Last year was a year filled with challenges, which included catastrophic natural disasters. In January and February, although the Company had been performing well, the Great East Japan Earthquake struck on March 11th, followed by economic troubles in Europe in May due to Greece's financial crisis. Additionally, the yen appreciated rapidly amid economic stagnation in Europe and the United States while Thailand suffered massive flooding in October.
Despite this situation, Canon demonstrated its ability to effectively respond to dramatic changes in the business environment, achieving early recoveries from damage caused by the earthquake and floods through the quick and decisive actions of each and every employee.
Additionally, through comprehensive cash flow management, Canon was able to maintain a healthy financial condition, allowing the Company to pursue reconstruction efforts following the natural disasters without financial constraints.
Furthermore, amid this severe business environment, Canon was able to reduce its cost of sales ratio through such efforts as launching over 100 new products and developing production technologies, including cell production and automated production systems.
