During fiscal 2003, the economic situation in Japan remained pessimistic. Global environment was unstable. Under this situation, we should say Honda achieved a significant increase in sales during fiscal ended March 31, 2003.
We couldn't avoid loss or unchanged sale in certain region due to the unpredictable global environment. Also, we have known that we remained unchanged sales domestic due to inactive Japan consumer spending. Learning from these situations surrounding Honda, we should focus our sales on oversea business along with quick and active responds to unpredictable situation in the future. I provide a full analysis in the report under global environment and oversea business sectors.
Moreover, we need continually give our old customers good products and service and expanding our new customers. We always keep in mind one thing: it is our consumers who always support us.
At the end, we should always believe we can achieve a higher level success in the future.
Honda has been shown the world remarkable achievement during fiscal 2003, ended March 31. Looking the overall economy situation in the world, U.S. and major European countries shows a very slow growth. Asian countries show a strong growth. In Japan, after experiencing a decade deflation since 1990 due to the bubble economy, Japan shows an unstable condition with a big problem that Japan people won't spend their money whatever Japan government and Bank of Japan do.
Overall, within this poor economic condition, Honda shows a good sign about its future and has been a leading role of Japan economy recovery. During fiscal 2003, Honda sold 8,080,000 motorcycles, 2,888,000 automobiles, and 4,584,000 power products, total worth 66,319,000 U.S. dollar. Net sales, income before income taxes and equity in income of affiliates and net income all show a positive increase Shown as figure blow. Operating income...