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巨額赤字決算 業績立て直しに何が必要か

The Yomiuri Shimbun(May. 15, 2009)
Firms must learn how to weather tough times
巨額赤字決算 業績立て直しに何が必要か(5月15日付・読売社説)

We are witnessing perhaps the worst settlement of financial accounts since the end of World War II.
This is the first time that so many of Japan's leading companies have reported massive losses across the board.
 日本を代表する企業が軒並み巨額の赤字に転落したのは、初めてのことだ。戦後最悪の決算といえるだろう。

It is now the peak of the earnings season, with many major firms having announced their performances for the business year that ended March 31. The dour financial reports throw the massive impact of the global economic crisis into sharp relief.
 発表のピークを迎えた主要企業の2009年3月期決算は、世界同時不況の影響の大きさを改めて見せつけた。

Ordinary profits reported by firms listed on the Tokyo Stock Exchange, excluding banks and certain other businesses, are expected to drop by a total of more than 60 percent from the previous year. In particular, net profits to be incurred in the manufacturing sector as a whole are highly likely to fall into the red.
 東証上場企業(銀行などを除く)の経常利益は、前期と比べ6割以上も減る見通しだ。中でも、製造業全体の税引き後利益は赤字転落が濃厚だ。

In addition, many companies predict declines in profits for the current business year ending March 2010, anticipating that it will take some time for the economy to recover.
 多くの企業が、10年3月期も減益を予想している。景気回復が遅れると見ているためだ。

To weather this harsh business climate, it will be essential for these companies to take steps such as cutting back on wasteful operations, strengthening financial bases and exploring new business fields that show growth potential.
生き残るには、業務の絞り込みや財務基盤の強化、新たな成長事業の開拓などを進めることが欠かせない。

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Big players take big hit

Business deterioration has been particularly severe in the auto and electronics industries, which have been rocked by sluggish overseas sales and the stronger yen.
 業績悪化が特に深刻なのは、海外での販売不振と円高の直撃を受けた自動車、電機業界だ。

Toyota Motor Corp.'s global vehicle sales in fiscal 2008 dropped by 1.34 million units from the previous year. The firm also took a 760 billion yen hit in profit because of the yen's appreciation against major currencies. As a result, it posted a 461 billion yen operating loss, which gauges profits in a company's core business. The company also projected that its losses for the current business year would likely balloon to 850 billion yen.
 トヨタ自動車は世界販売台数を前期より134万台も減らし、円高で7600億円の利益を失うなどして、本業のもうけを示す営業損益が4610億円の赤字となった。10年3月期の赤字は8500億円に膨れあがるという。

To cope with the situation, the automaker will put more low-fuel cars on the market, expand sales networks in emerging economies and try to slash manufacturing costs. One of its tasks will be downsizing the firm's current production scale that currently has the ability to punch out 3 million cars in excess a year.
 今後は、低燃費車の投入や新興国への販路拡大を急ぎ、徹底した原価低減を進める。300万台も過剰になっている生産体制の縮小も課題になるだろう。

Hitachi Ltd. reported a group net loss of 787.3 billion yen, the largest reported among Japanese companies. In addition to slumping sales, the firm was forced to dispose of latent losses from its stockholdings and break into deferred tax assets, which had been set aside in anticipation of future tax returns.
 日立製作所の税引き後利益は、7873億円の赤字と、国内企業では最大になった。本業の低迷に加えて、保有株の含み損の処理や、将来の税金の戻りを見込んで積み上げてきた繰り延べ税金資産の取り崩しを余儀なくされた。

With the aim of boosting its corporate strength, Hitachi plans to pare down its businesses and concentrate on certain fields, discarding its reputation as a general electronics manufacturer.
 日立は、体質強化を目指して、総合電機の看板を捨てて事業の絞り込みに取り組む計画だ。

The country's electronics companies are having to address this common theme of "selection and concentration," which is a distinct break from the established follow-the-leader mentality. If all the big electronics firms take this course, it could force a complete realignment of the industry, following similar moves seen in the semiconductor business.
 「選択と集中」による横並び体質からの脱却は、電機業界に共通するテーマだ。業界各社が一斉に取り組めば、半導体事業に続き、大規模な業界再編につながる可能性もあろう。

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All sectors should be on guard

In the nonmanufacturing sector, the aviation industry has been hit particularly hard. Japan Airlines Corp. is expected to report a net loss for two consecutive years, putting the fate of its business reconstruction efforts into doubt once again. Attention is now focused on how its planned restructuring efforts, including pension reforms and personnel cuts, will unfold.
 非製造業では、航空業界の不振が目立つ。日本航空は税引き後利益が2期連続で赤字となる見通しで、再び経営再建に黄信号がともった。年金改革や人員削減によるリストラの行方に注目したい。

Domestic demand-led industries, such as railways and telecommunications, have reported relatively light damage from the recession. However, such sectors also should remain on their guard while comprehensively assessing their business strategies in anticipation of a prolonged recession.
 鉄道や通信など、比較的傷が浅かった内需関連業界も油断は禁物だ。不況の長期化を想定し、戦略を総点検してほしい。

Honda Motor Co., which saw brisk overseas sales of motorcycles, and Mitsubishi Electric Corp., which started streamlining and reorganizing its unprofitable businesses earlier than its competitors, both managed to turn profits even in these difficult times.
 海外の二輪車販売が好調だったホンダや、いち早く不採算部門の整理・再編を進めた三菱電機は、逆風下でも黒字を確保している。

Companies with unique products and specialties tend to handle recessions better. It is hoped that Japanese companies will take advantage of the economic challenges they are facing today to find new sources capable of generating profits for tomorrow.
独自の商品や得意分野を持つ企業は不況に強い。難局を、新たな収益源を得る好機にしたい。

(From The Yomiuri Shimbun, May 15, 2009)
(2009年5月15日01時33分 読売新聞)
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by kiyoshimat | 2009-05-15 09:43 | 英字新聞

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