I would like to take this opportunity to express my sincere appreciation for your continued support.
Since its foundation in April 2010, the Renesas Electronics Group has implemented structural reforms such as realignment of production facilities and reduction of personnel in accordance with the reviewed business portfolio.
During these efforts, even though the Group strived to recover from the damages caused by the Great East Japan Earthquake occurred on March 11, 2011, and tackle subsequent deterioration of market conditions, we are anticipating continued tough business environment in this fiscal year ending March 2013, mainly affected by a production decrease of automotive and electronic equipment for China as well as prolonged stagnation of the global economy.
In light of this drastically changing market environment, the Group renewed its management in order to improve its business performance as early as possible, further accelerate structural reforms, and realize quicker decision-making as well as more efficient and simpler execution of business.
The Group is firmly committed to becoming a world-leading semiconductor company which generates stable returns by leveraging competitive business portfolio and production system, as well as streamlined workforce, combined with strategic investments for growth, using capital newly-acquired through third-party allotment, which was approved by the extraordinary general meeting of shareholders held on February 22, 2013.
In closing, we highly appreciate your kind understanding and continued support.
Representative Director, President