Canon (Switzerland) Ltd - Consolidated semi-annual financial statements 2008

Dietlikon, September 29, 2008 - In a market characterised by intense competition, Canon (Switzerland) Ltd recorded a 2 % increase in net revenue for the first six months of 2008 and kept earnings at the prior-year level.

The tense business environment, along with consolidation and stronger competition in the printing and copying segment, led to falling prices and less favourable conditions for the Canon Business Solutions (CBS) business unit, affecting turnover despite substantial increase in sales. This trend was offset by robust growth in invoiced print volumes from service contracts.

Canon Consumer Imaging (CCI) maintained and in some cases even slightly expanded its market share in all relevant product segments. However, the trend towards saturation in the digital camera segment, coupled with the increasing shift towards more aggressively priced sales channels, caused a decline in turnover for the CCI business unit.

While advertising and distribution costs rose as a result of the further intensified sales efforts, savings were achieved in other operating cost areas. The operating result remained negative, but improved slightly compared with the prior-year figure.

In spite of income from non-operating activities lower than the prior-year level, the consolidated annual result after tax recovered somewhat but remained below expectations with a small loss of CHF 36 000.

The company expects turnover to improve slightly in the second half of the year due to the initiatives and new products launched, and hopes that the accompanying cost reductions will enable it to achieve an even operating result. Given that market conditions remain difficult, however, there is still a risk of a further deterioration of earnings.

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