Latest Business Results

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Looking at the global economy in the fiscal year ended December 31, 2021, vaccination progressed in many countries around the world and economic activity gradually began to recover, while the situation still remained uncertain due to factors such as the resurgence of COVID-19 infection and the worsening impact of the global shortage of semiconductors. The U.S. economy saw sluggish growth in service consumption and personal consumption; however, it was on track toward a recovery as personal consumption continued its improving trend against the backdrop of a declining unemployment rate and the continued strength of capital investment. In spite of price increases due to rising resource prices, supply chain disruptions and other factors, the European economy has been recovering, and there is the potential for it to return to the levels before COVID-19 pandemic. The Chinese economy experienced strong growth in the first half of the year as it recovered from the COVID-19 pandemic before the rest of the world, while the growth rate slowed in the second half of the year due to semiconductor shortages, restrictions on the use of electricity, and deteriorating real estate market conditions. The Japanese economy saw signs of recovery in exports and capital investment; however, personal consumption remained sluggish and the economic recovery remained weak due in part to the repeated declaration of states of emergency and quasi-states of emergency.

In the digital camera market, in which the Group participates, sales of mirrorless cameras increased 6% in volume and 31% in value year on year, partly due to a reactionary increase in response to a significant decline in demand caused by the COVID-19 pandemic in the previous fiscal year. Sales of SLR cameras also decreased by 6% both in volume and in value year on year, but the rate of decrease was smaller than in the previous fiscal year when sales were halved. As a result, total sales of interchangeable lens cameras increased 1% in volume and 21% in value year on year. With the improvement in the interchangeable lens camera market, the interchangeable lens market also showed positive growth, with a 6% increase in volume and a 35% increase in value year on year.

In terms of average exchange rates, the Japanese yen weakened against the U.S. dollar by about 3 yen and the euro by about 8 yen.

Under these circumstances, the Group's business results for the fiscal year ended December 31, 2021 achieved an increase in revenues in all the segments due to the recovery of the market and the effects of new product launches, and net sales were 57,539 million yen, a significant 18.9% year-on-year increase. In addition, operating income and ordinary income nearly doubled to 7,408 million yen (up 107.2% year on year) and 7,531 million yen (up 100.8% year on year), respectively, due to the substantial increase in gross profit resulting from the substantial increase in revenue and the improvement in gross profit margin to a record high of 40%. These incomes also exceeded those in the fiscal year ended December 31, 2019, before the COVID-19 pandemic. Net Income attributable to owners of parent increased significantly to 5,173 million yen (up 164.2% year on year).

For details, please refer to Financial Report.