market size is forecast to grow to $16 billion by more than 40% from 2022. Utility sales is expected to lead the overall market growth, driven by global push for green energy, like EU's REPowerEU and U.S. government's IRA, as well as economical synergy of renewable energies and ESS. Rise of data centers is set to hoist UPS demand, while efforts to reduce power bills create constant demand for residential solutions in ESS business. Samsung SDI will stay committed to meeting the market demand by relaunching new ESS products for utility application, gaining edge on our competitiveness. This is the end of Automotive and ESS division's presentation. Thank you. Good morning. I am Jae-Yong Lee, head of the Small Battery Strategy Marketing Team. Small battery business maintained a quarterly revenue on a par with the previous quarter. Although deepening U.S. housing market slump caused the power tool demand to slow down, Samsung SDI managed to mitigate the impact from such low demand based on long-term supply agreements for higher pile, high power products with key customers. With increased sales in EV batteries, the revenue stood at about the same level as the last quarter. As for pouch battery, startup supply for the new product of our major customer has begun. Due to seasonality, the Q1 sales will drop quarter-over-quarter. Year-over-year growth is expected to be positive. In cylindrical battery segment, the unfavorable seasonality is likely to affect the power tools battery sales, while EV battery sales is expected to increase significantly. We expect that the power tool demand will bounce back in the second quarter, making improvements in sales. Pouch sales is expected to rise slightly quarter-over-quarter, stoked by a release of new flagship smartphone models. On to the outlook for small battery market in 2023. The small size lithium battery market is forecast to grow by 7% from the last year, reaching $38 billion. For non-IT applications, power tool market growth is expected to slow down due to the down bid housing demand. EV market will continue its high growth, and micro mobility demand is likely to stay afloat. Samsung SDI will keep up with growing EV market demand by launching new products with high capacity and high power in the Q1, furthering our product competitiveness. In the market for IT applications, smartphone battery market is projected to be sluggish, rising popularity of foldable phones will push the demand for battery products for flagship smartphone phones. Better demand for wearable devices such as TWS and smartwatches is forecast to maintain its growing trend. SDI will focus on expanding sales with timely supply of new products. This is the end of small-sized battery division's presentation. Thank you. Morning, everyone. I am Sang-Kyun Kim, the Head of Electronic Materials Strategic Marketing Team. In the Q4, electronic materials business saw a higher revenue and better profitability quarter-on-quarter, propelled by increased sales of high-value display materials. As inventory overloads gotten eased on customer's end and customer portfolio diversified, polarizer film sales went up record, recording on increased revenue compared to the previous quarter. The revenue of display materials, including glue layers, rose on account of supplies initiated for customer's new platform application, and semiconductor materials maintained its quarter-on-quarter revenue level, with the sales expanding in high-value products. As for the 2023 first outlook, due to the seasonality, the electronic material sales is forecast to decline for quarter-on-quarter. With the seasonal factor compounded by weakened market demand, sales of display materials is likely to decline. The polarizer film and semiconductor materials, despite the seasonality, the Q1 sales volume is expected to stay similar to the previous quarter at the start of supply for the new applications, such as polarizing films, OLEDs, and high-functional materials. In 2023, while sluggish market demand is likely to render the market growth downward, the demand for high-value materials, which is Samsung SDI's main focus, is forecast to a similar level compared to the last year. In display market, the overall demand for polarizer film is expected to year-on-year. Some of those high-value panel films is expected to slightly increase. Mobile panel also paints a grim outlook. Unlike the persisting business uncertainty in the semiconductor market, our major customers transition to the next level process is set to slightly increase the demand for the semiconductor process materials compared to the last year, since it calls for higher volume supply. We expect to face a myriad of difficulties in the market since this year, but we will continue our efforts to secure continued growth by expanding the supply and sales of high value and high functional products, which are Samsung SDI's pivotal strength in the market. Before we move on to the Q&A session, Jong Sung Kim, our Executive Vice President and Head of Business Management Office, will highlight Samsung SDI performance in 2022 and business outlook in 2023. In 2022, we saw the business environment reaching an extreme volatility arising from the prolonged pandemic and an unexpected Ukraine-Russian war, among many variables. Despite high market uncertainty induced by unstable raw material supply, price hike, and auto part supply constraints, not only did Samsung SDI expand the sales of P5 battery for high-end models by major customers, but also achieved revenue growth surpassing the market growth rate and remarkable profit improvement by implementing preempt risk management, which included strengthened cost pass-through mechanism. Low-priced batteries were aggressively finding their way to increase market share in the ESS market, we managed to leap in sales growth by capitalizing on our edge in UPS and residential solutions, leading to huge growth in revenue and better profitability. Small battery business focused on ensuring steady expansion of supply in cylindrical batteries for power tools to our key customers, while the supply for electric vehicles scaled up, all of which led to a higher annual revenue for the total business. Going through difficulties caused by drop in demand for polarizer film as the market's inventory adjustments went on in the H2, we were able to improve our profitability as we steered our focus onto display and semiconductor materials to augment the business structure. As a result, we eventually managed to gain a growing momentum with new product launch. Even in such unstable business environment in 2022, it was also a milestone year where all business segments reached the annual business targets, producing all-time high results and materializing the vision of profitable and qualitative growth. Besides such a feat we achieved, as Samsung SDI have remained dedicated to laying down the groundwork for future growth, as demonstrated by solid-state battery pilot line, 46-phi battery line, joint venture with Stellantis, The commencement of the second factory construction in Malaysia. In 2023, persistent global inflation and tightening monetary policy will continue to drive high interest rates and price volatility in raw materials and energy. Against the backdrop of such high business risks, Samsung SDI will re-maintain a flexible and preemptive approach to promote the company's growth. This year, automotive battery business is going to sustain its high growth by expanding the supply of P5 products for a high-end vehicle market, which tends to be less vulnerable to the market fluctuations, as well as bolstering our competitiveness. To ensure the next generation technology readiness and competitive edge, our plan for 46-phi battery production line and solid-state pilot line will proceed as planned. Our push for market expansion in the U.S. will also continue. In the U-ESS business, while gaining an even more edge in UPS and residential solutions. In order to meet the demand of highly potential utility market, we will launch ESS specific battery cell products and integrated solutions equipped with high performance and cost competitiveness to facilitate continued revenue growth and profit improvement. In the small battery business sector, the market for power tool batteries is forecast to suffer from the downbeat housing market demand arising from stagnant housing market and inventory adjustment on the customer's end. We are planning on mitigating such impact by securing long-term partnerships with our key customers and expect that sales level will recover in the H2 as the market gains strength. In the meantime, the demand of cylindrical batteries for electric vehicles and bicycles is on a rapid growth trajectory, testing a positive outlook on the annual sales growth and likely repeating last year's success. Samsung SDI will keep up with the market's expectations and needs with effective production line operation, carrying on with our upward momentum in the revenue and profit growth. Electronic materials business will undergo a tough H1, followed by a strong finish in the H2. Under such high certainty in the display and semiconductor market demand, we expect however, as the market inventory overload will be cleared in the H1 and the semiconductor market will rebound in the H2, which will call for gradual increase in demand for display materials and semiconductor materials. Shadows of business uncertainties and concerns are here to stay in 2023 as well. What Samsung SDI sees in those shadows is a great opportunity to grow furthermore. We will endeavor to execute each and all of business strategies as planned as to make 2023 a truly fruitful year, stepping up as a company fully geared with super-gap technology competitiveness, the best quality and profitable and qualitative growth. The first question will be presented by Woo-Hyung Cho from HSBC. My first question is about EV batteries. With concerns over global economic recessions, there are concerns that the EV demand may also weaken. Can you tell us a bit more detail about your outlook for EV battery market this year and also your sales plans? Overall, do you think that it's possible for you to further improve your revenue as well as profitability this year? Second question is about cylindrical batteries. I think already from the H2 of last year, we saw a noticeable weakness in the power tool market and the demand. Probably the situation is going to worsen this year. With that, given, how are you planning to grow your cylindrical battery revenue this year? To answer your first question about EV market outlook and our expectations regarding sales and profitability, we do agree that there is a potential risk of a slowdown of the EV market growth and demand contraction considering factors such as continuing global inflation, high interest rate, and concerns of an economic recession. However, we are seeing OEMs continuing to expand their EV production according to their electrification plans, and governments around the world are increasing support for EVs as part of their environment policy. Consumer perception about EV is continuously improving. Given that, we expect EV market to continue growth this year. For reference, the market research firm IHS forecasted global EV demand to be 14.74 million vehicles this year, which is a close to 40% growth versus last year. Furthermore, SDI supply batteries mainly to the premium EV models, which are less affected by economic conditions, and customer demand for our main product, P5, is showing even stronger growth this year. The new lines in our Hungary plant two added last year are in stable mass production after completing ramp up, overall, we expect to achieve revenue growth and better profitability this year by significantly increasing P5 supply in line with customer demand. To answer your second question about our cylindrical battery revenue outlook, considering the weak housing market driven by higher interest rates, continuing from last year and also weaker demand from Europe tied to the Russia-Ukraine war, we expect power tool demand this year to grow at a pace slower than last year. Even though the market situation remains challenging, we plan to minimize the impact through long-term supply contracts with our major power tool customers and also focus on actively developing and driving the LIB conversion market for professional and construction tools, which have a relatively more solid demand. We'll do that by launching new products with higher power output at the right time. While the power tool demand may slow down, we expect EV demand for cylindricals to increase and that this would lead to an increase in our overall cylindrical battery sales versus last year. We will remain focused on maximizing our revenue by operating our production lines efficiently and flexibly by preparing for the possibility of greater than expected increase in EV demand. The next question will be presented by Jay Hyun Kwon from JP Morgan. I have two questions. First question is about your U.S. Plans. With the adoption of the IRA in the U.S., people are expecting the U.S. EV market to take off quite strongly. Following the Stellantis joint venture announcement, I don't think SDI has made any significant announcements regarding the U.S. market. In that context, can you give us some plans or outlook on what you are planning for to address the U.S. market? Our second question is about the battery material prices going up. The major minerals such as lithium, nickel prices have remained strong. This has increased the battery ASP and also in turn has resulted in higher EV sales prices itself. There are concerns that these higher prices may have a negative impact on mid to long term EV demand. Given that, how are you expecting this to pan out going forward? To answer your first question about the IRA and the U.S. market, compared to Europe or China, the U.S. had a relatively lower EV penetration rate. With the adoption of the IRA, the U.S. is expected to become the fastest growing market. This is why many business opportunities are being created for OEMs and battery suppliers targeting the U.S. market. SDI has been also identifying many opportunities among such situation. While maintaining our basic principle of pursuing high-quality growth with a focus on profitability, we are working to create collaboration arrangements that would be a win-win for both the SDI as well as its customers. Currently, we are in discussion with many customers and will communicate with the market once details are determined in the future. To answer your second question about increasing battery and EV costs and the impact to the mid to long term demand. Even though lower battery price is an essential hurdle for increasing EV penetration and driving market growth, in 2022, with global inflation and widening volatility in commodity prices, battery costs actually increased contrary to market hopes. Raw material volatility is affected by wide range of factors, including macro environments, and there is a limit to what SDI can control. Given this, the focus of our battery cost reduction is on reducing the material cost per unit of power capacity by increasing energy density using innovative materials and also leveraging the benefits of scale gained from the R&D and production organized around platforms such as P5 and P6. In addition to this, the industry continues to explore various cost saving approaches at the module or pack level, such as Cell-to-Pack, and such efforts are expected to further bring down battery costs as well as EV costs. In the near term, raw materials are going to be affected by volatility, but in the mid to long term, we believe that the industry's technology innovation efforts will drive a gradual decrease in battery prices, and that the EV market will also maintain a high growth rate. The next question will be presented by Junghoon Chang from Samsung Securities. Yeah. I have two questions. The first question is about your preparations for operating the 46 millimeter cylindrical battery line. I think you mentioned during the presentation that the company is preparing to put that into operation. Can you give us some updates on the preparations of that new line? When do you think it would start operation? Also in connection with that, can you give us some details about customer orders for that 46 millimeter battery form factor? If you can give us some more details and color about the customer order situation, it would be very helpful. Second question is about the profitability of your overall small-sized battery, especially the cylindrical battery market. You mentioned during the presentation with seasonality and also the overall weak housing demand, there is a weak demand from power tools for cylindrical batteries. You also mentioned, however, overall revenue for your small size cylindricals is expected to grow this year, driven mainly by increase in EV revenue. I understand that at the top line, but would there be any implications to your profitability of the small size battery as the share of EV revenue increase? To answer your first question about our 46-millimeter line, the 46-millimeter diameter cylindrical battery line currently undergoing investment in our Cheonan plant is scheduled to complete equipment set up during H1 of this year and start operation. The 46-millimeter battery is designed for maximum capacity using our high nickel NCA cathode material and SCN anode material technology, while also maintaining the same level of SDI's quality competitiveness, which would set it apart from products offered by other battery suppliers. You've also asked about our order win status. We're not able to disclose details at the current moment, we are in discussion with many customers about ways of collaborating, we're planning to start production of mass production samples from the new line to drive business development. To answer your second question about the implications of the profitability of the cylindrical battery business, the rapid growth in demand of key customers, including Rivian, resulted in our cylindrical sales for EV applications more than doubling in 2022 versus the previous year. This year, once again, we are expecting customer demand to grow significantly and our revenue to record a high growth rate. We understand that some in the market are concerned that the decrease in the share of our higher margin power tool revenue in the cylindrical battery business and the increase in the lower margin EV revenue may lower our overall profitability. However, in fact, the cylindrical batteries that we produce for EV projects consist of a limited number of product types produced at mass scale and offer greater production efficiency and profitability with an increase in product scale. In fact, since H2 of last year, the significant increase in our cylindrical volume for EV has led to improved margins to levels similar to Power2 batteries. This year, with an even more significant jump in EV battery supply volume, we expect cylindrical EV batteries contribution to our profitability to further increase. The next question will be presented by Sang-Uk Kim from Credit Suisse. My first question is about your all-solid-state battery line that you've started investment for the pilot line for the all-solid-state battery. Can you give us some updates on when you expect that to be in operation? Can you give us some color onto what are the key tasks or challenges the company is focusing on in taking the all-solid-state battery to a large scale mass production level? Second question is about the polarizer film business. The LCD downstream industry has been weak since last year. Things appear to be likely to continue to remain weak this year for the LCD downstream industries. Given that, what is your sales plan for the polarizer film this year, and how do you plan to address the weak downstream market? To answer your first question about the solid-state battery pilot line, SDI's all-solid-state battery pilot line will be the industry's first production line to produce completely all-solid-state batteries. Our plan is to complete line construction during the H1 of this year, manufacture small size sample cells during the H2, and to carry out cell performance, material component and manufacturing process testing. For commercialization of an all-solid-state battery in the future, an important task is to develop technology for implementing larger cells and also scaling up production. The critical point is to secure stable mass production technology while maintaining the same performance in high capacity and large size cells usable on EVs. Our plan is to use the test cells produced in the pilot line to carry out a wide range of technology evaluation and testing to drive an iteration of improving cell performance and mass production technology. We're currently under discussion with several OEMs on collaboration and also plan to cooperate with parts and raw material suppliers to build a stable SCM to ensure that we're fully prepared to develop and mass produce all-solid-state batteries with characteristics suitable for EVs. Our pace of development for mass production will significantly accelerate once the pilot line is in operation, and we will concentrate on shortening the time until mass production. 편광필름 판매 전망과 그 대응 계획에 대한 second 질문에는 제가 답변드리도록 하겠습니다. 저는 전자재료사업부 김상균입니다. 올해 CCTV 패널 출하 대수는 240,000,000 대 수준으로 전년 대비 약 6% 감소할 것으로 전망되어 전체 편광필름 수요도 감소할 전망입니다. 다만 당사의 판매 비중이 높은 65 inch 이상 대면적 패널 출하와 대면적 편광필름 수요는 전년 대비 소폭 증가할 전망입니다. 상반기에는 최근 IT 전반 업황 둔화로 인해 LCD 패널 시장도 약세가 이어질 전망이나, 하반기에는 고객사 재고 소진, 소비심리 개선 등으로 수요가 회복되면서 상저하고의 모습을 보일 전망입니다. 시장 환경이 어려운 상황이지만 고객 다변화를 지속 추진하여 판매를 확대하는 한편, 고부가 제품 중심으로 제품 믹스를 개선하여 수익성을 확보해 나갈 계획입니다. 올해 하반기에는 그동안 준비해 온 모바일 OLED용 편광필름도 주요 고객사들 대상으로 진입하여 제품군을 확대할 계획입니다. 감사합니다. To answer your second question about our polarizer film business. This year total LCD TV panel shipments is expected to be around 240 million units, which is a roughly 6% decrease versus last year. In line with that, the overall polarizer film demand is also expected to decrease. However, when you look at the 65 inch and larger segment where we have a high share, shipments are expected to increase slightly in 2022. Also in line with that, the large size polarizer film demand is also expected to slightly increase. The LCD panel market is expected to remain weak in the H1, tied to recent weakness in the overall IT industry. However, in the H2, demand is expected to recover as customers use up their inventory and consumer sentiment starts to improve. The market environment is challenging. We will focus on continuing to diversify our customer base and also improving our product mix with a greater focus on high-end products to secure profitability. In the H2 of this year, we plan to launch our polarizer film for mobile OLEDs to key customers to expand our product portfolio. 네, 마지막으로 한 분만 더 질문 받도록 하겠습니다. 마지막으로 질문해 주실 분은 하나금융투자의 김현수님입니다. The last question will be presented by Hyun-Soo Kim from Hana Financial Investment. 질문 기회 주셔서 감사합니다. Hana Securities Hyun-Soo Kim입니다. 저는 ESS와 OLED 관련해서 여쭤보겠습니다. 먼저 ESS 같은 경우는 그동안 매출이 꾸준히 증가를 해왔고, 특히 지난해는 이 UPS와 가정용 EPS 판매 비중이 높아졌는데요. 향후에는 특히 빠른 성장이 예상되는 전력용 시장에 대해서는 어떻게 대응해 나갈 계획이신지 말씀 부탁드리겠습니다. 두 번째는 OLED 관련 질문입니다. 글로벌 인플레이션이나 이런 경기 둔화 영향으로 이 스마트폰 시장 수요 둔화 우려가 지속되고 있는데요. 이 OLED 소재 사업은 그동안 어려운 상황에서도 성장세를 보여왔는데, 올해는 성장세를 이어갈 수 있을지에 대해서 어떻게 보고 계신지 말씀 부탁드리겠습니다. 감사합니다. My first question is about the ESS market. Your ESS battery business has continued to record revenue growth, especially last year, I think the UPS and the residential ESS demand has played an important role in that. Looking forward, the utility ESS is the largest segment. It's the segment that's expected to grow quite fast. I'm wondering what the company's plan is in terms of addressing the utility ESS market. Second question is about the OLED materials with global inflation concerns of economic recession. I think there are concerns in the market that demand for smartphones will continue to remain weak. Despite the challenging environment, your OLED business has been able to maintain a growing trend. Do you think you can continue growing your OLED business this year? 네, 첫 번째 질문은 ESS 관련 질문인데요. 그건 제가 답변드리겠습니다. 저는 Michael Son 부사장입니다. 성장성이 높은 ESS의 전력용 시장 대응 계획에 대한 질문이셨는데요. 작년에 당사는 고에너지 밀도 강점을 살릴 수 있는 UPS 그리고 가정용 시장으로 판매 비중을 확대하면서 매출과 수익성을 개선해 왔습니다. ESS 전체 시장에서 전력용 시장이 약 60%-70%를 차지하는 메인 시장인 만큼, 당사도 지속적인 성장을 위해서 전지 소재, 공법, 시스템 등을 개선한 전용용 ESS 신제품을 준비 중이며, 이를 통해서 시장에 대응해 나갈 계획입니다. 우선 high-nickel NCA 양극재와 신공법을 적용하여 에너지 밀도를 약 15% 이상 높인 ESS 전용 셀 제품을 하반기 중에 출시할 예정이며, 안전성과 효율을 극대화한 셀 모듈 시스템 일체화 전용용 ESS 솔루션도 하반기 내에 공급을 시작할 계획입니다. 또한 중장기적으로도 제품 성능과 원가 경쟁력을 갖춘 제품을 지속 개발하고 있으며, 신규 제품 라인업을 통해서 전용용 시장 판매를 확대해 나갈 계획입니다. 감사합니다. Last year we increased sales in the UPS and residential markets where our strength in high energy density had very strong appeal. This has contributed to both our revenue and profitability. However, given that the power utility market, which does account for about 60%-70% of the entire ESS market, undeniably remains the main ESS segment. In order to drive continuous growth, SDI is currently preparing new ESS products targeting the power utility market with improved battery materials, manufacturing processes, and systems to capture this utility segment. First, during the H2 of this year, we're planning to launch a new ESS-specific cell product with 15% higher energy density, using high nickel NCA cathode material and new manufacturing processes. We will also start supply of an integrated utility ESS solution that includes cell, module, and system with maximized safety and efficiency features during the H2. We also have other products in the mid to long-term pipeline being developed with better product performance and cost competitiveness, and plan to expand our power utility ESS market sales using these new product lineup. To answer your question about the OLED material business outlook tied especially to the smartphone market outlook, the smartphone market demand is slowing down, but within the smartphone market, demand for the flexible OLED panels, which is our particular strength, is expected to slightly grow this year. In addition to smartphone, OLED demand is spreading to new applications such as laptops, tablets, TVs, and this is driving growth in the overall OLED market. This year, we plan to continue to drive sales growth using our differentiated products such as p-dopant and the green-host. Going forward, we will focus on maintaining this growth momentum over the mid to long term by winning customers' new platforms and developing new items. This completes our earnings conference call for Q4 2022. If you have any further questions, please forward them to our IR team. Thank you.