企業決算 本格回復への道は半ばだ

The Yomiuri Shimbun (May. 18, 2010)
Further corporate effort needed for full recovery
企業決算　本格回復への道は半ばだ（5月17日付・読売社説）

After hitting bottom, corporate performance is on the road to recovery, but future prospects are far from certain. The economy seems to be only halfway toward a full-scale recovery.
　企業業績はＶ字回復でどん底を脱した。だが、先行きは不透明で、本格的な回復への道はまだ半ばだろう。

Settlements of accounts in March by firms listed on the First Section of the Tokyo Stock Exchange have reached their peak. After-tax profits by all listed firms are expected to turn into the black for the first time in two business years.
　東証１部上場企業の２０１０年３月期決算の発表がピークを迎えた。上場企業全体の税引き後利益は、２期ぶりに黒字に転換する見通しだ。

In their settlements of accounts that ended in March 2009, major Japanese companies suffered huge losses when they chalked up their worst postwar performances due to the global recession caused by the bankruptcy of Lehman Brothers in the autumn of the previous year.
　一昨年秋のリーマン・ショックと世界不況に直撃された昨年３月期決算は、主要企業が巨額赤字に転落し、戦後最悪だった。

Many firms were prepared for deficits for the second straight business year. However, most of them saw their balance of accounts turn into the black or were able to reduce their deficits drastically.
　２期連続の赤字を覚悟した企業も多かったが、実際には、黒字に転換したり、赤字を大幅圧縮させたりした企業が相次いだ。

The after-tax profits of about 30 percent of big businesses returned to levels seen before the Lehman shock. This means they were able to apply the brakes on deteriorating business faster than anticipated and overcome hard times.
　全体の約３割が、リーマン・ショック前の税引き後利益の水準を回復した。予想以上に早く、各企業が業績悪化に歯止めをかけ、試練を乗り切ったと言えよう。

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Trimming fat pays off

The primary reason behind their recovery is their restructuring efforts, particularly in cutting personnel and production costs. By trimming the fat, the profits of all listed companies increased despite a drop in sales from a year earlier.
　最大の原動力は、リストラやコスト削減の徹底だ。売り上げが減っても利益が出せるよう、体質を絞った結果、上場企業全体の売上高は前期比で減少しながら、利益が増える減収増益を実現した。

Carmakers and electrical appliance manufacturers, which boosted exports to China and other emerging markets that extricated themselves from the global recession ahead of other countries, served as locomotives for the recovery of listed firms.
　業種別では、世界不況からいち早く脱した中国などの新興国市場向けに、輸出を増大させた自動車と電機が牽引(けんいん)役になった。

They probably rode on the tails of stimulus measures taken by each country to aid the purchase of automobiles and digital household appliances.
　自動車やデジタル家電の販売を支援する各国政府の景気刺激策も追い風に生かしたのだろう。

A case in point is Honda Motor Co., which doubled its profits. Toyota Motor Corp., for its part, chalked up a profit for the first time in two business years. Hitachi, Ltd., which suffered an enormous deficit in fiscal 2009, is recovering sharply and a swing into the black is in sight.
　利益を倍増させたホンダが代表例だ。トヨタ自動車も２期ぶりに黒字を確保し、復活した。前期は巨額赤字の日立製作所も、黒字化が視野に入ってきた。

On the other hand, nonmanufacturing industries such as retailing, real estate and trading have fought uphill battles and their degree of recovery varies.
　一方、小売り、不動産、商社などの非製造業は苦戦し、業績の回復にはばらつきがある。

Shiseido Co. is strengthening its strategy to find a way out of its predicament by tapping the Asian market. It is vital for domestic demand-oriented firms to take advantage of foreign demand.
　資生堂は、アジア市場に活路を求める戦略強化を打ち出した。内需型の企業も、外需をいかに取り込むかが重要だ。

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Environment still tough

But the environment surrounding corporate management is still severe. Therefore, it is natural for many businesses to be circumspect about their performance for the business year ending next March.
　だが、企業の経営環境はまだまだ厳しい。今期の業績に慎重な企業が多いのも当然だろう。

Although the global economy has picked up, apprehensions have risen once more in the wake of Greek fiscal crisis. If the business slowdown of Europe is protracted, its effect could spread elsewhere in the world. A radical appreciation of the yen against the euro would cut into the profits of Japanese exporters.
　世界景気は持ち直してきたが、ギリシャ危機をきっかけに不安が再燃した。欧州経済の低迷が長期化すると、世界全体に波及しかねない。日本にとっても、急激な円高・ユーロ安は、輸出企業の採算を悪化させる。

The effect of pump-priming measures adopted by various countries has eased off. Another concern is the rise in prices of iron ore and other resources.
　各国政府がとった景気刺激策の効果も剥落(はくらく)しつつあり、鉄鉱石などの値上がりも懸念材料だ。

Each firm must further accelerate its "choice and concentration" of business and bolster its financial base.
　各社は、業務の「選択と集中」を一層加速し、財務基盤を強化しなければならない。

Recovery efforts based on restructuring have their limit. It is indispensable for companies to be more aggressive in pioneering new growth markets and developing competitive products.
　リストラ主導では限界がある。新たな成長市場を開拓し、競争力ある製品を生み出すなど、「攻め」の姿勢が肝要である。

(From The Yomiuri Shimbun, May 17, 2010)
（2010年5月17日01時27分 読売新聞）