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, 2019 (April 1, 2018 to March 31, 2019).
In the fiscal year ended March 31, 2019, the Japanese economy recovered modestly, as consumer spending in Japan was strong, buoyed by improvements in both corporate earnings and the labor environment.
Reviewing global economic trends, in the United States, consumer spending was robust due to the strong labor and income environments. Meanwhile, in China, the economy slowed down based on trade tension with the United States and other issues. In Europe, consumer spending was firm as the labor environment was on a recovery trend, but with continued uncertainty over Brexit, the situation remained unpredictable.
In this economic environment, the GS Yuasa Group's consolidated net sales for the fiscal year totaled \413,089 million, an increase of \2,137 million, or 0.5%, compared with the previous fiscal year. Sales grew mainly on progress made in passing on the increase in the price of lead into product prices and especially strong demand for replacement batteries in the automotive batteries segment. Operating income totaled \22,654 million for the fiscal year (\25,066 million before goodwill amortization), an increase of \734 million, or 3.3%, compared with the previous fiscal year. Ordinary income increased \3,341 million year on year, or 15.6%, to \24,728 million, reflecting the increase in operating income and an improvement in equity in earnings of equity-method affiliates. In conjunction with this, profit attributable to owners of parent totaled \13,524 million (\15,974 million before goodwill amortization), a year-on-year increase of \2,074 million, or 18.1%.
Consolidated net sales, operating income before goodwill amortization, ordinary income, profit, and profit before goodwill amortization were all record highs.
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.