I would like to extend my heartfelt gratitude for your support. At the Itochu Enex Group, we have been supporting regional infrastructures with petroleum, gas, electricity, and other energy sources as an energy business operator by working together with our dealers all over Japan. On the other hand, while the energy industry has been constantly exposed to waves of major changes, our Group has achieved a profit increase in the last seven consecutive fiscal years. The theme for our medium-term business plan that started in 2014 was Moving, under which we advanced initiatives including the development of new markets and fundamentally revising our old approaches. Having started with reforms of internal organizations and systems, we expanded our core businesses, namely petroleum and gas, sought the further development of the electricity business, and entered overseas markets. In so doing, we steadily advanced our businesses. However, energy composition and structure are now changing rapidly, due to geopolitical risks and many other factors. The outlook is uncertain.
To respond to these rapid changes in the operating environmental, we found it necessary to SHIFT up a gear to accelerate management and businesses while maintaining our conventional Moving initiatives. We thus kicked off the medium-term business plan entitled SHIFT! 2022 (for fiscal years 2021 to 2022) last year. Under the SHIFT! 2022 plan, we are carrying out a strategy for growth with a focus on Bases, the Environment & Energy and Human Resources. We will continuously reinforce our sales networks in Japan and overseas (Bases) and enhance our broad range of energy and services including petroleum, gas, electricity and eco-friendly products in an effort to achieve business growth and to help realize a sustainable society. We will also focus our efforts on developing our Group's human resources.We will upgrade different training programs, including overseas work programs, in an attempt to create innovation. No matter how society changes, we will SHIFT up a gear to accelerate our own evolution and fulfill our key mission of ensuring a stable energy supply. Our Corporate Philosophy reads "The Best Partner for Life and Society." Embodying that philosophy, we will serve to open up a better future. I ask for your continued guidance and support and welcome your high expectations. Kenji Okada Representative Director President and Chief Executive Officer June 2022
