Canon Inc. Reports Results for First Half 2004

LONDON — July 28, 2004 - Canon Europe Ltd., a subsidiary of Canon Inc. (NYSE: CAJ - news) and a leader in imaging technologies, today announced Canon Inc. first half 2004 consolidated net sales of 1,648.4 billion yen (EURO 12,583 million), which represents an increase of 7.3 percent over the first half of fiscal year 2003.

Canon reported first half net income of 160.8 billion yen (EURO 1,227 million), a significant increase of 25.8 percent over the same period last year and an earning per share of 181.84 yen (EURO 1.39).

Canon Inc. also reported second-quarter revenue of 850.4 billion yen (€6,491 million), 5.8 percent higher than second-quarter 2003 with net income of 76.5 billion yen (€584 million), 36.2 percent higher than second-quarter 2003.

"Although the yen was a negative factor, we were able to achieve this through continued strong sales growth of both digital cameras and color copying machines and higher sales of IC steppers along with a recovery in the semiconductor market. Consequently, we achieved our eighth consecutive quarter of year-on-year growth in both net sales and profits. "said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc.

For more detailed information and tables, please refer to our announcement of First Half 2004 financial results at:

This release may contain forward-looking statements with respect to future results, performance and achievements that are subject to risk and uncertainties and reflect management’s views and assumptions formed by available information. All statements other than statements of historical fact are statements that could be considered forward-looking statements. When used in this release, words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project" or "should" and similar expressions, as they relate to Canon, are intended to identify forward-looking statements. Many factors could cause the actual results, performance or achievements of Canon to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including,  among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptance of new products or services by Canon’s targeted customers, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this release. A detailed description of these and other risk factors is included in Canon’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. Canon does not intend or assume any obligation to update these forward-looking statements.

Note: In this release, Euro amounts are translated from yen at the rate of Euro = JPY 131, the approximate exchange rate on the Tokyo Foreign Exchange Market as of June 30, 2004, solely for the convenience of the reader.

Media enquiries, please contact:
Ann Morgan
Corporate PR Manager, Canon Europe
t. +44 (0) 20 8588 8000

CANON EUROPE Investor Relations:
Andreas Goldau
Investor Relations Manager, Canon Europe
t. +44 (0) 20 8588 8024

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Further Information
Canon Europe