First, I would like to express my sincere appreciation for your support of GS Yuasa.
I will present the Company's operating performance for the fiscal year ended March 31, 2018, and the outlook for the upcoming fiscal year.
Thanks to the support of our many stakeholders over the years, the GS Yuasa Group has been able to celebrate the 100th anniversary of its two predecessor companies during these recent two years. Accordingly, I again would like to express my deepest gratitude to all our stakeholders for their support and encouragement. The GS Yuasa Group now faces a once in a hundred years period of change in the various elements that make up the concept of Mono-Zukuri (product creation). We intend to meet this challenge with the pioneering and challenging spirit of the two founders of our predecessor companies and redouble our efforts to quickly respond to market needs with cutting-edge technologies while also contributing to the "security and safety" of the wider society in which we exist. I sincerely hope we will be able to count on the continued support and encouragement of our shareholders as we rise to meet the challenges ahead.
Turning now to the results for the fiscal year ended March 31, 2018, the GS Yuasa Group recorded consolidated net sales of \410,951 million, an increase of \51,345 million, or 14.3%, over the previous fiscal year. Growth was driven by strong sales at our domestic automotive batteries business, which enjoyed strong demand for batteries installed in new cars, as well as the impact of a full-year contribution from the inclusion of Panasonic's domestic lead-acid battery business in consolidated results. Consolidated operating income, meanwhile, came in at \21,920 million, a year-on-year decrease of \1,186 million, or 5.1%. Despite the strong results posted by our domestic automotive batteries business, operating income declined owing to higher prices of lead, the main raw material in our industrial batteries and overseas automotive batteries businesses, as well as the impact of goodwill amortization. Operating income before goodwill amortization reached \24,076 million. Ordinary income totaled \21,387 million, down \1,157 million or 5.1% year on year, reflecting the decline in operating income. Profit attributable to owners of parent was \11,449 million, a year-on-year decrease of \779 million or 6.4% (profit before goodwill amortization was \13,894 million). The fiscal year ending March 31, 2019 is the final year of our Fourth Mid-Term Management Plan. Although the operating environment has changed greatly since the plan was put in place, we continue our efforts to achieve further growth by supplying highly competitive, high-quality products to users around the world.
The automotive batteries business will strive to expand sales in both the new car and replacement battery markets in Japan while expanding the business domain overseas and reducing costs by optimizing its production network. The industrial batteries and power supplies business aims to improve profitability through rationalization measures, while also expanding its business domains by developing the next-generation of Mono-Koto Zukuri (product and service creation). The automotive lithium-ion batteries business will continue to its efforts to raise profitability by further improving efficiency while also strengthening its technological capabilities by centralizing its product development structure.