During the fiscal year under review, the Japanese economy saw a continued moderate recovery reflecting improvement of employment and income environment, coupled with effects of various government policies, although weakness was confirmed in some areas. Looking at overseas economy, the U.S. economy continued recovering and the European economy also showed a moderate recovery despite a somewhat weak tone seen in some area, while economic conditions in China and other emerging countries further slowed down.
In this environment, the NTN Group is tackling the three-year Medium-term Management Plan “NTN 100” that started in April last year and continues until March 2018 when marks the Company’s 100th anniversary. The term “NTN 100” is initials of “NTN Transformation for Next 100.” To mark the 100th anniversary and achieve sustainable growth for the next 100 years, the Group is now promoting key initiatives, under three basic policies of “Manage Growth,” “Manage Profitability,” and “Manage Foundation,” with such the three-year period as a period for transformation and building foundation that will allow realization of “Our Vision.”
On the first year of “NTN 100,” thanks to the robust growth in the automotive market and the effect of favorable exchange rate, net sales were the highest figure ever recorded. However, it is assumed that business environments will become challenging in the future due to shifts towards strong yen, and the slowing growth in emerging countries’ economies, etc. For the upcoming Company’s 100th anniversary in 2018, we will promote the major themes of “NTN 100” stronger than ever and intensify our competitiveness in the international market.
The NTN Group has made compliance a top priority and is striving to strengthen its systems for complying with laws and regulations. The NTN Group will work hard to strengthen its management foundation even further by implementing the above initiatives and strive to improve profits based on compliance with laws and regulations, fairness and faithfulness.
The NTN Group’s basic management policy is “to contribute to international society through creating new technologies and developing new products.” The Group carries out business activities appropriate for an international company by creating unique technologies, improving customer satisfaction and promoting globalization as well as aiming to reduce its burden on the environment and construct a resources recycling society.
The NTN Group would like to take this opportunity to ask for the continued support of our stakeholders.