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    4901   JP3814000000

FUJIFILM HOLDINGS CORPORATION

(4901)
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FUJIFILM : from Founding to Now

11/29/2021 | 09:01am EST

FUJIFILM, from Founding to Now

Value Creation Story

FUJIFILM, from

Top Management

Strategy and

Corporate Governance

Financial and

Founding to Now

Commitment

Value Creation

Corporate Information

Realization of

The Fujifilm Group has faced and overcome many tough challenges over the years, including the development of technology to manufacture film in Japan, skyrocketing raw material prices at the time of the oil crises and Silver Thursday, and being sued by Eastman Kodak under Section 301 of the U.S. Trade Law. In particular, the photography market, which had been our main business, fell into steep decline beginning in 2000 due to rapid advances in digitization. The Fujifilm Group faced the crisis of losing its core business, but we managed to boldly transform our business structure and expand our business domain by further developing and innovating the technologies we had cultivated. By orienting

ourselves to the future and determining what must be done and what is lacking today, and emphasizing the strengthening of strategies and allocating resources from a pre-arranged backcasting, we have been able to build a resilient business portfolio.

By creating value through innovation, the Fujifilm Group aims to resolve the challenges faced by society through its business activities and take the environment and society into consideration in all

its business processes so as to contribute to the realization of a sustainable society.

For more information, please see "Medium-Term

Management Plan VISION2023" on pages 29-33.

a Sustainable Society

through

,

s

n

o

i

t

a

t

c

e

y

p

t

x

e

i

Using future-oriented

E

c

o

,

S

s

f

backcasting to

d

o

t

e

s

strengthen strategies

e

u

r

N

T

and allocate resources

d

n

a

Resolving Issues in Global Society

CSR Plan: Sustainable Value Plan 2030 (SVP2030)

Environment

Health

Daily Life

Work Style

Contribute to resolving

Create a healthy society

Support the tangible and

Promote social change where

environmental issues through

through the process of

intangible aspects of social

every person is motivated in

reducing environmental

prevention, diagnosis and

infrastructure through

their workplaces, through

impacts

treatment in healthcare

various products, services

extending our in-house

and technologies

work-style reform

Supply Chain

Governance

Business Activities

Sources of Corporate Value

Business Segments

Technological

Corporate

Healthcare

Capabilities

Culture

Materials

Human

Brand Strength

Resources

Business

Innovation

Global Network

Imaging

C

r

e

a

t

t

i

n

h

g

r

V

al

o

u

u

g

e

h

I

n

n

o

v

a

ti

o

n

Medium-Term Management Plan

Basic Strategy in the New Medium-Term Management Plan VISION2023

Accelerate business growth in healthcare and advanced materials and build a more resilient business platform to facilitate sustainable growth

Reinforce business portfolio

Strengthen cash flow management

management

Enter into new markets for

Create stronger integrated business

further growth

synergies through M&A

Corporate Philosophy / Vision

Code of Conduct

5

FUJIFILM Holdings Corporation

INTEGRATED REPORT 2021

6

FUJIFILM, from Founding to Now

Evolution of Our Technologies and Businesses

Since its founding, the Fujifilm Group has amassed a wide range of technologies cultivated through its photographic film business and provided products and services valuable to society, continuing to grow as a company. The Group promoted a growth strategy by consistently anticipating the future and centering on technologies such as optics, chemicals and electronics, which are needed to develop and produce photo-related products. Here, we will explain the history of innovation in the Fujifilm Group.

FUJIFILM, from

Top Management

Strategy and

Corporate Governance

Financial and

Founding to Now

Commitment

Value Creation

Corporate Information

STEP 1 toward Transformation

From 1934

Domestic Production of

Film and Establishment of

Sales Network in Japan

From 1960

From 1980

Expansion of Business /

Pursuit of Digitization

Enhancement of

and Acceleration of

Technologies

Globalization

2000-2006 Adapting to changes

Second Foundation-

Creation of a Resilient Business Portfolio

  • Established in 1934. Launched domestic film for motion pictures
  • Expanded business operations into the medical, graphic systems and related fields by sales of X-ray and graphic arts film
  • Established a robust position as a manufacturer of comprehensive photosensitive materials
  • Expanded into the lens and optical fields
  • Developed Japan's first computer for lens design in 1956
  • Commenced development of
    a global network by establishing local overseas subsidiaries and offices
  • Established Fuji Xerox, as a joint venture with Rank Xerox
  • Pioneered successful research, development and commercialization of high-sensitivity color negative films
  • Accelerated globalization by organizing production sites and promoting sales overseas
  • Promoted early efforts to digitize the photography, medical and graphic systems fields
  • Developed and sold a host of innovative products, including the Fuji Computed Radiography (FCR) system and digital still cameras

In 2000, the photographic film business accounted for roughly 60% of Fujifilm's sales and generated around two- thirds of operating income. With the subsequent rapid rise of digital technology, the photographic film market shrank at a rapid pace. The market fell to less than one-tenth of its historical peak by 2010. In order to overcome the biggest crisis since its founding-losing its core business-Fujifilm undertook a large-scale business restructuring centered on reorganizing its photography-related business. By taking stock of the technologies we had cultivated in the

development and production of photographic film and examining the fields in which these technologies could be applied, we were able to enter the markets of cosmetics and pharmaceuticals, newly identified as future growth areas. After making Fuji Xerox Co., Ltd. (now FUJIFILM Business Innovation Corp.) a consolidated subsidiary in 2001, we established FUJIFILM Holdings Corporation in 2006 to bolster our consolidated management. This also marked our transition to a holding company structure.

Healthcare & Material Solutions

1936

1958

1959

1971

1983

1999

World first

Launch of X-ray film

Launched

Launched Fuji Medical

Launched the

Launched FCR, the world's

Launched the medical-

FUJITAC

X-Ray Film PX, a film pursuing

endoscope

first digital X-ray diagnostic

use picture archiving and

non-flammability and high

business

imaging system

communications systems

sensitivity

(PACS) SYNAPSE

2004

2006

World first

Developed a fully digital double-

Entered into the cosmetics

balloon endoscope

market

Document Solutions

1962

1962

Japan first

Established Fuji Xerox

Launched sales of

Japan's first plain-paper

copy machines

Imaging Solutions

1975 Industry first

Launched the Fuji Xerox 6500, a full-color copy machine

1987 World first

Launched the Zero Printer 100, offering both printing and copying functions

2000

2000

2001

2002

Industry first

Established a "Zero Landfill"

Launched the Color DocuTech 60, the

Fuji Xerox became a consolidated

Launched the Net Print service

system on a nationwide

world's fastest (at that time) full-color

subsidiary of Fuji Photo Film

to retrieve personal documents

scale, achieving a recycling

electronic printing and publishing system

(changed Fuji Photo Film's

from copiers in convenience

rate of 99.97%

investment ratio to 75%)

stores

Successfully transformed the business structure in response to sharp decline in demand for photographic film

1934

1958

1976

1986

1988

1998

World first

World first

World first

Launched positive

Launched general-use

Developed the Fujicolor

Launched the Fujicolor

Developed the FUJIX

Launched the

film for motion

color negative film

F-II 400, the world's

QuickSnap, the world's

DS-1P, a fully digital

instax mini 10

pictures made

color paper

first high-speed color

first one-time-use

still camera

instant camera

domestically in Japan

negative film

recyclable camera

2000 World first

Launched the FinePix 4700Z digital camera equipped with the Honeycomb Super CCD sensor

7

FUJIFILM Holdings Corporation

INTEGRATED REPORT 2021

8

FUJIFILM, from Founding to Now

Evolution of Our Technologies and Businesses

STEP 2 toward Transformation

2007-2017 Forecast changes and act proactively

To Enhance the Business Portfolio and

Accelerate Growth

In anticipation of market growth, the Fujifilm Group made

of photographic film. In fiscal 2017, we formulated Sustainable

full-fledged entry into the regenerative medicine business

Value Plan 2030 (SVP2030), a long-term corporate social

in 2010 and the bio CDMO (contract development and

responsibility (CSR) plan, and VISION2019, a medium-term

manufacturing organization) business in 2011. In addition

management plan acting as a concrete action plan for

to actively pursuing M&A, we expanded our business by

realizing the former's goals. We took action toward the

applying advanced production technologies, such as

priority issues of accelerating growth in the healthcare field

process engineering, cultivated through the manufacture

and improving profitability of the document business.

FUJIFILM, from

Top Management

Strategy and

Corporate Governance

Financial and

Founding to Now

Commitment

Value Creation

Corporate Information

STEP 3 toward Transformation

Since 2018 Creating changes by ourselves

Generating Value with a Positive Impact on Society, Leading Markets

We have accelerated synergies across the Fujifilm Group,

diagnostic imaging business and making Fuji Xerox

focusing on the creation of value that exerts positive impact

a wholly owned subsidiary, we also strengthened our

on society while evolving our leading-edge proprietary

business portfolio. This has built a foundation for our future

technologies. Especially in the bio CDMO business, we

growth. Toward the realization of our medium-term

acquired a manufacturing subsidiary of U.S.-based Biogen

management plan VISION2023 announced in April 2021,

Inc. and are aggressively promoting capital investment to

we will accelerate the growth of the Fujifilm Group and

reinforce our production capacity. By acquiring Hitachi, Ltd.′s

contribute to resolving social issues.

Healthcare & Material Solutions

Growth with healthcare as an earnings pillar

2008

2010

2011

2012

2012

World first

Acquired Toyama Chemical,

Made full-fledged

Made full-fledged entry into

Developed high-capacity

Acquired Sonosite, and

made full-fledged entry

entry into the

the bio CDMO business

magnetic tapes using barium

entered into the ultrasound

into the pharmaceuticals

regenerative

ferrite (BaFe) magnetic particles

diagnostics field

business

medicine business

Document Solutions

2009

2011

2013

2017

Industry first

Launched the ApeosPort-IV Series,

Launched the Working Folder cloud

Provided an integrated patient

Released the Iridesse Production

offering environmental impact

service supporting document sharing

information system to support

Press, capable of printing

reduction services

in-home medical care for medical

a spectrum of metallic colors

institutions in disaster areas

Imaging Solutions

2009

2011

2015

World first

World first

Developed a 3D digital camera

Launched the FUJIFILM X-S1,

Launched a broadcast zoom lens

a high-end digital camera

compatible with 4K cameras

2018

2018

2019

2021

Acquired Irvine Scientific

Announced REiLI,

Acquired Biogen (Denmark)

Completed acquisition

Sales Company, and

the AI technology

Manufacturing, accelerated

of Hitachi′s diagnostic

expanded presence in

brand

growth in the bio CDMO

imaging business,

the biotherapeutics field

business

established new company

Accelerated synergy creation in the Group

2019

2020

2021

Acquired shares held by Xerox

Launched CocoDesk,

Changed company name

Corporation, making Fuji Xerox

a personal workspace service

from Fuji Xerox to

a wholly owned subsidiary

FUJIFILM Business

Innovation

2019

*

2019

World record

Launched the FUJIFILM GFX100,

Launched the instax

equipped with a large-format

mini Link a printer for

sensor with 102 million pixels

smartphones

  • As of May 2019 for consumer-use mirrorless digital cameras, according to a survey by Fujifilm

2021

Transition to New Segments

We have reorganized our businesses into the following four segments, and will implement strategies according to the phase each segment is in.

For more information, please see "Medium-Term Management Plan VISION2023" on pages 29-33.

Healthcare

Materials

Business

Innovation

Imaging

9

FUJIFILM Holdings Corporation

INTEGRATED REPORT 2021 10

FUJIFILM, from Founding to Now

Business Portfolio

FUJIFILM, from

Top Management

Strategy and

Corporate Governance

Financial and

Founding to Now

Commitment

Value Creation

Corporate Information

The Fujifilm Group's current business portfolio was built after we survived the crisis of losing our core business to advances in digitization by leveraging our unique, cutting-edge and advanced technologies horned in the photographic film business. We are continuing to put together and promote growth strategies to further solidify this portfolio.

Healthcare

Providing a wide range of businesses in the fields of prevention, diagnosis and treatment as a total healthcare company

Medical Systems

Bio CDMO

Revenue by Segment

■ Optical Device and

31%

Electronic Imaging

■ Photo Imaging

69%

Imaging Solutions

285.2

/

%

13

Healthcare & Material Solutions

Medical-use picture

archiving and

communication system

(PACS)

Global market share

No. 1*1

Medical-use PACS SYNAPSE

Various diagnostic equipment such as

Process development and manufacturing

X-ray diagnostic imaging, endoscopes

services for high-quality biopharmaceuticals

and ultrasound, and medical IT systems

and COVID-19 vaccine in growing demand,

for centralized management of diagnostic

and the advanced medical field of gene

images and other data

therapy drugs

Life Sciences

Pharmaceuticals

Total solutions in the fields of induced

Process development and manufacturing

pluripotent stem (iPS) cells, culture media

services for next-generation nucleic acid drugs

and reagents for drug discovery support

and mRNA vaccines

JPY

billion

■ Others

4%

Revenue for FY2020

JPY

1,052.6billion /48%

Consumer Healthcare

Functional cosmetics such as the ASTALIFT brand and supplement products

■ Solutions & Services

29%

JPY 2,192.5

billion

■ Production Services

11%

■ Office Products &

56%

Printers

Document Solutions

JPY

billion /

%

854.7

39

■ Healthcare

54%

■ Display Materials

9%

■ Industrial Products,

18%

Electronic Materials

and Fine Chemicals

■ Recording Media

3%

■ Graphic Systems &

16%

Inkjet Printers

Materials

Protective film

for polarizers

Global market share

No. 1*2 FUJITAC protective film for polarizers

Color photoresists for image sensors Global market share No. 1*2

Various advanced materials and graphic communication solutions

Electronic Materials

Display Materials

Various materials (photoresists, CMP slurries,

Materials for LCD panels, organic EL panels

etc.) used to manufacture semiconductors

and other products

Other Advanced Materials

Graphic Communication

Fine chemicals (advanced chemicals,

Graphic communication solutions (offset

reagents for research use, etc.), industrial

printing equipment, digital printing systems,

products such as sensor films for touch

etc.) and inkjet solutions such as industrial

panels and recording media

printheads

Reference: Breakdown of Newly Reorganized Segments*

Business Innovation

Products and solution services that bring about new changes in work styles, improving productivity and inspiring creativity

■ Professional 31

Imaging%

■ Consumer Imaging 69%

Imaging

JPY 285.2billion /13%

Healthcare

%

JPY

579.4

billion /

26

■ Medical Systems

60%

■ Bio CDMO

20%

A3 color multifunction devices

Market share in sales volume

in the Asia-Pacific region

No. 1

*3

Apeos C7070

Cumulative total number of

7.77

licenses of document handling

software DocuWorks

million licenses*4

Office Solutions

Business Solutions

Multifunction devices, printers, consumables

Solution-oriented document services

and document solutions

tailored to various industries and operations,

including system integration, cloud services,

management of multifunction devices and

business process outsourcing

■ Business Solutions 33%

■ Office Solutions

67%

Business Innovation

JPY 757.8billion /35%

Revenue for FY2020

JPY 2,192.5

billion

■ Life Sciences

20%

(Life Sciences,

Pharmaceuticals and

Consumer Healthcare)

Materials

billion /

%

JPY

570.1

26

■ Electronic Materials

21%

■ Display Materials

17%

■ Industrial Products,

15%

Fine Chemicals and

Recording Media

■ Graphic

47%

Communication

Imaging

shooting to printing

Various products and services related to photographs and videos from

Instant photo system

Consumer Imaging

Professional Imaging

Cumulative worldwide sales volume

instax, color films, color paper for photo

Ultra-high image quality GFX Series cameras,

Over 50million units

printing, developing and printing systems,

compact, lightweight and high image quality

instax mini 11

photo printing services and more

X Series cameras, TV and cine lenses, security

lenses, machine vision lenses, projectors

and more

Broadcast zoom lens

compatible with 4K cameras

World's first*5

FUJINON

UA107×8.4BESM AF

*1 According to a survey by Signify Research

*2 According to a survey by Fujifilm *3 According to a survey by FUJIFILM Business Innovation *4 As of April 2021

Note: Figures are provisional due to incomplete audit.

*5 A portable broadcast zoom lens with optical performance compatible with broadcast 4K cameras equipped with 2/3 inch sensors (according to a survey by Fujifilm)

11 FUJIFILM Holdings Corporation

INTEGRATED REPORT 2021 12

FUJIFILM, from Founding to Now

Sources of Corporate Value

The sources of our value creation are our technological capabilities, corporate culture, human resources, brand and global network. All of these are indispensable if we are to meet the needs and expectations of society and earn its trust.

FUJIFILM, from

Top Management

Strategy and

Corporate Governance

Financial and

Founding to Now

Commitment

Value Creation

Corporate Information

The Fujifilm Group's Proprietary Technologies

Since our founding, we have been accumulating the base technologies to support our business, including organic and inorganic materials chemistry, optical technologies and analytical technologies. Based on these technologies, we have honed our proprietary core technologies, which are central to continuously building up our competitive advantage. By combining these technologies, we provide a wide range of

Corporate Culture

Inner branding activities 22 active in

languages

Conducting e-Learning through the FUJIFILM

Corporate Movie for all Group employees worldwide

designed to promote understanding and penetration

of the Fujifilm Group's vision

Conducting ongoing internal training to improve

compliance awareness and strengthen risk management

Providing whistleblowing contact points in 23 languages

and ensuring an "open, fair and clear" corporate culture

from our vision

Technological Capabilities

Number of patents held

58,208

(Combined holdings of FUJIFILM Corporation and

FUJIFILM Business Innovation Corp. as of March 31 2021)

Conducting R&D utilizing cutting-edge technologies

such as big data analysis at the Informatics Research

Laboratory

Creating open innovation globally from Open Innovation

Hubs in Japan, the United States and Europe

Launched the All-Fujifilm DX Promotion Program,

products and services.

Principal

Products

and Services

Functional

Sensor film for

cosmetics

touch panels

Human Resources

Data science-related training for DX acceleration

Course participants:

4,485

(Cumulative total as of September 2021)

Implementing health promotion measures globally

tailored per country/region and promoting health

management

Recognized as a Health and Productivity Enterprise

(White 500) for five consecutive years and as a 2021

Health and Productivity Stock

Established long-term goals for development and

utilization of diverse human resources, appointing

promoting digital transformation (DX) leveraging

artificial intelligence (AI) and the Internet of Things (IoT)

across the entire Fujifilm Group

Developing intellectual property strategies reducing

business risks and contributing to business growth in

collaboration with business divisions and R&D divisions

Competitive

Advantages of

the Fujifilm

Group

Supplement products

Cells and cell culture media for drug development support

Contract development and manufacturing for biopharmaceuticals

Handle

cells

Functional

Value

Deliver

Display materials

Control

solids and

light

liquids

Core

Techno-

logies

Grain

Film

Semiconductor

Formation

Formation

materials

Redox

Base

High-Precision

Record

Control

Technologies

Coating

images and

Materials

information

Imaging

Optics

Analysis

Chemistry

Nano-

Functional

Dispersion

Polymer

Data storage media

Bio-

Mecha-

Production

nical

chemistry

System

Design

talented non-Japanese employees to key posts, and

promoting the success of female employees

Conducting ongoing FUJIFILM WAY Training and

training for enhancing problem formulation skills

Bioengineering

Software

Electrical,

Functional

Electronic

Molecules

Highly sensitive virus

detection and analysis

Instant photo system

equipment

System

MEMS

Create

Design

images

High-Precision

Brand

Worldwide brand recognition

96%

  • Earned high recognition rates in a 2021 brand survey conducted in 12 countries. Recognition scores included 100% in Japan, 99% in Singapore, 97% in China and 92% in the United States, the United Kingdom and Germany
  • Conducting the NEVER STOP global branding campaign worldwide, widely promoting the Fujifilm Group's broad business domains and corporate stance of consistently taking on challenges
  • Carry out education and training within the Group and in the sales distribution network to improve customer satisfaction
  • Conduct employee engagement survey

13 FUJIFILM Holdings Corporation

Global Network

Number of consolidated subsidiaries worldwide

310

(As of March 31, 2021)

  • International revenue ratio (excluding Japan) for fiscal 2020: 58%
  • Established regional management companies at major locations in Europe, the United States, China and Southeast Asia
  • Established five bio CDMO facilities in Europe and the United States, the main markets for biopharmaceutical development and manufacturing
  • Newly established process development and API manufacturing locations for gene therapy drugs

Transfer

Forming

Imaging

information

Display

Inkjet digital press

Digital color

Capture

multifunction devices

images

images

Production printers

3D medical-use PACS

Optical lenses

Endoscope systems

Digital cameras

INTEGRATED REPORT 2021 14

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 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 14:00:10 UTC.


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Financials
Sales 2022 2 509 B 21 935 M 21 935 M
Net income 2022 180 B 1 570 M 1 570 M
Net Debt 2022 224 B 1 958 M 1 958 M
P/E ratio 2022 18,5x
Yield 2022 1,32%
Capitalization 3 336 B 29 303 M 29 171 M
EV / Sales 2022 1,42x
EV / Sales 2023 1,36x
Nbr of Employees 73 275
Free-Float -
Chart FUJIFILM HOLDINGS CORPORATION
Duration : Period :
Fujifilm Holdings Corporation Technical Analysis Chart | 4901 | JP3814000000 | MarketScreener
Technical analysis trends FUJIFILM HOLDINGS CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Last Close Price 8 324,00 JPY
Average target price 10 442,86 JPY
Spread / Average Target 25,5%
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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