At the Ordinary General Meeting of Shareholders held on March 30, 2010, Masao Inagaki was appointed to Representative Director, Chairman Emeritus, Koichiro Naganuma was appointed to Representative Director, Chairman and Group CEO and Yoji Shimizu was appointed to Representative Director, President and COO. All three men assumed their new positions on the same day. Under this new arrangement, we are committed to advancing the operations of ADK and the ADK Group, and we look forward to your ongoing support.
     Toward the latter half of 2009, the Japanese economy showed signs of a moderate recovery. However, personal consumption has weakened, and we feel that full-scale recovery will require considerable time in the future. In the Group’s core advertising business as well, conditions remain severe, with no end in sight to declines in corporate advertising expenditures.
     Facing these challenges, the ADK Group has sought to broaden its service offerings to existing clients and boost earnings by adopting stringent cost controls and cutting operational expenses, in an effort to achieve a recovery in growth and profitability. However, the effect of these measures was limited and, despite the tireless efforts of all involved, the Group failed to meet its performance expectations, posting declines in gross billings and profits compare to previous year.
     We expect conditions to remain difficult for some time in the future. Nevertheless, under our new management team and guided by our “Management by All” philosophy, we will unite in our quest to confront these difficult times and return the Group to a growth trajectory.
     We look forward to your unwavering support and understanding as we embrace our future challenges.