In the fiscal year ended March 31, 2021 (fiscal year 2020), the global economy came to a standstill due to the impact of the COVID-19 pandemic, and the Group faced challenges in its major energy and materials markets for reasons such as customers' reluctance to make investments and project delays arising from restrictions on the movement of personnel. In certain markets such as China there were some signs that a recovery may be underway, but the situation continues to be unpredictable.
In addition, sales and operating income were also impacted by fluctuations in exchange rates, and were both down year on year. Conversely, the profit attributable to owners of parent increased due to the recording of a goodwill impairment loss in the previous fiscal year.
In May 2021, we announced Accelerate Growth 2023, our new mid-term business plan. In a business environment where continual rapid change is expected, it is a basic premise that the Group's ability to provide significant value will be contingent on it giving proper consideration to environment, social and governance (ESG) factors in its management. Through this ESG management approach, Accelerate Growth 2023 aims to achieve sustainable growth and contribute to society and the environment by establishing a business structure that is centered on solving broad social issues. Looking ahead to a post-COVID-19 world, we will work steadily to implement our new mid-term business plan and in so doing set the stage for continued growth and contribute through our business to the realization of a sustainable society.
We aim to fulfill the expectations of all our shareholders by continuing to grow our business and enhance our corporate value. In these endeavors, we request your continued support and understanding.
President and CEO