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The global economy in the consolidated fiscal year under review fell sharply in the first half due to disrupted social conditions and sluggish economic activities caused by the COVID-19 pandemic. Subsequently, the economy showed signs of recovery but remained weak overall due mainly to a resurgence in infections toward the end of the year.
Looking at the economy by region, the Chinese economy showed positive growth for the full year, with a year-on-year increase of 6.5% in real GDP for the October to December period as a result of the early containment of COVID-19.
In other regions, the economies recovered from the sharp decline in the first half as economic activities gradually resumed in the second half. However, as mentioned above, the economies have not yet fully recovered primarily due to the effects of the year-end resurgence in COVID-19 infections, and the situation remains uncertain.

The digital camera market, in which the Group participates, was greatly impacted by travel and outing restrictions worldwide, as well as cancelled or postponed events. As a result, the numbers of both interchangeable lens cameras and interchangeable lenses were down approximately 40% from the previous fiscal year. The number of compact digital cameras decreased by about 50% year on year on a unit basis, which was a significant drop.
Regarding the average exchange rate of the yen, it appreciated by about 2 yen against the U.S. dollar, while it remained unchanged against the euro from the previous fiscal year. As a result, the yen slightly appreciated overall.

Under these circumstances, the Group's financial results for the fiscal year under review were 48,375 million yen in net sales, down 23.6% year on year, reflecting the impact of the significantly shrinking digital camera market due to the COVID-19 pandemic. As a result of our efforts to reduce selling, general and administrative expenses, these expenses decreased by 14% year on year. However, the reduction was insufficient to complement the effects of a gross profit decline due to decreased sales and shutdowns of some domestic production bases because of a sharp decline in demand. Consequently, operating income was 3,575 million yen (down 48.8% year on year) and ordinary income was 3,750 million yen (down 49.3% year on year). Profit attributable to owners of parent was 1,958 million yen (down 63.3% year on year) due to an extraordinary loss of 864 million yen following the solicitation of voluntary retirement at domestic production bases and the impairment of some non-current assets.

For details, please refer to Financial Report.