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Thank you for visiting our website. We at Haseko would like to express our deepest sympathy and condolences to all those affected by the Great East Japan Earthquake. As we closed the fiscal year ended March 2011, let me take this opportunity to review and give my remarks on how the Company performed during the fiscal year. First, the Japanese economy witnessed improvement in corporate earnings in the fiscal year under review. However, a sense of uneasiness about the future arose due to deflation and the appreciation of the yen as well as worrisome factors in overseas economies such as rising crude oil prices, in addition to the impact of the Great East Japan Earthquake at the end of the fiscal year. As for the condominium market, new supply of condominium units surpassed the previous fiscal year’s results both in the Tokyo metropolitan and Kinki areas and sales also grew strongly partly bolstered by political measures. The Haseko Group worked on its conventional business of receiving orders in the form of Haseko Designated Orders by providing land for project owners and reinforcing its technological capabilities. Meanwhile, endeavors were made in such areas as “Long-life and High-quality” condominiums, for which Haseko integrated its proprietary technologies and services with the thinking of long-term quality housing. Moreover, the Company made efforts to secure orders received by proactively participating in bidding for replacement and redevelopment projects. As a result, Haseko achieved increases both in revenues and profits for the fiscal year ended March 2011. Nevertheless, we reluctantly decided to deliver no dividend to common stocks. This is because we reserve profits as retained earnings for redemption of preferred stocks, which we recognize as an important issue. With regard to the Revised “SHIN” Plan, the Group’s medium-term business plan, we had to judge that it is difficult to achieve the numerical targets set for the Plan because the recovery of the market was slower than anticipated. However, we believe we were able to accomplish the business and technology strategies established in the Plan, as we successfully provided long-term quality housing and the “Be-Liv” format of condominium units, among other achievements. Going forward, we will continue to build on the basic policy we have followed, and reinforce the “flow” business (construction of new condominiums, etc.) and the “stock” business (condominium management and repair and renovation work, etc.) as the two pillars of our revenues. On top of this, we will endeavor to challenge new business domains. The harsh business environment is still continuing. Notwithstanding, we will continue our efforts to establish Haseko as the one and only corporate group for housing that is dedicated to “creating great living.” We are deeply grateful for your assistance and encouragement as we pursue these endeavors. Your continued and further support would be greatly appreciated. |
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June 2011 |
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Ikuo Oguri President, Representative Director Haseko Corporation |
