In fiscal 2020, Advantest posted record orders, sales, and net income. We also significantly exceeded the targets set under our first mid-term management plan, which covered the three years from fiscal 2018, across all four performance metrics. Thanks to our broad product portfolio, our strong base of customers who lead the world in innovation, and our global network and teamwork that provide high-quality support to customers around the world, we have increased our market share and grown sales faster than the semiconductor tester market itself has grown. In addition, two M&A projects carried out in the past three years have opened the door to the system-level test market, which has greatly contributed to the company's business expansion.
Semiconductors are now essential for solving everyday issues in life and society, and demand for them will continue to grow. Amidst a dramatic increase in data transmission volumes, semiconductor test is becoming increasingly important as semiconductors evolve towards higher functionality and complexity to achieve higher performance and reliability and lower power consumption.
Targeting annual net sales of ¥400 billion—the final goal of our "Grand Design" mid/long-term management policy—Advantest will seek to grow along two axes under our second mid-term management plan, announced in May 2021: 1) expanding existing businesses, and 2) cultivating new businesses that leverage our strengths.
On the other hand, risks such as infectious diseases, natural disasters, and trade friction between the United States and China cannot be ignored, and global awareness of issues related to the SDGs, such as climate change and human rights, is also increasing greatly. We will therefore focus on further enhancement of our ESG initiatives by building a management and execution system that can flexibly respond to and profit from changes in our environment, and governance that supports such a system, as well as the recruitment and formation of human resources who generate innovation, and the reduction of CO2 emissions throughout our supply chain.
For Advantest to "level up" to a new growth phase, our business and our company itself must become more necessary for the betterment of people's lives and the advancement of society. I believe that focusing not only on our own interests, but also on stakeholders throughout the world, including the global environment, and contributing to humanity’s sustainable future through our business, is the path to achievement of our Grand Design goals and corporate value improvement.
Thank you for your continued support.