ANNUAL REPORT 2021 Contents
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ANNUAL REPORT 2021 Contents 1. Financial Highlights...................................................... P.1 12. Addressing Societal Challenges Using Our Products ... P.21 2. To Our Shareholders ..................................................... P.2 13. Human Resources Development .................................. P.23 3. New Product Highlights ............................................... P.4 14. Providing Responsible Products .................................. P.25 4. Independent Auditor's Report ....................................... P.6 15. Compliance .................................................................. P.26 5. Consolidated Balance Sheet ......................................... P.8 16. Environmental Policy ................................................... P.27 6. Consolidated Statement of Income ............................... P.9 17. Environmental Numerical Data .................................... P.28 7. Consolidated Statement of Comprehensive Income .... P.10 18. Reducing Our Environmental Impact Through Our Products .. P.29 8. Consolidated Statement of Changes in Equity .............. P.11 19. Reducing Our Environmental Impact Through Business Activities .. P.31 9. Consolidated Statement of Cash Flows ........................ P.12 20. Governance .................................................................. P.32 10. Notes to Consolidated Financial Statements ................ P.13 21. Risk Factors .................................................................. P.33 11. Board of Directors......................................................... P.20 22. Creating a Fulfilling Workplace.................................... P.35 Audit & Supervisory Board .......................................... P.20 23. World Network ............................................................. P.36 Corporate Data ............................................................. P.20 Directory ...................................................................... P.20 CORPORATE PROFILE KEYENCE CORPORATION has steadily grown since 1974 to become a leading company in factory automation. It accomplished this by delivering the quality sensors that automation needs. Today, KEYENCE serves 300,000 customers in some 110 countries around the world, where its name stands for innovation and excellence. Sensors, found in millions of applications, provide the positioning information essential for factory automation. There could be no automation of assembly lines without sensors. KEYENCE has consistently aided the automation revolution by developing superior sensor solutions. 1.Financial Highlights / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 KEYENCE CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS YEAR ENDED MARCH 20, 2021 Millions of Yen Thousands of U.S. Dollars*1 2021 2020 2021 Net Sales ¥538,134 ¥551,843 $4,937,013 Operating Income 276,758 277,631 2,539,069 Net Income 197,289 198,124 1,809,995 Amounts per Common Share*2 (in Yen and U.S. Dollars) Net Income 813.47 816.91 7.46 Cash Dividends Applicable to the Year 200.00 150.00 1.83 Total Assets 2,009,874 1,836,018 18,439,215 *1. All dollar figures herein refer to U.S. dollars. Dollar amounts are translated from Japanese yen, for convenience only, at ¥109= US$1, the approximate exchange rate on March 20, 2021. *2. The Company implemented a stock split of 2 shares for each share of common stock outstanding on November 21, 2019. The computations of net income per common share and cash dividends per common share are based on the weighted-average number of common shares outstanding, retroactively adjusted to give effect to the stock split. Millions of Yen 600,000 580,000 560,000 540,000 520,000 500,000 480,000 460,000 440,000 420,000 400,000 380,000 360,000 340,000 320,000 300,000 280,000 260,000 240,000 220,000 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 Net Sales Operating Income Net Income 1 1 / 2.To Our Shareholders / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 TO OUR SHAREHOLDERS Business results Although the global economy remained in a dire situation during this consolidated fiscal year due to the novel coronavirus, there were some signs of increasing consumption and production in the United States. As economic recovery continued in some Asian regions, the re-emergence of infections in Europe has curbed economic activity and weakened consumption. Despite signs of weakening personal consumption in Japan, production and capital investment also showed signs of improvement. Under these economic conditions, the KEYENCE Group worked to enhance planning and development and strengthen sales capabilities to sustain mid-to-long term growth. We have also developed new products including a 3D Surface Profiler and a Telecentric Measurement System. In sales, we have made efforts to expand our overseas sales offices. As a result of these activities, in this consolidated fiscal year we recorded sales of JPY 538,134 million, operating income of JPY 276,758 million, income before taxes of JPY 286,594 million, and net income of JPY 197,289 million. 2 1 / 2.To Our Shareholders / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 TO OUR SHAREHOLDERS Performance by region 1) Japan The spread of the novel coronavirus has resulted in signs of weakening personal consumption and employment in Japan. Under these conditions, we worked to release new products and enhance our sales capabilities, resulting in sales of JPY 236,905 million. 2) Overseas Restrictions on economic activity overseas due to the novel coronavirus have had a negative effect on consumption, but moderate recovery was evident in some regions. Under these economic conditions, we worked to enhance our sales capabilities, with a focus on recruitment and personnel training, resulting in sales of JPY 301,228 million. Looking to the future of the global economy, although activity is expected to increase in part as a result of various newly adopted policies and economic recovery, the impact of trends in novel coronavirus infections must be closely monitored. Nevertheless, the market environment surrounding KEYENCE Group's businesses is expected to see not only a growing demand for automation, quality improvement, and R&D investment, but also various technological innovations. We recognize the need to strengthen the Group’s planning and development capabilities while also expanding overseas business operations. In addition, furthering human resource development to take advantage of these changes and demands for continued sustainable growth is critical. We view these global trends as having great potential for expanding our business, and to realize this potential, we will focus on applying the powers that we have cultivated over the years to achieve sustained growth. Yu Nakata President June 2021 3 1 / 2 / 3.New Product Highlights / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 NEW PRODUCT HIGHLIGHTS 3D Surface Profiler Logistics Code Reader This laser microscope adopts a triple scan measurement principle With a best-in-class 16.8-megapixel CMOS sensor, KEYENCE that allows users to select the most suitable method for the target code readers are capable of high-definition detection over a field of material, shape, and measurement range, ensuring highly accurate view five times wider than conventional models for reliable reading measurement. Nanometer level resolution can be obtained even with packages of different shapes or sizes. Meanwhile, stable throughout the measurement area of 50 mm2. The wide variety reading is possible even on high-speed lines operating at 150 m/ of 292 analysis tools also allows users to perform even more min or more thanks to the industry’s fastest multi-core parallel advanced analysis. processing. This makes it possible for logistics centers to improve throughput and reduce costs at the same time. 4 1 / 2 / 3.New Product Highlights / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 NEW PRODUCT HIGHLIGHTS 3-Axis Hybrid Laser Marker Telecentric Measurement System KEYENCE’s 3-axis hybrid laser marker uses a built-in distance The transmitter in KEYENCE’s telecentric measurement system sensor and cameras to track target displacement for automatic emits collimated light with a green LED to project a shadow on focusing throughout the field of view. This helps prevent marking the CMOS sensor in the receiver. Measurement is then performed defects caused by incorrect focusing, a common problem in using this captured image. Specially designed telecentric lenses in conventional laser marking processes. The combination of a high- both the transmitter and the receiver ensure stable, high-accuracy quality YVO4 laser and high-output fiber laser enables stable, and high-speed measurement even for misaligned targets. clear, high-speed marking on both plastics and metals even over extended periods of regular use. 5 1 / 2 / 3 / 4.Independent Auditor's Report / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 INDEPENDENT AUDITOR'S REPORT Deloitte Touche Tohmatsu LLC Yodoyabashi Mitsui Building 4-1-1 Imabashi, Chuo-ku Osaka-shi, Osaka 541-0042 Japan Tel : +81 (6) 4560 6000 Fax: +81 (6) 4560 6001 www.deloitte.com/jp To the Board of Directors of Keyence