Canon (Switzerland) Ltd - Consolidated semi-annual financial statements 2007

Canon (Switzerland) Ltd saw its turnover grow in the first half of the year, but posted a negative result due to rising costs in connection with the changeover to the new ERP system.

The Canon Business Solutions (CBS) business unit recorded an increase in turnover on the back of higher demand and new models in the colour segment. The demand for integrated, cost-efficient print solutions and the trend towards greater use of colour in office applications led to a marked rise in incoming orders. Many of the projects launched in the previous year were delivered in the half-year under review, generating not only additional turnover but first and foremost an increase in print volumes. Turnover for the CBS business unit rose by 3 % overall as a result, enabling it to further improve its market position and extend its lead in the high-growth colour segment.

Successful products and constant demand in the photo segment led to an increase in sales of high-end devices in the Canon Consumer Imaging (CCI) business unit. Coupled with the significant growth in consumables sales, this generated a further rise in sales and turnover.

Overall turnover for Canon (Switzerland) Ltd increased by 2 % in the first six months of the year, while the gross margin rose slightly to 48.3 %. Despite the currency-related rise in costs, the positive valuation effect on leasing receivables brought about an improvement in the margin.

The changeover to a new ERP system in April 2007 generated extraordinary costs in the first half of the year, cancelling out the improved operating performance and triggering a noticeable increase in personnel costs and other expenditure during this period.

This ultimately led to a decline in the operating result in the half-year under review that was only partially offset by the slightly improved financial result, meaning that a loss of CHF 0.5 million was reported for the first six months of 2007.

The successful refocusing on higher-margin business within the colour and solutions segments as part of Canon (Switzerland) Ltd’s sales strategy, coupled with ongoing strong demand, ensured a high level of incoming orders.

With further turnover growth anticipated for both business units in the second half of the year, the company is likely to compensate the loss posted in the first half of 2007 and record a positive result for the year as a whole.

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