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In recent years, along with global population growth and the rapid development of emerging economies, many social issues, including environmental degradation, food scarcity, and medical and sanitary issues, have grown more serious. Especially in emerging countries, while their economies have shown remarkable growth, new issues such as inequality and labor-related problems have also arisen. These issues affect each other and transcend both national borders and traditional categorizations, and successfully addressing them requires that international organizations, governments, industries, businesses, and individual members of society all collaborate more closely, and more actively fulfill their own particular roles.
Since its founding, Panasonic has pursued the implementation of its management philosophy which states, "We will devote ourselves to the progress and development of society and the well-being of people through our business activities, thereby enhancing the quality of life throughout the world." In today's society, addressing the problems which I have just mentioned, certainly involves implementing our management philosophy. With this point firmly in mind, we have decided to clarify and set down in writing a Sustainability Policy for our company. Through its business operations, Panasonic aims to help build a sustainable future, and acting as a public entity of society, aims to help create harmony in society and the global environment.
However, the fact is that, in the last two years-in fiscal 2012 and fiscal 2013-Panasonic recorded substantial losses and thus caused great inconvenience to society. We were unable to sufficiently provide the products and services that customers truly value, and we fully accept that this was the result of failing to make an adequate contribution to help resolve social issues. Having such an understanding of our current situation, in our midterm management plan starting in fiscal 2014, we will carry out various reforms. And we will do our utmost to improve our business performance and push ahead with our growth strategy a step at a time, starting by first identifying "customer value."
Through our business activities, we at Panasonic have long nurtured our "consumer electronics DNA." Making this DNA central to all of our activities, and carrying it forth, we aim to continue to provide "better living" for our customers in various spaces and areas, such as in their homes, communities, businesses, journeys, and automobiles. "Better living" means living more sustainably, more comfortably, more conveniently, more safely, and more securely than we do today. In each of these spaces, there are industries closely related to a given space. We aim to actively build partnerships with key players in those industries, and offer products and services in close collaboration with them.
In the years ahead, we will work with business partners around the globe to fully show forth the individual strengths and abilities of all our employees and to break out of existing frameworks to create greater value. Our goal is to help realize "A Better Life A Better World" for each individual customer. I would like to thank you for your continued support and understanding.