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Operating Environment and Measures to Enhance Financial Performance
During the fiscal year from June 1, 2008, to May 31, 2009(fiscal 2009), the Japanese economy experienced harshconditions. The global recession and financial crisis hammered stock markets, threw foreign exchange and commodity markets into disarray, and triggered a credit crunch. While companies cut production and slashed capital investment, the labor market deteriorated.
In these circumstances, the disclosure business, the principal business of Takara Printing Group, experienced major changes in Japan, namely, mandatory quarterly reporting and the full-scale introduction of the XBRL computer language for financial reporting to the EDINET electronic disclosure system of the Financial Services Agency (FSA).
Having been commissioned by the FSA to develop XBRL taxonomies, the Group pioneered technological development in preparation for the introduction of XBRL. To address the opportunities created by the new disclosure framework, in fiscal 2009 the Group offered an array of services, including a system enabling efficient responses to the introduction of XBRL, to support clients’ efforts to improve operational efficiency in line with the introduction of the new disclosure framework.
Increased sales of products associated with the introduction of the new disclosure framework contributed to higher profits for fiscal 2009. On the other hand, the stock market, which has a great impact on disclosure printing, declined precipitately amid the global financial crisis and deepening economic recession, resulting in a further decline in IPOs and financing projects while creating a tough environment for order-taking for IPO application documentation and financingrelated documentation. Therefore, the Group made a concerted effort to expand orders for securities reports and other types of periodic disclosure documentation, which are unaffected by the vicissitudes of the stock market.