CANON INC. CANON ANNUAL REPORT 2021
Fiscal Year Ended December 31, 2021
TABLE OF CONTENTS
StrategyBusiness Segment/ Corporate StructureFinancial SectionCorporate Data
1 Financial Highlights
2 To Our Shareholders
9 Business Strategy
18 At a Glance
20 Research & Development
22 Production
24 Sales & Marketing
26 ESG
32 Financial Overview
50 Ten-Year Financial Summary
52 Consolidated Balance Sheets
53 Consolidated Statements of Income
53 Consolidated Statements of Comprehensive Income
54 Consolidated Statements of Equity
55 Consolidated Statements of Cash Flows
56 Notes to Consolidated Financial Statements
91 Schedule II Valuation and Qualifying Accounts
92 Management's Report on Internal Control Over Financial Reporting
93 Report of Independent Registered Public Accounting Firm
99 Transfer and Registrar's Office
99 Shareholder Information
99 Major Consolidated Subsidiaries
Cover Photo:
Fujita Health University Hospital -which boasts the largest number of hospital beds in Japan -currently uses Canon's computed tomography ("CT") systems equipped with the Precise IQ Engine (PIQE) so that high-definition cardiac testing can be carried out with the latest AI-driven image reconstruc-tion technology.
FINANCIAL HIGHLIGHTS
Millions of yen (except per share amounts)
2021
Net sales Operating profit
Income before income taxes
Net income attributable to Canon Inc.
Net income attributable to Canon Inc. shareholders per share:
-Basic
-Diluted
¥ 3,513,357 281,918 302,706 214,718
¥
205.35 ¥ 205.29
Total assets
Canon Inc. shareholders' equity
2020
¥ 3,160,243 110,547 130,280 83,318
79.37 79.35
¥ 4,750,888 ¥ 2,873,773
¥ 4,625,614
¥ 2,575,031
Change (%)
+11.2
+155.0 2,451,461
+132.4 2,632,226
+157.7 1,867,113
+158.7
+158.7 1.79
+11.6
Notes:
1. Canon's consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles.
Thousands of U.S. dollars (except per share amounts)
2021
$ 30,550,930
$ 1.79
+2.7
$ 41,312,070 $ 24,989,330
2. U.S. dollar amounts are translated from yen at the rate of JPY115=U.S.$1, the approximate exchange rate on the Tokyo Foreign Exchange Market as of December 30, 2021, solely for the convenience of the reader.
Net Sales (Billions of yen) | Net Income Attributable to Canon Inc. (Billions of yen) |
4,000 | 300 |
3,000 | |
200 | |
2,000 | |
100 | |
1,000 | |
0 | 0 |
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Net Income Attributable to Canon Inc.
Shareholders per Share (Yen)
300
ROE/ROA (%)
10
0
2017
2018
2019
2020
2021
2017
Basic
Diluted
ROEROA
2018
2019
2020
2021
TO OUR SHAREHOLDERS
Canon will further promote a grand strategic transformation by accelerating reform activities.
FUJIO MITARAI
Chairman & CEO
Canon Inc.
STRATEGY
BUSINESS SEGMENT/ CORPORATE STRUCTURE
Performance in 2021
Following on from 2020, the COVID-19 pandemic continued to affect many aspects of our lives in 2021. Even though the pandemic necessitated numerous restrictions, we began to see economic activity pick up again as the vaccination rollout gained traction and the world adjusted to the reality of having to coexist with the virus. However, in the second half of the term, demand grew sharply on the back of the resumption of economic activity. This resulted in disrupted distribution net-works mainly due to semiconductor and labor shortages, and it even precipitated an inflationary economy on a global scale by driving up the prices of energy resources and commodities.
In this environment, Canon launched a new five-year man-agement plan, Phase VI of the "Excellent Global Corporation Plan," to enhance competitiveness through company-wide organizational realignment and to improve group-wide pro-ductivity through extensive reinforcement of Canon's global headquarter functions under the basic policy of "accelerating our corporate portfolio transformation by improving produc-tivity and creating new businesses."
With office occupancy rates recovering, we saw signs of a re-covery in sales of office multifunction devices (MFDs), while sales of inkjet and laser printers increased thanks to the implementa-tion of remote work and home studying. Sales of commercial
FINANCIAL SECTION
CORPORATE DATA
Canon Inc. shareholders' equity ratio (%)
60
55
50
2018
2019
2020
2021
printers rose, thanks to their capacity to produce high-quality images whilst boosting productivity. Sales of full-frame mir-rorless cameras were strong partly thanks to a recovery in the digital interchangeable-lens digital camera market. Sales of network cameras were also buoyed by the resumption of invest-ments in public facilities and the like after grinding to a halt during the COVID-19 pandemic, while sales of video manage-ment systems and video content analytics software were also solid thanks to heightened demand for mainly remote monitor-ing systems. Stronger demand for medical equipment during the pandemic underpinned firm sales, primarily for CT systems and diagnostic ultrasound systems. In addition, production of semiconductor manufacturing equipment continued at maxi-mum capacity due to aggressive investment in equipment by chip makers to meet growing demand and address supply short-ages. Furthermore, sales of flat panel display (FPD) lithography equipment were strong, reflecting solid demand for televisions, laptop computers, and other devices.
As a result, consolidated net sales for this term increased by 11.2% year on year to 3,513.4 billion yen, consolidated income before income taxes increased by 132.4% year on year to 302.7 billion yen, and consolidated net income attributable to Canon Inc. increased by 157.7% year on year to 214.7 billion yen.
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Disclaimer
Canon Inc. published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 07:24:07 UTC.
