Finally, let's look at the U-Shin business segment.
Net sales increased 38.5% compare to fiscal year ended March 31, 2021 to total 145.6 billion yen in the fiscal year ended March 31, 2022. This was due to an increase of approximately 30 billion yen as a result of the changes to the business segments, as well as a recovery in sales to the domestic automobile.
Operating income came to 0.7 billion yen, and the operating margin was 0.5%. These figures represent a 2.3 percentage point year-on-year improvement in operating margin.
In the fiscal year ending March 31, 2023, in addition to a recovering automobile market, we anticipate positive effects from fixed cost reductions due to structural reforms in Europe, an initiative we announced in March 2021, and we expect an increase in both sales and profit.
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