05 June 2023
Announcement of FY2022 Consolidated Business Results and the Mid-Term Management Plan
On May 12, we held a press conference to release our FY2022 business results at the Osaka Head Office. In FY2022, the business environment was harsh due to the decrease in automotive production affected by local lockdowns in China and shortages of semiconductors and other components, and also due to soaring material and energy prices. However, through our diligent efforts in expanding the sales of wiring harnesses, power cables, and cemented carbide tools, among others, we were able to achieve a significant milestone of reaching 4.056 trillion yen in consolidated net sales, surpassing the 4 trillion yen threshold for the first time. Furthermore, we surpassed the publicly announced forecasts in terms of operating income, ordinary income, and net profit for the current fiscal period. Although the results were partly thanks to the depreciation of the yen, surpassing the 4 trillion yen mark is an epoch-making event for us. I would like to take this opportunity to express my sincere appreciation for the usual support you extended to us.
When announcing our business results, we also revealed the Mid-Term Management Plan 2025.
In the long-term vision "Sumitomo Electric Group 2030 VISION", announced to the public last year, we have presented our management policy and clear direction for the Group. In the Mid-Term Management Plan 2025, we have aimed to present not only financial indicators, but also indicators and targets for each category of stakeholders in a quantitative manner.
Together with the approximately 290,000 employees of the Group, consisting of more than 400 companies operating in various countries and regions around the world, we are dedicated to pursuing “top technology” and striving to enhance our competitive edge.