企業決算 好調自動車と苦境電機の明暗

The Yomiuri Shimbun May 13, 2013
Despite strong FY12 results, firms should seek new business strategy
企業決算　好調自動車と苦境電機の明暗（5月12日付・読売社説）

The weaker yen and other economic factors have helped many Japanese companies achieve solid financial results. Now, their ability to implement aggressive strategies that can enhance their core businesses and promote growth stands to be tested.
　円安などを追い風に、好業績の企業が相次いでいる。経営体質をいかに強化し、成長に弾みを付けるか。各社の攻めの戦略が問われよう。

Many companies listed on the First Section of the Tokyo Stock Exchange recently announced their consolidated settlements of accounts for fiscal 2012, and their average earnings are projected to grow for the first time in two fiscal years. It is also notable that several firms project a large or record increase in profits in fiscal 2013, which ends next March.
　東証１部上場企業の２０１３年３月期連結決算の発表がピークを迎えた。企業平均では、２期ぶりの増益となる見通しだ。１４年３月期に大幅な増益や最高益を予想する企業も目立つ。

Many of those companies have overcome challenges such as damage caused by the Great East Japan Earthquake in March 2011 and massive floods in Thailand that inundated their factories the same year. Correction of the yen's excessive appreciation due to Abenomics, the economic policies of Prime Minister Shinzo Abe's government, and other measures have had tremendous effects on the improved earnings. Personal consumption has also embarked on a gradual path toward recovery.
　多くの企業が、東日本大震災やタイ洪水といった試練を克服した。安倍政権の経済政策「アベノミクス」などで、超円高が是正された効果は大きい。個人消費の回復傾向もでてきた。

We commend these improvements in the business environment that have led to increased profitability.
　経営環境の好転で、収益改善が進んだことを歓迎したい。

Automakers leading recovery

A prime example of the economic upswing is the auto industry.
　その代表が自動車業界だ。

Toyota Motor Corp. reported its operating profit in fiscal 2012 reached 1.3 trillion yen, 3.7 times higher than the previous fiscal year and exceeding 1 trillion yen for the first time in five fiscal years. The automaker projects an increase to 1.8 trillion yen in operating profit this fiscal year, approaching the peak recorded before the so-called Lehman shock in 2008.
　トヨタ自動車は１３年３月期の営業利益が前期比３・７倍の１・３兆円となり、５期ぶりに１兆円を超えた。今期は１・８兆円に増える見込みで、２００８年のリーマン・ショック前に記録した最高益に迫る勢いである。

Toyota President Akio Toyoda has said his company is standing at the starting line to realize sustainable growth. His remarks suggest the firm believes recovery is nigh due to an increase in exports.
　「持続的成長のスタートラインに立てた」という豊田章男社長の発言からは、輸出をテコにした復活への手応えがうかがえる。

Meanwhile, Nissan Motor Co. said its annual profit came in nearly flat due to floundering sales in the Chinese market resulting from the deterioration of Japan-China relations. However, other automakers such as Honda Motor Co. and Suzuki Motor Corp. reported rosier results. The companies' improved performance is expected to have a positive ripple effect on the broader Japanese economy because the auto industry relies on various supporting industries such as parts manufacturers.
　日産自動車は、日中関係の悪化で中国市場が低迷して伸び悩んだが、ホンダ、スズキなども好業績だった。部品など自動車産業の裾野は広く、日本経済全体に及ぼす好影響が期待できる。

Increased domestic demand is reflected in the results of major department store operator Isetan Mitsukoshi Holdings Ltd. The firm marked a record operating profit due to brisk sales of luxury goods on the back of high stock prices, which stimulated consumption. Many housing construction firms have also achieved solid results, apparently benefitting from a rush of demand before the consumption tax increase takes effect next year.
　内需関連では、株高による資産効果で高額品販売が好調だった三越伊勢丹が、営業利益の過去最高を更新した。住宅も好業績が多かった。消費税増税を控えた駆け込み需要に支えられたのだろう。

On the other hand, the electric appliance industry has fallen on hard times, failing to reap any benefits from the weaker yen.
　対照的に、円安などの波に乗れず、依然として苦境に立たされているのが電機業界である。

For instance, Panasonic Corp. said its after-tax loss exceeded 700 billion yen for the second consecutive year. Sony Corp. is back in the black for the first time in five fiscal years. However, it was only able to return to profitability thanks to restructuring measures such as the sale of some of its buildings, and has failed to pull its TV and other divisions out of the doldrums.
　パナソニックは２期連続で税引き後利益が７０００億円台の赤字に陥った。ソニーは５期ぶりに黒字に転じたが、自社ビル売却などリストラ頼みで、テレビ事業などの不振から抜け出せない。

Toshiba Corp. reported a decline in operating profit because the weakened yen negatively impacted earnings on its liquid crystal display televisions imported to Japan from the firm's factories abroad.
　東芝は、円安で逆に、海外工場から輸入する液晶テレビなどが打撃を受けて営業減益だった。

Firms project turnaround

These companies project their businesses will recover this fiscal year, but competition with foreign rivals such as South Korean firms remains intense.
　各社とも今期の業績回復を見込むが、韓国企業などとの競争は激しい。

The Japanese players have to recoup lost ground by focusing on strategic, profitable products and rethinking their selection of and concentration on core businesses. They should aim to accelerate efforts to gain market share in emerging economies and other nations.
事業の「選択と集中」を練り直し、収益を稼ぐ戦略商品で巻き返す必要がある。新興国などの市場取り込みを加速すべきだ。

The Japanese economy has only halfway recovered thus far; the government's role in supporting private companies is still important. Effective growth-strategy measures are essential, such as a reduction of corporate tax rates and relaxation of regulations. Cooperation must also be enhanced between the government and the private sector to boost infrastructure exports.
　経済再生は道半ばで、企業を後押しする政府の役割は重要である。法人税率引き下げや、規制緩和などの効果的な成長戦略が不可欠だ。インフラ輸出での官民連携を強化しなければならない。

(From The Yomiuri Shimbun, May 12, 2013)
（2013年5月12日01時28分  読売新聞）