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    4901   JP3814000000

FUJIFILM HOLDINGS CORPORATION

(4901)
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FUJIFILM : Financial Results (Consolidated) for the Fiscal Year ended March 31, 2021

05/12/2021 | 08:58am EDT

Financial Results (Consolidated) for the Fiscal Year ended March 31, 2021 FUJIFILM Holdings Corporation

May 12, 2021

Kenji Sukeno

URL: https://holdings.fujifilm.com/en

President and Chief Operating Officer

Date of annual shareholders' meeting: June 29, 2021

Projected date of the beginning of cash dividends: June 30, 2021

Projected date of annual securities report: June 30, 2021

Reference materials regarding operating results of the current fiscal year to be prepared: Yes

Meeting to explain operating results of the current fiscal year to be held: Yes

(Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.)

1. Results of the Fiscal Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021

(1) OPERATING RESULTS

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

%: Changes from the corresponding period of the previous fiscal year

Revenue

Operating income

Income before

Net income attributable

income taxes

to FUJIFILM Holdings

Year ended March 31, 2021

2,192,519

(5.3)

165,473

(11.3)

235,870

36.3

181,205

45.0

Year ended March 31, 2020

2,315,141

(4.8)

186,570

(11.1)

173,071

(18.7)

124,987

(9.5)

Note: Comprehensive income

Year ended March 31, 2021

¥

296,226 million ( 235.5 %)

Year ended March 31, 2020

¥ 88,289 million ((46.3)%)

Net income

Net income attributable to

Return on FUJIFILM

Ratio of income before

Ratio of operating

attributable

FUJIFILM Holdings

Holdings shareholders'

to FUJIFILM Holdings

per share

income taxes to total assets

income to revenue

equity

per share

(Assuming full dilution)

Yen

Yen

Year ended March 31, 2021

453.28

451.75

8.7

6.9

7.5

Year ended March 31, 2020

306.18

305.22

6.3

5.1

8.1

(Ref) Equity in net earnings of

affiliated companies

Year ended March 31, 2021

¥

3,198 million

Year ended March 31, 2020

¥ 1,341 million

(2) FINANCIAL POSITION

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

Total assets

Total equity

FUJIFILM Holdings

FUJIFILM Holdings

FUJIFILM Holdings

shareholders' equity ratio to

shareholders' equity

(Net asset)

shareholders' equity

total assets

per share

Yen

Year ended March 31, 2021

3,549,203

2,222,157

2,204,566

62.1

5,514.14

Year ended March 31, 2020

3,321,692

1,993,757

1,953,252

58.8

4,886.66

(3) CASH FLOWS

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

Net Cash provided by

Net Cash used in

Net Cash used in

Cash and Cash Equivalents

Operating Activities

Investing Activities

Financing Activities

at the end of year

Year ended March 31, 2021

420,861

(279,381)

(163,093)

394,795

Year ended March 31, 2020

255,667

(244,850)

(250,943)

396,091

2. Cash Dividend

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

Cash dividend per share

Total cash

Consolidated

Ratio of cash

dividends to

1st Quarter

2nd Quarter

3rd Quarter

Year End

Year Total

dividends

payout ratio

shareholders' equity

Yen

Yen

Yen

Yen

Yen

%

%

Year ended

-

47.50

-

47.50

95.00

38,432

31.0

1.9

March 31, 2020

Year ended

-

47.50

-

52.50

100.00

39,979

22.1

1.9

March 31, 2021

Year ending March

-

50.00

-

50.00

100.00

30.8

31, 2022 (Forecast)

3. Forecast for the Fiscal Year ending March 31, 2022 (From April 1, 2021 to March 31, 2022

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen %: Changes from the corresponding period of the previous fiscal year

Revenue

Operating income

Income before

Net income attributable

Net income attributable

income taxes

to FUJIFILM Holdings

to FUJIFILM Holdings

per share

%

%

%

%

Yen

For the Year ending March 31, 2022

2,440,000

11.3

180,000

8.8

185,000

(21.6)

130,000

(28.3)

325.16

Note: Changes in forecast which was recently announced: Yes

Note: Net income attributable to FUJIFILM Holdings per share is calculated using the number of shares issued as of March 31, 2021 excluding treasury shares for the average number of shares for the relevant period.

Notes

  1. Changes in status of material subsidiaries during the period (Company newly consolidated or removed from consolidation): Yes
  2. Changes in accounting principles
    1. Changes in accounting policies accompanying amendment of accounting standards: None
    2. Other changes in accounting policies: None
  1. Number of shares outstanding
    1. Issued (including treasury stock):
    2. Treasury stock:
    3. Average number of shares:

As of March 31, 2021

514,625,728

As of March 31, 2020

514,625,728

As of March 31, 2021

114,823,247

As of March 31, 2020

114,914,288

Year ended

399,762,945

Year ended

408,215,110

March 31, 2021

March 31, 2020

(Reference) Summary of Financial Results (Non-Consolidated)

Results of the Fiscal Year ended March 31, 2021 (From April 1, 2020 to March 31, 2021

(1) OPERATING RESULTS

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded down to the nearest million yen

%: Changes from the corresponding period of the previous fiscal year

Revenue

Operating income

Ordinary income

Net income

%

%

%

%

Year ended March 31, 2021

30,995

(48.7)

24,907

(54.8)

26,584

(89.0)

26,234

(89.7)

Year ended March 31, 2020

60,391

(16.6)

55,108

(17.6)

240,630

270.3

254,448

290.0

Net income per share of

Net income per share of common

common stock

stock (Assuming full dilution)

Yen

Yen

Year ended March 31, 2021

65.62

65.39

Year ended March 31, 2020

623.32

621.27

(2) FINANCIAL POSITION

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded down to the nearest million yen

Total assets

Net assets

Net asset ratio to total assets

Net assets per share of

common stock

%

Yen

Year ended March 31, 2021

1,741,422

1,252,676

70.7

3,121.03

Year ended March 31, 2020

1,852,948

1,251,907

67.1

3,121.02

(Reference) Shareholders' equity

Year ended March 31, 2021 ¥ 1,231,604 million

Year ended March 31, 2020 ¥

1,242,996 million

Disclosure regarding the status of the year-end audit process

These Financial Results (Consolidated) for the Fiscal Year ended March 31, 2019 are out of scope for the year-end audit procedure by certified public accountants or audit firm.

Explanation of Appropriate Use of Forecast and Other Special Items

Statements regarding future events including forecasts of operating results are based on limited available information and reasonable assumptions as of today. The Company does not have the intention of guaranteeing the realization of future performance. Actual operating results are always subject to change significantly due to various matters. Assumptions for the forecast and warnings for users of the forecast are mentioned in the page 6, Outlook for the Fiscal Year ending March 31, 2022 of the section (1) Analysis of Results of Operations in 1. ANALYSIS OF OPERATING RESULTS AND CONSOLIDATED FINANCIAL POSITION.

FUJIFILM Holdings Corporation (4901)

[INDEX]

1. ANALYSIS OF OPERATING RESULTS AND CONSOLIDATED FINANCIAL POSITION

(1)

Analysis of Results of Operations

・・・・・

P. 2

(2)

Analysis of Consolidated Financial Position

・・・・・

P. 7

  1. Basic Policy Regarding Distribution of Profits and Dividends Applicable to

the Fiscal Year under Review and Subsequent Fiscal Year

・・・・・

P. 7

2.

CORPORATE STRUCTURE OF FUJIFILM GROUP

・・・・・

P. 8

3.

MANAGEMENT POLICIES

・・・・・

P. 8

4.

BASIC RATIONALE FOR SELECTION OF ACCOUNTING STANDARDS

・・・・・

P. 11

5. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets

・・・・・ P.12

  1. Consolidated Statements of Income and Consolidated Statements of

Comprehensive Income

・・・・・

P.14

(Consolidated Statements of Income)

・・・・・

P.14

Year ended March 31

・・・・・

P.14

Three months ended March 31

・・・・・

P.15

(Consolidated Statements of Comprehensive Income)

・・・・・

P.16

Year ended March 31

・・・・・

P.16

Three months ended March 31

・・・・・

P.16

(3) Consolidated Statements of Changes in Shareholders' Equity

・・・・・

P.17

(4) Consolidated Statements of Cash Flows

・・・・・

P.18

(5) Notes to Consolidated Financial Statements

・・・・・

P.19

(Note Relating to the Going Concern Assumption)

・・・・・

P.19

(Summary of Significant Accounting Policies)

・・・・・

P.19

(Segment Information)

・・・・・

P.20

1) Year ended March 31

・・・・・

P.20

2) Three months ended March 31

・・・・・

P.24

(Amounts Per Share of Common Stock)

・・・・・

P.25

(Subsequent Event)

・・・・・

P.25

1

FUJIFILM Holdings Corporation (4901)

1. ANALYSIS OF OPERATING RESULTS AND CONSOLIDATED FINANCIAL POSITION

(1) Analysis of Results of Operations

Amount Unit: Billions of yen

Domestic revenue

Overseas revenue

Revenue

Operating income

Income before income taxes

Net income attributable to FUJIFILM Holdings

Exchange rates (Yen / US$) Exchange rates (Yen / Euro)

Year ended

Year ended

Change

March 31, 2021

March 31, 2020

From April 1, 2020

From April 1, 2019

Amount

%

to March 31, 2021

to March 31, 2020

42.3%

927.9

43.4%

1,004.0

(76.1)

(7.6)

57.7%

1,264.6

56.6%

1,311.1

(46.5)

(3.5)

100.0%

2,192.5

100.0%

2,315.1

(122.6)

(5.3)

7.5%

165.5

8.1%

186.6

(21.1)

(11.3)

10.8%

235.9

7.5%

173.1

62.8

36.3

8.3%

181.2

5.4%

125.0

56.2

45.0

¥106

¥109

(¥3)

¥124

¥121

¥3

In the fiscal year ended March 31, 2021, the Fujifilm Group (the Group) recorded ¥2,192.5 billion in consolidated revenue (down 5.3% year-over-year), reflecting such factors as sales increases in the bio CDMO business, pharmaceutical business, and electronic materials business, and sales decreases in the photo imaging business, optical device and electronic imaging business, and document business.

Operating income decreased to ¥165.5 billion (down 11.3% year-over-year). Consolidated income before income taxes amounted to ¥235.9 billion (up 36.3% year-over-year) and consolidated net income attributable to FUJIFILM Holdings totaled ¥181.2 billion (up 45.0% year-over-year). The effective currency exchange rates for the U.S. dollar and the euro against the yen during this fiscal year were ¥106 and ¥124, respectively.

Revenue by Operating Segment

Amount Unit: Billions of yen

Year ended

Year ended

Change

Segment

March 31, 2021

March 31, 2020

From April 1, 2020

From April 1, 2019

Amount

%

to March 31, 2021

to March 31, 2020

Imaging Solutions

285.2

332.6

(47.4)

(14.2)

Healthcare & Material

1,052.6

1,024.2

28.4

2.8

Solutions

Document Solutions

854.7

958.3

(103.6)

(10.8)

Consolidated Total

2,192.5

2,315.1

(122.6)

(5.3)

2

FUJIFILM Holdings Corporation (4901)

Operating Income by Operating Segment

Amount Unit: Billions of yen

Year ended

Year ended

Change

Segment

March 31, 2021

March 31, 2020

From April 1, 2020

From April 1, 2019

Amount

%

to March 31, 2021

to March 31, 2020

Imaging Solutions

15.6

25.1

(9.5)

(37.8)

Healthcare & Material

107.5

92.4

15.1

16.3

Solutions

Document Solutions

73.3

105.0

(31.7)

(30.2)

Corporate Expenses and

(30.9)

(35.9)

5.0

-

Eliminations

Consolidated Total

165.5

186.6

(21.1)

(11.3)

Imaging Solutions

In the Imaging Solutions segment, consolidated

revenue amounted to

¥285.2 billion

(down 14.2%

year-over-year).

Consolidated operating income amounted to ¥15.6 billion (down 37.8% year-over-year).

In the photo imaging business, revenue decreased due to the impact of voluntary restraint and cancellation of events resulting from the spread of the COVID-19 pandemic, but sales of instant photo systems, which enable users to enjoy on-the-spot printing of photos, increased year-over-year in the second half. Sales of instant photo systems recovered mainly in Europe, the U.S., and China as we strengthened online sales by using social media to promote a new way of enjoying time at home. Sales of the instax mini Link, a printer for smartphones, and the instax mini 11 instant camera were favorable, and the instax SQUARE SQ1, an entry model launched in November 2020 compatible with the popular square format film also contributed to higher revenue. For print services, new personalized features were added to the Year Album, a photo book service, in April 2020, enabling automatic selection and layout of photos according to individual interests and preferences through the use of AI technology, which have been well received by users. We will continue meeting increasingly diverse customer needs and offering user-friendly,high-value added products and services, while also communicating to the world the intrinsic photographic values of "shooting, preserving, displaying, and gifting."

In the optical device and electronic imaging business, revenue from the electronic imaging field, which decreased in the first half due to reduced demand stemming from the COVID-19 pandemic, recovered in the second half to rise above the level of last year. The FUJIFILM X-S10 mirrorless digital camera, launched in November 2020, has been well received for its powerful image stabilization and large grip despite its compact size, and it has contributed to the expansion of the X mount user base. Sales of the FUJIFILM GFX100S, released in February 2021 together with the FUJINON Lens GF80mm F1.7 R WR, exceeded expectations, having gained a high reputation worldwide for its superior image quality using a large format sensor despite its compact body. Going forward, we will continue providing value-added products and revitalizing the market, along with providing the pleasure of taking photos.

In the optical device field, sales of broadcast and cinema lenses fell due to cancellation of events and shooting, but sales of monitoring zoom lens and surveillance camera with built-in zoom lens have risen year-over-year from the second quarter. Aiming to achieve business growth in this field, we are expanding our business domains and continuing to develop innovative products that satisfy the diverse needs of the market, including ultra-short-throw projectors and long-range surveillance cameras, and newly developed multispectral camera systems.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Fujifilm Holdings Corporation published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 12:57:01 UTC.


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Sales 2022 2 499 B 22 871 M 22 871 M
Net income 2022 172 B 1 578 M 1 578 M
Net Debt 2022 228 B 2 090 M 2 090 M
P/E ratio 2022 22,5x
Yield 2022 1,10%
Capitalization 3 876 B 35 475 M 35 476 M
EV / Sales 2022 1,64x
EV / Sales 2023 1,58x
Nbr of Employees 73 275
Free-Float 73,9%
Chart FUJIFILM HOLDINGS CORPORATION
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FUJIFILM Holdings Corporation Technical Analysis Chart | 4901 | JP3814000000 | MarketScreener
Technical analysis trends FUJIFILM HOLDINGS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Last Close Price 9 694,00 JPY
Average target price 10 057,14 JPY
Spread / Average Target 3,75%
EPS Revisions
Managers and Directors
Teiichi Goto President, CEO & Representative Director
Kenji Sukeno Chairman
Takashi Iwasaki Director & Chief Technology Officer
Kunitaro Kitamura Independent Outside Director
Tatsuo Kawada Independent Outside Director
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