Of the 3 years of the last Medium-term Management Plan, two-thirds were judged to be Good Times. We take great pleasure in having been able to pay plenty of tax and distribute plenty of dividends.
Now we must turn our attention to what happens next. For the new plan, our theme is "Immutable Flow". "Immutable" means the state of staying the same forever. "Flow" is the endless pursuit of innovation that layers change upon change and, in changing, enables our immutable core to remain constant. And our immutable core is encapsulated by the words YOKU HAKOBU. We have established this new plan so that we can continue to YOKU HAKOBU.
The shipping market has large peaks and troughs. The foreign currency exchange rate, which had been relatively stable, has now become more volatile. For these two factors, we have decided to base our outlook on a range of possible values. The higher line represents our Good Times scenario over the next three years, and the lower line takes into account some Bad Times periods. Within this range, we are able to move ahead with assurance.
Our Shipping business looks promising when viewed long term, but unclear in the short term. What is important now is less the power of prediction and more the ability to respond. And looking to the future, we must keep a keen focus on investment in the development of our fleet.
For the Warehouse and Transportation business, the future is looking more difficult. It is certainly important to attend diligently to our day-to-day work, but there is a feeling that steady effort alone may not be enough.
Prospects for the base of our Real Estate business, the Kachidoki area, are shining brightly. While keeping an eye on the distant future, we are pressing on decisively with our redevelopment plans. We are looking forward to the day when we can finally announce our plans.
Supporting industry and society by playing our part in the business of carrying goods and materials. This is our Immutable belief.
To remain immutable, we aim to practice better management and better logistics under well-controlled governance, while taking into account global environmental problems and our hopes for the realization of a better society.
YOKU HAKOBU - that is our long-term vision.
Kachidoki and Tsukishima, continuing their evolution into the future, are promising land for Real Estate leasing business, and they support our group’s financial platform and stable profitability. The opportunity to further enhance these outstanding assets is arriving. While the redevelopment is in progress, the assets will be supported by the business. Once complete, the strengthened assets will become a yet more powerful support for the business.
We say that Work Satisfaction multiplied by Fulfilling Life equals FUN. We are just a small company. We reached this point by coming together to support and help each other, person to person. We will carry on by adopting new working styles and by exploiting the power of digital technology in a smart way, but we will also continue to place value on the intrinsic ability of humankind that lies in each and every one of us.
Our uniqueness is fashioned through the steady effort of meeting the everyday demands of our business. Uniqueness is the wellspring of how we set ourselves apart. Without worrying that we are different from others, we honestly pursue our own originality. That is our Immutable Flow.
Considering the current global environment, it has become difficult to order new-build vessels. But it is not possible to conduct shipping business without ships. We understand that the key to building our fleet is courage, funding and a long-term perspective. Moreover, global shipping is a business that is subject to violent upheaval in response to changes in the world. Unpredictable situations are constantly emerging, but we will respond by continuing to hone our own strengths.
The paper products business, document storage business and removal services that form the core of our activities are facing a harsh future. Shrinking demand will accelerate the pullout of the weaker players. Not least for the sake of our worksites, who are putting into practice the Fun To Work principles, we will have to devise a new way to YOKU HAKOBU.
The redevelopment of the former site of Tsukiji Fish Market has started. Our existing facilities across the Sumidagawa River and Kachidoki Bridge, have been waiting for this moment. In response to the massive redevelopment on the opposite bank, our plans that have matured for 10 years are now starting.
The global environment is important. Sustainability, social conscience, governance, digital strategy, workstyle reforms. The issues are endless. Because there are so many things to consider, it is essential to prioritize and think about where to focus our activities. Balancing social responsibility with business will become an increasingly important theme. But that is what must be done so that we can YOKU HAKOBU.
In our business, there are Good Times and Bad Times. And the ups and downs between the two are characteristically large and long. But this is the stage for our YOKU HAKOBU. After much thought, we have decided to continue our existing dividend policy,「Good Times Celebration, Bad Times Consolation」.
We have now been in business for all of 120 years. The reason we are here today is because we have responded to changes, and we have evolved. Doubtless, the next three years hold in store much that is unexpected. But whatever changes we face, we will remain true to our beliefs and forge ahead with our mission. We appreciate the continued support of all our stakeholders.
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