EXEDY would like to offer its warm appreciation for the continuing support of all of its Stockholders.
Review of Fiscal Year 2008
@As a result of the global economic slowdown sparked by the subprime mortgage crisis, there has been a drastic drop in the number of vehicles produced, and the EXEDY Group finds itself in an increasingly harsh business climate. Under these circumstances, we have been focusing on cost reduction and adjusting our operational framework in response to decreasing orders.
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Accordingly in our review of fiscal year 2008, net sales fell to \166.7 billion (a decrease of 11.0% from the previous fiscal year), operating income dropped to \10.2 billion (a decrease of 48.3% from the previous fiscal year), ordinary income declined to \8.8 billion (a decrease of 55.0% from the previous fiscal year) and net income fell to \5.4 billion (a decrease of 53.3% from the previous fiscal year).
@Even though the automotive industry is in the midst of a worldwide slump, changing the quality of management culture to ensure profitability with the Slogan|gFocus on Basicsh, we are making every effort to streamline all business activities of Exedy Group, such as improvement of productivity, advancement in quality and cutting down energy costs by Co2-reduction.
We humbly request the ongoing support and guidance of all shareholders.