¥285.0 million (up 11.0%)¥21.5 million(down 0.4%)¥15.5 million(up 6.9%)Accelerating Policy Development in the Spirit of Immediate ActionNow, in the second year of our business plan, we are asking our employees to implement promptly the various measures that need to be put in place. Speaking to the planned capital expenditures described earlier, for instance, by installing equipment to reduce CO2 emissions, we should also achieve energy and cost savings. Any delays in undertaking such investments could lower their returns, so the sooner we make these investments, the better. Our basic policy is to proceed immediately. It is important we take such action because, once we do so, we will then become aware of other, non-investment activities we need to engage in. I am looking to our employees to think on their feet. If adjustments are necessary, I want employees to practice making revisions and changes without hesitation. On the management side, we will work to make on-site activities smoother by main-taining close communications with worksites and make decisions quickly so that people at the working level can address any problems promptly. Enhancing Initiatives from the Dual Perspectives of Cost and QualityWe have set new management targets beginning from the current fiscal year, and the challenge of achieving these targets is not to be underestimated. In particular, we expect the recent sharp rises in raw material and fuel prices to have a significant negative impact on performance. Our initial forecast for the current fiscal year calls for a decline in profit despite higher sales. Given this difficult business environ-ment, we will further strengthen our cost reduction efforts to achieve our final-year targets. At the same time, as we are unable to fully compensate through internal efforts for the rise in manufacturing costs that commenced in the previous fiscal year, we are proceeding with price revisions in Japan and overseas, obtaining the understanding of our customers. On the other hand, steps to improve products’ quality and further enhance their stability are also important; these moves increase customer satisfaction as well as serve to prevent unnecessary costs. In April 2022, we moved the qual-ity department from the Quality Assurance & Environmental Protection Division, making it the independent Quality Assurance Division. As a manufacturer, we are working to reinforce the quality assurance that underpins our business.Consolidated Forecasts for Fiscal Year Ending March 31, 2023 (Year on Year)Net SalesOperating IncomeProfit Attributable to Owners of Parent17First-Year Achievements and Second-Year InitiativesFocusing on Penetration within the GroupIn the first year of LSV 2030-Stage 1, we focused on Groupwide penetration—in other words, ensuring that all employees recognized the importance of our long-term vision and sustainability management. I personally also described the significance of our vision and sustainability management to all our employees on numerous occasions. Although COVID-19 still makes it difficult for us to visit each of our offices, I am working to further spread understanding within the Group through online conferencing and other means. On the organizational front, in April 2021 we renamed the CSR Management Office the Sustainability Management Office. At the same time, we established the Sustainability Committee to strengthen the promotion system for our sustainability activities, including committees and subcommittees related to ESG and risk management. The Sustainability Committee, mainly comprising members of management, formulates basic policies for sustainability management, and all outside directors are invited to partici-pate and provide advice drawn from their specialized exper-tise and objective viewpoints.
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