Toward FY2024, the turning point of the 2025P

I would like to thank all of you, our employees, for your hard work in fiscal year 2023.

In FY2023, the business environment surrounding the automotive industry turned around, and looking at the results through the third quarter, both sales and business profit of our group exceeded our initial forecasts, giving us a good start toward achieving our 2029V and 2025P targets.

I would like to express my gratitude to all of you for working resourceful and flexibly.

Thank you very much.

Toward Fiscal Year 2024

This fiscal year marks the interim and turning point of the "2025 Sumitomo Riko Group Medium-Term Management Plan (2025P)".

The structural reforms and other measures that we have been undertaking since before the Corona pandemic are almost complete, and I believe that we have solidified the foundation of our business.

This year will be a year of moving forward to the next stage based on our past activities toward achieving 2029V and 2025P.

In the Automotive Products Division, global product development and launch of EV-related products are particularly important.

In addition, we must approach our operations with a mindset that has changed from the past concept of "stable orders and production are the norm" to "flexible response to increased or decreased production are necessary.

As for the General Industrial Products Division, the whole company should cooperate with the Chemical and Plastic Products Business Unit to transform itself into a profitable business.

In other businesses, when production is slowing down, think of it as an opportunity to reexamine equipment and layout and improve productivity efficiency in preparation for the next peak in demand growth.

Anyway, let's evolve into an even stronger organization.

I would like to ask each of you to think again about what you and your divisions can do to help us achieve 2029V and 2025P.

My expectations for each division are described in my message in the April issue of "Mitsukumi," our recently published in-house newsletter.

You can also see it in Mitsukumi2, so please read on.

In FY2024, we expect the external environment to continue to be uncertain due to geopolitical risks and fluctuating exchange rates.

Let us all in the Sumitomo Riko Group work together to overcome these difficulties.

Safety Prayers for the New Fiscal Year

Every year, before the start of the new fiscal year, I visit Ise Jingu Shrine to pray for the safety of everyone in our group.

It rained from the morning on the day, and it was especially pouring during the few hours I was at Ise Jingu Shrine, but on the contrary, I was able to spend a good amount of time praying amidst the small number of worshippers.

After visiting the shrine, I returned to the Global Head Office and handed over the ofuda (talismans) I received at Ise Jingu Shrine to the safety-related members.

Nevertheless, I encouraged them not only to rely on the talismans and prayers but also to take good care of the entire group for safety because safety is the first priority, and they are all engaged in very important work.

All right, everyone, keep safe this fiscal year too!