Financial Results (Consolidated) for the First Quarter ended June 30, 2021
FUJIFILM Holdings Corporation

August 13, 2021

Teiichi Goto
President and Chief Executive Officer

URL: http://www.fujifilmholdings.com/en

Projected date of Quarterly report: August 13, 2021

Projected date of the beginning of cash dividends: ―Reference materials regarding operating results of the current quarter to be prepared: Yes
Meeting to explain operating results of the current quarter 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 First Quarter ended June 30, 2021 (From April 1, 2021 to June 30, 2021）
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

(1) OPERATING RESULTS

Revenue

Income before
income taxes

Operating income％

582,653456,270

1st Quarter ended June 30, 2021
1st Quarter ended June 30, 2020

Net income attributable
to FUJIFILM Holdings％

27.7(14.8)

56,31820,390％176.2(45.1)

77,78442,199

％

84.3
59.9

57,30727,501

108.4
87.6

Note: Comprehensive income
1st Quarter ended June 30, 2021

¥ 64,452 million (76.6%)

1st Quarter ended June 30, 2020

Net income attributable
to FUJIFILM Holdings
per share

Net income attributable to
FUJIFILM Holdings per share(Assuming full dilution)
Yen

Yen
1st Quarter ended June 30, 2021
1st Quarter ended June 30, 2020

¥ 36,490 million ( - %)143.3468.80

142.81
68.57(2) FINANCIAL POSITION

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

Total assets

Total equity(Net asset)

FUJIFILM Holdings
shareholders’ equity

3,621,024
3,549,203

2,286,896
2,222,157

2,269,001
2,204,566

FUJIFILM Holdings
shareholders’ equity ratio
to total assets%

As of June 30, 2021
As of March 31, 2021

62.7
62.1

2. Cash Dividends
1st Quarter
Yen
Year ended March 31, 2021
Year ending March 31, 2022
Year ending March 31, 2022
(Forecast)

Cash dividends per share
3rd Quarter

2nd Quarter
Yen-

Year EndYear Total
Yen

Yen

Yen

47.50
.

0

52.50

100.00

50.00

-

50.00

100.00Note: Changes in dividends forecast during the quarter under review: None

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%

For the Year ending March 31, 2022

2,500,000

14.0%

200,000

20.9

Net income attributable

Income before
income taxes

Net income attributable
to FUJIFILM Holdings
to FUJIFILM Holdings
per share%

220,000(6.7)

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 June 30, 2021
excluding treasury shares for the average number of shares for the relevant period.
Note: Forecasts of consolidated operating results for the six months period ending September 30, 2021 have not been provided.

%

160,000(11.7)

Yen

400.18

Notes(1) Changes in status of material subsidiaries during this quarter(Company newly consolidated or removed from consolidation): None
(2) Adoption of simplified method of accounting or specific accounting treatments: None
(3) Changes in accounting principles
1. Changes in accounting policies accompanied by revisions of accounting standards: None
2. Changes in accounting policies other than 1. above: None
(4) Number of shares outstanding
1. Issued (including treasury stock):
2. Treasury stock:
3. Average number of shares:

514,625,728
114,805,139

As of March 31, 2021

As of June 30, 2021

As of March 31, 2021

514,625,728
114,823,247

1st Quarter ended
June 30, 2021

399,809,396

1st Quarter ended
June 30, 2020

399,723,645

As of June 30, 2021

This report is not reviewed.
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 an intention of guaranteeing the realization of the forecasts. Actual operating results are always subject to change significantly due to various matters. Assumptions for theforecasts and warnings for users of the forecasts are mentioned in the page 7, (3) Explanation on Projected Information on Forecasts of the Consolidated Operating Results in 1.
QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER.

FUJIFILM Holdings Corporation (4901)[INDEX]
1.

2.

3.
4.

QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER························································································································· P.2(1)
Explanation on Consolidated Operating Results························································· P.2(2)
Explanation on the Consolidated Financial Position ···················································· P.6(3)
Explanation on Projected Information on Forecasts of the Consolidated Operating Results ······· P.7
MATTERS RELATING TO SUMMARY (OTHER) INFORMATION ······································ P.7(1)
Changes in Status of Material Subsidiaries during This Quarter······································· P.7(2)Adoption of Simplified Method of Accounting or Specific Accounting Treatments ················ P.7(3)
Changes in Accounting Principles ········································································· P.7
OVERVIEW OF MATERIAL EVENTS REGARDING THE GOING CONCERN ASSUMPTION···· P.7
CONSOLIDATED FINANCIAL STATEMENTS ······························································ P.8(1)Consolidated Balance Sheets··············································································· P.8
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ···P.10(2)(Consolidated Statements of Income) ····································································P.10(Consolidated Statements of Comprehensive Income) ················································· P.11
(3)
Consolidated Statements of Cash Flows ·································································P.12(4)Notes to Consolidated Financial Statements ····························································P.13(Notes Relating to the Going Concern Assumption) ···················································P.13(Segment Information) ·····················································································P.13(Notes on Significant Changes to FUJIFILM Holdings Shareholders' Equity) ·····················P.16

1

FUJIFILM Holdings Corporation (4901)

1. QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER(1) Explanation on Consolidated Operating Results
Amount Unit: Billions of yen

First Quarter ended
June 30, 2021
Domestic revenue
Overseas revenue
Revenue
Operating income
Income before income taxes
Net income attributable to
FUJIFILM Holdings

First Quarter ended
June 30, 2020

ChangeAmount

%

38.2%
61.8%
100.0%

222.4
360.3
582.7

44.5%
55.5%
100.0%

202.9
253.4
456.3

19.5
106.9
126.4

9.6%
42.2%
27.7%

9.7%

4.5%

176.2%

9.2%

20.4
42.2

35.9

13.3%

56.3
77.8

35.6

84.3%

9.8%

57.3

6.0%

27.5

29.8

108.4%

Exchange rates (Yen / US$)

¥109

¥108

¥1

Exchange rates (Yen / Euro)

¥132

¥119

¥13

In the first quarter of the fiscal year ending March 31, 2022, the Fujifilm Group recorded ¥582.7 billion inconsolidated revenue (up 27.7% year-over-year), reflecting sales increases mainly in the Healthcare segment,
including the medical systems business and the bio CDMO business.
Operating income increased to ¥56.3 billion (up 176.2% year-over-year). Consolidated income before income
taxes amounted to ¥77.8 billion (up 84.3% year-over-year) and consolidated net income attributable to
FUJIFILM Holdings totaled ¥57.3 billion (up 108.4% year-over-year). The effective currency exchange rates for
the U.S. dollar and the euro against the yen during the current quarter were ¥109 and ¥132, respectively.
[Operating Segments]
Upon implementing the medium-term management plan VISION 2023 starting FY2021, FUJIFILM Holdings(the Company) reorganized its businesses into four business segments from three as described below from thecurrent consolidated fiscal year.
- The Healthcare and Material Solutions segment was divided into the Healthcare segment and the Materials
segment to clarify the performance of the Healthcare segment, which is the driving force behind our mediumto long-term business growth.
- The Document Solutions segment changed its name to the Business Innovation segment to diversify its
operating field by extending beyond just office printing to include solutions and services which drive
innovation.
- Production services of the Document Solutions segment and graphic systems of the Healthcare and Materials
Solutions segment merged into graphic communication business of the Materials segment to accelerate synergy
creation within the Fujifilm Group and provide further value to the printing industry on a global basis.
The segment information for the first quarter of the previous consolidated fiscal year is based on the segmentclassification after the above changes.

2

FUJIFILM Holdings Corporation (4901)

Revenue by Operating Segment

Amount Unit: Billions of yen

ChangeFirst Quarter ended
June 30, 2021

First Quarter ended
June 30, 2020

Healthcare

174.2

110.2

64.0

58.0%

Materials

149.8

127.4

22.4

17.7%

Business Innovation

186.1

168.9

17.2

10.2%

Imaging

72.6

49.8

22.8

45.6%

Consolidated Total

582.7

456.3

126.4

27.7%

Segment

Operating Income (loss) by Operating Segment

Amount%Amount Unit: Billions of yen

ChangeFirst Quarter ended
June 30, 2021

First Quarter ended
June 30, 2020

Healthcare

20.7

4.4

16.3

374.9%

Materials

21.3

13.1

8.2

62.9%

Business Innovation

14.0

13.4

0.6

4.5%

Imaging

8.0

(3.0)

11.0

－

Corporate Expenses andEliminations

(7.7)

(7.5)

(0.2)

－

Consolidated Total

56.3

20.4

35.9

176.2%

Segment

Amount%

Healthcare
In the Healthcare segment, consolidated revenue amounted to ¥174.2 billion (up 58.0% year-over-year).
Consolidated operating income amounted to ¥20.7 billion (up 374.9% year-over-year).
In the medical systems business, the acquisition of Hitachi, Ltd.’s diagnostic imaging-related business wascompleted on March 31, 2021, and FUJIFILM Healthcare Corporation, to which the business was transferred,
launched operations as a new group company. Revenue surged mainly due to a growth in demand for products
useful during COVID-19 pandemic situation. In the x-ray imaging diagnostics field, revenue remained strong
thanks to continued robust demand in the U.S., Europe, and Asia for the FUJIFILM DR CALNEO AQRO andFUJIFILM DR CALNEO Go PLUS, which are portable digital x-ray imaging systems that can be easily moved
between hospital bedsides, and as we tapped into growing demand related to COVID-19 pandemic situation in
Japan. In the ultrasound diagnostics field, revenue rose due to steady sales of the ultrasound diagnostic device
Sonosite PX mainly in the U.S., and due to a recovery in sales of stationary ultrasound devices by FUJIFILM
Healthcare mainly in Europe and the U.S., where sales activities were restricted in the previous fiscal year
because of COVID-19 pandemic situation. The medical IT field witnessed a surge in sales of systems andservices, in particular Picture Archiving and Communication System (PACS) SYNAPSE and 3D image analysis
system SYNAPSE VINCENT, mainly in Japan, China and Europe. In May 2021, we launched Medical Cloud
Service that offers a cloud application of our AI platform SYNAPSE SAI viewer, which provides a moreuser-friendly image-diagnosis support function in accordance with the budgets, usage environments, etc. of
medical facilities. In the endoscopes field, sales of such products as the 7000 System, which allows special-lightobservations, were particularly strong in Europe and China. In the In-Vitro Diagnostics (IVD) field, revenue
climbed through favorable sales of FUJIFILM Wako Pure Chemical Corporation’s biochemical reagents as wellas the FUJI DRI-CHEM (blood biochemical test) equipment and slides. In the CR/MRI field, revenue rose due
to growth of COVID-19-related demand and expansion of cross-selling for FUJIFILM Healthcare products
3

FUJIFILM Holdings Corporation (4901)

using FUJIFILM’s sales channels.
In the bio CDMO (contract development and manufacturing organization of biopharmaceuticals) business,revenue increased as biopharmaceutical process development and manufacturing under contract progressedfavorably, and also the manufacturing of drug substances for COVID-19 vaccine candidates in the U.S.
contributed to higher revenue. To further accelerate business growth, a decision was taken in June 2021 to makelarge-scale capital investments totaling approximately ¥90 billion at our sites in Europe and the U.S. By
expanding manufacturing facilities, we plan to significantly step up production capacity of biopharmaceutical
drug substances, including those for COVID-19 vaccines and gene therapy drugs in the cutting-edge medical
field, which are increasing in demand. The operation of the expanded facilities is scheduled to start in the latter
half of 2023.
In the life sciences business, revenue increased through solid sales of cell culture media by FUJIFILM Irvine
Scientific, Inc. (based in the U.S.) for COVID-19 vaccines / therapeutic drugs. FUJIFILM Cellular Dynamics,
Inc. (FCDI, based in the U.S.), its subsidiary Opsis Therapeutics, LLC (Opsis, based in the U.S.), and BlueRock
Therapeutics LP, which is a subsidiary of Bayer AG, entered into a strategic R&D alliance regarding iPS celltherapies for ocular diseases. Under the terms of the strategic alliance agreement, FCDI and Opsis will receive an
upfront payment and R&D and part of manufacturing funding with regard to the development of the three retinal
disease therapy programs. They are also eligible to receive payments upon achievement of certain development
and commercial milestones, as well as around 10% royalty payments on a per-program basis. In thepharmaceutical business, revenue decreased because of a drop in demand in the market for antibacterial agents.
In June 2021, we received marketing authorization in Japan for Lutathera® injections for the treatment ofneuroendocrine tumors. Neuroendocrine tumors are considered to have high unmet medical needs as options for
drug therapies are limited. The Fujifilm Group will continue contributing to the further development of medicine
by supplying high value-added pharmaceutical products.
In the consumer healthcare business, overall revenue climbed through steady sales of Metabarrier EX andother supplements and also through favorable sales of new cosmetic products. In March 2021, we released
Astalift White Jelly Aquarysta, formulated by blending whitening active ingredients and proprietary beauty
ingredients with Astalift Jelly Aquarysta, a longtime best-selling jelly skincare product since its release in
September 2010. We will continue to provide unique products that cater to customer needs and contribute topeople’s beauty and health promotion.
Materials
In the Materials segment, consolidated revenue amounted to ¥149.8 billion (up 17.7% year-over-year).
Consolidated operating income amounted to ¥21.3 billion (up 62.9% year-over-year).
In the electronic materials business, revenue rose as in the previous fiscal year through steady sales of a wide
range of products, including Chemical Mechanical Planarization (CMP) slurries and polyimide in line with thegrowth in semiconductor demand. In the semiconductor market, which is expected to continue expanding, we
will aim to achieve further business growth with a focus on advanced process materials and contribute to thecreation of social value in the 5G/IoT era.
In the display materials business, overall revenue continued to increase from the previous fiscal year due to arise in demand for monitors, tablets and TVs amid the COVID-19 pandemic situation, and solid sales of various
high-functioning film which reflects the buoyant demand for smartphones.
In the industrial products business, in addition to favorable sales of Prescale film driven by increased demand
for smartphones, higher sales of equipment / materials for non-destructive inspection in China contributed to arise in overall revenue.
In the fine chemical business, revenue increased as sales of environmental analysis reagents, etc. rose intandem with the upturn in research activities at universities and corporations, which had been hit by the spread of
COVID-19.
In the recording media business, revenue turned upward due to a recovery in demand for magnetic data
storage tape, which had fallen as companies curbed investments in data archiving and prioritized theenhancement of network infrastructure to support work-from-home during the COVID-19 pandemic situation.
We will continue to expand the business by extending our lineup of products and services that respond to the4

FUJIFILM Holdings Corporation (4901)

needs of our customers in the big data era.
In the graphic communication business, despite the lingering impact of COVID-19 pandemic situation fromthe previous fiscal year, revenue rose through increased sales of printing plates as we actively utilized online
negotiations. On July 1, 2021, the Graphic Systems Business Division of FUJIFILM Corporation and theGraphic Communication Services Business Group of FUJIFILM Business Innovation Corp. merged to offer an
end-to-end analogue to digital solution that combines sales capacities and technological / product strengths ofboth companies. In the analogue printing field, we released the non-processed CTP plate ZX which enables user
to handle plates with ease. In the digital printing field, we will lead the digitization of the industry by expanding
business through the development of innovative products, such as the Jet Press 750S High Speed Model, theworld’s fastest* B2 sheet-fed digital inkjet press with output speeds of 5,400 sheets per hour, and the Revoria
Press CF191/CF168, a high-speed, monochrome continuous feed printing system for key operations under our
new production printer brand Revoria™, which was released in Japan on July 30, 2021.
*As of June 2021, according to FUJIFILM Corporation’s research.

In the inkjet business, sales of industrial inkjet printheads were steady, reflecting growing demand in theceramic markets in China and Europe. Ink sales recovered from a decline in demand resulting from the
COVID-19 pandemic situation, and higher revenue was mainly attributed to dye inks for household and officemarkets. We will accelerate business growth further by building a global manufacturing structure that satisfies
the needs of the inkjet market.
Business Innovation
In the Business Innovation segment, consolidated revenue amounted to ¥186.1 billion (up 10.2%
year-over-year).
Consolidated operating income amounted to ¥14.0 billion (up 4.5% year-over-year).
In the office products field within the office solutions business, the number of unit sales increased
year-over-year in Japan, China, and the Asia-Pacific region, as well as for exports to Europe and the U.S.
After-sales revenue also rose sharply as the market recovered from the COVID-19 pandemic situation of theprevious fiscal year. In the office printer field, the number of unit sales rose year-over-year. For global expansion
under the FUJIFILM brand, we released a new model of Apeos, a digital color multifunction device / printerwith a totally new design and stronger security features, in April 2021. We will accelerate global development
including new OEM supplies.
In the business solutions business, revenue climbed year-over-year due to an increase in business related todomestic municipalities and steady performance of the BPO (Business Process Outsourcing) business mainly
overseas. We will continuously offer new solutions and services to support customers’ diversifying work styles
and solve management issues through DX, with the aim of achieving further growth in this field.
Imaging
In the Imaging segment, consolidated revenue amounted to ¥72.6 billion (up 45.6% year-over-year).
Consolidated operating income amounted to ¥8.0 billion.
In the consumer imaging field, revenues increased through solid sales of instant photo systems and dry
minilabs / materials for retailers in the U.S. as an entry model of instant photo systems, which enables users toenjoy on-the-spot photo printing, we launched the instax mini 40 compatible with mini format film in April 2021.
It was rated highly in the market for its classic camera design that never goes out of style, and achieved strong
sales in Japan and overseas. We will continue meeting increasingly diverse customer needs and offeringuser-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 professional imaging field, the FUJIFILM GFX100S, a mirrorless camera which has gained a highreputation worldwide for its superior image quality using a large format sensor despite its compact body,increased its user base and continued to boost sales. Going forward, we will continue providing value-added
products and revitalizing the market, along with providing the pleasure of taking photos. Sales of broadcast andcinema lenses, which had been hit by a decline in demand due to the COVID-19 pandemic situation, have picked
5

FUJIFILM Holdings Corporation (4901)

up, contributing to higher revenue. The monitoring / measurement field, including long-range surveillancecameras and machine vision lenses, also achieved significantly higher revenue than last year.

(2) Explanation on the Consolidated Financial Position
At the end of the first quarter of the fiscal year ending March 31, 2022, total assets increased by ¥71.8 billion,
compared with the fiscal year ended March 31. 2021, to ¥3,621 billion, owing to an increase in cash and cash
equivalents. Total liabilities increased by ¥7.1 billion to ¥1,334.1 billion. FUJIFILM Holdings shareholders’equity increased by ¥64.4 billion to ¥2,269 billion. As a result, the current ratio increased by 5.4 percentage
points to 215.8%, the debt-equity ratio decreased by 1.4 percentage points to 58.8%, and the equity ratio
increased by 0.6 percentage points to 62.7%, compared with the end of the previous fiscal year. The Fujifilm
Group is maintaining a stable level of asset liquidity and a sound capital structure.
(Cash Flows)
Amount Unit: Billions of yen

First Quarter ended
June 30, 2021
95.4

First Quarter ended
June 30, 2020
100.4

Net cash used in investing activities(36.9)(33.5)(3.4)

Net cash used in financing activities(23.5)(79.6)

56.1

Net cash provided by operating activities

Change(5.0)

During the first quarter of the fiscal year ending March 31, 2022, net cash provided by operating activities
totaled ¥95.4 billion due to a decrease in accounts receivable and other factors. Net cash used in investing
activities amounted to ¥36.9 billion due to the acquisition of property, plants, equipment, and other factors. Thus,
free cash flow, or the sum of cash flows from operating and investing activities, was ¥58.5 billion. Net cash usedin financing activities amounted to ¥23.5 billion due to payment of debts and other factors.
As a result, cash and cash equivalents at the end of the quarter under review amounted to ¥431.4 billion, up¥36.6 billion from the end of the previous fiscal year.

6

FUJIFILM Holdings Corporation (4901)(3) Explanation on Projected Information on Forecasts of the Consolidated Operating Results(Consolidated Financial Forecast for the fiscal year ending March 31, 2022)
Amount Unit: Billions of yen

Previous
Forecast(A)(announced
on May 12,
2021)
Revenue

Revised
Forecast (B)Change(B-A)

Change(%)(Reference)
ActualResult for
Fiscal Year
ended
March 31,2021

2,440.02,500.0

60.0

2.5

2,192.5

180.0

200.0

20.0

11.1

165.5

185.0

220.0

35.0

18.9

235.9

130.0

160.0

30.0

23.1

181.2

¥325.16¥400.18¥75.0223.1¥453.28

ROE (%)

6.2%

7.1%

-

0.9 point

8.7%

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

¥104
¥124

¥109
¥132

¥5
¥8

-

¥106
¥124

Operating income
Income before income
taxes
Net income attributable to
FUJIFILM Holdings
Net income attributable to
FUJIFILM Holdings per
share

The Company has revised the consolidated performance forecast for the fiscal year ending March 31, 2022,
upward reflecting the strong performance in the first quarter. The Company projects ¥2,500.0 billion in the
consolidated revenue (up 2.5% compared to the previous forecast), ¥200.0 billion in operating income (up 11.1%
compared to the previous forecast), ¥220.0 billion in income before income taxes (up 18.9% compared to theprevious forecast) and ¥160.0 billion in net income attributable to FUJIFILM Holdings per share (up 23.1%
compared to the previous forecast).
The projected currency exchange rates for the U.S. dollar and the euro against the yen during the fiscal year
ending March 31, 2022, are ¥109 and ¥132, respectively.
2. MATTERS RELATING TO SUMMARY (OTHER) INFORMATION(1) Changes in Status of Material Subsidiaries during This Quarter (Company Newly Consolidated or Removed
from Consolidation): None
(2) Adoption of Simplified Method of Accounting or Specific Accounting Treatments: None
(3) Changes in Accounting Principles: None
3. OVERVIEW OF MATERIAL EVENTS REGARDING THE GOING CONCERN ASSUMPTION: NONE

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FUJIFILM Holdings Corporation (4901)

4. CONSOLIDATED FINANCIAL STATEMENTS(1) Consolidated Balance Sheets

Amount Unit: Millions of yen

As of

As of

June 30, 2021

March 31, 2021

ChangeASSETS
Current assets:
Cash and cash equivalents

431,391

394,795

36,596

Trade and finance

508,898574,319(65,421)

Lease receivables

47,07851,644(4,566)

Affiliated companies

1,916

2,462

(546)

(22,384)(22,707)323

535,508605,718(70,210)Inventories

458,001

417,662

40,339Prepaid expenses and Other

121,364

89,201

32,163

Total current assets

1,546,264

1,507,376

38,888Investments in and advances to affiliated companies

31,67931,849(170)

Investment securities

130,528

111,650

18,878Long-term lease receivables

62,03362,068(35)

Other long-term receivables

24,15625,426(1,270)Allowance for doubtful receivables(2,979)(3,167)

188

245,417

227,826

17,591

Land

105,853

105,764

89

Buildings

716,594

718,513(1,919)Machinery and equipment

1,468,056

1,474,840(6,784)

Construction in progress

78,336

63,913

14,4232,368,839

2,363,030

5,809(1,725,760)(1,727,779)

2,019

643,079

635,251

7,828

Operating lease right-of-use assets

79,49978,203

1,296

Goodwill, net

807,821804,199

3,622

Other intangible assets, net

125,836

128,496(2,660)Other

173,108

167,852

5,256

1,186,264

1,178,750

7,514

3,621,024

3,549,203

71,821

Notes and accounts receivable:

Allowance for doubtful receivables

Investments and long-term receivables:

Total investments and long-term receivables
Property, plant and equipment:Less accumulated depreciation
Total property, plant and equipment
Other assets:

Total other assets
Total assets

8

FUJIFILM Holdings Corporation (4901)
Amount Unit: Millions of yen

As of

As of

June 30, 2021

March 31, 2021

ChangeLIABILITIESCurrent liabilities:
Short-term debt

63,526

63,729

(203)

Trade

222,857

217,308

5,549

Construction

17,764

21,157(3,393)Affiliated companies

1,606

1,455

151

242,227

239,920

2,307

Accrued income taxes

17,066

24,527(7,461)

Accrued liabilities

207,005

197,519

9,486

Short-term operating lease liabilities

29,77928,938841

Other current liabilities

156,866

161,651(4,785)

716,469

716,284

185

Long-term debt

439,267

439,351(84)

Accrued pension and severance costs

29,66230,090(428)

Long-term operating lease liabilities

55,021

54,94675

Other long-term liabilities

93,70986,375

7,334

617,659

610,762

6,897

1,334,128

1,327,046

7,082

40,36340,363

Notes and accounts payable:

Total current liabilities
Long-term liabilities:

Total long-term liabilities
Total liabilities
EQUITY
FUJIFILM Holdings shareholders' equity
Capital-Common stock, without par value:
Authorized:

800,000,000 shares

Issued:514,625,728 shares

Additional paid-in capital

996

Retained earnings-

996

2,760,051

2,702,760

57,291

Accumulated other comprehensive income (loss)(46,762)(52,836)

6,074

Treasury stock, at cost

(485,647)(485,721)

74

2,269,001

2,204,566

64,435

Noncontrolling interests

17,895

17,591304

Total equity

2,286,896

2,222,157

64,7393,621,024

3,549,203

71,821

Total FUJIFILM Holdings shareholders' equity

Total liabilities and equity
Note: Details of accumulated other comprehensive income (loss)

As of June 30, 2021

Unrealized gains (losses) on securities

As of March 31, 2021

Change01(1)Foreign currency translation adjustments

38,76632,973

5,793

Pension liability adjustments(85,600)(86,038)

438

72

228

(156)

Unrealized gains (losses) on derivatives
9

FUJIFILM Holdings Corporation (4901)(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)1st Quarter ended June 30

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021%

Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

ChangeAmount%%Revenue:

100.0

582,653100.0

456,270

126,383

27.7

Cost of sales:

56.6

329,98758.9

268,838

61,14922.7

43.4

252,666

41.1

187,432

65,23434.8

Selling, general and administrative

27.3

159,18928.6

130,643

28,546

21.9

Research and development

6.4

37,1598.0

36,399

760

2.1

33.7

196,34836.6

167,042

29,30617.5

9.7

56,318

4.5

20,39035,928176.2

Gross profit
Operating expenses:

Operating income
Other income (expenses):
Interest and dividend income

1,723

1,396

327

Interest expense

(534)

(582)

48

Foreign exchange gains (losses), net(557)(1,599)

1,042

Gains (losses) on equity securities, net

14,836

13,545

1,291

Other, net

5,998

9,049

(3,051)

3.6

21,466

4.7

21,809

(343)

(1.6)

13.3

77,7849.2

42,19935,585

84.3

Income taxes

4.0

23,0382.8

12,919

10,11978.3

Equity in net earnings (losses) of affiliated companies

0.7

3,543

(0.3)

(1,607)

5,150

10.0

58,2896.1

27,67330,616

110.6

(0.2)

(982)

(0.1)

(172)

(810)

470.9

9.8

57,307

6.0

27,50129,806

108.4

Income before income taxes

Net income
Less: Net (income) loss attributable to thenoncontrolling interests
Net income attributable to
FUJIFILM Holdings

10-

FUJIFILM Holdings Corporation (4901)(Consolidated Statements of Comprehensive Income)1st Quarter ended June 30

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Net income

Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

Change58,28927,67330,616

(1)

(3)

2

5,902

7,321

(1,419)Pension liability adjustments

418

1,323

(905)

Unrealized gains (losses) on derivatives

(156)

176

(332)

Total

6,163

8,817

(2,654)64,45236,49027,962(1,071)(57)(1,014)

63,38136,433

26,948Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities
Foreign currency translation adjustments

Comprehensive income (loss)
Less: Comprehensive (income) loss attributable tononcontrolling interests
Comprehensive income (loss) attributable to
FUJIFILM Holdings

11

FUJIFILM Holdings Corporation (4901)(3) Consolidated Statements of Cash Flows

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

ChangeOperating activities
Net income

58,28927,67330,616

Depreciation and amortization

31,29729,945

1,352(Gains) losses on equity securities(14,836)(13,545)(1,291)Equity in net (gains) losses of affiliated companies,
net of dividends received(3,367)

1,788(5,155)

Notes and accounts receivable

72,11897,948(25,830)

Inventories(39,629)(45,529)

5,900

5,129

(16,553)

21,682

Changes in other current assets(23,019)(12,323)(10,696)

Accrued income taxes and other liabilities

16,094

19,972(3,878)Other(6,635)

11,054(17,689)

Subtotal

37,15272,757(35,605)

95,441

100,430(4,989)Purchases of property, plant and equipment(27,454)(23,044)(4,410)Purchases of software(6,957)(3,809)(3,148)Proceeds from sales and maturities of marketable
and investment securities

2,506

3

2,503

Purchases of marketable and investment securities(1,655)(397)(1,258)(Increase) decrease in time deposits, net(1,386)(2,430)

1,044

(338)

-

(338)

(1,576)(3,847)

2,271(36,860)(33,524)(3,336)

Proceeds from long-term debt

-

1,066

(1,066)

Repayments of long-term debt

(671)

(13,540)

12,869

Increase (decrease) in short-term debt, net(58)(1,259)

1,201

Payments of short-term debt with maturities
longer than three months-(50,000)

50,000Cash dividends paid to shareholders(20,990)(18,986)(2,004)

Subsidiaries' cash dividends paid tononcontrolling interests

-

(17)

17

Purchases of stock for treasury

(6)

(2)

(4)

(1,776)

3,159(4,935)(23,501)(79,579)

56,078

Effect of exchange rate changes on cash and cash
equivalents

1,516

2,846

(1,330)Net increase (decrease) in cash and cash equivalents

36,596(9,827)46,423

Cash and cash equivalents at beginning of period

394,795

396,091(1,296)

Cash and cash equivalents at end of period

431,391

386,264

45,127

Adjustments to reconcile net income to net cash
provided by operating activities:

Changes in operating assets and liabilities:

Notes and accounts payable - trade

Net cash provided by operating activities
Investing activities

Increase in investments in andadvances to affiliated companies
Other
Net cash used in investing activities
Financing activities

Capital transactions with noncontrolling interestsand other
Net cash used in financing activities

12

FUJIFILM Holdings Corporation (4901)(4) Notes to Consolidated Financial Statements(Note Relating to the Going Concern Assumption)
N/A(Segment Information)(A) Operating Segment Information
a. Revenue

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Revenue:Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020%

Change%Amount%

Healthcare:
External customers

29.9

174,202110,232

63,97025

18

7174,227

110,250

63,97758.0

127,296

22,505

17.7

319

291

28

150,120

127,587

22,53317.7

168,903

17,160

10.2

649

417

232

186,712

169,320

17,392

10.3

49,83922,748

45.6

665

498

167

Total

73,25250,337

22,915

Eliminations(1,658)(1,224)(434)

456,270

126,383

Intersegment
Total

24.2

58.0
-

Materials:
External customers

25.7

149,801

Intersegment
Total

27.9

-

Business Innovation:
External customers

31.9

186,063Intersegment
Total

37.0

-

Imaging:
External customers

12.5

72,587

Intersegment

Consolidated total

100.0

582,653

10.9

100.0

b. Operating income

45.5
27.7

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Operating Income (Loss):%Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

ChangeAmount%%

Healthcare

11.9

20,6693.9

4,352

16,317

374.9

Materials

14.2

21,29610.2

13,076

8,220

62.9

Business Innovation

7.5

14,023

7.9

13,414609

4.5

Imaging

10.9

7,998

(5.9)

(2,972)

10,970Total

63,98627,87036,116

Corporate expenses and eliminations(7,668)(7,480)(188)

20,39035,928

Consolidated total

9.7

56,318

4.5

Note: The major products and services of each operating segment are as follows:
Healthcare:

Equipment and materials for medical systems,
contract development and manufacturing organization of biopharmaceuticals,
regenerative medicine, drug discovery support such as cell culture media and reagent,pharmaceuticals, cosmetics and supplements, etc.
13

129.6
176.2

FUJIFILM Holdings Corporation (4901)

Materials:

Electronic materials, display materials, fine chemicals, industrial equipment,
recording media, equipment and materials for graphic communication,
inks and industrial inkjet printheads, etc.

Business Innovation:

Digital MFPs, solutions and services, etc.

Imaging:

Instant photo systems, color films, services and equipment for photofinishing,digital cameras and optical devices, etc.

14

FUJIFILM Holdings Corporation (4901)(B) Geographic Information
a. Revenue

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Revenue:%Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

Change%Amount%Japan:
External customers

43.8

255,07549.8

227,428

27,647

12.2

Intersegment

132,997

102,984

30,013-

Total

388,072

330,41257,66017.5

75,55041,721

55.2

The Americas:
External customers

20.1

117,271

16.6

Intersegment

21,287

13,862

7,425

-

Total

138,558

89,41249,14655.0

48,30623,34048.3

Europe:External customers

12.3

71,646

10.6

Intersegment

3,488

2,549

939

-

Total

75,13450,85524,27947.7

104,986

33,675

32.1

Asia and others:
External customers

23.8

138,661

23.0

Intersegment

55,44262,083(6,641)

Total

194,103

167,069

27,034

Eliminations(213,214)(181,478)(31,736)456,270

126,383

Consolidated total

100.0

582,653

100.0

b. Operating income

16.2
27.7

Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Operating Income:-%Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

ChangeAmount

%

%

Japan

7.7

29,727

3.5

11,62018,107

155.8

The Americas

11.0

15,182

1.3

1,159

14,023

1,209.9

Europe

5.2

3,885

0.9

469

3,416

728.4

Asia and others

5.6

10,912

5.6

9,421

1,491

15.8

(2,279)(1,109)20,39035,928Eliminations
Consolidated total(3,388)9.7

1556,3184.5

176.2

FUJIFILM Holdings Corporation (4901)

c. Overseas revenue (Destination Base)Amount Unit: Millions of yen
Three months ended
June 30, 2021
From April 1, 2021
To June 30, 2021

Revenue:
Domestic%Three months ended
June 30, 2020
From April 1, 2020
To June 30, 2020

ChangeAmount%%38.2

222,31144.5

202,867

19,444

9.6

The Americas

21.1

122,880

17.2

78,44144,43956.7

Europe12.5

73,047

10.8

49,612

23,435

47.2

Asia and others

28.2

164,41527.5

125,350

39,06531.2

Subtotal

61.8

360,34255.5

253,403106,93942.2

Consolidated total

100.0

582,653100.0

456,270

126,383

27.7

Overseas:

Note: The presentation of the overseas revenue (Destination Base) has been classified and disclosed based on the customer’s location.

(Note on Significant Changes to FUJIFILM Holdings Shareholders' Equity)
N/A

16