When I joined LIXIL in 2011 as President and CEO, the challenge before me was clear: how do we transform ourselves from a deeply domestic Japanese company into a truly global leader? Many companies have asked this question, but few have found the right strategic roadmap.

For the last four years, we have been working tirelessly toward the goal of building a future for LIXIL as a global company respected for bringing innovative housing and building products and services that improve people's lives, in Japan and all over the world.

This transformation was scheduled over three phases. The first phase, "Build LIXIL's Foundations", took place during 2011 and 2012. This period focused on integrating the five legacy companies of Tostem, INAX, SUNWAVE, Toyo Exterior, and Shinnikkei into a single company, improving its customer interface, and strengthening operations, including the C-30 project, (a profit improvement project aiming to increase operating profit margin at our domestic businesses by FY 2013) which took 100 Billion Yen in costs out of our business.

The second phase, "Build LIXIL's Foundations for Growth", focused on accelerating LIXIL's growth through targeted M&A of strong complementary businesses to augment the Group's current portfolio. After acquiring the China and Asia Pacific business of American Standard in 2009, the next big acquisition was in the area of building with the acquisition of Permasteelisa Group in late 2011. For two years in 2013 and 2014, LIXIL successfully acquired GROHE, JOYOU, and the remaining American Standard businesses in the US, all business entities mainly in the areas of water-related products.

The third and most exciting stage of LIXIL's transformation starts on April 1, when we become a Truly Global Company. We will accelerate our global growth and deliver on our long-term performance through a new operating model that organizes LIXIL into four technology businesses and one integrated sales organization driving an end-to-end "total solutions" approach for Japan. Let me introduce these businesses to you.

LIXIL Water Technology, led by David J Haines as CEO, is not only LIXIL's biggest business, it is also our most global. It is the world's largest sanitary ware business, present in 150 countries with a portfolio of power brands in bath rooms, faucets, shower systems, and toilets. These globally renowned brands ?LIXIL, INAX, GROHE, American Standard, JOYOU ? will enable the Water Technology business to segment the market and truly tailor products and services to meet the needs of a full range of global customers and consumers.

LIXIL Housing Technology, led by Toshimasa Iue as CEO, is a highly respected leader in Japan's housing and building products business, producing and marketing a range of products including windows, sashes, doors, interiors, exteriors/garden products, structure materials and tiles. This business brings together the legacy brands of Tostem, Shinnikkei, and TOEX. LIXIL Housing Technology will also manage small but fast-growing overseas businesses in China, Thailand, Indonesia, Vietnam, Singapore and Korea.

LIXIL Building Technology, led by Nicola Greco as CEO, manages curtain walls, building windows, and commercial interiors for projects that include the Sydney Opera House, The Shard (London), and IFC (Hong Kong). Permasteelisa Group is at the core of the LIXIL Building Technology business, which also includes Gartner and Scheldebouw. LIXIL Building Technology also includes the Shanghai Meite joint venture.

LIXIL Kitchen Technology is a leader in the kitchen systems business in Japan and operates in China through a joint venture with Haier. LIXIL Kitchen Technology builds on the strong heritage of SUNWAVE, a long-standing market leader in Japanese kitchen systems. An award-winning business with a strong brand position offering "Human Fit Technology" or ergonomic technology, this business is well known for its history of innovations. I will manage this business as acting CEO.

While the Technology businesses have their own sales and marketing organizations globally, Japan is LIXIL's largest and most complex market with a unique approach to sales and marketing. Japan has integrated sales and marketing as a shared resource, allowing LIXIL to offer Japanese customers and consumers a "Total Solutions" approach for their housing and building needs. LIXIL Japan Company is led by Haruo Shirai, CEO.

At the LIXIL Group level, there are two distinct Japanese businesses related to our products and services. LIXIL Viva Corporation, led by Katsuhiro Mamenari, CEO. This business includes a chain of consumer "DIY" stores called Viva Homes across Japan and a network of stores for professional builders. The LIXIL Housing Services Business, which includes real estate services and housing related financial services in Japan, is led by Harumi Matsumura, Executive Officer and Senior Managing Director, LIXIL Group Corporation. These businesses are an integral part of our differentiated "Total Solutions" offer to customers and consumers in Japan.

To complement the strong commercial leadership of these LIXIL businesses, we have built a best-in-class management organization, drawing on the expertise of established global practitioners and leaders in the fields of Human Resources, Finance, Legal, Public Affairs, IT, R&D and Investor Relations. Functional excellence is a key accelerator of global corporate culture.

This new organizational structure will allow us to more effectively to not only meet the needs of our customers and consumers around the world, but we also look forward to leveraging the synergies across our technologies and our businesses to drive growth across the globe.

As excited as I am about our future, I am also extremely proud of the achievements we have made to get us to this critical point in our transformation. We would not be here today without the support of our shareholders, customers, business partners, and of course, our employees. Thank you for all your support.

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