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fuji fy_2007q4 results fuji fy_2007q4 results Document Transcript

  • Earnings of Fiscal 2007 Ended March 31, 2007 April 27, 2007 FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS This document contains projections of performance and other projections, which are made based on judgments This document contains projections of performance and other projections, which are made based on judgments regarding currently available information and which encompass potential risks and uncertainties. Accordingly, please regarding currently available information and which encompass potential risks and uncertainties. Accordingly, please be aware that diverse factors may cause actual results to differ materially from projected results. be aware that diverse factors may cause actual results to differ materially from projected results. Performance Summary Operating Results Billions of yen Change FY2006 FY2007 (Apr. 1, ‘05 to Mar. 31, ‘06) (Apr. 1, ‘06 to Mar. 31, ‘07) Amount % Revenue 100.0% 2,782.5 100.0% 2,667.4 +115.1 +4.3 Pro-forma Operating 7.4% 207.1 5.8% 156.4 +50.7 +32.4 Income Structural Reform 94.1 86.0 +8.1 - Expenses Operating Income 4.1% 113.0 2.6% 70.4 +42.6 +60.5 Income before 3.7% 103.2 3.0% 79.6 +23.6 +29.7 Income Taxes Net Income 1.2% 34.4 1.4% 37.0 (2.6) (6.9) Capital Expenditure* 165.2 179.8 (14.6) (8.1) Depreciation & 215.4 225.4 (10.0) (4.4) Amortization R&D Expenses 6.4% 177.0 6.8% 182.1 (5.1) (2.8) Exchange Rates US$ ¥117 ¥113 +¥4 Euro ¥149 ¥138 +¥11 *Note: Figures do not include amounts for rental equipment handled by the Document Solutions segment. 1
  • Performance Summary Structural Reforms “Structural reforms have proceeded smoothly and have been completed within this fiscal year as scheduled.” Structural Reform Expenses* for FY2007 Structural Reform Expenses* for FY2007 *Including expenses related to implementation of “Slim & Strong Drive” Billions of yen Measures by Type Measures by Operating Segment 4Q Full year 4Q Full year Imaging 28.3 60.1 Assets & Others 25.0 54.9 Information 4.5 17.3 Staff 24.5 39.2 Document 16.7 16.7 Decline in value of investment securities 0.8 22.4 Total Expenditure (Classified in “Nonoperating 49.5 94.1 (Classified in expense”) “Operating expense”) Total Expenditure 50.3 116.5 2 Operating Segments Imaging Solutions Revenue** /Operating Income Highlights of Performance Revenue /Operating Income Highlights of Performance Revenue Pro-forma Operating Income (Excluding structural Revenue reform expenses) Revenue Operating Income (Including structural reform expenses) Revenue: ¥605.4 billion (YoY:-12.2% ) [ ]: Operating Margin Billions of yen ( ): YoY Comparison Although sales of color films and digital minilabs were down, sales of color paper grew due to a rise in market share and other factors. 689.4 605.4 (-12.2%) 17.5 [2.9%] Operating Income Operating Income (+936.1%) Pro-forma Operating Income 1.7 : ¥17.5 billion (YoY:+936.1% ) [0.2%] Operating Income: ¥-42.6 billion (YoY:+43.7% ) The negative impact on performance of such factors -42.6 -75.7 as structural reform expenses and high silver prices was [-11.0%] [-7.0%] more than offset by structural reform benefits and color (+43.7%) paper sales growth. FY2006 FY2007 ended Mar. 31, 2006 ended Mar. 31, 2007 3 *Note: After elimination of intersegment transaction
  • Operating Segments Breakdown of Revenue Breakdown of Revenue Color Films and Others Color Films and Others ( ): YoY Comparison Billions of yen FUJIFILM has been successful in increasing its market share as competing companies have withdrawn from the market. The Company has started increasing the domestic and overseas selling prices since July, 2006. Electronic Imaging Electronic Imaging 689.4 On a worldwide basis, the sales volume of digital cameras during 605.4 Color Films FY2007 amounted to 6.6 million units. 18% and Others Sales of new FinePix products “F31fd” and “Z5fd” with Fujifilm’s 17% Face Detection feature are robust. (-20%) Price competition is growing more intense, principally for entry- Electronic level models. 28% 28% Imaging (-14%) Color Paper and Chemicals Color Paper and Chemicals Amid a decrease in demand for photo prints from color films, color Color Paper 18% paper sales grew along with FUJIFILM’s increasing share in markets 21% and Chemicals of leading countries and continued market growth in digital photo (+6%) Photofinishing 9% prints. 8% Equipment (-23%) Labs and 21% Photofinishing Equipment 21% Photofinishing Equipment FDi services (-14%) Sales of digital minilabs decreased due to decrease of new installations at the major customers, but FUJIFILM moved ahead with efforts to expand sales of units to small and medium-scale FY2006 FY2007 customers. ended ended Mar. 31, 2006 Mar. 31, 2007 New products were developed through the alliance with Noritsu Koki Co., Ltd. 4 Operating Segments Information Solutions Revenue** /Operating Income Highlights of Performance Revenue /Operating Income Highlights of Performance Revenue Pro-forma Operating Income (Excluding structural Revenue reform expenses) Revenue Operating Income (Including structural reform expenses) Revenue: ¥1,026.1 billion (YoY:+17.0% ) Billions of yen [ ]: Operating Margin 1,026.1 ( ): YoY Comparison Performance in medical systems and all other fields (+17.0%) was generally robust. The consolidation of several additional subsidiaries 877.3 contributed to sales. 112.5 [10.9%] 95.2 (+28.2%) [9.2%] 87.7 (+20.4%) [10.0%] 79.1 Operating Income Operating Income [9.0%] Pro-forma Operating Income : ¥112.5 billion (YoY:+28.2% ) Operating Income: ¥95.2 billion (YoY:+20.4% ) The impact of high silver and aluminum prices was more than offset by sales volume growth and manufacturing facility streamlining, enabling a large rise FY2006 FY2007 ended Mar. 31, 2006 ended Mar. 31, 2007 in profitability. 5 *Note:After elimination of intersegment transaction
  • Operating Segments Medical Systems/Life Sciences Medical Systems/Life Sciences Sales of such products as SYNAPSE picture archiving and communications Breakdown of Revenue Breakdown of Revenue systems and dry films expanded. FCR PROFECT CS (Product name in the U.S.: FCRm) digital mammography ( ): YoY Comparison Billions of yen system became the first product to receive PMA extended to a Computed Radiography system for mammography from the U.S. FDA, and sales of this product have been brisk. Our wide lineup of endoscope products has been highly evaluated in Japan and overseas, and sales have increased greatly. FUJIFILM RI Pharma Co., Ltd.(Former Daiichi Radioisotope Laboratories, Ltd.) 1,026.1 contributed to sales. Graphic Arts Graphic Arts 877.3 26% Along with the worldwide shift to CTP, sales of CTP plates have expanded (+17%) Medical steadily. 26% Systems/ Life Sciences FPD Materials FPD Materials 28% Sales of FUJITAC and WV Film continued to grow. In October 2006, FUJIFILM Kyushu Co., Ltd., began operating its No. 1 (+9%) Graphic FUJITAC manufacturing plant, and that company’s No. 2 FUJITAC manufacturing 30% Arts line began operating in February 2007 17% Recording Media Recording Media (+29%) 16% FPD Materials Despite a fierce price competition in the mid-range data storage media field, 10% Fujifilm maintained strong sales of higher-capacity LTO Ultrium 3 and data Recording cartridges used for the IBM TotalStorage® Enterprise Tape Drive 3592. (-2%) 12% Media 18% Office & Industry Office & Industry Office 15% (+37%) & Industry Our lens units for camera phones featuring autofocus and zoom functions were highly evaluated in the market and sales expanded. FUJIFILM IMAGING COLORANTS LIMITED, whose business involves FY2006 FY2007 materials used in inks for ink-jet printers, has been accounted for as a ended ended consolidated subsidiary, and contributed to the rise in sales. Mar. 31, 2006 Mar. 31, 2007 *LTO and Ultrium are trademarks of Hewlett-Packard, IBM and Quantum in the U.S., other countries, or both. 6 *TotalStorage is a trademark of IBM in the U.S., other countries, or both. Operating Segments Document Solutions Revenue** /Operating Income Highlights of Performance Revenue /Operating Income Highlights of Performance Revenue Pro-forma Operating Income (Excluding structural Revenue reform expenses) Revenue Operating Income (Including structural reform expenses) Revenue: ¥1,151.0 billion (YoY:+4.6% ) Billions of yen [ ]: Operating Margin Exports of color digital multifunction devices to North ( ): YoY Comparison 1,151.0 America and Europe as well as sales in China and other (+4.6%) countries in Asia continued to be strong. 1,100.7 Operating Income Operating Income 77.9 [6.7%] 61.2 Pro-forma Operating Income 67.0 (+16.2%) : ¥77.9 billion (YoY:+16.2% ) [5.3%] [6.0%] (-8.7%) Operating Income: ¥61.2 billion (YoY:-8.7% ) The improvement of the cost of sales enabled a large increase in pro-forma operating income despite an increase in SG&A expenses accompanying higher sales in China and other Asian countries. FY2006 FY2007 ended Mar. 31, 2006 ended Mar. 31, 2007 7 *Note:After elimination of intersegment transaction
  • Operating Segments Breakdown of Revenue Breakdown of Revenue Office Products Office Products We recorded higher domestic sales of color multifunction devices, ( ): YoY Comparison Billions of yen having reinforced its lineup of such products as the reasonably priced DocuCentre C2100 and additional items in the ApeosPort-II series of medium- and high-speed models. Regarding color products, robust export sales to North America 1,151.0 and Europe and sales in China and other Asian countries continued. 1,100.7 Office Printers Office Printers Sales of new products under our own brand increased. 55% Sales volume of OEM models decreased in Japan due to inventory Office (+8%) 54% Products adjustments by OEM customers. The export sales of medium-speed monochrome OEM models to North America and Europe continued to be strong. Production Services Production Services 17% Office Unit sales of color on-demand publishing systems in Japan, China 17% (+1%) Printers and other markets in Asia increased considerably. 11% We augmented our product lineup by introducing a on-demand Production 10% (+3%) Services publishing system in Japan’s digital printing market, which is Office 6% expected to show expansion going forward. 6% Services (-1%) Office Services Office Services Others Growth in document outsourcing business was sustained. FY2006 FY2007 A decline was seen in sales of household registration systems, for ended ended which a special high level of demand was seen during the previous Mar. 31, 2006 Mar. 31, 2007 fiscal year 8 Reference Data Operating Results(3 months ended March 31, 2007) Billions of yen Change FY2007 FY2006 (Jan. 1 to Mar. 31, 2007) (Jan. 1 to Mar. 31, 2006) Amount % Revenue 100.0% 714.0 100.0% 682.1 +31.9 +4.7 Pro-forma Operating 5.8% 41.1 6.6% 45.1 (4.0) (8.9) Income Structural Reform 49.5 76.3 (26.8) - Expenses Operating Income (1.2%) (8.4) (4.6%) (31.2) +22.8 +73.1 Income before (1.3%) (9.0) (4.4%) (30.3) +21.3 +70.3 Income Taxes Net Income (2.0%) (14.0) (3.4%) (23.2) +9.2 +39.8 Capital Expenditure* 64.7 55.8 +8.9 +15.8 Depreciation & 56.3 68.7 (12.4) (18.0) Amortization R&D Expenses 6.2% 43.9 6.6% 44.8 (0.9) (2.1) Exchange Rates US$ ¥119 ¥117 +¥2 Euro ¥156 ¥140 +¥16 *Note: Figures do not include amounts for rental equipment handled by the Document Solutions segment. 9
  • Reference Data Imaging Solutions (3 months ended March 31, 2007) Revenue** /Operating Income Breakdown of Revenue Revenue /Operating Income Breakdown of Revenue Revenue ( ): YoY Comparison Billions of yen Pro-forma Operating Income (Excluding structural reform expenses) Operating Income (Including structural reform expenses) [ ]: Operating Margin Billions of yen ( ): YoY Comparison 146.3 146.3 127.3 (-12.9%) Color Films 127.3 16% and Others 15% (-19%) Electronic 28% 26% Imaging (-19%) Color Paper 18% 23% and Chemicals -35.3 (+13%) -78.3 [-27.7%] Photofinishing 10% [-53.5%] (+54.9%) Equipment 8% (-29%) Labs and 21% 22% -6.9 FDi services -10.1 (-11%) [-5.5%] [-6.9%] (+31.2%) 4Q FY2006 4Q FY2007 4Q FY2006 4Q FY2007 3 months 3 months 3 months 3 months ended Mar. 31, 2006 ended Mar. 31, 2007 ended ended 10 Mar. 31, 2006 Mar. 31, 2007 *Note: After elimination of intersegment transaction Reference Data Information Solutions (3 months ended March 31, 2007) Revenue** /Operating Income Breakdown of Revenue Revenue /Operating Income Breakdown of Revenue Revenue ( ): YoY Comparison Billions of yen Pro-forma Operating Income (Excluding structural reform expenses) Operating Income (Including structural reform expenses) [ ]: Operating Margin Billions of yen 275.8 ( ): YoY Comparison 275.8 240.3 (+14.7%) 31% (+24%) Medical 240.3 28% Systems/ Life Sciences 27% Graphic (+11%) 29.4 25.6 28% Arts [12.2%] [9.3%] 21.1 21.3 16% (-12.9%) [7.6%] [8.8%] 17% FPD Materials (+14%) (-0.9%) 8% Recording 11% (-10%) Media 16% Office 15% (+24%) & Industry 4Q FY2006 4Q FY2007 4Q FY2006 4Q FY2007 3 months 3 months 3 months 3 months ended ended ended Mar. 31, 2006 ended Mar. 31, 2007 11 Mar. 31, 2006 Mar. 31, 2007 *Note:After elimination of intersegment transaction
  • Reference Data Document Solutions (3 months ended March 31, 2007) Revenue** /Operating Income Highlights of Performance Revenue /Operating Income Highlights of Performance Revenue ( ): YoY Comparison Billions of yen Pro-forma Operating Income (Excluding structural reform expenses) Operating Income (Including structural reform expenses) 310.9 295.5 [ ]: Operating Margin Billions of yen 310.9 ( ): YoY Comparison (+5.2%) 295.5 Office 53% 54% Products (+7%) 17% Office 16% (+7%) 22.5 Printers 25.8 [7.1%] [8.6%] 11% Production 10% (-12.5%) (+8%) Services Office 7% 8% 5.8 Services (-2%) [1.9%] Others (-77.3%) 4Q FY2006 4Q FY2007 4Q FY2006 4Q FY2007 3 months 3 months 3 months 3 months ended ended ended Mar. 31, 2006 ended Mar. 31, 2007 Mar. 31, 2006 Mar. 31, 2007 12 *Note:After elimination of intersegment transaction Reference Data Major M&A transactions During FY2007 (ended March 31, 2007) Month/ Business Transaction Year Field Strengthened our inkjet business through the acquisition of Ink for July ’06 U.S. company Dimatix, a leading manufacturer of heads for inkjet printers industrial inkjet printers. Built a direct sales system for graphic arts equipment and October ’06 Graphic arts materials in Oceania through the acquisition of a distributor in the region. Broadened the scope of the medical business through the acquisition of 100% of the shares of Daiichi Radioisotope October ’06 Medical Laboratories, Ltd., a leading manufacturer in the diagnostic radiopharmaceuticals field. Expanded our position in the medical products business by December ’06 Medical acquiring Problem Solving Concepts, Inc., a provider of medical imaging Information systems for cardiology During FY2008 (ended March 31, 2008) Acquired a business of systems for reception, examination, data referencing, and reporting processes in endoscope and April ‘07 Medical ultrasound examination departments from Sumisho Computer Systems Corporation. 13
  • Reference Data Capital Expenditure Billions of yen 4Q Fiscal Year 4Q Fiscal Year Imaging Solutions 200.0 Information Solutions Document Solutions 179.8 Corporate 165.2 157.4 24.9 19.8 42.0 64.7 114.1 96.0 56.0 55.8 7.4 83.2 6.6 11.4 32.1 32.9 33.1 48.1 40.8 23.9 32.2 16.3 11.5 1.3 1.3 2008 (Forecast) 2005 2006 2007 2005 2006 2007 3 months ended Mar. 31, Fiscal year ended(ending) Mar. 31, 14 Note: Figures do not include amounts for rental equipment handled by the Document Solutions segment. Reference Data Billions of yen Depreciation & Amortization 4Q Fiscal Year 4Q Fiscal Year Imaging Solutions 225.4 220.0 Information Solutions 215.4 Document Solutions Corporate 182.3 52.8 75.3 62.9 68.7 56.3 88.2 24.8 50.6 80.9 11.5 59.6 16.3 24.8 25.8 16.9 74.3 69.2 59.8 19.9 18.1 17.4 0.1 0.1 2008 (Forecast) 2005 2006 2007 2005 2006 2007 3 months ended Mar. 31, Fiscal year ended(ending) Mar. 31, Depreciation* 36.4 51.9 38.5 130.4 156.9 146.4 150.0 15 *Note: Figures do not include amounts for rental equipment handled by the Document Solutions segment
  • Reference Data R&D Expenses Billions of yen 4Q Fiscal Year 4Q Fiscal Year 200.0 182.1 177.0 (7.0%) 168.0 (6.8%) (6.4%) (6.6%) 44.8 43.9 41.5 (6.6%) (6.2%) (6.5%) 2008 (Forecast) 2005 2006 2007 2005 2006 2007 3 months ended Mar. 31, Fiscal year ended(ending) Mar. 31, 16 Note: Figures in parentheses represent ratio of R&D expense to revenue. Reference Data Exchange Rates Unit: Yen FY2008 FY2006 FY2007 Apr.’06- Apr.’06-Mar.’07 Apr.’05-Mar.’06 Mar.’07 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Estimated US$ 115 115 116 118 119 117 108 111 117 117 113 Euro 145 143 147 151 156 149 136 135 139 140 138 Number of Employees 2007 2006 Mar. 31 Sep. 30 Mar. 31 Consolidated Total 76,358 78,411 75,845 Distribution of Shareholders 0.7% 3.9% 1.7% Financial Institutions Securities Companies 36.5% 7.0% 50.2% Mar.'07 Other Corporation Individuals & Others 35.2% 7.9% 51.1% Mar.'06 Foreighn Corporations 1.3% 3.7% 17 Treasury stocks 0.8%
  • We will use leading-edge, proprietary technologies to provide top- quality products and services that contribute to the advancement of culture, science, technology and industry, as well as improved health and environmental protection in society. Our overarching aim is to help enhance the quality of life of people worldwide. IR Office, Corporate Planning Div.