Sharp 2009 Annual Report Download - page 6
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The business climate in fiscal 2008 (ended March 31,
2009) was marked by an increasingly severe global reces-
sion as a vicious cycle between the worsening of real econ-
omies and a worldwide financial crisis caused recessions in
Japan, the United States and Europe. Emerging countries
were also affected as their economies decelerated.
Unprecedented in its scale and speed, the global
recession exerted a major impact on all industries. The
business environment surrounding Sharp changed
abruptly, as demand slid sharply, trading conditions dete-
riorated on the strength of the yen, prices for digital prod-
ucts fell, and the economies of countries around the world
continued to group together into blocs.
Rising to the challenge, Sharp has initiated a recovery
plan to streamline our organization. Under this recovery plan
we are reorganizing our LCD plants, reallocating personnel
to priority business areas and reducing total costs to estab-
lish a structure capable of generating profits even if current
business conditions persist. At the same time, Sharp is
taking steps to improve cash flow by raising profitability and
maximizing investment efficiency. We will achieve this by
implementing a new business model to promote localization
of front-end processes in our device business.
Katsuhiko Machida
Chairman & CEO