2015年版BUSINESS REPORT

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Summary of Operating Activities4Review of OperationsIn recent years, owing to a consumption tax rate hike and other factors, the Japanese economy experienced falling consumer demand, but as Japan's monetary easing policy announced at the beginning of FY2013 began to take effect, the yen weakened and the stock market started rising, corporate prots improved, and a gradual economic recovery ensued.As a result, the market environment of Moritani & Co., Ltd. entered a gentle recovery trend, with the electric power transmission and transformation sector of the electric power industry showing an increase in maintenance projects and signs of recovery in other private-owned industries, the iron and steel industry beneting from increasing replacements of aging facilities to boost productivity, and the plant engineering industry experiencing increasing construction of LNG plants for Asia.Amid these circumstances the Group has conducted the following initiatives: 1. Maintain and increase transactions with existing customers and suppliers2. Promote the development of new customers as a basic management policy3. Construct a new business framework to acquire new commercial rights by utilizing invest-ments and mergers, etc. 4. Fulll the legacy and vision of becoming a “small engineering company” that works together with its customers5. Reform the prot structure of the whole GroupFiscal 2014 Business Overview & Financial Highlights of the K.K. GM INVESTMENTS Group

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