電機大手赤字 大胆な成長戦略で復活目指せ

The Yomiuri Shimbun (Nov. 3, 2012)
Electronics makers must retool with bold new growth strategies
電機大手赤字　大胆な成長戦略で復活目指せ（11月2日付・読売社説）

The performance of leading electronics makers continues to deteriorate. Faced with intensifying competition from South Korean and other overseas rivals, Japanese firms urgently need to retool their corporate comeback strategies.
　電機大手の業績悪化に歯止めがかからない。韓国企業などとの競争は激しく、復活に向けた戦略立て直しが急務だ。

Panasonic Corp. has announced it expects to post a consolidated net loss of 765 billion yen in fiscal 2012, a downward revision of its projected business performance. Although the company initially estimated a net profit of 50 billion yen, it now faces a situation as serious as when it posted a colossal loss in fiscal 2011.
　パナソニックは、２０１３年３月期連結決算の業績予想を下方修正し、税引き後利益が７６５０億円の赤字になると発表した。当初、５００億円の黒字を見込んでいたが、前期の巨額赤字に匹敵する深刻な事態である。

According to Panasonic President Kazuhiro Tsuga, "In digital consumer electronics, we've been in the losing group. Even though we went through structural reform, things only improved temporarily. It's a highly unusual situation." His remarks underline the firm's grim situation.
　津賀一宏社長は、「デジタル家電で負け組となっている。構造改革を実施しても一時的に良くなるだけで普通の状態でない」と述べた。発言に込めた意味は重い。

The primary factor behind Panasonic's sizable loss is poor performance in its main product lines--flat-screen TVs, digital cameras and cell phones.
　巨額赤字の主因は、薄型テレビ、デジタルカメラ、携帯電話などの本業が低迷したことだ。

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Major merger was a misstep

In a major merger in 2009, Panasonic acquired Sanyo Electric Co. as part of its strategy to replace its TV business with solar and lithium-ion batteries as its core sectors. The purchase, however, turned out to be a miscalculation.
　パナソニックは０９年に三洋電機を買収した。テレビ事業に代わる中核として太陽電池やリチウムイオン電池事業に期待した戦略だったが、誤算に終わった。

The firm's performance this fiscal year was greatly affected by its decision to make a sizable write-off in sectors including solar batteries. The decision was prompted by the realization that the investment made to acquire Sanyo had been a flop.
　三洋買収による巨額投資を事実上、失敗と認め、今期中に太陽電池事業などの減損処理に踏み切ることも業績に大きく響いた。

To rebuild, Panasonic plans to expedite moves away from money-losing product lines, such as by liquidating overseas flat-screen TV factories. Although we see such moves as appropriate, the company's biggest problem is the lack of a clear growth plan.
　パナソニックが経営立て直しへ、海外の薄型テレビの組み立て拠点を清算するなど、不採算事業の縮小を急ぐのは妥当だ。最大の問題は、明確な成長シナリオが描けていないことにある。

How will the electronics giant make progress in its strategic shift toward emphasizing profitability over a focus on sales numbers? It also remains to be seen how quickly it can implement managerial reforms.
　売り上げ規模の追求ではなく、採算を重視していくという戦略転換をどう進めるか。経営改革のスピードが問われよう。

Meanwhile, the losses continue for Sharp Corp., which is currently going through a corporate rebuilding process.
　一方、経営再建途上にあるシャープも、赤字が止まらない。

Sharp has announced it expects to log a record net loss of 450 billion yen in fiscal 2012, a sizable downward revision of its initial projection.
１３年３月期決算の税引き後赤字を過去最大の４５００億円とし、当初見込みから大幅に下方修正した。

The outlook is rocky for the firm's small and midsize liquid crystal display business, which the company has seen as its trump card in its overall corporate reconstruction.
　再建の切り札と位置づける中小型の液晶パネル事業は、前途多難だ。

With an urgent need for cash, the company must quickly conclude a capital partnership agreement with Hon Hai Precision Industry Co. of Taiwan.
自己資本の増強も必要で、台湾・鴻海(ホンハイ)精密工業との資本提携交渉の早期妥結が求められる。

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Conditions are tough for all

Sony, on the other hand, is projected to post a profit in the current fiscal year, though its TV business continues to be sluggish. The firm needs to find a new core business that can support continued growth.
　ソニーは今期の黒字を確保する見通しだが、テレビ事業の不振は続いており、成長の柱となる新たな事業を求めて模索が続く。

All Japanese manufacturers, not only electronics makers, have been exposed to the adverse winds of economic slowdowns overseas, a strongly appreciating yen, and ever-intensifying competition with foreign rivals.
　電機など製造業各社はそろって海外経済の減速、超円高、競争激化などの逆風にさらされている。

Damage has also been done by declining sales in China, a consequence of the diplomatic tension between Japan and China.
日中関係の悪化に伴い、中国での販売減少も打撃になってきた。

The keys to revival appear to be in discerning the needs of emerging markets with strong growth potential and developing strategically important products through originality and ingenuity.
　成長が見込まれる新興国市場などのニーズを各社が発掘し、創意工夫で戦略的な商品を開発することが復活のカギを握るだろう。

We find it encouraging that start-up companies producing Japan-made appliances that primarily cater to emerging countries have appeared. These firms possess technological prowess and unique designs.
　技術力とデザインを生かし、新興国向けの“日の丸家電”を製造しようとするベンチャー企業がでてきたことは心強い。

We hope Japanese electronics makers large and small can shrug off adversity and wield their latent power.
大手も含めて各社が逆境をはね返し、底力を発揮してもらいたい。

(From The Yomiuri Shimbun, Nov. 2, 2012)
（2012年11月2日01時43分  読売新聞）