Sales grow while an exchange rate-related decrease in margin and a rise in costs lead to a loss in 2007

Dietlikon, 30.04.2008 - Canon (Switzerland) Ltd recorded a 3% year-on-year increase in sales to CHF 233.5 million in 2007. The gross margin was 44.7%. Despite the growth in sales, an exchange rate-related decrease in margin and extraordinary expenses – particularly in respect of staff costs – incurred by the implementation of a new ERP system led to a consolidated loss of CHF 3.8 million.

Strong demand for colour equipment at Canon Business Solutions (CBS), coupled with promising new products in the professional printing area, allowed this business unit to consolidate its leading market position.

The flat revenue performance at Canon Consumer Imaging (CCI) was attributable to signs of saturation in the compact digital camera and printer segments, exchange rate-related price increases and general price erosion in the market. The continued increase in demand for single-lens reflex digital cameras and growth in the consumables area had a positive impact, enabling Canon to further expand its market share in the highly competitive digital camera market.

In expectation of a stable order trend, and thanks to the remedial action taken, we anticipate a recovery in earnings and a break-even result for 2008.

 

The Annual General Meeting of Canon ( Switzerland) Ltd will take place on 24 June 2008.


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