Since at the last board meeting after the general meeting of shareholders held on March 25, 2011 it was decided that I shall continue to work at my present post of the President and CEO, I would like to say a few words in greeting.
It seems that although our country's economy is steadily treading the path of recovery, as it lacks the power to achieve a recovery on its own, and as the degree of dependence on foreign demand is quite high, the situation may change drastically depending on the political and economic situation overseas, and it is thus too early to take an optimistic view of the future. Particularly if we look into the situation of our own country's real estate industry, due to a decrease in demand in the market of office space lease, the vacancy rates are remaining quite high, and the rent average continues at bearish numbers.
The situation being as it is, the issues our Company needs to address are the important tasks listed below, which were already stressed in the mid-term management plan.
| (1) Strengthening profitability |
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−In the real estate business, we shall improve vacancy rates, and maintain and further improve rent average by strengthening leasing power.
−In the marketable securities investment business, we shall exchange low profit issues to improve the operating ratio of assets.
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| (2)Improving the quality of owned real estate |
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−We shall consider replacing owned real estate with better quality real estate when opportunities arise.
−We shall implement renewal works of various facilities including measures to address environmental issues.
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| (3)Further strengthening of the financial base |
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−We shall strive to ensure stable funds, fully observing financial regulations.
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| (4)Raising the capability of personnel. |
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−While urging the staff to engage in self-education, we shall develop the in-house training system further to increase the professionalism of the personnel.
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In the current fiscal year, due to the sell-off of real estate made as a part of financial restructuring conducted in the last fiscal year, to my utmost regret, there has been a decrease in both income and profits. However, I am highly confident that this is a road we simply had to pass so that our Company may accomplish further growth in the near future. All of our employees shall unite their powers and do their utmost best to "establish firm footing for further growth in the future", and I would like to ask all of you to give us continued support.
