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Message from the CEO
To Our Shareholders
We are pleased to report our business results for the 104th term (April 1, 2009 to March 31, 2010).
I would like to express my sincere gratitude for your unwavering support again during this term.
The NOK Group has been implementing a business management plan with which it hopes to become a strong business group with high profitability, under its management policy of producing low-cost original products—backed by technology—which are useful to society, and selling them at reasonable prices all over the world.
In the term, the Group’s net sales amounted to \414,753 million, down 11.1% compared with the previous term. Operating income came to \12,655 million, up 70.1%, ordinary income came to \10,363 million, up 67.8% and net income totaled \1,279 million, up 96.1%.
During the term, the Japanese economy, along with other nations throughout the world, was slowed by the recession which occurred in the previous term. The first half saw a continued large-scale cut to production and adjustment of inventory in industries such as the automobile and electronic equipment industries—our major customers—which, in turn, prompted us to reduce production. During the second half, however, the government's successful economic stimulus packages led to a partial recovery in the automobile and electronic equipment industries, and as a result, we increased its sales.
In this environment, the NOK Group started a two-year structural reform plan in the term, aiming to fundamentally reform and change its business structure. Aiming for a business performance recovery, the Group will make efforts to quickly improve its profitability by continuing to implement the plan in a steady way.
We anticipate that the NOK Group will face some difficult and unpredictable circumstances, and we ask for your understanding of our management direction, as well as our commitment. The NOK Group greatly appreciates your continued support and guidance.
June, 2010
Masato Tsuru
Chairman of the Board and President of NOK CORPORATION
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