FUJIFILM Holdings Corporation
Kenji Sukeno
President and Chief Operating Officer

April 19, 2021

(Updated) Notice of Launch of
the Medium-Term Management Plan “VISION 2023” andEarnings Forecast for the Fiscal Year ending March 31, 2022
FUJIFILM Holdings Corporation hereby updates the “Notice of Launch of the Medium-Term
Management Plan “VISION 2023” and Earnings Forecast for the Fiscal Year ending March 31,2022”, which was announced on April 15, 2021, because it could not be printed.
There is no change in the disclosed contents.

FUJIFILM Holdings Corporation
Kenji Sukeno
President and Chief Operating Officer

April 15, 2021

Notice of Launch of the Medium-Term Management Plan “VISION 2023” andEarnings Forecast for the Fiscal Year ending March 31, 2022
FUJIFILM Holdings Corporation has drawn up a new medium-term management plan,
VISION 2023, covering a three-year period from the fiscal year ending March 2022 to the fiscal
year ending March 2024.
Earnings forecast for the current fiscal year is as follows.
・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)
Forecast(FY ending
March 2021)(A)

Forecast(FY ending
March 2022)(B)

Change（％）

Target(FY ending
March 2024)(C)

Change(B)-(A)

Change(C)-(A)

Change（％）

Revenue

2,180,000

2,440,000

260,000

11.9

2,700,000

520,000

23.9

Operating income

160,000

180,000

20,00012.5

260,000

100,000

62.5

Income before
income taxes

210,000

185,000-25,000-11.9

265,000

55,00026.2

Net income
attributable
to FUJIFILM
Holdings

160,000

130,000-30,000-18.8

200,000

40,00025.0

Net income
attributable to
FUJIFILM Holdings
per share

400.22 yen

325.18 yen-75.04 yen

500.27 yen

100.05 yen

Note: Net income attributable to FUJIFILM Holdings per share in each period is calculated using the number ofshares issued as of December 31, 2020 excluding treasury shares for the average number of shares for the relevant
period.

Please refer to the attached materials for more details of the medium-term management plan andthe outline of the earnings forecast.
[Attachment]
・ Briefing material “Medium-Term Management Plan VISION 2023”
・ NEWS RELEASE

Medium-Term Management Plan

VISION 2023

April 15, 2021

Forward-looking statements, such as those relating to earnings forecasts and other projections contained in this material, are management’s
current assumptions and beliefs based on currently available information. Such forward-looking statements are subject to a number of risks,
uncertainties, and other factors. Accordingly, actual results may differ materially from those projected due to various factors.

Our Ideal Fujifilm Vision
Using leading-edge, proprietary
technologies to provide top-quality
products and services,
services we will strive
to “resolve social issues through ourbusiness activities” and contribute to
the realization of a sustainable society.

VISION
2023

Sustainable
Value Plan
2030
(SVP2030)

Sales: over ¥3.5 trillion
Cut CO2 emissions: 45％(v. FY2013 levels)

VISION
2019

Sales: ¥2.7 trillion
OP: ¥260.0 billion
Cut CO2 emissions: 38％

Sales: ¥2.3151 trillion
OP: ¥186.6 billion
Cut CO2 emissions: 30％

Medium-Term Management
Plan that sets concrete
action plans for realizing
SVP 2030 targets(v. FY2013 levels)(v. FY2013 levels)

SVP 2030 are long-term targets withgoals set for FY2030
From the pperspectives
pof solving
g social issues
through our business activities and consideringsociety and the environmental in all our businessprocesses, identify issues and set targets for thefour priority areas of Environment,
Environment Health
Health, Daily
Life, and Work Style and for our supply chain
and governance processes, which underpin ourbusiness activities.
1

Looking Back on VISION 2019
VISION 2019 Management Policy
Positioning each business into one of three stages: improve profitability, accelerate further
growth, and invest to create a new future. Strengthen our business portfolio and inspire further
leaps forward by developing measures to suit that growth process.
(Billions of Yen)FY2020FY2019ActualResults

MTP(VISION2019)

ChangeForecast

2,600.0

2,315.1(284.9)2,180.0

100.0%

100.0%-11.0%

100.0%

230.0

186.6

(43.4)

160.0

8.8%

8.1%

-18.9%

7.3%

Net income attributable
to

150.0

125.0

(25.0) Record 160.0

5.8%

5.4%

-16.7%

ROE

7.3%

6.3%

-1.0%

Revenue
Operating income

High

7.3%

7.8%

FY2017-FY2019
FY2017FY2019ActualResults

MTP(VISION2019)

Shareholder returns
M&A investment





300.0

300.0+

500 0 about 700
500.0
700.0
0

Develop appropriate measures for the growth stage of each business, such as aggressive
investment in the bio CDMO business, structural reform of Fuji Xerox, and making it a 100%
subsidiary, and then build a structure that reliably generates profits even during COVID-19.
COVID 19.
Could have accomplished medium-term plan in FY2019 without COVID-19 and exchange rates
fluctuations. Expect to achieve record net income attributable to shareholders of 160 billion
yen in FY2020 due to such factor as making Fuji Xerox our wholly owned subsidiary.

2

Looking Back on VISION 2019
VISION 2019 Priority
P i it Issues
I
Priority Issues

MeasuresAccelerate
growth in
healthcare field

Acquired Wako
Pure Chemical
Industries, Ltd.

New document
growth strategy,
improved profits

Announced
structural reform
at Fuji Xerox

Acquired
IrvineScientific

J-TEC stocktransfer

M d FujiMade
F ji Xerox
X
a 100% subsidiary

FY2019FY2020*1 Acquisition completed Mar.31, 2021

Healthcare Performance

Document Performance（Billions of yen）
600.0
500.0

550.0
484.3

504.1

443.0

12.0%
10.0%

10.2%

400.0

8.0%

300.0

6.9%

6.0%

6.6%

200.0

4.0%

4.4%
100.0
19.7

SalesSl & profits
fit upon M&A effect,organic growth.
Especially
impressive growthfor biomedical (bio
CDMO, cell culture
media).

33.3

33.1

56.0

0.0

2.0%
0.0%

FY2017 FY2018 FY2019 FY2020
Forecast（Billions of yen）

-ReorganizationReorganization
Further
accelerate
growth in
healthcare field
Change name to
FUJIFILM
BusinessInnovation

Decided to terminate
TA with Xerox*2
FY2018FY2017

Decided large
capex into bio
CDMO

Acquired Biogen (Denmark)Manufacturing
Decided acquisition of
Hitachiʼs diagnostic imagingrelated business*1

FY2021*2 When current agreement ends on Mar.31, 2021

 Profits up sharply onstronger company structure
despite lower sales fromsmaller low-profit, low-end
printer business.
 Created stable profits despite
COVID-19 by reforming
business to anticipatepmarketchanges.
 Acquisition of 100%
ownership of Fuji Xerox
enabled global operationalpresence.

Revenue
Operating Income
Operating Margin

3

Financial Targets in VISION 2023
(Billions of yen)

FY2020forecast

FY2021VISION2023

FY2023
VISION2023

Change fromFY20202 180 02,180.02 440 02,440.0

2 700 02,700.0

185.0

215.0

270.0

10.0%

+45.9%

25.0

35.0

10.0

(15.0)

Operating Income

160.0

180.0

Record
High

260.0

100.0

Income before
Income Taxes

210.0

185.0

265.0

55.0

9.6%

7.6%

RecordHigh

9.8%+26.2%Net Income
Attributable to
FUJIFILM Holdings

160 0
160.0

130 0
130.0

200 0
200.0

40 0
40.0

7.3%

5.3%

7.4%

+25.0%Net Income Attributable to
FUJIFILM Holdings per Share¥400.22¥325.18¥500.27¥100.05

ROE

7.8%

6.2%

8.4%

0.6%

ROIC

4.2%

4.6%

6.1%

1.9%

CCC

125days124days103days(22)days

R
Revenue100%

Operating Income
before One-time Costs

8.5%

One-time Costs

7.3%

100%

100%

8.8%

7.4%

9.6%

Record
High

520 0
520.0

+23.9%

85.0+62.5%＊Exchange rates US$/¥:¥104, €/¥:¥124 Silver price (/Kg):¥84,000＊Exchange rate sensitivity for Operating Income US$/¥:¥0.3 billion , €/¥:¥0.8 billion

4

Resolution of Social Issues
through Business Activities
Priority Areas
EnviroEi
nment

Health

Daily
Life

Work
Style

・Countermeasures to climate change.
・PromotePt recyclingli
off resources.
・Address energy issues.
・Ensure product and chemical safety.

•Create a healthy society through providing
advanced products and services globally in allareas of prevention, diagnosis, and treatment
to reduce health disparities.
・Contribute to creating a safe and secure society by
developing and providing advanced functional
materials in the era of promoting DX.
・Contribute to enriching humanity and peaceful life
by developing and providing high-quality and highperformancepeo a ce products
p oducts anda d services
se ces in picture
p ctu e anda dimaging field.

•Contribute to a social change where people
feel motivated to work through providing
products and solution services worldwide that
increase productivity and inspire creativity.

Segments

SDGs Goals

Healthcare
Materials
Business Innovation

Imaging

Healthcare

Materials
Imaging

Business Innovation

5

Initiatives for “Environment” related
Issues through Business Activities
Environment

Achieved original 30% reduction target by FY2019.
Revised target up to 45%.
Received SBT*3 well below 2℃*4 certification.

Countermeasures to climate change*3▶Target 1: ReducedCO2 emissions
i iover productdlifecycle*1*4 well-below2℃〇Environment-conscious investment
・ Decarbonization perspective considered when
making investment decision.
-> Aim to use renewable
bl energy at a new ffactoryof bio CDMO business.

45％

30％

Science Based Targets initiative〇 Energy strategy
FY2019 result

FY2030 target*1 Reduction target for entire FF product lifecycle (v. FY2013 levels)▶Target 2: Reduce CO2 emissions through products andservices*2・ Switch to efficient equipment groupwide.
・ Environmental initiatives for social
infrastructure development.
Revised up target from 50 to 90 million tons.

16

million tons

90

Devise and disseminate environmentconscious p
products
・Reduce general energy consumption byencouraging the use of large-capacity magnetic
tapes instead of hard discs.

FY2019 resultlt

FY2030 ttargett

Introduce processless plates to reduce electric・Introduce
power burden.

mil. tons*2 Target to reduce CO2 emissions in society by replacing conventional
products and similarly functioning products with our products andservices. Cumulative reduction since FY2017.

・Develop materials that promote energy storage.
6

Initiatives for “Health” and “Work Style”
related 「環境」課題への取り組み
Issues through Business Activities
Setting new KPIs in the areas of “Health” and “Work Style”.
HealthWork
Style

Improve medical accessibility by introducing our AI-driven
medical products and services to all countries and regions
by FY2030.

57
countries

100
countries

196
countries

FY2019 result

FY2023 target

FY2030 target

Offer 50 million people work styles that help workers improve
productivity and demonstrate creativity by providing solution
services that spur business innovation.

7

VISION 2023: Basic Concept
Accelerate Healthcare & Materials growth.
Build more resilient business platform
to facilitate sustainable growth.
growth・Secure growth investment capital.
・Concentrate management resources on
new/future/fpotential
i l andd growth
h driverd ibusinesses.
b i・Accelerate/strengthen cash generation andinvestment cycle.
Business portfolio management□Appropriate strategies to suit business
phase□Optimum allocation of Group resourcesEnter new markets with highgrowth potential□Continue to invest in technology fields andmarkets that demonstrate FF strengths*1

Stronger cash flow management□Capital efficiency-focused, thoroughbusiness operation□Improve ROE/ROIC/CCC

Create stronger integrated businesssynergies through M&A□FUJIFILM Healthcare*2→ Create new value by combining AI
technologies and broad product lineup.

□FUJIFILM Business Innovation→ accelerate global operational presence
strengthen solutions & services business*1 AI/IT, biotechnology, photo regulation materials*2 The company that inherited Hitachiʼs diagnostic imaging-related business acquired on March 31, 2021.

8

Business Portfolio Management
InjectIj t ¥1.2¥1 2 trillion
t illi
growthth iinvestment*tt* over 3 years,
with ¥1.0 trillion channeled into new/future potential*TotalTotal R&D investment and capex for FY2021
FY2021–FY2023
FY2023and growth driver areas.
areas
High

Drive medium-term
growth/profitability

Sew long-term seeds

New/future potential

Markeet appeal (groowth potentia
al, etc.)

Low■Medical Systems:
AI/IT systems, hard endoscopes, surgical tools■Bio CDMO: gene therapeutics CDMO■Life
Lif Sciences:
S i
D
Drug
discovery
disupportt(regenerative medicine/cell culture media/reagents)■Electronic Materials/Display Materials/
Other Highly Functional Materials:
new materials■Graphic Communication: digital printing, inkjet■Business Innovationetc.

Non-coreNoncore

Growth Driver■Medical Systems:
endoscopes（soft endoscopes, treatment tools)
IVD（equipment,（ireagents））
ultrasound (POC/stationary)
X-ray equipment (CT/MRI/DR))■Bio CDMO:
antibody
y drugg CDMO■Electronic Materials:
semiconductor materials

etc.

Earnings base (cash cow)

Judge from perspectives of compatibility
with strategy, growth, and profitability.

■Office Solutions■Consumer Imaging■Professional Imaging
p
Communication: analog
g printingpg■Graphic

etc.

High

FF profitability
Flow of cash and other resources9Segment Reorganization
Reorganized into 4 business segments:
Healthcare, Materials, Business Innovation, Imaging
g g
Healthcare■Medical Systems■Bio CDMO・Life Sciences (drug discovery support : iPS cells,
cell
ll culture
ltmedia,
di reagent)t)・Pharmaceutical・Consumer Healthcare (cosmetics, supplements）
Electronic Materials

Materials■Life SciencesDisplay Materials
HighlyFunctional
Materials

BusinessInnovation■Office Solutions■Business Solutions

Imaging■ConsumerC
Imaging
I
i■Professional Imaging

GraphicOther Highly
Functional Materials
Communication
・Graphic Communication
・Industrial Products
・FineeC
Chemicale ca・Inkjetjet
・Recording Media
Plan to disclose business results* from FY2021
under 4 segments (Healthcare,(Healthcare Materials
Materials,
Business Innovation, Imaging) and 11
subsegments (■■■■)*4 segments: disclose sales and operating profit
11 subsegments: disclose sales
10

Business Portfolio
Linked with Unique Technologies

Healthcare

BusinessInnovation

Materials

Imaging

Uniqueqtechnologiesgadvanced
while we diversified our operations
based on the technologies
cultivated in photographic business11

Cash Flow Management &Shareholder Returns
Cash Flow Management
・ Sales/OP growth
growth, plus strengthen total cash output to improve ROIC & CCC*
CCC
ROIC FY2020(E) 4.2％
→ FY2023 target 6.1％
CCC
FY2020(E) 125 days → FY2023 target 103 days
*Cash conversion cycle ＝ Inventory turnover days + Operating receivables turnover days – Operating payables turnover days

・ Generate one trillion yen cash flow from operating activities in total for
FY2021-FY2023.
・ ChannelChl cashh primarilyi
il iinto
t capital
it l investment,itt etc.
t for
f growth
th areas.
(750 billion yen in the three years)
・ Focus on both ggrowth and financial discipline. Prioritize investment for
growth while ensuring financial soundness.
Shareholder Returns
・ Focus on steady and continuous dividends.
・ Conduct timely share buybacks while looking at cash balance.

12

New Management Structure
Launch new management structure upon approval by June
General Shareholdersʼ Meeting and Board of Directors.
New Position

Current Position

Shigetaka
Komori

Chief Advisor

Chairman and CEO,
Representative Director

Kenji Sukeno

Chairman, Representative
Director and Board Chairman

President and COO,
Representative Director

Teiichi
Goto

President and CEO,
Representative Director

Director

・ Incoming
Ii
CEO Teiichi
T ii hi Goto
G t replaceslcurrentt CEO Shigetaka
Shi t k Komori
Ki inioverseeing overall management and business execution. Incoming Chairman
Kenji Sukeno supports the new CEO from a governance perspective as
chairman of the Board of Directors.
・ The new management structure clarifies the Board of Directors role indecision-making and supervision regarding business execution, and provides
value
l
to
t all
ll stakeholders
t k h ld
(shareholders,( hh ldcustomers,temployees,letc.)t ) byb
appropriately balancing business execution and supervision.
13

Medium-Term Management Plan VISION 2023

Business Strategies

14

Financial Targets by Segment((Billions of yyen))

FY2020forecast

Revenue*1

FY2021VISION2023

FY2023
VISION2023

Change fromFY2020

550.0

750.0

860.0

310.0 (+56.4%)

570.0

600.0

720.0

150.0 (+26.3%)

Business Innovation

780.0

800.0

820.0

40.0

(+5.1%)

Imaging

280.0

290.0

300.0

20.0

(+7.1%)

Total

2,180.02,440.02,700.0

Healthcare*2

Materials

*2

*1
*2

520.0 (+23.9%)

After elimination of intersegment transactions
FY2020 sales forecast reﬂects the production services sales estimate announced February 9 adjusted
from Business Innovation (former Document) to Materials (reference value).

(Billions of yen)

Operating Income[Operating Margin]
Healthcare
Materials
Business Innovation
Imaging
Corporatep
Expensesp&
Eliminations

Total

FY2020forecast

FY2021VISION2023

FY2023
VISION2023

56.0

70.0

103.0

[10.2%][9.3%][12.0%]

52.0

56.0

95.0

[9.1%][9.3%][13.2%]

71.0

75.0

82.0

[9.1%][9.4%][10.0%]

Change fromFY202047 047.0(+83 9%)(+83.9%)43.0(+82.7%)

11 0
11.0

(+15 5%)(+15.5%)14.0(+127.3%)

11.0

16.0

25.0

[3.9%][5.5%][8.3%](30 0)(30.0)(37 0)(37.0)(45 0)(45.0)(15 0)(15.0)

160.0

180.0

260.0

[7.3%][7.4%][9.6%]

100.0(+62.5%)15

Financial Target : Further Growth in Healthcare

Healthcare to be the largest segment
both in revenue and operating profit*
11%
13%

30%

FY2020

36%

32%

25%
FY2023

Revenue

Revenue
26%

Healthcare

Materials

Business Innovation

Imaging

27%
8%

6%
30%

27%

34%

FY2023

FY2020

OP

OP

37%
27%

31%
*OP excluding corporate expenses and eliminations

16

Healthcare▶Redefine priority areas, restructure an organization••

Categorize healthcare into medical systems and Life Sciences (covering Bio CDMO,
drug discovery support and such), with Life Sciences Strategy Headquarters
established to oversee life sciences field.
In life sciences, make CDMO and drug discovery support priority areas.

Former organizationg
Healthcare
Medical Systems
Business Div.
Bio CDMO Div.
Regenerative Medicine
Business Div.
(iPS cell, cell culture media）

Pharmaceutical
Products Div.
Life Science
Products Div
Div.

New organization
g
(from
(
April
p 1,, 2021))
Healthcare〈Medical Systems〉

Medical Systems
Business Div.

〈Life Sciences〉

Bio CDMO Div
Div.
Life Sciences Business Div.

Life Sciences
Strategy
Headquarters（ drug discovery support : iPS cell,
cell culture media, and reagent* ）Pharmaceutical
Products Div.
Consumer Healthcare
Business Div
Div.

（ cosmetics and supplements ）* Integrating the life science reagents business within the fine chemical business

17

Healthcare (Medical Systems)
Create a healthy society through providing advanced
Health products and services globally in all areas of prevention,
diagnosis, and treatment to reduce health disparities.
CO２ Emissions by Segment
BusinessInnovation
Materials

Medical Systems business

Imaging
Healthcare

Create new value and help solve social issues bycombining our enviable AI/IT technology with awide product lineup.
• Increase earnings with AI/IT solutions business accelerating
development of various medical devices centered on our AI
platform "REiLI”.
• Create synergies for FUJIFILM Healthcare*.
• Strengthen
St
th
IVD b
businessioverseas marketing,k ti
expandd sales.
l• Capture top endoscopy hospitals in North America and gain
market share by expanding “operating room” business armed
with surgical tools.
• Step up social contribution to prevent spread of COVID-19(ultrasound, X-ray equipment for doctorʼs rounds, antigen test
kits, Hydro AG+ alcohol spray, etc.).

-15％*
FY2013

FY2019-15％*
FY2023*change from FY2013

Healthcare Business Results((billions of yyen))*The company that inherited Hitachiʼs diagnostic imaging-related
business acquired on March 31, 2021.

18

Healthcare (bio CDMO, Life Sciences)
Bio CDMO business
Help improve medical accessibility and fulfill unmet medical needs through stablesupply of high-quality biopharmaceuticals and process development and contract
manufacture of gene therapeutics,
therapeutics an advanced medical field.
field

•

•

•

Respond to rapidly expanding biopharmaceutical demand with industry-leading
production technology and large-scale capital investment primarily in animal cell
cultureculture.
Strengthen production capacity of cutting-edge gene therapeutics and geneticallymodified cell therapeutics by establishing a new manufacturing base (near Boston,US).
Promote contract developmentdlandd manufacturingf
off COVID-19 vaccines anddtherapeutics.

Life Sciences business ((Drugg discovery
y support:
ppregenerativeg
medicine, cell culture media, reagents)
Help further develop the pharmaceutical industry and create a regenerative
medicine industry by actively promoting business in the biomedical field.

•••

Focus on regenerative medicine, cell culture media, and reagents that make use of
our strengths to develop a total solution business for drug discovery support.
Promote the contract development and manufacture of regenerative medicine
products
d t suchh as cellll ththerapeutics.
tiStrengthen supply and customer support capabilities for cell culture media withthree production sites: the US, Europe, and Japan.

19

Healthcare (Pharmaceutical, Consumer Healthcare)
Pharmaceutical business
Help further develop the pharmaceutical industry by utilizing our unique DDS*
technology, manufacturing facilities, and infrastructure.

Promote liposomal formulation development using our nano-dispersion, analysis,
and process technologies.
Use our lipid nanoparticulate manufacturing facilities and infrastructure to build aprocess development and contract manufacture business for next-generation
nucleic acid drugs and mRNA vaccines.

•
•

*Drug
Drug Delivery System

Consumer Healthcare business (cosmetics,
supplements)
Offer highly unique products that capture more needs
and contribute to people's beauty and health by fully
exploiting our long-cultivated core technologies.

••

Cosmetics: Develop
p highlyg y originalgp
products such as
ASTALIFT White Jelly Aquarysta and develop
ASTALIFT into a top-class brand.
Supplements: Respond to growing needs tomaintain and imp
improveo e healthhealth, foc
focusing
sing on oourMetabarrier series.

ASTALIFT series

Supplements

20

Materials (Highly Functional Materials)
Daily
Life

Contribute to creating a safe and secure society
by developing and providing advanced functional
materials in the era of promoting DX
DX.

▶Highly Functional Materials

CO２ Emissions by Segment
BusinessInnovation
Materials

Imaging
Healthcare

Electronic Materials businessAccelerate market share expansion and strengthen
profitabilitypy byy offeringg a wide range
g of productspthat address miniaturization and high integration for
cutting-edge semiconductors that are vital to 5G, AI,
autonomous driving, etc.

・Expand
Expand sales of resist and other pre-process
pre processmaterials for the promising EUV market as well as
post-process materials such as polyimide insulatinggfilm for 3D integration.
・Sensors: In addition to our image sensor materials
that boast a high market share, we aim to develop
new markets by supplying Wave Control Mosaic(WCM) electromagnetic wave control materials for(WCM),
ranging.

-26％*

FY2013

FY2019-33％*

FY2023*change from FY2013

Materials Business Results(billions of yen)21

Materials (Highly Functional Materials)
Display Materials business
Create timely new products to suit changing market environments by
utilizingtili iour wide-ranging
idittechnicalh i l capabilities
biliti ththatt can alsolb
be usedd forfnext-generation displays.
・Extend materials (anti-reflection film) for organic EL that have gained de facto
standa ds forstandards
fo smartphone
sma tphone applications to TV applications as well.
ell・Develop new technologies focused on foldable smartphones and rollable TVs,
which are expected to witness growing demand, by leveraging our advanced thingyfilm formation technology.
・Introduce differentiated products in the in-vehicle market, a new target area.

Other Highly
g y Functional Materials
Fine Chemical: Create new businesses (highly functional polymers, colorant dyes,
battery materials, etc.).
Industrial Materials: Develop solutions business with existing products such as
inspection materials (NDT, Prescale) and create new businesses(optical sensors and communication-related materials).
Recording Media: Expand sales of storage tapes to support data growth in the/ era and accelerate sales expansionpin China.
5G/AI

22

Materials (Graphic Communication)▶ Redefine priority areas,
areas restructure an organization••

Fujifilmʼs Graphic Systems Business Div. and FUJIFILM Business Innovationʼs Graphic
Communication Service Business Group will be integrated into the Graphic
Communication Div
Div. as of July 1,
1 2021.
2021
Develop one-stop solutions from analog to digital and lead industry digitalization by
combining the sales, technology and product prowess of the graphic systems
business, which has a broad customer base centered on commercial printing andpackage printing, with that of the production business, which is renowned for its
digital printing technology.

Graphic Communication business• Digital Printing
Accelerate growth by establishing overseas businesses through integration
synergies and expanding sales areas fully utilizing available Fujifilm channels.
• Analog Printing
Increase market share by focusing on the replacement of offset printing plates toenvironment-conscious processless plates.

Inkjet business• Develop, introduce, and expand sales of high-precision, high-productivity inkjet
printer heads
heads, food-safe
food safe watercolor pigment inks
inks, and custom system integratinghead and ink according to customer needs for growing markets (commercial
printing, and package printing).

23

Imaging
Daily
Life

ContributeCt ib t tot enrichingi hihumanityhit andd peacefulf l life
lif bybdeveloping and providing high-quality and high-performance
products and services in picture and imaging field.

▶ Redefine priority areas, restructure an organization
・The Photo Imaging Products Div. and the Optical Device &Electronic Imaging Products Div. have been integrated into the
Imaging Solutions Div
Div. Use wide-ranging
wide ranging technical assets
assets,from photographic devices to printing, as a base to accelerate
new product and service creation.

CO２ Emissions by Segment
BusinessInnovation
Materials

Imaging
Healthcare

-52％*

-32％*

Consumer Imaging
・ Instax instant photo systems: Introduce various new products
and apps and promote cross-industry cooperation to propose
different ways to enjoy instax and expand user base.
・ Expand environment-conscious dry systems (inkjet,
xerography, etc.) to meet strong smartphone printing
demand.

FY2013

FY2019FY2023*change from FY2013

Imaging Business Results(b ll(billions
off yen))Professional Imaging

・ Develop high-end mirrorless camera (GFX/X series) that
achieves outstanding image quality with our unique color
reproduction technology and is small and light.
・ Monitoring, measurement, digital signage: Promote image
recognition solutions business.

24

Business Innovation
Work
Style

Contribute to a social change where people feel motivated to workthrough providing products and solution services worldwide that
increase productivity and inspire creativity.

▶Accelerate global development
•
•
•
•
•

Invigorate market and expand share by introducing
new products
d t under
d th
the F
Fujifilm
jifil bbrand.
dExpand OEM supply.
Build a distributor network in Europe and emerging
countries to develop the Fujifilm brand
brand.
Exploit business foundations and technology assets
shared with Fujifilm.
globallyy that support
pp
Provide solution services ginnovation of work styles and DX.

CO２ Emissions by Segment
BusinessInnovation
Materials

-47％*
47％*

FY2013

FY2019Imaging
Healthcare-55％*

FY2023*change from FY2013

Business Innovation Results(billions of yen)

New Productions with FUJIFILM brand25

Business Innovation▶Accelerate growth by further strengthening solution services
1. Improve
productivity derived
from multifunction
devicesEnhance document management and cloud
collaboration using multifunction devices withstrong security as gateways(Docuworks/Working Folder/Inter
Folder/Inter-company
company
cloud linking, etc.)

2. Expand IT services
for SMB*1 customers

Provide total IT services to SMB*1 customers
with IT issues due to the "one-person
one-person
system,”*2 etc.
(IT Expert Service/IT Safety
Premium/beat/Multi-Vendor Service, etc.)

3. Solve management
issues with work stylereforms and DX

Working Folder
Docuworks

beat
Virtual IT Mgr.

Virtual CIO

IT Expert Service

Accelerate support for customer work styleinnovation and DX based on the digitization of
paper documents(Ripcord/CocoDesk/Netprint Service, etc.)*1 Small and Medium Business*2 Issues of operating IT properly with only one employee
or no full-time
f ll i
employeeslin
i informationi fisystems

Ripcord

CocoDesk

26

27

Medium-Term Management Plan VISION 2023

Appendices28

Looking Back on VISION 2019
SVP 2030: Main Goals and Activity Results
Priority Areas

Environment

H lth
Health

Daily
Life

Work
Style

Priority Issues

FY2030 Targets

Activity Results

Reduce Fujifilm Group CO2 emission
levels by 30% by FY2030(compared to FY2013 level).

Achieved the 30% reduction target ahead ofscheduleschedule.
→Revised FY2030 target up to 45%.

Help reduce accumulated CO2
emissions in society throughproducts and services bypy 50 million
tons by FY2030.

Heading steadily towards target.
→Revised the target from 50 to 90 million
tons
tons.

Fulfill unmet
medical needs.

Develop and disseminate newtreatments including regenerative
medicine and cell therapy.

Supported drug discovery by providng bio
CDMO services, iPS cells, and cell culture
media.

Improve
accessibility to
medical services.

Reduce burden on medical
professionals by utilizing IT.

Developed and launched products andservices in 57 countries to aid diagnosis with
AI technology.

Contribute tocreating a safe andsecure society.

Develop and promote product andservice technologies that help
create an ICT society.

Developed and launched new products, incl.
magnetic tape data storage media (30TB
maximum recording capacity).

Contribute toenriching spiritual
wealth and humanrelationships.

Contribute to peaceful and enrichedp
gp
photographicg p
andlife with inspiring
video records and photographic
products that immortalize
memories.

Held participatory photo exhibitions
worldwide incl
incl. ”PHOTO
PHOTO ISIS” Connecting
Ideas̶The Photography of 50,000 People
2019.

Create motivatedworkingenvironments(offer solution
services).

Help generate innovations fororganizations and society byoffering solution services that
improve worker productivity andinspire worker creativity.

Provide solution services such as “Net Print®
Service” to support COVID-induced
teleworking.

Countermeasures
to climate change.

29Change in Segments for Disclosure<Current Segment><New Segment>

Healthcare & Material Solutions
Healthcare
Medical Systems business
Bio CDMO business
Regenerative Medicine businessPharmaceutical businessLife Sciences business
Display Materials businessIndustrial Products businessElectronic Materials business
Fine Chemical business
Recording Media business
Graphic Systems business
Inkjet business

Healthcare
Medical Systems business
Bio CDMO businessLife Sciences
Life Sciences businessPharmaceutical business
Consumer Healthcare business

Document Solutions
Office Products and Printers business
Production Services business
Solutions and Services businessBusiness Innovation
Office Solutions businessBusiness Solutions business

Imaging Solutions
Photo Imaging business
Optical Device & Electronic Imaging
Products business
Opticalp
Device field
Electronic Imaging field

Imaging
Imaging Solutions business

Materials
Electronic Materials business
Display Materials business
Other Highly Functional Materials
Industrial Products business
Fine Chemical business
Recording Media business
Graphic Communication
Graphic Communication business
Inkjet business

Consumer Imaging field
Professional Imaging
g g field
Change in segment/business
To be disclosed individually
Name change

30

ROIC, Depreciation & AmortizationROIC*
FY2020forecast

FY2021VISION2023

FY2023
VISION2023

Healthcare

3.5%

4.3%

5.3%

Materials

8.1%

8.2%

12.9%

Business Innovation

8.8%

9.1%

10.6%

Imaging

6.1%

7.0%

12.1%

*ROIC (by segment) = NOPAT/ (working capital + fixed assets)

Consolidated total

4.2%

4.6%

6.1%

*ROIC (cons. total)＝NOPAT/(interest-bearing debt + shareholders' equity））

Depreciation & Amortization
FY2020forecast

Healthcare
Materials
Business Innovation
Imaging
Corporate Expenses &Eliminations

Total(Billions of yen)

FY2021VISION2023

FY2023
VISION2023

44.0
28.0
40.0
15.0

54.0
28.0
39.0
15.0

57.0
35.0
38.0
15.0

3.0

4.0

5.0

130.0

140.0

150.0

31

CAPEX & R&D Expenses
CAPEX & R&D Expenses
cumulative total (FY2021 - FY2023)
Capex(Billions of yen)

R&D
Expenses

Total

Healthcare

450 0
450.0

144 0
144.0

594 0
594.0

Materials

110.0

125.0

235.0

Business Innovation

120.0

114.0

234.0

Imaging

40.0

27.0

67.0

Corporate Expenses &Eliminations

30.0

80.0

110.0

T t l
Total

750 0
750.0

490 0
490.0

1 240 01,240.032

Corporate Philosophy & Vision■ Fujifilm Group Corporate Philosophy
We will use leading-edge, proprietary technologies to provide topquality products and services that contribute to the advancement of
culture, science, technology and industry, as well as improved healthand environmental protection in society. Our overarching aim is to help
enhance the quality of life of people worldwide.

■ Fujifilm Group Vision
Anchored by an open, fair and clear corporate culture and withleading-edge
leadingedge, proprietary technologies
technologies, Fujifilm is determined toremain a leading company by boldly taking up the challenge ofdeveloping new products and creating new value.

33

At Fujifilm,
F jifil we are continuouslytil innovatingiti — creatingti
new technologies, products and services that inspireand excite people everywhere.
Our goal is to empower the potential and expand
the horizons of tomorrow’s businesses and lifestyles.

Corporate Communications Div.
https://holdings.fujifilm.com/en

Fujifilm launches a Medium-Term Management Plan, VISION2023-Investing 1.2 trillion yen over three years to accelerate growth mainly in the healthcare andhighly-functional material businesses-Expanding the healthcare business into the largest segment in terms of revenue andoperating income
TOKYO, April 15, 2021 --- FUJIFILM Holdings Corporation (President: Kenji Sukeno) launched a
new medium-term management plan, VISION2023, covering the period of three years from fiscal year
ending March 2022 (FY2021) to FY2023. The VISION2023 foresees investments totaling 1.2 trillion
yen over the three-year period to accelerate business growth with a focus on healthcare and highlyfunctional materials businesses. The healthcare business is to be expanded to the largest segment interms of both revenue and operating income to build a robust business foundation that enables
sustainable growth.
In FY2017, Fujifilm drew up the CSR plan, Sustainable Value Plan 2030 (SVP2030), setting out
long-term goals to be achieved by the target year of FY2030. The SVP2030 sets out goals for fourpriority areas, namely “Environment,” “Health,” “Daily Life” and “Work Style,” as well as “Supply Chain”
and “Governance,” which provides the base for business activities, from the perspective of “solvingsocial issues through business activities” and “considering society and the environment in businessprocesses” to contribute to establishing a sustainable society. The VISION2023 serves as a concrete
action plan for realizing goals listed in the SVP2030.
The VISION2023 has the primary goals of accelerating business growth in healthcare and highlyfunctional materials and building more resilient business platform to facilitate sustainable growth. To
this end, Fujifilm will promote four priority measures, (1) reinforcing business portfolio management,(2) strengthening cash flow management, (3) entering into new markets for further growth, (4) creatingstronger integrated business synergies through M&A.
Under the VISION2023, each of the company’s business is positioned to the stages of “new / future
potential”, “priority” and “earnings base”. Over the three-year period from FY2021 to FY2023, Fujifilm
will make growth investments worth 1.2 trillion yen in total, including investments in R&D investments
and capital expenditures in “new / future potential” and “priority” businesses in particular. An approachthat emphasizes capital efficiency will be adopted to strengthen the ability to generate cash in order tocreate an operating cash flow of 1 trillion yen in cumulative total over three years. Fujifilm will continue
to invest in categories where its technological strengths can be leveraged and create a synergistic
effect through M&A.
These initiatives are to bring the revenue of 2.7 trillion yen in the plan’s final year of FY2023. The
plan also foresees record profits, generating 260 billion yen in operating income and 200 billion yen in
net income attributable to FUJIFILM Holdings, while developing healthcare into the company’s largest
segment in terms of revenue and operating income during the VISION2023 period.

Ideal Vision
Using its leading-edge, proprietary technologies to provide top-quality products and services, Fujifilm
will strive to resolve social issues through business activities and contribute to the realization of asustainable society.
FY2030 targets set out in the SVP2030:
・ Over 3.5 trillion yen in revenue
・ 45% reduction in CO2 emissions across the entire product lifecycle (compared to the FY2013 level)
Overview of the medium-term management plan, VISION2023
1. Financial targets(Billions of yen)

FY2020forecast
Revenue

FY2023
VISION2023

2,180.02,700.0

100%

100%

Change fromFY2020520.0+23.9%

Operating Income

160.0

RecordHigh

260.0

Net Income
Attributable to
FUJIFILM Holdings

160.0

Record
High

200.0

40.0

7.4%

+25.0%

ROE

7.8%

8.4%

0.6%

ROIC

4.2%

6.1%

1.9%

CCC

125days103days(22)days

7.3%
7.3%

9.6%

100.0

+62.5%CCC (Cash Conversion Cycle) ＝ inventory turnover days + operating receivables turnover days – operating payables
turnover days, the target figure excludes the impact of M&A.

2. Outlines and priority measures in the plan
The plan calls for securing active growth investments, concentrating management resources to “new/ future potential” and “priority” businesses and accelerating / strengthening cash generation andinvestment cycle in order to accelerate growth in healthcare and highly-functional materials and build
more resilient business platform to facilitate sustainable growth. Four priority measures are promoted
to this end.
(1) Reinforcing business portfolio management
Reorganize business segments into Healthcare, Materials, Business Innovation and Imaging.
Position each business in these segments to the stages of “new / potential”, “priority” and “earningsbase”, and implement strategic measures in line with their respective business phases.
・New / potential business: Position them as next-generation growth fields and invest management
resources to this business obtained from priority and earnings base businesses in these fields.
・Priority business: Invest management resources intensively to achieve sales growth and improve
profitability further.
・Earnings base business: Emphasize their profitability and efficiency to maximize cash generation.
Businesses that are positioned as “non-core” based on their strategy compatibility, growthpotential and profitability will be either reinforced to be reclassified as earnings base or considered
for sell-off or withdrawal.

Over the three-year period from FY2021 to FY2023, Fujifilm will make growth investments worth
1.2 trillion yen in total, including R&D investments and capital expenditures in “new / potential” and“priority” businesses in particular.
(See 3 below for main measures for each of the segments.)(2) Strengthening cash flow management
 Strengthen Fujifilm’s total cash output with the aim of increasing revenue / operating income withROIC / CCC as an index. In particular, from the perspective of effective utilization of invested
capital, the Fujifilm places greater emphasis on ROIC, which indicates management efficiency, andset the FY2023 target of 6.1%.
 Manage business portfolio and make efficient use of management assets to generate cash flow of
one trillion yen in cumulative total over the three-year period, and prioritize growth investments indistributing generated cash.
(3) Entering into new markets for further growth
Continue investing in fields where Fujifilm’s technological strengths can be leveraged, such as AI
technology, biotechnology and photo regulation materials technology*1, as the company attempts toenter into new markets.
*1 Technology that realizes various optical characteristics by controlling light. It is used in polarizing plate protective films(Display materials) that can expand the viewing angle, and color resists for image sensors (Electronic Materials) that
achieve high resolution, low noise, and faithful color reproduction.

(4) Creating stronger integrated business synergies through M&A
Generate integration benefits, such as synergy with FUJIFILM Healthcare, which took over Hitachi’s
diagnostic imaging-related business, and acceleration of global operational presence andreinforcement of solution & services business by FUJIFILM Business Innovation.
3. Main measures for each segments(1) Healthcare
Business fields: Medical Systems, Bio CDMO, Life Sciences (including regenerative medicine anddrug discovery support such as cell culture media and reagent), Pharmaceutical Products,

Consumer Healthcare (cosmetics and supplements)
FY2023 target: 860 billion yen in revenue, 103 billion yen in operating income and 12.0% in
operating margin Medical Systems business: Offer an end-to-end solution for various needs at the medical frontline
by taking advantage of the expanded product lineup, including CT and MRI. Combine theseproducts with Fujifilm’s technological strengths in image processing and AI to provide evengreater value-added solutions centered around medical IT.
 Bio CDMO business: Cater to a strong demand for biopharmaceuticals by using the industry’s toplevel production technology and making large-scale capital investments in areas mainly for
antibodies. Newly establish a base for process development and bulk drug substancemanufacturing of gene therapeutics in Boston area in the United States, home to a number ofpharmaceutical companies that carry out cutting-edge R&D. Provide Bio-CDMO services fromearly development stages to assist clients’ efforts to develop new drugs.
 Life Sciences business： Focus on areas where Fujifilm’s strengths can be leveraged, such as
cells, culture media and reagents, to deploy a comprehensive solutions business in support of
drug discovery. Promote contract development and manufacturing of regenerative medicine
products, such as cell therapeutics. In the culture media business, which is performing well insales for biopharmaceutical manufacturers, establish a tri-polar production structure of the UnitedStates, Europe and Japan to reinforce supply capacity and customer support capability.
(2) Materials
Business fields: Electronic Materials, Display Materials, Fine Chemical, Industrial Products,
Recording Media, Graphic communication, Inkjet
FY2023 target: 720 billion yen in revenue, 95 billion yen in operating income and 13.2% in
operating margin
 Electronic Materials business: Offer a wide range of products that can cater to finer and more
integrated cutting-edge semiconductors essential for the development of 5G, AI and self-driving
technology, in order to accelerate market share expansion and profitability reinforcement. In thesensor category, pioneer a new market with the electromagnetic wave controlling material called
WCM (Wave Control Mosaic) for ranging, in addition to supplying materials for image sensors, forwhich the company already has a large market share.
 Display Materials business: Make use of far-reaching technological capability that can even caterto next-generation displays, to create new products that accommodate changes in market
conditions. More specifically, apply organic EL materials, for which the company already has astrong market share in smartphone applications, to televisions, and introduce products for invehicle displays / VR / AR in order to venture into new categories.
 Graphic Communication business: On July 1 this year, Fujifilm’s Graphic Systems business will
integrate with FUJIFILM Business Innovation’s Production Service business to establish theGraphic Communications Business Division. Combine the Graphic Systems business, which has
a broad customer base mainly in the categories of commercial and package printing, with thesales capacity and technological / product strength of the Production Service business, whosestrength lies in digital printing technology, to offer an end-to-end analogue and digital solutions todrive the industry’s digitization trend.

(3) Business Innovation
Business fields: Office Solutions, Business Solutions
FY2023 target: 820 billion yen in revenue, 82 billion yen in operating income and 10% in operating
margin Office Solutions business: Introduce Fujifilm-branded new products to activate the market andexpand the company’s market share. In global operational presence, pioneer agencies to expand
into new markets in Europe or emerging countries. In addition to marketing Fujifilm-branded
products, actively offer OEM supplies to expand global sales opportunities.
 Business Solutions business: Offer solutions services that cater to customers’ challenges toaccelerate business growth. More specifically, provide multifunction devices with advanced
security features as a gateway to strengthen linkage with document management and cloudservices. Also, expand the delivery of comprehensive IT services to SMB* customers who have IT
resource issues. Furthermore, provide services such as high-speed and automated conversion of
stored hardcopy documents in large quantities into image data and AI-based auto-sorting of
documents to contribute to customers’ work process reforms.
* Stands for Small and Medium Business.

(4) Imaging
Business fields: Imaging Solutions
FY2023 target: 300 billion yen in revenue, 25 billion yen in operating income and 8.3% in operating
margin Tap into Fujifilm’s wide-ranging technological assets that cover fields ranging from imaging
devices to photo printing systems and services as the base for creating new products andservices.
 For the instax series of instant cameras, introduce a diverse range of new products and apps orcollaborate with different industry sectors to advocate fun usages, thereby expanding the userbase. Expand environmentally-considerate dry printing systems, such as inkjet and xerography, tocater to active demand for smartphone printing.
 Use Fujifilm’s proprietary color reproduction technology to promote the GFX and X series of highend mirrorless digital cameras, which boast outstanding image quality and portability due to theircompact and lightweight design. Also promote images / videos solution business in the categories
of surveillance / measurement and digital signage.

For inquiries on information in this media release, contact:
Media contact: FUJIFILM Holdings Corporation
Corporate Communications Division Public Relations Group TEL：+81-3-6271-2000