Annual Report 2020 - Daikin

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Annual Report 2020Fiscal Year Ended March 31, 2020

INTRODUCTIONAs a group, we will overcomedifficult situations and find solutions tosocial problems through air.Founded in 1924, Daikin has continued to expand with a focus on the Air-Conditioning andfluorochemicals businesses. We are the world's only general air-conditioning equipment manufacturerwith in-house divisions covering both air conditioning and refrigerants.Daikin has more than 100 production bases around the world, and conducts business in more than150 countries and regions.Based on the "FUSION 20" slogan, "Co-create new value in the air and environment fields with wisdomand passion," Daikin has promoted the strengthening of its environmental solutions business on a globalbasis by the adoption of environmentally conscious products using inverter technology and refrigerantswith lower global warming potential. Despite the harsh business environment, in the fiscal year endedMarch 31, 2020 (fiscal 2020), Daikin achieved record-high sales for a seventh consecutive fiscal year.The current COVID-19 pandemic has brought about changes in economic activities and lifestyles.Taking needs into consideration, such as healthy and safe lifestyles, as well as increasing interest in airquality and ventilation, Daikin will create new value in the air and environment fields—new value thatwill be linked to improvements in its corporate value—by both finding solutions to social problems andachieving business expansion.CONTENTSOur Core Values/Our Group Philosophy 1Review of OperationsOverview of Global Development. 20A Path to Unique Solutions 2Air Conditioning. 21Process of Value Creation. 4Chemicals. 26Financial/Non-Financial Highlights. 6Oil Hydraulics. 28Defense. 29At a Glance. 8Market Size and Positioning ofEach Business. 9Corporate Governance. 30 Corporate Officers. 33Message from the CEO. 10CSR Management System. 38Financial Strategy. 18CSR (Corporate Social Responsibility). 40Financial SectionEleven-Year Financial Highlights. 48Financial Review. 50Consolidated Balance Sheet. 60Consolidated Statement of Income. 62 Consolidated Statement ofComprehensive Income. 63 Consolidated Statement ofChanges in Equity. 64 Consolidated Statement of Cash Flows. 66 Notes to ConsolidatedFinancial Statements. 67Independent Auditors’ Report. 100Corporate Data. 103Forward-Looking StatementsThis annual review contains statements regarding the future plans and strategies of Daikin Industries, Ltd. (the Company), as well as the Company’s future performance. Thesestatements are not statements of past facts but are based on judgments made by the Company on the basis of information known at the time. Therefore, readers should refrain fromdrawing conclusions based only on these statements regarding the future performance of the Company. The actual future p erformance of the Company may be influenced byeconomic trends, strong competition in the industrial sectors where it conducts its operations, foreign currency exchange rates, and changes in taxation and other systems. For thesereasons, these forward-looking statements are subject to latent risk and uncertainty.

Our Core ValuesAbsolute CredibilityEnterprising ManagementHarmonious Personal RelationsOur Group Philosophy1. Create New Value by Anticipating the Future Needs of Customers2. Contribute to Society with World-Leading Technologies3. Realize Future Dreams by Maximizing Corporate Value4. Think and Act Globally5. Be a Flexible and Dynamic Group1. Flexible Group Harmony 2. Build Friendly yet Competitive Relations with Our Business Partners to Achieve Mutual Benefit6. Be a Company that Leads in Applying Environmentally Friendly Practices7. With Our Relationship with Society in Mind, Take Action and Earn Society’s Trust1. Be Open, Fair, and Known to Society 2. Make Contributions that Are Unique to Daikin to Local Communities8. The Pride and Enthusiasm of Each Employee Are the Driving Forces of Our Group1. The Cumulative Growth of All Group Members Serves as the Foundation for the Group’s Development2. Pride and Loyalty 3. Passion and Perseverance9. Be Recognized Worldwide by Optimally Managing the Organization and Its HumanResources, under Our Fast & Flat Management System1. Participate, Understand, and Act 2. Offer Increased Opportunities to Those who Take on Challenges3. Demonstrate Our Strength as a Team Composed of Diverse Professionals10. An Atmosphere of Freedom, Boldness, and “Best Practice, Our Way”Annual Report 20201

A Path to Unique SolutionsFounded in Osaka in 1924, Daikin operates in more than 150 countries worldwide, focusing on the AirConditioning business. By providing solutions to the problems society and communities are facing whileachieving business growth, Daikin supports healthy and comfortable lifestyles. As a global corporationcreating new value in the air and environmental fields, Daikin continually meets the expectations and trustof people throughout the world.Three Core TechnologiesDaikin has developed three advanced air-conditioning technologiesthat form the basis for next-generation technology.Heat PumpInverterAbsorbs and transfersheat from the airContributes to greaterenergy saving andcomfortRefrigerantControlEfficientheat transmissionBusiness Scale (at March 31, 2020)Net Sales(Fiscal 2020)Employees 2,550.3 billion80,369Group CompaniesConsolidatedSubsidiaries:Global Business Presence313(Japan: 29, Non-Japan: 284)More thanCountries150Worldwide Production BasesMore thanFactories100538.842.0Business ResultsNet SalesOperating IncomeFUSION 05192519891990 1991 199219931994 1995 199619971998 19992000 2001 2002 2003Ensuring a Competitive Edge through High Levels of Product Competitiveness and Production Technologies1924 F ounding of Osaka Kinzoku KogyoshoLimited PartnershipBusiness andTechnologyDevelopment1975 Launch of “Hikari Kurieru” air purifier1935 Development of fluorocarbon refrigerant1982 L aunch of Japan's first multi-type air-conditioningsystem for buildings1937 D evelopment of Japan's first Freon-typerefrigerator1999 L aunch of “Ururu Sarara” world’s first waterlesshumidifying room air conditioner1942 Freon production begins2002 N ationwide expansion of the fluorocarbonrecovery and destruction business1951 Launch of Japan's first packaged air conditioner1958 Entry into the room air-conditioning business2002 Launch of “ECOCUTE” heat-pump water heaterAccelerating the Pace of Global Expansion while Expanding the Scale of Business during the 2000sDaikin’sEvolution andStrategies22007 Acquisition of OLY Group, a major globalair-conditioning manufacturer2011 Acquisition of Turkish air-conditioningmanufacturer Airfel2008 Business alliance with Gree Electric Appliances,China’s top air-conditioning manufacture2012 Acquisition of U.S. residential air-conditioningmanufacturer Goodman2008 Acquisition of German heatingmanufacturer ROTEX2015 Granting of worldwide free access to basicpatents for using R32 refrigerant

FUSION 05 to 20 (Fiscal 2002 – Fiscal 2021)FUSION 05FUSION10FUSION15Be a Company that AttractsPeople, Capital, and InformationBe the Global No.1 Airconditioning CompanyEstablish a position as the global No. 2 inmainstay businesses, and build afoundation for future growth, includingreaching an aggregate market value of 1 trillion. Expand environment-relatedbusinesses Business alliances and tie-ups,M&AFUSION 20Be a Truly Global Excellent Company Full-fledged entry into emerging marketsand volume zone products Solutions Business / EnvironmentInnovation Business Accelerate growth through businessalliances and tie-ups, M&ANet Sales( billion)Strengthen Existing Businessesand Expand Business e( tion of U.S.residential air-conditioningmanufacturer Goodman200Acquisition ofOYL Group150Financial crisis1001,0002013〜20182014 – 2019年Achieved six consecutive years of record high salesand operating income5014 consecutive years ofincreased earnings starting in 1995Achieved nine consecutive years of increasesin net sales and operating income from 2011FUSION 10FUSION 15FUSION 2002004 2005 2006 20072008 2009 20102011 2012 20132004 W orld's first successful application of streamer electricdischarge technology2005 O pening of China's first dedicated showroom forlarge-scale air conditioners2006 Launch in Europe of “Daikin Altherma” air-to-water heatpump system2014 2015 20162017 2018 20192020(Years EndedMarch 31)2010 Establishment of the Shanghai R&D Center2011 Opening of the Solution Plaza Fuha Tokyo2012 Launch of “Urusara 7 ” world's first residential air conditionerusing new R32 refrigerant2013 Opening of the Solution Plaza Fuha Osaka2007 L aunch of “DESICA” world's first humidity control airconditioner without water drainage or supply pipes2014 L aunch of cooling-only inverter air conditioners for developingcountries2009 E stablishment of the Daikin McQuay AppliedDevelopment Center in the U.S.2015 Establishment of Technology Innovation Center2015 Acquisition of the refrigerant business in Europe frommajor Belgian chemical group Solvay2016 Acquisition of Scandinavian filter manufacturer Dinair2016 Acquisition of U.S. filter manufacturer Flanders2017 E stablishment of Daikin Texas Technology Park, a productionand technology development base2019 Acquisition of Austrian refrigerating and freezingshowcases manufacturer AHT2016 Acquisition of Italian refrigerator/freezermanufacturer ZanottiAnnual Report 20203

Process of Value CreationThrough efforts to find solutions to social problemsthrough our business, Daikin provides new value,and aims for sustainable growth.Social ProblemsDaikin Can Help SolveINPUTFinancial CapitalDaikin Group’s Business Ac tivitiesDaikin aims to be a corporate group that creates new Stable and sound financialstructureTotal assets 2.67 trillionShareholders' equity ratio 53.8%Manufactured CapitalIntensification ofclimate change Market-localized manufacturingsystem over 100 manufacturingbases globally PDS manufacturing style formultiproduct mixed production Efficient production structureutilizing module manufacturing lines Building of digital factories Advancement in “small-scalemonozukuri”Intellectual CapitalExpansion andconcentration ofenergy andpower demandDetails P. 21〜After-sales Service,Recovery, RecyclingRecovery and recyclingof refrigerantsDetails P.26 〜 Diverse workforceEmployees over 80,000Ratio of overseas employeesexceeds 80% Business operations that areintegrated and localized Global human resource development Sales and service network Conducting business in more than150 countries and regions P roactive collaboration with industry,government and academiaThe University of Tokyo, OsakaUniversity, Tsinghua University, etc.Hitachi, Ltd., Mitsui & Co., Ltd., NECCorporation, etc.StrategyUsageR&D Expenses 68 . 0 billionHuman CapitalProvide services based on theconcept of continuous connectionwith customers and capturereplacement demandChemicals Heat pump, inverter, refrigerantcontrol technologies Development centers in25 locations worldwide P roactive R&D investmentSocial and Relationship CapitalWorsening of airpollutionAir ConditioningFiltersProvide comfortable air and spacesReduce environmental loadsFUSIONDetails P.9 〜Other(Oil hydraulics,Defense, electronics)Details ype business for existingsales network developed globallyDevelopment of servicepersonnel that have solidtechnical capabilitiesNatural Capital Efficient use of energy, materialsand waterEnergy consumption 14,921TJMaterial consumption 1,170,000tWater intake 11,580,000m34ES

Global society is continually changing, and directly faces many problems related to climate changeand other issues. Through its business, Daikin Group provides society with new value, and bycontributing to the realization of a sustainable society, seeks growth for itself as well.Daikin's Aims for Value CreationOUTPUT (Fiscal 2020)value in the air and environment fields.OperatingincomeP Environmentally consciousproductsP I AQ/Air EnvironmentEngineeringincome margin 146.0 billion20Ratio of highly skilled engineersP Development of newrefrigerantsProduct development to meetlocal needsP IAQ products utilizingsynergies fromair-conditioningand chemicalsContributing to solving energy-relatedissues arising from urbanization and contribute to the creation of sustainable cities1in 3.2 (Daikin Industries only)P Range of energyefficient oil hydraulicequipmentMultiproduct mixed productionReduce environmental loadsP New business in fieldswith private demandP Visual R&D systems1,470No. of female managers63 (Daikin Industries only)Ratio of non-Japanese subsidiarieswith local nationalsas president%47.1Japan Value Creation for PeoplePursue new possibilities for air andcontribute to healthy, comfortablelifestylesBuild resilient infrastructure,promote sustainable industrialization and foster innovationZEB (net-zero energy buildings)initiatives, promotion of energymanagement and demandresponse, etc.1.14 (Compared to Fiscal 2016)Meetings with institutionalinvestors/analysts overEvents400Environmentally conscious productsas percentage of sales(residential air conditioners)%97Reduction in greenhouse gas emissions due toadoption of environmentally conscious products68 million tonnes of CO2GReduction in greenhouse gas emissionsfrom production/development stage% reductionP Pursue CSR ManagementDetails P. 30 〜 , P. 38 〜Ensure access to affordable,reliable, sustainable andmodern energy for allIncrease in energy efficiency,use and spread of renewableenergy, etc.(Fiscal 2018, Daikin Industries only)Customer satisfaction (Base year 1.00)ManufacturingEnsure healthy lives and promote well-being for all at allagesPrevention of heatstroke andinfectious diseases, measuresagainst air pollution, increase inproductivity, etc.No. of patent applicationsMore thanP Air filter businessP Power and industrial(P&I) businessCreate new value6 of the 17 Sustainable Devel opment Goals Daikin is Contrib uting to through Its BusinessValue Creation for CitiesFree cash flow (FCF)P Development ofcomposite materialsPursue comfort and environmentalperformanceReduce environmental impact throughall business activities and contributealleviating climate change 256.2 billionEquity ratio 53.8%ROE 12.0%P Expansion into next-generationautomotive fieldDevelopment,Design10.4%Sustainable DevelopmentGoals (SDGs) Daikin isContributing toValue Creation for the EarthIncome beforeincome taxesGlobal bulk purchasing andlocal procurementPromote CSR procurementProvide new value that makespeople and space healthier andmore comfortable while atthe same time reducingenvironmental impact. 265.5 billionOperatingPE nergy service solutionsProcurement 2.55 trillionOverseas sales ratio 77%Net sales76(compared to Fiscal 2006)Reduction in CO2 emissions due toforest conservation7 million tonnes of CO2Human Resource DevelopmentSupports Value CreationFoster human resources who spurinnovation and who spread newlycreated value around the worldEnsure sustainable consumption and production patternsInitiatives for energy efficiencyduring production, recycling,resource efficiency, etc.Contribute to the growth ofemployees and local citizens T raining of highly skilled personnel Job creation Contribution to local economicdevelopment Creation of new products andservices that help raise people’slifestylesTake urgent action to combatclimate change and its impactsSpread of inverter products,refrigerants with lower globalwarming potential, and heatpump productsAnnual Report 20205

Financial and Non-Financial HighlightsDaikin Industries, Ltd. and Consolidated SubsidiariesYears Ended March 31Net Sales/Operating Income,Operating Income 利益率(億円)(%)Net SalesOperating IncomeOperatingIncome MarginROA④ROE / ROA( 0192020Steady progress was made on the full fiscal year plan through to the third quarter. Revenue increased while earnings decreased for the full fiscal year reflectingthe abrupt halt in economic activity from the start of the fourth quarter as aresult of the global COVID-19 pandemic.The Air Conditioning business is looking to undertake R&D as well as capital,acquisition, and other strategic investments on the back of a forecast increase indemand going forward. By steadily reaping returns on the aforementionedinvestments, we will work to boost our performance on a continuous basis andimprove ROE/ROA.Total Shareholders’ Equity/Shareholders’ Equity RatioInterest-Bearing Liabilities/Liability with Interest Ratio②自己資本・自己資本比率Total Shareholders’ terest-Bearing LiabilitiesLiability with Interest RatioShareholders’ Equity Ratio( billion)(%)( billion)(%)7503040500553.820.8 202000201620172018201920200Daikin’s shareholders’ equity ratio came in at 53.8% for the fiscal year underreview, exceeding 50% for the third consecutive year. The Company is takingpositive steps to ensure its financial stability.While our liability with interest ratio was temporarily high due to major acquisitions between 2010 and 2019, we have continued to steadily reduce the balanceof interest-bearing liabilities by generating free cash flow and making effectiveuse of Group funds.Free Cash FlowCapital Investments/Research and Development Expenses③設備投資/研究開発費Capital InvestmentsResearch and Development Expenses⑤フリーキャッシュフロー( billion)146.0150( 0In addition to increasing earnings and improving investment efficiency, efforts arealso being made to generate cash flow from a working capital perspective. Thisincludes thoroughly reducing the balances of accounts receivable and inventory.6020162017201820192020From a capital investment perspective, energies are being directed towardupgrading and expanding sales networks and newly constructing plants whileboosting production capacity, focusing on emerging countries and key marketswhere there has been remarkable growth. As far as research and developmentexpenses are concerned, Daikin recognizes that strengthening technologicalcompetitiveness is the lifeblood of a manufacturer. On this basis, the Company iscoordinating with its eight development sites worldwide and the Technology andInnovation Center (TIC) that serves as the Group’s development control tower,and is accelerating the development of distinctive technologies and products.

DOE/Cash Dividends per Share,Dividend Payout RatioNumber of Patent ApplicationsJapan( 出願件数⑦DOE1 株当たり配当金・配当性向Cash /Dividendsper ShareDOEDividend Payout ogether with making every effort to maintain a ratio of dividends to shareholder equity (DOE) of 3.0% or higher based on the principle of always providing stable dividends to shareholders, we will continue striving in our mission to provideshareholders with even greater return by aiming for an increasingly higher levelof dividend payout ratio.Number and Percentage of Women inManagement Positions⑨女性管理職と比率Women in Management PositionsPercentage0606202300020192020One of the Company’s most important policies revolves around the empowerment of women in its workforce. Daikin is implementing various measures toaccelerate the development of women in management and executive positions,change the mindset of men in management, and support the early return towork of its female employees after childcare leave.Through the Adoption of EnvironmentallyConscious Products, Contribute to 室効果ガス排出抑制貢献量Greenhouse Gas Emissions(million tonnes of CO2)68Executive ratio606848.647.1322016201720182019202040200As Daikin’s business globalizes, the Company is actively promoting more employees at overseas bases to managerial positions. Daikin holds the Global DaikinLeadership Development Program as a development measure to give locally hiredmanagers the opportunity to run Daikin subsidiaries in their own countries.Greenhouse Gas Emissions(during development and ・生産時)2.0601.5401.0200.52016President ratio(million tons of CO2)800Executive(%)6020182019 *90420172018(%)5.420162017Number and Percentage of OverseasBases Where Local Nationals 数と比率President or Executive4002016* The latest figures for the fiscal year ended March 31, 2019.President632015Daikin is working to stimulate employees’ motivation to invent, spur the creation of intellectual property, increase the quality and quantity of patents incompetitive fields, and increase the number of overseas patents in key technological fields in particular in emerging countries.2017201820192020Daikin’s air conditioners, a mainstay product, emit particularly high levels ofgreenhouse gas emissions when in use. Accordingly, the Company is focusing onpromoting the use of inverters and air conditioners that use low-global warmingrefrigerants. In fiscal 2020, Daikin reduced greenhouse gas emissions by 68 million tons-CO2, compared to its target of limiting greenhouse gas emissions to 60million tons-CO2 by fiscal 2021.01.2820162017201820192020While Daikin emits two kinds of greenhouse gases during development and production processes: CO2 from energy use, and fluorocarbons, every effort is beingmade to minimize environmental impact through production activities. Daikinachieved a 76% reduction (to 1.28 million tons-CO2) in greenhouse gas emissionsin fiscal 2020, compared to its target of a 70% reduction (to 1.58 million tonsCO2) from the fiscal 2006 level in development and production greenhouse gasemissions for the Group as a whole in fiscal 2021.Annual Report 20207

At a GlanceDaikin Industries, Ltd. and ConsolidatedSubsidiaries Years Ended March 31Air ConditioningChemicalsPercentageof Net Sales90.6 %Net Sales and Operating Income7.1%Oil Hydraulics1.6 %Major ProductsDefense0.7%DescriptionAir Conditioning236.22,309.1( billion)2,500( billion)2502,0002001,5001501,00010050050002016 2017 2018 2019 2020 Room air-conditioningsystems Air purifiers Heat-pump hot-watersupply and room-heating systems Packaged air-conditioningsystems Multiple air-conditioningsystems for office buildings Air-conditioning systemsfor facilities and plants Absorption refrigerators Freezers Water chillers Turbo refrigeratorequipment Air-handling units Air filters Industrial dust collectors Marine-type containerSince becoming the first in Japanto manufacture packaged airconditioning systems in 1951,Daikin has supported comfortableliving based on the strengths oftechnologies that it has itselfnurtured as the world’s solemanufacturer to create a full lineof products from refrigerants toair conditioners.refrigeration Refrigerating and freezingshowcasesChemicals23.8179.9( billion)200( billion)351602812021801440700 Fluorocarbons Fluoroplastics Fluoroelastomers Fluoropaints Fluoro coating agents Semiconductor-etching Water and oil repellentagents Pharmaceuticals andintermediates Dry air suppliersproductsIn 1933, Daikin was the firstin Japan to engage in research onfluorinated refrigerants. Today,our activities range from researchand development tocommercialization, and we offer alineup of 1,800 fluorine compounds including gas, resinand rubber.2016 2017 2018 2019 2020Oil Hydraulics( billion)4037.73.3( billion)6.0304.5203.0101.50 Oil hydraulic pumps Oil hydraulic valves Cooling equipment and Hydrostatic transmissions Centralized lubricationunits and s ystemssystems Inverter controlled pumpmotorsDaikin’s unique hydraulic technologies offer outstandingenergy-conservation performanceand are contributing to thedevelopment of industry byunleashing the potential of powercontrol.02016 2017 2018 2019 2020Defense( billion)201.318.7( billion)1.6151.2100.850.4002016 2017 2018 2019 20208 Warheads for Japan’sMinistry of Defense/Warhead parts used inguided missiles for trainingpurposes Home-use oxygen therapyequipmentDaikin’s superior machiningand quality control technologiesare used in the production ofdefense-related products andother industries where high levelsof precision and performance arecritical.

Market Size and Positioning of Each BusinessCreation of synergies by utilizing the affinity of the Filter business withexisting businesses, including Air Conditioning and Chemicals.AirConditioningRefrigerantsIAQ (Indoor Air Quality)Three pillars ofrevenue* (Note: Filters are included in the AirFilters *ChemicalsConditioning business segment)Filter Media(PTFE)Air Conditioning BusinessChemicals BusinessGlobal HVAC&R* Market Scale (Daikin estimates)Global Fluorochemicals Market (Daikin estimates)Air-conditioning - related世界の HVAC&R 市場規模20152020Approx. Approx. 31 trillion 39 trillionHeating/water heater(hundred ofmillion of yen)120,000Average annualgrowth5%100,000Average annualgrowth7%40,000(hundred ofmillion of yen)2,8003%Average annualgrowthAverage annualgrowthAverage ッ素化学市場規模20152020Approx.Approx. 730 billion 800 billion3,500Average annualgrowth80,00060,000化学事業'15 '20'15 '20'15 '20'15 '20'15 '20'15 15 '20'15 '20'15 '20'15 '20'15 s* Heating, Ventilating, Air-conditioning and RefrigeratingFilter BusinessGlobal Air Filter Market Scale (Daikin ed ofmillion of yen)Approx. 450 billion Global Power & Industrial (P&I) Market Scale (Daikin estimates)P&I 市場規模MFAS Business(Dust collection for gas turbines)2020Approx. 550 billionAPCS (Large dust collection system)APCP (Small dust collector)2,5002,0001,500201520201,000Approx. 600 billionApprox. 790 billion5000'15 '20'15 '20'15 '20'15 '20JapanNorth AmericaEuropeAsiaAnnual Report 20209

Message from the CEOMasanori TogawaPresident and CEOMinimizing the impact from COVID-19 to ensure an improvement in salesQuickly implementing strategies to adapt to changing conditions andtargeting further growth by turning challenges into opportunitiesAs the spread of COVID-19 increases in severity, we will exercise our strength as a team to face thisunprecedented crisis and create measures both defensive and offensive with the goal of being ableto adapt to and overcome any situation. Daikin remains committed to achieving growth in ourbusiness and solving social issues by effectively responding to new needs in air quality.10

Sympathies and gratitudeWe would like to express our deepest sympathies to thosesincere gratitude to those dedicated to preventing the spread ofsuffering from COVID-19, as well as their families and friends. Oninfections, including those operating in the fields of medicine andbehalf of the Company, I would also like to extend our mostgovernment.Fiscal 2020 earnings and measuresdesigned to minimize the impact of COVID-19As COVID-19 began to spread around the world from the endAmid a harsh operating environment characterized by aslowdown in the Chinese economy, the adverse effects fromof January 2020, one of my first acts as CEO was to assumegrowing trade friction between the US and China, and reducedleadership at the newly established response headquarters andautomotive-related demand, Daikin in fiscal 2020 enactedalongside efforts to ensure the safety and health of ourstrategies aimed at achieving targets in our strategic managementemployees, quickly implement measures aimed at collecting, andplan, "FUSION 20," expanded sales in all operating regionsthen acting on, information that seemed to be changing by thearound the world and advanced total cost reductions, allowingminute. Economic activity in China came to a standstill from latethe Company to meet its targets and secure sales and profitFebruary with the halting of production and the markets, whichgrowth through the third quarter. The effects from the COVID-19had a profound impact on our Company's sales. Economic activitypandemic from the fourth quarter resulted in sales for the year inwas also sharply curtailed in Europe, with measures such as borderfull reaching 2,550. 3 billion, up 2. 8 % year on year, withclosings and lockdowns going into effect first in Italy and thenoperating profit coming in at 265.5 billion, down 3.9 % year onthroughout the region. As the number of people infected rapidlyyear. The COVID-19 pandemic adversely impacted sales by aboutexpanded, there were forecasts for a sharp decline in earnings, 45.0 billion and operating profit by about 22.0 billion, so if wethough we were able to reduce sales opportunity losses by rapidlywere to exclude the effects from the outbreak, sales and profitadjusting to supply chain disruptions in China and maintaining thewould have been up for a tenth consecutive year and at an historicsupply of our products. In addition to focusing on an expansion inhigh performance for the seventh consecutive year. Net incomesales in Asia, the United States, and Japan, where t

Consolidated Balance Sheet . 60 Consolidated Statement of Income. 62 Consolidated Statement of Comprehensive Income . 63 Consolidated Statement of Changes in Equity . 64 Consolidated Statement of Cash Flows. 66 Notes to Consolidated

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