In FY2022, the economies of many countries and regions recovered from the impact of the novel coronavirus (COVID-19) pandemic, and the Yokogawa Group's orders and sales reached a record high. However, we continue to face a challenging business environment due to ongoing difficulties with the procurement of parts, particularly semiconductors, soaring prices for raw materials and energy costs triggered by the situation in Ukraine, and persistent global inflationary pressures. The entire Group will continue doing its utmost to make progress with these issues as it seeks to stabilize supply and improve profitability.
Yokogawa's business environment is changing dramatically, driven by social issues, such as the need to transition to renewable energy and achieve a decarbonized society, and by innovations in digital technology. The Group sees these changes as opportunities and, based on the long-term business framework and Accelerate Growth 2023 mid-term business plan, is working to structure its business so as to address societal challenges and achieve sustainable growth. FY2023 is the final year of this mid-term business plan, and everyone in the Group is working together to achieve its goals.
Based on Yokogawa's Purpose, which states, "Utilizing our ability to measure and connect, we fulfill our responsibilities for the future of our planet," we will continue to co-innovate with our stakeholders around the world to meet the challenge of making our society more prosperous and sustainable.
Our aim is to fulfill the expectations of all our shareholders by continuing to grow our business and enhance our corporate value. In these endeavors, we ask for your continued support.
President and CEO