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The Panasonic Group has adopted and continues to focus on the overarching vision of becoming the No. 1 Green Innovation Company in the Electronics Industry, up to the 100th anniversary of its founding in 2018. In fiscal 2011, we launched Green Transformation 2012 (GT12), our three-year midterm management plan, as a first step toward realizing the vision.
In fiscal 2012, the second year of GT12, we worked diligently to transform each business on the basis of three paradigm shift themes. In specific terms this entailed the shift from existing businesses to such new businesses as the environment and energy, from Japan-oriented to globally-oriented, and from individual product-oriented to solutions and systems business-oriented. At the same time, we restructured the Group's organization as a whole including Panasonic Electric Works Co., Ltd. (PEW) and SANYO Electric Co., Ltd. (SANYO), which had become wholly owned subsidiaries.
From a results perspective, business conditions for fiscal 2012 were extremely harsh with a variety of factors including the sluggish demand mainly for digital AV products, historical high yen, and the flooding in Thailand. Under such business conditions, the Group's performance resulted in a sharp deterioration especially in unprofitable businesses such as TVs and semiconductors. As a result of the aforementioned factors and implementation of large-scale business restructuring initiatives including fixed cost reductions, Panasonic recorded its biggest ever net loss. We deeply feel responsible and regret the anxiety caused to all stakeholders, but would like to assure all concerned that these measures have established the foundation for a Green Innovation Company.
At the conclusion of the Company's Ordinary General Meeting of Shareholders held in June 2012, Fumio Ohtsubo was appointed as Chairman and Kazuhiro Tsuga as President. Under this stewardship and a new organization, every possible effort will be made to bring about a swift performance recovery and the realization of our aforementioned visions.
As we work toward achieving our established goals, we kindly request the continued support and understanding of all stakeholders.
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