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2014年5月12日 (月)

企業好決算 成長持続へ経営改革緩めるな

The Yomiuri Shimbun 7:01 pm, May 11, 2014
Continue pushing corporate reform to ensure nation’s economic growth
企業好決算 成長持続へ経営改革緩めるな

Buoyed by the weakening yen and a surge in demand just ahead of a hike in the consumption tax rate, corporations one after another reported record high profits in favorable settlements of account for fiscal 2013.
 円安や、消費増税前の駆け込み需要などが追い風となり、最高益を更新する好決算の企業が相次いでいる。

Companies should keep a tight rein over corporate management reform with the goal of attaining sustainable growth.
 各社は、経営改革の手を緩めず、持続的な成長を目指してもらいたい。

Late last week saw a peak in the number of companies listed on the First Section of the Tokyo Stock Exchange that publicized their consolidated settlement of accounts for the business year ending March 2014. Overall, the listed companies are expected to have posted a year-on-year increase in their profits for the second consecutive year.
 東証1部上場企業の2014年3月期連結決算の発表がピークを迎えた。企業全体では2期連続の増益となる見通しだ。

Benefiting from the yen’s depreciation over the past year or so that resulted from Abenomics, the economic policies of the administration of Prime Minister Shinzo Abe, the earnings environment for export-oriented companies has greatly improved.
 安倍政権の経済政策「アベノミクス」効果で円安傾向が続き、輸出企業の収益環境が改善した。

Because of the asset growth from higher stock prices and a surge in last-minute demand before the consumption tax rate hike, personal spending has been robust, greatly benefiting companies that depend on domestic demand.
 株高による資産効果や消費増税前の駆け込み需要で、個人消費が堅調に推移し、内需型企業に及ぼす恩恵も大きかったと言える。

Symbolic of this trend was Toyota Motor Corp., which registered a new high in its profits for the first time in six years.
 象徴的なのが、6年ぶりに最高益を記録したトヨタ自動車だ。

Toyota’s operating profit, or the profit earned from its normal core business operations, reached ¥2.3 trillion for the business year, surpassing that in the business year ending March 2008, before the collapse of the U.S. investment bank Lehman Brothers. The Toyota group’s vehicle sales grew in North America as well as in Japan, surpassing the 10 million mark for the first time for any automaker.
 本業のもうけである営業利益は2・3兆円に達し、リーマンショック前の08年3月期を上回った。北米と国内で販売が伸び、グループ販売台数は自動車メーカーで初めて1000万台を超えた。

Toyota should take credit for putting itself on a robust growth path again, after overcoming the adverse effects of the Lehman Brothers bankruptcy and the Great East Japan Earthquake.
 リーマンショックや東日本大震災などを克服し、力強い成長軌道に再び乗った点を評価したい。

Panasonic back

Panasonic, meanwhile, made a V-shaped recovery by making its first annual profit in three years after recording massive deficits for two consecutive years.
 2年連続の巨額赤字から、3年ぶりに黒字転換し、V字回復を果たしたのがパナソニックだ。

The success can be attributed to the electronics giant’s bold reform of “selection and concentration,” in which the firm withdrew from the sagging plasma TV business and focused on automobile-related and housing business.
 不振のプラズマテレビ事業などから撤退し、自動車や住宅関連を重視するなど、大胆な「選択と集中」による改革が功を奏した。

SoftBank Corp. surpassed the ¥1 trillion mark in operating profits for the first time, while East Japan Railway Co. posted a record-high profit on the back of increased demand for travel. In addition, a conspicuous number of department stores and trading houses report good earnings in their settlements.
 ソフトバンクが営業利益で初めて1兆円を超えたほか、旅行需要の増大を背景にJR東日本などは最高益だった。百貨店や商社などでも好決算が目立つ。

It is reassuring that companies in wide-ranging fields saw rapid improvement in their earnings. Realizing a virtuous economic circle is essential by allowing good business performances to result in higher wages and more jobs, which in turn will fully rehabilitate the Japanese economy.
 幅広い業界で業績が急伸したのは心強い。賃上げや雇用増につなげる好循環を実現し、日本経済を本格再生させることが大事だ。

Sony Corp., on the other hand, failed to exploit the favorable business environment. The company expanded the estimated scale of its net loss to ¥130 billion, cutting its projected earnings for the third time in fiscal 2013 and underscoring its sagging profit-making prowess.
 一方、経営環境の好転を生かせなかったのがソニーである。税引き後赤字予想を1300億円に引き下げた。3度目の下方修正は異例で、収益力の低迷を示す。

Nintendo Co. also registered operating deficits for the third consecutive year, mainly due to the proliferation of smartphones and the shrinking game console market. The company plans to rebuild its business by game software improvement and development, but it inevitably faces a thorny path ahead.
 任天堂も3年連続の営業赤字だった。スマートフォンの普及に加え、ゲーム機市場の縮小が主因だ。ゲームソフト充実で立て直しを目指すが、茨いばらの道だろう。

The success of a company hinges on how well it can cultivate a new market by capturing the needs of consumers before anyone else to develop competitive products. No matter how excellent a corporation is, it is bound to hit a wall if it takes a delayed response in its business strategy. These loss-making companies should provide weighty lessons for other corporations.
 いかにニーズを先取りして競争力のある商品を開発し、新市場を開拓するか。どんな優良企業でも戦略が後手に回ると、経営は壁にぶつかる。重い教訓である。

New challenges are now confronting Japanese industries. There are concerns about the ramifications of drops in sales after the consumption tax rate was raised in April as well as a respite in the effect of the depreciating yen. Businesses should be on alert for any slowdown in the emerging economies, including the Chinese economy.
 産業界は新たな課題に直面している。消費増税による販売減の影響が懸念され、円安効果に一服感がみられる。中国など新興国経済の減速も警戒すべきだ。

It is indispensable for corporations to further hone their business strategies and fight through these trials.
 各社は一段と経営戦略を磨き、試練に立ち向かう必要がある。

(From The Yomiuri Shimbun, May 11, 2014)

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