Citizen

Toward a Recovery in Performance in FY2021

In FY2020, the CITIZEN Group was among those significantly affected by the COVID-19 pandemic. In this environment, unprecedented as a crisis for humanity, we faced challenges in continuing to do business while working as a company to prevent infections. But We believe that FY2021 will be pivotal for getting back on a recovery track, and to do so we need to put all our businesses on an offensive footing. In the Watch business, although an end to the COVID-19 pandemic is still uncertain, the market is steadily recovering, and management is prepared to do whatever is necessary to bring about a recovery in performance. The Machine Tools business is seeing a clear recovery in both domestic and international orders, and as one of our core businesses, we expect it to be a significant growth driver. We also expect some positive results from the Devices and Components business following structural reforms and given the trend toward recovery in the automotive market.

CITIZEN’s Sustainable Management Vision

There are many customers who need CITIZEN products, from watches, to machine tools, devices and components, and electronic products, among others. Our vision for sustainable management is to offer value that delights customers while continuing to grow sustainably. This is the value we provide as a company, and something that aligns with our Corporate Philosophy, “Loved by citizens, working for citizens.”

The manufacture of watches involves two major groups of technologies: processing technologies and assembly technologies. Watchmaking also involves many types of craftsmanship. The processing and assembly technologies that go into creating a watch are embedded in the very DNA of the CITIZEN Group, and we consider them our most important asset. Over the years, we have leveraged this DNA in our efforts to develop a variety of businesses. The value of these technologies and craftsmanship is not only reflected in business growth, but also in how much they have contributed to citizens everywhere.

As environmental awareness grows globally and initiatives targeting carbon neutrality advance, there are increasing calls for companies to tie business value to sustainable management. Conventional manufacturing based on the assumption of disposability will no longer be acceptable. I want us to advance manufacturing that incorporates not only technical evolution, but also ideas for how to continue to use and maintain products.

Toward “Loved by citizens, working for citizens”

Over the past few years, the CITIZEN Group has worked on selection and concentration of products and businesses, and carried out structural reforms, but from FY2021, we will change course to focus on future growth. We will shift to the offensive across all businesses and thereby secure growth and profit.

By working continuously to benefit stakeholders we will raise our corporate value as we accelerate our evolution toward fulfilling our Corporate Philosophy, “Loved by citizens, working for citizens.”