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CANON ANNUAL REPORT 2015
Fiscal Year Ended December 31, 2015

Table of contents

  • Page 1
    CANON ANNUAL REPORT 2015 F i s c a l Ye a r E n d e d D e c e m b e r 3 1 , 2 0 1 5

  • Page 2
    ... 14 Office Business Unit 16 Imaging System Business Unit 18 Industry and Others Business Unit Corporate Structure 20 Corporate Governance 24 Research & Development 26 Production 28 Sales & Marketing 30 Corporate Social Responsibility Financial Section 34 Financial Overview 48 Ten-Year Financial...

  • Page 3
    ...exchange rate on the Tokyo Foreign Exchange Market as of December 30, 2015, solely for the convenience of the reader. Net Sales (Billions of yen) 4,000 300 Net Income Attributable to Canon Inc. (Billions of yen) 3,000 200 2,000 100 1,000 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014...

  • Page 4
    TO OUR SHAREHOLDERS 2 CANON ANNUAL REPORT 2015

  • Page 5
    ... Excellent Global Corporation Plan. Canon Group Axis, the global leader in network cameras. Performance in 2015 Looking at sales of our main products, digital cameras and inkjet printers continued to face harsh market conditions, mainly in China and emerging Asian countries, Despite expectations...

  • Page 6
    ... owned subsidiary in 2013, thus opening the door to a new world of commercial and package printing through high-speed printing systems. The second was our entry into the network camera system The Excellent Global Corporation Plan Phase I 1996-2000 Strengthened our financial structure by thoroughly...

  • Page 7
    ...Gross Profit of Sales (%) 52 50.9 50 48 46 2011 2012 2013 2014 2015 The Cinema EOS System combines a compact, lightweight body with easy-to-use functions and an attractive low price is widely used in motion picture production. CEO Fujio Mitarai with the Board of Directors at Axis CANON ANNUAL...

  • Page 8
    ... This shift offers the advantage of integrating design, R&D and manufacturing functions, allowing us to put together a competitive cost structure from the design stage, in addition to facilitating cost reductions Key Strategies 1 Establish a new production system to achieve a cost-to-sales ratio of...

  • Page 9
    through the use of common parts and in-house production. Leveraging these advantages, we will position our production bases in Japan as "mother factories" that mainly manufacture high-end models and further adopt automation and other advanced production engineering technologies. In addition to ...

  • Page 10
    ... Headquarters management system, which spans New Canon ecommerce sites in Europe allow customers to purchase products and access services direct from Canon online. Research on ultra-miniature endoscopes at Healthcare Optics Research Lab. (Massachusetts, United States) 8 CANON ANNUAL REPORT 2015

  • Page 11
    ... Plan with firm resolve, undaunted by the speed or power of any waves of change we may face, in order to realize new growth for Canon as a global corporate group. We look forward to your continued understanding and support. Fujio Mitarai Chairman & CEO Canon Inc. CANON ANNUAL REPORT 2015...

  • Page 12
    ... competitiveness after market entry, along with M&A activities. The drivers of Canon's growth strategy are the commercial printing business, which has stepped up cooperation with Océ, and the network camera business, where Milestone and Axis have joined the Group. 10 CANON ANNUAL REPORT 2015

  • Page 13
    ... cultivate new businesses where Canon's technologies can be used to full advantage. Offset printing has traditionally dominated the commercial printing market for publications such as books, newspapers, catalogues, and posters. However, digital printing, with its advantages in terms of lead time and...

  • Page 14
    ... Systems • Vacuum Thin-Film Deposition Equipment • Organic LED (OLED) Panel Manufacturing Equipment • Die Bonders • Micromotors • Network Cameras • Handy Terminals Flat Panel Display (FPD) Lithography Equipment Network Cameras • Document Scanners 12 CANON ANNUAL REPORT 2015

  • Page 15
    ... pictures at high speeds. 1,000 33.3% 500 0 2011 2012 2013 2014 2015 Applying optical technologies and image-processing technologies amassed over many years, Canon provides high-value-added products to a wide range of industries. The Company is already prominent globally as a manufacturer...

  • Page 16
    ... types of system application software, offering an optimal usage environment for all sorts of document-related tasks. Net Sales (Billions of yen) 2,500 2,000 1,500 1,000 500 0 2011 2012 2013 2014 2015 Digital production printing system imagePRESS C800/C700 14 CANON ANNUAL REPORT 2015

  • Page 17
    ... the high-end market, the Océ VarioPrint 6000 series performed steadily, particularly in Europe, and sales of the Océ VarioPrint i300, Océ's first high-speed, sheet-fed color inkjet press, got off to a favorable start. Overall sales for digital production printing systems surpassed 2014 results...

  • Page 18
    ... picture production industry and has a strong presence. Through high resolution and an expressive color gamut, Canon is developing 8K cameras and lenses that can create images so vivid they seem to come alive on screen. Net Sales (Billions of yen) 1,500 1,000 500 0 2011 2012 2013 2014 2015...

  • Page 19
    ... sales declined as the market continued to contract amid the growing proliferation of smartphones. However, Canon raised its sales ratio for high-end products such as the PowerShot G5 X. The Cinema EOS System of digital cinema cameras, which are aimed at the motion picture production industry, sold...

  • Page 20
    ... the aim of a commercial launch soon, Canon seeks to solidify its position in the field of semiconductor lithography equipment. Net Sales (Billions of yen) 600 500 400 300 200 100 0 2011 2012 2013 2014 2015 Semiconductor lithography equipment FPA-5550iZ 18 CANON ANNUAL REPORT 2015

  • Page 21
    ...technology, Axis's network technology, and Milestone's video management software, we aim at further business expansion by providing the most advanced network video solutions. Network cameras VB-R11, VB-M741LE, and VB-M641VE Organic LED (OLED) panel manufacturing equipment CANON ANNUAL REPORT 2015...

  • Page 22
    ... for the Company. Representative Directors, Directors, and Board of Directors The Board of Directors makes decisions on matters prescribed in the Companies Act, including a policy for establishing systems necessary to ensure the properness of operations (a basic 20 CANON ANNUAL REPORT 2015

  • Page 23
    ... CEO of Japan Securities Depository Center, Incorporated Toshizo Tanaka Group Executive of Human Resources Management & Organization Headquarters Note: Although this annual report is for FY2015, the above list of Directors and Audit & Supervisory Board members is as of April 1, 2016. CANON ANNUAL...

  • Page 24
    ...Audit Report Corporate Audit Center Internal Audit Report Executive Officers and each General Manager Execution of the operations of the company which formulates policy and action proposals for improvement of the risk management system in the Canon Group under decisions of the Board of Directors...

  • Page 25
    STRATEGY BUSINESS SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA asset statuses of the Company and its subsidiaries. In these ways, the Audit & Supervisory Board meticulously checks directors' and others' execution of the company operations, including establishment and operation ...

  • Page 26
    ..., Canon pursues molecular structures that improve dye ink durability (light stability) via original designs. Seeking to create a new Canon, the Company is reinforcing an R&D structure spanning Japan, the United States, and Europe under the Three Regional Headquarters management system. 2015 Top...

  • Page 27
    ...the world and the top ranked Japanese company for an eleventh consecutive year. A wide-view picture (left-hand side) taken with a 250-megapixel CMOS-sensor-equipped camera; a digitally magnified close-up of a guide sign near an overpass in the high-resolution picture. CANON ANNUAL REPORT 2015 25

  • Page 28
    ... In-House Production • Cost Reduction • Product Differentiation • Technology Protection • Production Flexibility • Lead Time Reduction • Quality Improvement Automation • Production Efficiency Improvement • Localized Production Internal Production 26 CANON ANNUAL REPORT 2015

  • Page 29
    ... make its Japanese production sites "mother plants" that produce mainly high-end models, harnessing the full-suite of strengths in Japan from R&D and procurement operations to production engineering technologies and manufacturing facilities. As we are bringing production back to Japan, the ratio of...

  • Page 30
    ...stadium backdrop for Canon EXPO 2015 New York.) Canon reinforces its sales and marketing capabilities by providing innovative products and advanced solutions tailored to meet the characteristics of each region. Composition of Sales by Region Asia and Oceania 22.8% ¥867.2 billion The Americas 30...

  • Page 31
    ... training center and worked to train and develop sales personnel in the production printing systems business. Furthermore, we hold a unique photo contest called the Canon PhotoMarathon every year in the region, with the aim of promoting the culture of photography and increasing the number of camera...

  • Page 32
    ...promoting CSR activities with the aim of becoming a truly excellent corporation that is admired and respected the world over. Closed-loop Recycling Used toner cartridges Collection of used toner cartridges Thermal recycling (reused as heat source) Use of toner cartridges Recycled at Canon Closed...

  • Page 33
    ... plastic volumes and a higher degree of purity in recycled plastics. A high-resolution reproduction of the "Dragon and Clouds" (Unryu Zu) painting has been donated to Japan's Tenryuji Temple; the original is housed in the collection at the Museum of Fine Arts, Boston. CANON ANNUAL REPORT 2015 31

  • Page 34
    ... at the end of May every year regarding the Company's status on this issue with the U.S. Securities and Exchange Commission. The Company plans to undergo independent private sector audits of the report beginning in 2016. This report is also made available on Canon's website. In 2015 Canon joined the...

  • Page 35
    ... Statements of Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Schedule II Valuation and Qualifying Accounts Management's Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm 86 CANON ANNUAL REPORT 2015...

  • Page 36
    ..., demand for digital compact cameras also declined amid the shrinking market. Additionally, demand for inkjet printers decreased in emerging countries, mainly in Asia, due to the depreciations of emerging country currencies and the slowdown in China. In the industrial 34 CANON ANNUAL REPORT 2015

  • Page 37
    ... stable financial base and, accordingly, a high level of its shareholders' equity to total assets ratio. 2014 2013 2012 2011 Net sales (Millions of yen) Gross profit to net sales ratio R&D expense to net sales ratio Operating profit to net sales ratio Inventory turnover measured in days Debt to...

  • Page 38
    ... risk of loss have been transferred to the customer or services have been rendered, the sales price is fixed or determinable, and collectibility is probable. Revenue from sales of office products, such as office MFDs and laser printers, and imaging system products, such as digital cameras and inkjet...

  • Page 39
    ...-average expected longterm rate of return on plan assets of 3.1% for Japanese plans and 5.6% for foreign plans. In estimating the discount rate, Canon uses available information about rates of return on high-quality fixed-income government and corporate bonds currently available and expected to...

  • Page 40
    ...384 million from 2014. The gross profit ratio also increased by 1.0 points year on year to 50.9%. The increase in the gross profit ratio reflects ongoing cost-cutting activities and highly profitable new products. Return on Sales (%) 9 6 3 0 2011 2012 2013 2014 2015 38 CANON ANNUAL REPORT 2015

  • Page 41
    ... (Billions of yen) 4,000 4,000 3,000 3,000 2,000 1,000 0 2011 2012 2013 2014 2015 Office Business Unit Imaging System Business Unit Industry and Others Business Unit Eliminations 2,000 Japan Americas Europe Asia and Oceania 2011 2012 2013 2014 2015 1,000 0 CANON ANNUAL REPORT 2015 39

  • Page 42
    ...been working to expand sales through the Company's broad product lineup, ranging from home-use printers to MAXIFY-series business models, total sales volume declined due to the significant impact of shrinking markets, mainly in Asia. In contrast, sales of consumable supplies enjoyed solid demand. As...

  • Page 43
    ... 17, 2016, the Board of Directors of the Company approved an acquisition of Toshiba Medical Systems Corporation ("TMSC") from Toshiba Corporation ("Toshiba") to make TMSC a subsidiary, and concurrently it has entered into a share transfer agreement with Toshiba. The Company CANON ANNUAL REPORT 2015...

  • Page 44
    ... benefit pension plans were ¥19,565 million in 2015, ¥22,146 Increase in Property, Plant and Equipment (Billions of yen) 300 3.0 2.5 Working Capital Ratio 12 Return on Canon Inc. Shareholders' Equity (%) 9 200 2.0 1.5 100 1.0 3 0.5 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 0 2011...

  • Page 45
    ... primarily dependent on management's business plans regarding the levels and timing of purchases of fixed assets and investments. The working capital ratio (ratio of current assets to current liabilities) for 2015 was 2.52 compared to 2.60 for 2014 and to 2.69 for 2013. Return on assets (net income...

  • Page 46
    ... market and industry. Canon obtained the third greatest number of private sector patents in 2015, according to the United States patent annual list, released by IFI CLAIMS® Patent Services. R&D Expenses (Billions of yen) 400 300 200 100 0 2011 2012 2013 2014 2015 44 CANON ANNUAL REPORT 2015

  • Page 47
    ... rates and prices of marketable securities and investments. In order to hedge the risks of changes in foreign currency exchange rates, Canon uses derivative financial instruments. Equity price risk Canon holds marketable securities included in current assets, which consist generally of highly...

  • Page 48
    ...to major changes in industry structure. Advancements in digital technology have made it easier for startup companies to enter markets, thus fueling increased market competition. In the businesses in which Canon is involved, although demand for color office MFDs and production printers is expected to...

  • Page 49
    ... basis, are competitively priced, and achieve market acceptance; the possibility of losses resulting from foreign currency transactions designed to reduce financial risks from changes in foreign currency exchange rates; and inventory risk due to shifts in market demand. CANON ANNUAL REPORT 2015 47

  • Page 50
    ...) 2015 2014 2013 2012 Net sales: Domestic Overseas Total Percentage of previous year Net income attributable to Canon Inc. Percentage of sales Advertising Research and development expenses Depreciation of property, plant and equipment Increase in property, plant and equipment Long-term debt...

  • Page 51
    ... rate on the Tokyo Foreign Exchange Market as of December 30, 2015. 2. The Company made a three-for-two stock split on July 1, 2006. The average number of common shares and the per share data for the periods prior to the stock split have been adjusted to reflect the stock split. CANON ANNUAL REPORT...

  • Page 52
    CONSOLIDATED BALANCE SHEETS Canon Inc. and Subsidiaries December 31, 2015 and 2014 Millions of yen ASSETS Current assets: Cash and cash equivalents (Note 1) Short-term investments (Note 2) Trade receivables, net (Note 3) Inventories (Note 4) Prepaid expenses and other current assets (Notes 6, 12 ...

  • Page 53
    ... STATEMENTS OF INCOME Canon Inc. and Subsidiaries Years ended December 31, 2015, 2014 and 2013 Millions of yen 2015 2014 2013 Net sales Cost of sales (Notes 5, 8, 11 and 18) Gross profit Operating expenses (Notes 1, 5, 8, 11, 15 and 18): Selling, general and administrative expenses Research...

  • Page 54
    ... ended December 31, 2015, 2014 and 2013 Millions of yen Additional paid-in capital Accumulated other comprehensive income (loss) Total Canon Inc. shareholders' Noncontrolling equity interests Common stock Legal reserve Retained earnings Treasury stock Total equity Balance at December 31, 2012...

  • Page 55
    ... available-for-sale securities (Increase) decrease in time deposits, net Acquisitions of businesses, net of cash acquired (Note 7) Purchases of other investments Other, net Net cash used in investing activities Cash flows from financing activities: Proceeds from issuance of long-term debt Repayments...

  • Page 56
    ... LED ("OLED") panel manufacturing equipment, die bonders, micromotors, network cameras, handy terminals and document scanners. Canon's consolidated net sales for the years ended December 31, 2015, 2014 and 2013 were distributed as follows: the Office Business Unit 55.5%, 55.8% and 53.6%, the Imaging...

  • Page 57
    ... STRUCTURE FINANCIAL SECTION CORPORATE DATA (g) Investments Investments consist primarily of time deposits with original maturities of more than three months, debt and marketable equity securities, investments in affiliated companies and nonmarketable equity securities. Canon reports investments...

  • Page 58
    ... risk of loss have been transferred to the customer or services have been rendered, the sales price is fixed or determinable, and collectibility is probable. Revenue from sales of office products, such as office MFDs and laser printers, and imaging system products, such as digital cameras and inkjet...

  • Page 59
    ... SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA impact of price protection obligations when announced. Estimated product warranty costs are recorded at the time revenue is recognized and are included in selling, general and administrative expenses in the consolidated statements of...

  • Page 60
    ... million for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, substantially all of the available-for-sale securities with unrealized losses had been in a continuous unrealized loss position for less than twelve months. Time deposits with original maturities of...

  • Page 61
    ...SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA investments in the accompanying consolidated balance sheets. Aggregate cost of non-marketable equity securities accounted for under the cost method totaled ¥2,570 million and ¥1,164 million at December 31, 2015 and 2014, respectively...

  • Page 62
    ... in the allowance for credit losses is as follows: Years ended December 31 Millions of yen 2015 2014 Balance at beginning of year Charge-offs Provision Translation adjustments and other Balance at end of year Canon has policies in place to ensure that its products are sold to customers with an...

  • Page 63
    STRATEGY BUSINESS SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA 7. ACQUISITIONS On April 15, 2015, the Company acquired 76.1% of the issued shares of Axis AB ("Axis"), a Sweden-based company listed on Nasdaq Stockholm, a global leader in the network video solution industry, ...

  • Page 64
    ...segment for the years ended December 31, 2015 and 2014 were as follows: Years ended December 31 Millions of yen Office Imaging System Industry and Others Total 2015: Balance at beginning of year Goodwill acquired during the year Translation adjustments and other Balance at end of year ¥145,335 10...

  • Page 65
    ... the industry in which these subsidiaries operate. As a result, the Company recorded a gain on curtailments and settlements of ¥9,370 million in selling, general and administrative expenses in the consolidated statement of income for the year ended December 31, 2014. CANON ANNUAL REPORT 2015 63

  • Page 66
    ... and ending balances of the projected benefit obligations and the fair value of the plan assets are as follows: December 31 Japanese plans Millions of yen Foreign plans Millions of yen 2015 2014 2015 2014 Change in benefit obligations: Projected benefit obligations at beginning of year Service...

  • Page 67
    ...years ended December 31, 2015, 2014 and 2013 consisted of the following components: Years ended December 31 Japanese plans Millions of yen Foreign plans Millions of yen 2015 2014 2013 2015 2014 2013 Service cost Interest cost Expected return on plan assets Amortization of prior service credit...

  • Page 68
    ...are as follows: Years ended December 31 Japanese plans Foreign plans 2015 2014 2013 2015 2014 2013 Discount rate Assumed rate of increase in future compensation levels Expected long-term rate of return on plan assets Canon determines the expected long-term rate of return based on the expected...

  • Page 69
    ...SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA The three levels of input used to measure fair value are more fully described in Note 20. The fair values of Canon's pension plan assets at December 31, 2015 and 2014, by asset category, are as follows: December 31, 2015 Japanese plans...

  • Page 70
    ... are valued using unadjusted quoted market prices in active markets with sufficient volume and frequency of transactions. Level 2 assets are comprised principally of pooled funds that invest in equity and debt securities, corporate bonds and investments in life insurance company general accounts...

  • Page 71
    STRATEGY BUSINESS SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA Years ended December 31 Japanese Millions of yen Foreign Total 2014: Income before income taxes Income taxes: Current Deferred ¥ 277,041 ¥ 83,221 6,796 ¥ 90,017 ¥ 251,351 ¥ 75,134 4,005 ¥ 79,139 ¥106,198 ...

  • Page 72
    ...: December 31 Millions of yen 2015 2014 Deferred tax assets: Inventories Accrued business tax Accrued pension and severance cost Research and development-costs capitalized for tax purposes Property, plant and equipment Accrued expenses Net operating losses carried forward Other Less valuation...

  • Page 73
    ... SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years ended December 31 Millions of yen 2015 2014 2013 Balance at beginning of year Additions for tax positions of the current year...

  • Page 74
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 14. OTHER COMPREHENSIVE INCOME (LOSS) Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 are as follows: Foreign currency translation adjustments Unrealized gains and losses on securities Gains and...

  • Page 75
    STRATEGY BUSINESS SEGMENT CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA Tax effects allocated to each component of other comprehensive income (loss) and reclassification adjustments, including amounts attributable to noncontrolling interests, are as follows: Years ended December 31 ...

  • Page 76
    ... CONSOLIDATED FINANCIAL STATEMENTS 15. STOCK-BASED COMPENSATION On May 1, 2011, based on the approval of the shareholders, the Company granted stock options to its directors, executive officers and certain employees to acquire 912,000 shares of common stock. These option awards vest after two years...

  • Page 77
    ... currency exchange rates. Canon uses foreign exchange contracts to manage certain foreign currency exchange exposures principally from the exchange of U.S. dollars and euros into Japanese yen. These contracts are primarily used to hedge the foreign currency exposure CANON ANNUAL REPORT 2015 75

  • Page 78
    ...as hedging instruments December 31 Fair value Millions of yen Balance sheet location 2015 2014 Assets: Foreign exchange contracts Liabilities: Foreign exchange contracts Prepaid expenses and other current assets ¥1,112 ¥ 257 Other current liabilities 90 9,570 76 CANON ANNUAL REPORT 2015

  • Page 79
    ... CORPORATE STRUCTURE FINANCIAL SECTION CORPORATE DATA Effect of derivative instruments in the consolidated statements of income The following tables present the effect of Canon's derivative instruments in the consolidated statements of income for the years ended December 31, 2015, 2014 and 2013...

  • Page 80
    ... which it generally guarantees the performance of products delivered and services rendered for a certain period or term. Changes in accrued product warranty costs for the years ended December 31, 2015 and 2014 are summarized as follows: Years ended December 31 Millions of yen 2015 2014 Balance at...

  • Page 81
    ... to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure...

  • Page 82
    ... included in each segment are as follows: Office Business Unit: Office multifunction devices (MFDs) / Laser multifunction printers / Laser printers / Digital production printing systems / High speed continuous feed printers / Wide-format printers / Document solutions 80 CANON ANNUAL REPORT 2015

  • Page 83
    ...and for the years ended December 31, 2015, 2014 and 2013 is as follows: Millions of yen Office Imaging System Industry and Others Corporate and eliminations Consolidated 2015: Net sales: External customers Intersegment Total Operating cost and expenses Operating profit Total assets Depreciation and...

  • Page 84
    ... assets, goodwill and corporate properties. Capital expenditures represent the additions to property, plant and equipment and intangible assets measured on an accrual basis. Information about product sales to external customers by business unit for the years ended December 31, 2015, 2014 and 2013...

  • Page 85
    ...Company and its subsidiaries as of and for the years ended December 31, 2015, 2014 and 2013. In addition to the disclosure requirements under U.S. GAAP, Canon discloses this information in order to provide financial statements users with useful information. Millions of yen Japan Americas Europe Asia...

  • Page 86
    ...share leader in Japan and has been steadily increasing its global market share. Through the agreement, TMSC, with its world-class technological capabilities and global platform, will be welcomed into the Canon Group. By maximizing the combination of both companies' management resources, the Company...

  • Page 87
    ... and principal financial officers and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted...

  • Page 88
    ... REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Shareholders of Canon Inc. We have audited the accompanying consolidated balance sheets of Canon Inc. and subsidiaries as of December 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, equity, and...

  • Page 89
    ... balance sheets of Canon Inc. and subsidiaries as of December 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2015, and our report dated March 30, 2016 expressed...

  • Page 90
    ...58, New York, N.Y. 10005-1401, U.S.A. Ordinary General Meeting of Shareholders: March 30, 2016, in Tokyo Further Information: For publications or information, please contact the Public Affairs Headquarters, Canon Inc., Tokyo, or access Canon's Website at www.canon.com 88 CANON ANNUAL REPORT 2015

  • Page 91
    ... Inc. Canon Opto (Malaysia) Sdn. Bhd. Marketing & Other Canon Marketing Japan Inc. Canon System and Support Inc. Canon Software Inc. Canon IT Solutions Inc. Canon U.S.A., Inc. Canon Canada Inc. Canon Solutions America, Inc. Canon Financial Services, Inc. Canon Europa N.V. Canon Europe Ltd. Canon Ru...

  • Page 92
    CANON INC. 30-2, Shimomaruko 3-chome, Ohta-ku, Tokyo 146-8501, Japan ©Canon Inc. 2016 PUB.BEP025-02 0916