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To Our Stakeholders
Message from the President
Jun Karube, President
I am Jun Karube. I was appointed President of Toyota Tsusho Corporation in June, succeeding former President and now Vice Chairman, Junzo Shimizu. First, I would like to express my heartfelt thanks to our stakeholders for their continued support. Also, I would like to send my prayers to all those who lost their lives in the March 11 Great East Japan Earthquake and offer the deepest sympathy to survivors. I sincerely hope for the quickest recovery and rebuilding of affected areas.
The global economy gradually improved in 2010 driven by emerging countries, and as a result, the Japanese economy started to show signs of picking up. However, in the latter half of the year, economic conditions deteriorated rather drastically, with skyrocketing crude oil and other resource prices due to expanding demand in emerging nations and the easy monetary policy in the U.S., as well as the tension that has unfolded in the Middle East since this February. On top of that, the massive earthquake that hit northeastern Japan in March caused serious damage and the subsequent power shortages have forced some companies to reduce production.
Against this backdrop, Toyota Tsusho Group remained aggressive and promoted our investments with changes in the business environment in mind, guided by our annual management policy—“Think,” “Challenge,” and “Change.” As well, we bolstered our alliances with business partners both at home and abroad to further expand our operational realm. We have also strived to improve our revenue and balance sheet by thoroughly cutting costs and streamlining operations, while capitalizing on the recovery of automotive production in emerging countries and North America, and the expansion of the machinery demand in China and other countries.
As a result of all of the actions we have taken, our net sales reached ¥5,743.6 billion and net income totaled ¥47.1 billion yen, close enough to say we achieved our estimate, which we revised upward last October. Based on the results, we decided to pay a year-end dividend of ¥16 per share, or ¥28 for the full year, up by ¥12 from the previous year.
We assume 2011 will be another tough year, considering the unprecedented magnitude of the quake and its impact on the Japanese economy and industries. Still, we will continue to move forward under our 2011 annual slogan, “Speed up” and “Innovative Change,” and commit ourselves to enhance procurement, logistics and other supply chain functions to support industries, knowing that it is our key role to play as a trading company. In the meantime, we will do our part toward the rebuilding of disaster affected areas so they can recover as early as possible.
Basic Philosophy Regarding Corporate Governance
For the realization of our guiding principles, the Toyota Tsusho Group is actively advancing improvements in managerial efficiency, transparency, thoroughness of compliance, and soundness of our balance sheet. By adapting an executive officer system and consolidated management based on a headquarters system, we hope to achieve rapid information diffusion and sharing, quicker and more precise decision-making, and the enhancement of internal controls. Moreover, we are striving to create stakeholder value by inheriting and deepening the Toyota Tsusho Group Way –our company’s unique values, convictions, and the principles governing our daily activities.
Basic Philosophy Regarding CSR
At Toyota Tsusho Group, we do not regard CSR as a special initiative, but as business management itself – that which governs the nature of all our company’s activities. Seeking to create a new trading company image, through a variety of business activities, we are advancing the building of a culture of safety, value creation through personnel diversity, environmental initiatives, and social action programs, as well as pursuing our company philosophy of contributing to the creation of a richer society by aiming for the co-existence and co-prosperity of humanity, society, and the earth.
“G' VALUE with you”
We believe that it is our mission to be responsive to the ever-changing needs of society while creating new business models and continuing to provide heretofore non-existent, added value, in order to help create a richer society. We are fully confident that, by the very utilization of our successful experiences of the past to the present coupled with the execution of bold changes and the accomplishment of our mission, we will be able to increase value for all our stakeholders.
As each individual employee contributes his or her wisdom and we combine our team strengths and work toward the realization of our visions, we will be sharing dreams and inspirations with our stakeholders and developing as a company that is valuable to society. This strong determination of ours is embodied in the Toyota Tsusho Group slogan, “G’ Value with you.”
We humbly request the continued support and guidance of our valued shareholders and investors as we go forward.
June, 2011 |
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