Financial Results (Consolidated) for the Nine months ended December 31, 2020
FUJIFILM Holdings Corporation

February 9, 2021

Kenji Sukeno
President and Chief Operating Officer

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

Projected date of Quarterly report: February 12, 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 Nine months ended December 31, 2020 (From April 1, 2020 to December 31, 2020）
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％

Nine months ended Dec. 31, 2020
Nine months ended Dec. 31, 2019

1,573,434
1,728,397

Net income attributable
to FUJIFILM Holdings

％

(9.0)
(4.0)

120,468
151,635％(20.6)(4.2)

174,821
166,530

％

5.0
7.7

126,489
120,658

4.8
19.4

Note: Comprehensive income
3rd Quarter ended December 31, 2020

¥ 149,876 million ( 24.5 %)Net income attributable
to FUJIFILM Holdings
per share

3rd Quarter ended December 31, 2019

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

Yen
Nine months ended Dec. 31, 2020
Nine months ended Dec. 31, 2019

¥ 120,352 million ( 0.1 %)316.42294.76315.36293.84(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

3,369,919
3,321,692

2,124,198
1,993,757

2,081,004
1,953,252

FUJIFILM Holdings
shareholders’ equity ratio
to total assets%

As of Dec. 31, 2020
As of March 31, 2020

61.8
58.8

2. Cash Dividend
1st Quarter
Yen
Year ended March 31, 2020
Year ending March 31, 2021
Year ending March 31, 2021
(Forecast)

Cash dividends per share
3rd Quarter

2nd Quarter
Yen-

Year End

Yen

Year Total
Yen

Yen

47.50
47.50

-

47.50

95.00

47.50

-

52.50

100.00Note: Changes in dividend forecast during the quarter under review: Yes

3. Forecast for the Fiscal Year ending March 31, 2021 (From April 1, 2020 to March 31, 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

Revenue

Operating income%

For the Year ending March 31, 2021

2,180,000

(5.8)

%

160,000(14.2)Net income attributable

Income before
income taxes

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

210,000

21.3%

160,000

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 December 31, 2020
excluding treasury shares for the average number of shares for the relevant period.

28.0

Yen

400.22

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
114,844,556

As of March 31, 2020

As of Dec. 31, 2020

As of March 31, 2020

514,625,728
114,914,288

Nine months ended
Dec. 31, 2020

399,752,967

Nine months ended
Dec. 31, 2019409,348,775

As of Dec. 31, 2020

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.

QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER(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・・・・・・・・・

P. 7

・・・・・・・・・

P. 7

Accounting Treatments

・・・・・・・・・

P. 7

Changes in Accounting Principles

・・・・・・・・・

P. 7

・・・・・・・・・

P. 7

the Consolidated Operating Results
2.

MATTERS RELATING TO SUMMARY (OTHER) INFORMATION(1)Changes in Status of Material Subsidiaries during This Quarter(Company Newly Consolidated or Removed from Consolidation)

(2)
(3)
3.

Adoption of Simplified Method of Accounting or Specific

OVERVIEW OF MATERIAL EVENTS REGARDING THE GOING
CONCERN ASSUMPTION

4.

CONSOLIDATED FINANCIAL STATEMENTS(1)

Consolidated Balance Sheets・・・・・・・・・

P. 8

(2)

Consolidated Statements of Income and Consolidated Statements

・・・・・・・・・

P. 10(Consolidated Statements of Income)・・・・・・・・・

P. 10

Nine months ended December 31

・・・・・・・・・

P. 10

Three months ended December 31

・・・・・・・・・

P. 11

・・・・・・・・・

P. 12

Nine months ended December 31

・・・・・・・・・

P. 12

Three months ended December 31

・・・・・・・・・

P. 12

(3)

Consolidated Statements of Cash Flows

・・・・・・・・・

P. 13

(4)

Notes to Consolidated Financial Statements

・・・・・・・・・

P. 14

Note Relating to the Going Concern Assumption

・・・・・・・・・

P. 14

Segment Information

・・・・・・・・・

P. 14

1. Nine months ended December 31

・・・・・・・・・

P. 14

2. Three months ended December 31

・・・・・・・・・

P. 16

・・・・・・・・・

P. 16

of Comprehensive Income(Consolidated Statements of Comprehensive Income)Note on Significant Changes to FUJIFILM Holdings
Shareholders' Equity

1

FUJIFILM Holdings Corporation (4901)

1. QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE
CURRENT QUARTER(1) Explanation on Consolidated Operating Results
Nine months ended
December 31, 2020

Amount Unit: Billions of yen

ChangeNine months ended
December 31, 2019

Amount%Domestic revenue

41.7%

656.7

42.3%

730.5

(73.8)(10.1)

Overseas revenue

58.3%

916.7

57.7%

997.9

(81.2)(8.1)

Revenue

100.0%

1,573.4

100.0%

1,728.4(155.0)(9.0)

Operating income

7.7%

120.5

8.8%

151.6

(31.1)(20.6)

Income before income taxes

11.1%

174.8

9.6%

166.5

8.3

5.0

Net income attributable to
FUJIFILM Holdings

8.0%

126.5

7.0%

120.7

5.8

4.8

Exchange rates (Yen / US$)

¥106

¥109

(¥3)

Exchange rates (Yen / Euro)

¥123

¥121

¥2

In the nine months ended December 31, 2020, the Fujifilm Group recorded ¥1,573.4 billion in consolidated
revenue (down 9.0% year-over-year), reflecting such factors as sales increases in the bio CDMO business andelectronic materials business, and sales decreases in the document business, photo imaging business, andgraphic systems business.
Operating income increased to ¥120.5 billion (down 20.6% year-over-year). Consolidated income before
income taxes amounted to ¥174.8 billion (up 5.0% year-over-year) and consolidated net income attributable to
FUJIFILM Holdings totaled ¥126.5 billion (up 4.8% year-over-year). The effective currency exchange rates
for the U.S. dollar and the euro against the yen during the nine months ended December 31, 2020 were ¥106
and ¥123, respectively.

Revenue by Operating Segment
Segment

Amount Unit: Billions of yen

Nine months ended
December 31, 2020

ChangeNine months ended
December 31, 2019

Amount%Imaging Solutions
Healthcare & Material
Solutions
Document Solutions

218.6

266.1

(47.5)(17.9)

737.0

741.2

(4.2)

(0.6)

617.8

721.1

(103.3)(14.3)

Consolidated Total

1,573.4

1,728.4(155.0)(9.0)

Operating Income by Operating Segment
Segment

Nine months ended
December 31, 2020

Amount Unit: Billions of yen

ChangeNine months ended
December 31, 2019

Amount%Imaging Solutions

14.1

27.4

(13.3)(48.5)

Healthcare & Material
Solutions

82.6

70.8

11.8

16.7

Document Solutions

46.2

80.5

(34.3)(42.6)

Corporate Expenses andEliminations(22.4)(27.1)

4.7-

Consolidated Total

120.5

151.6

(31.1)(20.6)

2

FUJIFILM Holdings Corporation (4901)

Imaging Solutions
In the Imaging Solutions segment, consolidated revenue amounted to ¥218.6 billion (down 17.9%
year-over-year).
Consolidated operating income amounted to ¥14.1 billion (down 48.5% year-over-year).
In the photo imaging business, revenue decreased due to the impact of voluntary restraint and cancellationof events resulting from the spread of the COVID-19 pandemic, but sales of instant photo systems, whichenable users to enjoy on-the-spot printing of photos, increased in the third quarter compared year-over-year.
For instant photo systems, we are expanding online sales by using social media to promote a new way ofenjoying instax at home. As a result, sales recovered, particularly in Europe and China. Sales were strong forthe instax mini Link smartphone printer, and in May 2020 we provided customers with added value and a new
way to enjoy the printer by adding the new “Sketch, edit & print” feature to the printer’s dedicated app. The
new feature enables users to export sketches and text from photos taken on their smartphones to merge themwith other photos and print them. Sales of the instax mini 11 instant camera, launched in March 2020, alsoachieved a solid increase in sales, and in November 2020, we launched the instax SQUARE SQ1, an entry
model compatible with the popular square format film. Also, in April 2020, new personalized features wereadded to the Year Album, a photo book service, enabling automatic selection and layout of photos according toindividual interests and preferences through the use of AI technology. The new features have been wellreceived by users. We will continue communicating to the world the traditional photographic values of“shooting, preserving, displaying, and gifting,” as well as delivering innovative, user-friendly products andservices, thereby meeting increasingly diversified customer needs.
In the optical device and electronic imaging business, revenue from the electronic imaging field, which
plunged in the first half due to reduced demand resulting from the COVID-19 pandemic, recovered
year-over-year in the third quarter. Regarding mirrorless digital cameras, sales of the FUJIFILM X-T4,
launched in April 2020, increased steadily, and sales of the FUJIFILM X-S10, launched in November 2020
with highly regarded features including compact size, easy-to-hold grip and powerful image stabilization,
were strong mainly in Japan and China. In July 2020, we launched the FUJINON Lens GF30mmF3.5 R WR asa new interchangeable lens for the GFX Series, providing a compact wide-angle prime lens that delivers
ultra-high resolution. As interchangeable lenses for the X Series, we launched the FUJINON Lens
XF50mmF1.0 R WR, a large-diameter mid-telephoto prime lens, in September 2020, and the FUJINON Lens
XF10-24mmF4 R OIS WR, a ultra-wide angle zoom lens, in November 2020, thereby enhancing the appeal of
our products as systems through an extensive lineup of lenses. Going forward, we will continue providing
value-added products and revitalizing the market, along with providing the pleasure of taking photos.
In the optical device field, sales of monitoring zoom lens and integrated surveillance camera were favorable,
but revenue of broadcast and cinema lenses decreased due to the cancellation of sports and events as well as
suspended filming of television dramas and movies. Aiming to achieve business growth in this field, we are
expanding our business domains and developing innovative products that satisfy the diverse needs of themarket, including the development and launch of ultra-short-throw projectors and long-throw security
cameras, and the new development of multispectral camera systems.

Healthcare & Material Solutions
In the Healthcare & Material Solutions segment, consolidated revenue amounted to ¥737.0 billion (down
0.6% year-over-year).
Consolidated operating income amounted to ¥82.6 billion (up 16.7% year-over-year).
In the medical systems business, revenue declined overall due to the COVID-19 pandemic. However,revenue increased significantly in the antibacterial materials field, which witnessed a surge in sales of
products such as medicated hand gel and antibacterial wipes that make use of our proprietary Hydro Ag+
technology combining the disinfectant effect of alcohol with the sustained disinfection of a silver-based

3

FUJIFILM Holdings Corporation (4901)

antibacterial agent and a hyper-hydrophilic coating. In the X-ray imaging diagnostics field, robust demand
continued for the FUJIFILM DR CALNEO AQRO and FUJIFILM DR CALNEO Go PLUS, which are mobile
digital X-ray imaging systems that can be moved freely between hospital bedsides for screening. Sales ofthese products remained strong in the United States, Europe, and Asia. In the ultrasound diagnostics field,
revenue increased due to solid sales of the Sonosite PX, a high-end ultrasound diagnostic device, launched in
the U.S. in July 2020 and in Europe in August 2020, and reflecting an increase in demand in Japan and othercountries amid the COVID-19 pandemic. The medical IT field witnessed strong sales of systems, particularly
the SYNAPSE, Picture Archiving and Communication Systems (PACS), mainly in Japan and China. In
December 2020, we released an upgraded version of NEXUS, an endoscope information management system,
which features a new function designed by using AI technology that supports endoscopy report preparation. In
the endoscopes field, robust sales were seen in China for such products as the 7000 system, capable ofspecial-light observation. In November 2020, we launched CAD EYE™, an endoscopic diagnosis support
function, in Japan, which enables real-time detection and characterization of colon polyps and other lesions
using AI technology. In the In Vitro Diagnostics (IVD) field, despite the impact of COVID-19, sales of the
DRI-CHEM series of blood examination systems were solid because of the increased demand for veterinary
diagnostics in the overseas market.
In the pharmaceutical business, revenue increased due to such factors as licensing revenue under the
Tripartite Licensing Agreement signed in June 2020 with Dr. Reddy’s Laboratories Ltd., a major
pharmaceutical company headquartered in India, and Global Response Aid, a global provider of medical
supplies and pharmaceuticals. This agreement targeted deployment outside Japan of the anti-influenza virus
drug Avigan® Tablet (generic name: favipiravir), which shows promise as a COVID-19 treatment. Regarding
Avigan® Tablet targeting COVID-19 patients, the phase III clinical trial was conducted in Japan andproduction capacity increased. The Fujifilm Group will continue contributing to the further development of
medicine by supplying high-value-added pharmaceutical products.
In the bio CDMO business, revenue increased as biopharmaceutical process development andmanufacturing under contract progressed favorably. In January 2021, we announced an investment of morethan ¥200 billion to establish a new large-scale biopharmaceutical production site in the U.S. to accelerate thegrowth of the bio CDMO business. In addition to contracting mass production of drug substances, the facility
will also provide end-to-end services from drug substance production, to formulation and packing. The newsite is scheduled to begin operations in the spring of 2025. In the gene therapy field, the market for which is
expected to expand, we will invest approximately ¥4 billion to establish a contract process development /substance production site for gene therapy drugs. This site is scheduled to begin operations in the fall of 2021.
We are committed to contributing to the solution of social issues and the development of the healthcare
industry by such means as addressing unmet medical needs through the stable supply of high-quality
pharmaceuticals.
In the regenerative medicine business, sales of cell culture media for biopharmaceuticals by FUJIFILM
Irvine Scientific Inc. (based in the U.S.) were strong reflecting a rise in demand in line with rapid mass
production of vaccines and antibody drugs for COVID-19 treatment. The contract development business
operated by FUJIFILM Cellular Dynamics, Inc. (also based in the U.S.) for allogeneic iPS cells used in
next-generation cancer immunotherapeutic drugs also fared well. In November 2020, FCDI started full-scale
supplying of iPS cells for treatment and patent licensing related to iPS cell generation technology. The firstagreement was signed with Lonza Walkersville, Inc. to grant the non-exclusive right to use the patent related
to iPS cell generation technology worldwide for the development of regenerative medicine products. We willcontinue contributing to a fast containment of the COVID-19 pandemic and early commercialization ofregenerative medicine by leveraging the technologies and expertise of our group companies.
In the life sciences business, although sales at stores were affected by the COVID-19 pandemic, total
revenue increased as sales of supplements such as Metabarrier EX were strong, particularly via online
channels. In April 2020 we launched Astalift Supplement White Shield and Astalift Drink White Shield, which
4

FUJIFILM Holdings Corporation (4901)

are Foods with Functional Claims (a category of health food products in Japan) that help to protect the skinfrom harmful UV rays. These were followed in September 2020 with the launch of Astalift Luminous Essence,a foundation makeup incorporating an ingredient that retains water to preserve the skin’s moisture, and Astalift
Sparkle Tight Serum, which uses bursting bubbles to tighten the skin. We will continue to provide uniqueproducts that meet customer needs and contribute to people’s beauty and health promotion.
In the display materials business, overall revenue increased due to the rise in demand for monitors andtablets, and the steady sales of televisions amid the COVID-19 pandemic.
In the industrial products business, sales of the EXCLEAR touch-panel sensor films showed steady growth
due to increased demand for mobile PCs for work-from-home and school-from-home, although sales of
products such as equipment and materials for non-destructive inspection decreased due to the COVID-19
pandemic.
In the electronic materials business, revenue increased due to buoyant sales of materials for data center
servers, reflecting more widespread work-from-home amid the COVID-19 pandemic, as well as Chemical
Mechanical Planarization (CMP) slurries and advanced resists used for smartphones and other advanced logic
devices, demand for which is recovering. In response to growing semiconductor demand, we will further
expand the business with a focus on materials for advanced processes, thereby contributing to the creation ofsocial value in the 5G/IoT era.
In the fine chemical business, despite the impact of factors such as reduced demand for reagents caused bydelays in research activities at universities and corporations resulting from the spread of COVID-19, overall
revenue increased due to solid sales of disinfection ethanol and other products reflecting higher demand.
In the recording media business, corporate activities stagnated under the COVID-19 pandemic, while
corporations prioritized the enhancement of network infrastructure to support work-from-home demand overinvestment in data archiving. This resulted in lower revenue due to reduced demand for magnetic data storagetape. Over the medium- to long-term, however, we believe that data volume will continue to increase andmagnetic data storage tape will retain its superiority. We aim to expand the business by extending our lineup
of products and services that cater to the needs of our customers in the big data era.
In the graphic systems business, revenue decreased due to reduced demand for printing plates under the
impact of the COVID-19 pandemic. Henceforth, we intend to promote sales of process-less CTP plates andother environmentally friendly products. In the digital printing field, we will continue to aim for businessgrowth by developing and providing innovative products such as the Jet Press750S, a commercial inkjet
digital press, to the commercial and package printing market, where digitization is advancing.
In the inkjet business, overall revenue fell as the demand for ink in the wide format printer market inEurope decreased sharply, although sales of industrial inkjet printheads benefitted from a recovery trend in the
Chinese ceramic market. We will continue to develop and supply innovative products for the industrial inkjet
printer market, whose areas of application are expanding, thereby contributing to the advancement of various
industries.
Document Solutions
In the Document Solutions segment, consolidated revenue amounted to ¥617.8 billion (down 14.3%
year-over-year).
Consolidated operating income amounted to ¥46.2 billion (down 42.6% year-over-year).
In the office products field in the office products and printers business, the number of unit sales increased
year-over-year in Japan, China, and the Asia-Pacific region. In the office printers field, sales volume
decreased year-over-year.
In the production services business, sales volume decreased year-over-year as customers curtailed
investment due to economic uncertainties resulting from the COVID-19 pandemic.
In the solutions and services business, sales activities were restricted due to the impact of the COVID-19
pandemic, resulting in a decrease in overall revenue.
5

FUJIFILM Holdings Corporation (4901)

Sales of solutions for supporting work-from-home and other new work styles, which are becoming thenorm due to the COVID-19 pandemic, are growing steadily. In Japan, demand increased for Netprint®
Service, that allows user to use multi-copiers installed at Seven-Eleven stores nationwide to print files thathave been registered via the internet. Also, domestic and overseas sales of document handling software
DocuWorks®, which enables electronic document management as if handling paper documents, havereached a cumulative total of 7.7 million licenses. We will continue introducing new solutions and services,
including beat, a service that provides strong security and an easy and convenient network environment, as
well as paperless fax solutions for home-based access to faxes sent to offices, and digital signature service,with the aim of supporting customers’ diversifying work styles and achieve further growth in this businessdomain.

(2) Explanation on the Consolidated Financial Position
At the end of the third quarter of the fiscal year ending March 31, 2021, total assets increased by ¥48.2
billion, compared with the end of the previous fiscal year, to ¥3,369.9 billion, owing to an increase in cash andcash equivalents. Total liabilities decreased by ¥82.2billion compared with the end of the previous fiscal year,to ¥1,245.7 billion. FUJIFILM Holdings shareholders’ equity increased by ¥127.7 billion, compared with theend of the previous fiscal year, to ¥2,081.0 billion. As a result, the current ratio increased by 18.6 percentage
points, to 244.2%, the debt-equity ratio decreased by 8.1 percentage points, to 59.9%, and the equity ratio
increased by 3.0 percentage points, to 61.8%, 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
Nine months ended
December 31, 2020

Nine months ended
December 31, 2019

ChangeNet cash provided by operating activities

292.4

162.4

130.0

Net cash used in investing activities(79.9)(202.4)122.5

Net cash used in financing activities(117.7)(150.0)32.3

During the nine months ended December 31, 2020, net cash provided by operating activities totaled ¥292.4
billion, due to a decrease in accounts receivable and other factors. Net cash used in investing activities
amounted to ¥79.9 billion, due to the acquisition of property, plant, equipment, and other factors. Thus, free
cash flow—or the sum of cash flow from operating and investing activities— was ¥212.5 billion. Net cashused in financing activities amounted to ¥117.7 billion, due to a decrease in debts and other factors.
As a result, cash and cash equivalents at the end of the quarter under review amounted to ¥494.8 billion, up¥98.7 billion year-over-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, 2021)
Amount Unit: Billions of yen

Previous forecast(A) (announced on
November 10, 2020)

Latest revised
forecast (B)Change(B-A)(Ref.) Actual
results foryear ending
March 31, 2020

Change(%)

Revenue

2,210.0

2,180.0(30.0)(1.4%)

2,315.1

Operating income

143.0

160.0

17.0

11.9%

186.6

Income before income taxes

175.0

210.0

35.0

20.0%

173.1

125.0

160.0

35.0

28.0%

125.0

¥312.68¥400.22¥87.5428.0%¥306.18

6.3%

7.8%

- 1.5% points

6.3%

Exchange rates (Yen / US$)

¥108

¥106

(¥2)

-

¥109

Exchange rates (Yen / Euro)

¥120

¥123

¥3

-

¥121

Net income attributable to
FUJIFILM Holdings
Net income attributable to
FUJIFILM Holdings per share
ROE (%)

Note: Net income attributable to FUJIFILM Holdings per share in the previous forecast is calculated using the number of shares issued asof September 30, 2020 excluding treasury shares for the average number of shares for the relevant period, that in the latest revised forecast
is calculated using the number of shares issued as of December 31, 2020, excluding treasury shares.

In the forecast for the fiscal year ending March 31, 2021, revenue has been revised downward due to therebound of COVID-19 pandemic which has affected certain business. However, we have revised operating
income upward reflecting strong performance of such business as healthcare and highly functional materials
field. In the operating income forecast, we have included Healthcare & Materials Solution factors such as theimpact of the transfer of shares of a subsidiary as we disclosed “Notice of Execution of Tender Offer
Application Agreement Pertaining to Tender Offer for Shares of Subsidiary” on January 29, 2021, as well as
impacts on optimizing the business portfolio in other healthcare field. In addition, income before income taxes
and net income attributable to FUJIFILM Holdings will also be revised upward reflecting such factors as
gains on investment securities. One-time cost of ¥25.0 billion is expected such as for the brand renewal for theDocument Solutions segment. The projected currency exchange rates for the U.S. dollar and the euro against
the yen during the fiscal year ending March 31, 2021, are ¥106 and ¥123, respectively.
(Dividend forecast for the fiscal year ending March 31, 2021)
Given the upward revisions in the full-year forecast, we have revised the annual dividend forecast from ¥95 to¥100 per share (Interim dividend: ¥47.50, Year-end dividend: ¥52.50).

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

Note: This document is a faithful translation into English of an earnings report prepared in Japanese by FUJIFILM Holdings Corporation inaccordance with Tokyo Stock Exchange guidelines.
Accordingly, the explanations for each business segment may include references to products that are marketed under different product names
overseas or are not marketed overseas and may also include references to product marketing periods that differ by region.
“Xerox” is a registered trademark of Xerox Corporation in the United States and other countries. All other product names contained in thismaterial are trademarks of their respective companies.

7

FUJIFILM Holdings Corporation (4901)

4. CONSOLIDATED FINANCIAL STATEMENTS(1) Consolidated Balance Sheets

Amount Unit: Millions of yen

As of

As of

December 31, 2020

March 31, 2020

ChangeASSETS
Current assets:
Cash and cash equivalents

494,767

396,091

98,676Trade497,443

524,120(26,677)

Lease receivable

52,732

55,419(2,687)

Affiliated companies

3,479

2,640

839

(23,652)(23,761)109

530,002558,418(28,416)

Inventories

406,894

380,91125,983

Prepaid expenses and Other

92,527

153,783(61,256)

Total current assets

1,524,190

1,489,203

34,987

Investments in and advances to affiliated companies

27,542

27,770(228)

Investment securities

105,259

87,20918,050Long-term lease receivables

59,67361,724(2,051)Other long-term receivables

24,03230,497(6,465)

Allowance for doubtful receivables(3,473)(4,067)594

213,033

203,133

9,900

Land

98,752

96,776

1,976

Buildings

749,755

732,716

17,0391,495,194

1,478,270

16,924

54,15447,481

6,673

2,397,855

2,355,243

42,612(1,782,671)(1,754,696)(27,975)

615,184

600,547

14,637

Operating lease right-of-use assets

76,14575,261

884

Goodwill, net

685,880

687,155(1,275)

Other intangible assets, net

135,608

142,071(6,463)

Other

119,879

124,322(4,443)

1,017,512

1,028,809(11,297)3,369,919

3,321,692

48,227

Notes and accounts receivable:

Allowance for doubtful receivables

Investments and long-term receivables:

Total investments and long-term receivables
Property, plant and equipment:

Machinery and equipment and otherConstruction in progress
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

December 31, 2020

March 31, 2020

ChangeLIABILITIESCurrent liabilities:
Short-term debt

79,248120,998(41,750)Trade

188,594

195,214(6,620)Construction

13,87025,360(11,490)

Affiliated companies

1,959

1,724

235

204,423

222,298(17,875)

Accrued income taxes

20,682

24,893(4,211)

Accrued liabilities

160,308

171,989(11,681)

Short-term operating lease liabilities

26,48925,696793

Other current liabilities

133,045

94,13338,912

624,195

660,007(35,812)Long-term debt

466,113503,171(37,058)

Accrued pension and severance costs

26,63733,818(7,181)Long-term operating lease liabilities

52,581

52,652(71)

Other long-term liabilities

76,19578,287(2,092)621,526

667,928(46,402)

1,245,721

1,327,935(82,214)40,36340,363-Retained earnings

2,668,885

2,563,091

105,794

Accumulated other comprehensive income (loss)(142,435)(164,100)

21,665

Treasury stock, at cost

(485,809)(486,102)293

2,081,004

1,953,252

127,752

Noncontrolling interests

43,19440,505

2,689

Total equity

2,124,198

1,993,757

130,441

3,369,919

3,321,692

48,227

As of December 31, 2020

As of March 31, 2020

Notes and accounts payable:

Total current liabilities
Long-term liabilities:

Total long-term liabilities

Total liabilities
EQUITY
FUJIFILM Holdings shareholders' equity
CapitalCommon stock, without par value:
Authorized:

800,000,000 shares

Issued:514,625,728 shares

Total FUJIFILM Holdings shareholders' equity

Total liabilities and equity
Note: Details of accumulated other comprehensive income (loss)
Unrealized gains (losses) on securities

Change

(28)

(11)

(17)

Foreign currency translation adjustments(30,957)(46,201)

15,244

Pension liability adjustments(111,512)(117,780)

6,268

62

(108)

170

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)Nine months ended December 31

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020%

Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeAmount%%Revenue

100.0

1,573,434

100.0

1,728,397(154,963)(9.0)

Cost of sales

58.6

922,495

58.2

1,005,332(82,837)

(8.2)

41.4

650,93941.8

723,065(72,126)(10.0)

Selling, general and administrative

26.7

419,72226.2

453,434(33,712)(7.4)

Research and development

7.0

110,749

6.8

117,996(7,247)

(6.1)

33.7

530,471

33.0

571,430(40,959)

(7.2)

7.7

120,468

8.8

151,635(31,167)(20.6)

Gross profit
Operating expenses:

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

3,346

4,217

(871)

Interest expense(2,010)(1,931)(79)

Foreign exchange gains (losses), net(5,659)(1,580)(4,079)Gains (losses) on equity securities, net

39,7701,990

37,780

Other, net

18,906

12,1996,707

3.4

54,3530.8

14,89539,458

264.9

11.1

174,8219.6

166,530

8,291

5.0

Income taxes

2.9

46,195

1.9

33,041

13,15439.8

Equity in net earnings (losses) of affiliated companies

(0.1)

(841)

(0.0)

(38)

(803)

2,113.2

8.1

127,7857.7

133,451(5,666)

(4.2)

(0.1)

(1,296)(0.7)(12,793)

11,497(89.9)

8.0

126,489

7.0

120,658

5,831

4.8

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)

Three months ended December 31

Amount Unit: Millions of yen
Three months ended
December 31, 2020
From October 1, 2020
To December 31, 2020%Three months ended
December 31, 2019
From October 1, 2019
To December 31, 2019

ChangeAmount%%Revenue

100.0

576,045100.0

596,263(20,218)(3.4)

Cost of sales

56.0

322,34258.2

346,782(24,440)

(7.0)

44.0

253,703

41.8

249,481

4,222

1.7

Selling, general and administrative

26.6

153,366

25.4

151,573

1,793

1.2

Research and development

6.3

36,340

6.4

38,312(1,972)

(5.1)

32.9

189,706

31.8

189,885

(179)

(0.1)

11.1

63,997

10.0

59,5964,401

7.4

Gross profit
Operating expenses:

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

1,443

1,545

(102)

Interest expense

(905)

(555)

(350)

Foreign exchange gains (losses), net(1,947)

1,156(3,103)

Gains (losses) on equity securities, net

8,545

2,667

5,878

Other, net

4,119

4,589

(470)

2.0

11,255

1.6

9,402

1,853

19.7

13.1

75,252

11.6

68,9986,254

9.1

Income taxes

3.1

17,593

1.4

8,093

9,500

117.4

Equity in net earnings (losses) of affiliated companies

0.3

1,810

0.1

537

1,273

237.1

10.3

59,46910.3

61,442(1,973)

(3.2)

(0.1)

(586)

(0.3)

(1,929)1,343(69.6)

10.2

58,883

10.0

59,513

(630)

(1.1)

Income before income taxes

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

11

FUJIFILM Holdings Corporation (4901)(Consolidated Statements of Comprehensive Income)Nine months ended December 31

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Net income

Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

Change127,785

133,451(5,666)

(17)

(7)

(10)

Foreign currency translation adjustments

15,477(16,809)32,286

Pension liability adjustments

6,461

3,425

3,036

170

292

(122)

22,091(13,099)

35,190149,876

120,352

29,524(1,722)(8,830)7,108148,154

111,522

36,632Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities

Unrealized gains (losses) on derivatives
Total
Comprehensive income (loss)
Less: Comprehensive (income) loss attributable tononcontrolling interests
Comprehensive income (loss) attributable to
FUJIFILM Holdings
Three months ended December 31

Amount Unit: Millions of yen
Three months ended
December 31, 2020
From October 1, 2020
To December 31, 2020

Net income

Three months ended
December 31, 2019
From October 1, 2019
To December 31, 2019

Change59,46961,442(1,973)

(8)

4

(12)

Foreign currency translation adjustments

6,235

33,797(27,562)

Pension liability adjustments

1,207

1,040

167

35

157

(122)

7,469

34,998(27,529)

66,93896,440(29,502)(700)(2,563)

1,863

66,23893,877(27,639)

Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities

Unrealized gains (losses) on derivatives
Total
Comprehensive income (loss)
Less: Comprehensive (income) loss attributable tononcontrolling interests
Comprehensive income (loss) attributable to
FUJIFILM Holdings

12

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

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeOperating activities
Net income

127,785

133,451(5,666)

Depreciation and amortization

90,884

91,812(928)(Gains) losses on equity securities, net(39,770)(1,990)(37,780)

1,112

1,360

(248)

37,22543,462(6,237)

Inventories(29,901)(38,151)

8,250

Notes and accounts payable - trade(10,436)

6,521(16,957)

Accrued income taxes and other liabilities(3,138)(18,363)

15,225

Other

118,648(55,704)

174,352

Subtotal

164,624

28,947

135,677

292,409

162,398

130,011Purchases of property, plant and equipment(72,894)(64,763)(8,131)

Purchases of software(15,400)(15,152)(248)

Proceeds from sales and maturities of marketable
and investment securities

23,339104

23,235Purchases of marketable and investment securities(1,338)(1,850)

512

(772)

(2,039)1,267(2,673)(1,001)(1,672)-(105,904)

105,904(10,184)(11,797)

1,613(79,922)(202,402)

122,480

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

Equity in net (gains) losses of affiliated companies, netof dividends received

Changes in operating assets and liabilities:
Notes and accounts receivable

Net cash provided by operating activities
Investing activities(Increase) decrease in time deposits, net
Increase in investments in andadvances to affiliated companies
Acquisitions of businesses, net of cash acquired
Other
Net cash used in investing activities
Financing activities
Proceeds from long-term debt

2,473

50,096(47,623)

Repayments of long-term debt

(31,330)(62,040)

30,710(934)(1,254)320-

150,000(150,000)(50,000)-(50,000)

Increase (decrease) in short-term debt withmaturities of three months or less, net
Proceeds from short-term debt with maturities
longer than three months
Payments of short-term debt with maturities
longer than three months
Cash dividends paid to shareholders(37,975)(35,817)(2,158)

Subsidiaries' cash dividends paid tononcontrolling interests(1,306)(9,796)

8,490

Net purchases of stock for treasury

(12)

(15)

3

1,429

(241,125)

242,554

Capital transactions with
noncontrolling interests and otherNet cash used in financing activities(117,655)(149,951)

32,296

Effect of exchange rate changes on cash and cash
equivalents

3,844(7,269)11,113

Net increase (decrease) in cash and cash equivalents

98,676(197,224)

295,900

Cash and cash equivalents at beginning of period

396,091

654,747(258,656)

Cash and cash equivalents at end of period

494,767

457,523

37,24413

FUJIFILM Holdings Corporation (4901)(4) Notes to Consolidated Financial Statements
Note Relating to the Going Concern Assumption
N/A
Segment Information
1. Nine months ended December 31(A) Operating Segment Information
a. Revenue

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeAmount%266,164(47,518)(17.9)

1,401

1,738

(337)

-

220,047

267,902(47,855)(17.9)

741,170(4,216)

(0.6)

1,037

1,345

(308)

-

737,991

742,515(4,524)(0.6)

721,063(103,229)(14.3)

4,620

9,777

(5,157)-

Total

622,454

730,840(108,386)(14.8)

Eliminations(7,058)(12,860)

5,802-

1,728,397(154,963)(9.0)

Revenue:%%

Imaging Solutions:
External customers

13.9

218,646

Intersegment
Total

15.4

Healthcare & Material Solutions:
External customers

46.8

736,954

Intersegment
Total

42.9

Document Solutions:
External customers

39.3

617,834

Intersegment

Consolidated total

100.0

1,573,434

41.7

100.0

b. Operating income

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Operating Income:%Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeAmount%%Imaging Solutions

6.4

14,13010.2

27,431(13,301)(48.5)

Healthcare & Material Solutions

11.2

82,6309.5

70,818

11,812

16.7

Document Solutions

7.4

46,21111.0

80,469(34,258)(42.6)

Total

142,971

178,718(35,747)(20.0)

Corporate expenses and eliminations(22,503)(27,083)

4,580-

151,635(31,167)(20.6)

Consolidated total

7.7

120,4688.8

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

Color films, digital cameras, color paper, services and equipment for photofinishing,
instant photo systems and optical devices

Healthcare & Material Solutions: Equipment and materials for medical systems, cosmetics and supplements, pharmaceuticals,
contract development and manufacturing organization of biopharmaceuticals,
regenerative medicine, fine chemicals, equipment and materials for graphic arts,
inks and industrial inkjet printheads, display materials, recording media, electronic materials
Document Solutions:

Digital MFPs, publishing systems, document management softwareand related solutions and services
14

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

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Revenue:

Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeAmount%842,415(107,266)(12.7)

338,605

337,052

1,553-

1,073,754

1,179,467(105,713)(9.0)

321,231(29,484)

(9.2)

%

%

Japan:
External customers

46.8

Intersegment
Total

735,149

48.7

The Americas:
External customers

18.5

291,747

18.6

Intersegment

49,07639,036

10,040-Total

340,823360,267(19,444)(5.4)

179,989

5,563

3.1

8,570

12,316(3,746)

194,122

192,305

1,817

0.9

384,762(23,776)(6.2)

Europe:External customers

11.8

Intersegment
Total

185,552

10.4-

Asia and others:
External customers

22.9

360,98622.3

Intersegment

168,762

186,387(17,625)-

Total

529,748

571,149(41,401)(7.2)

Eliminations(565,013)(574,791)

9,778

-

1,728,397(154,963)(9.0)

Consolidated total

100.0

1,573,434

100.0

b. Operating income

Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Operating Income:%Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeAmount

%

%

Japan

5.0

53,701

7.3

86,366(32,665)(37.8)The Americas

5.2

17,8403.6

13,135

4,705

35.8

Europe

4.5

8,650

1.8

3,399

5,251

154.5

Asia and others

6.9

36,754

8.7

49,407(12,653)(25.6)

(672)

4,195

-

151,635(31,167)(20.6)

Eliminations
Consolidated total

3,523
7.7

15

120,468

8.8

FUJIFILM Holdings Corporation (4901)

c. Overseas revenue (Destination Base)Amount Unit: Millions of yen
Nine months ended
December 31, 2020
From April 1, 2020
To December 31, 2020

Revenue:
Domestic%

Nine months ended
December 31, 2019
From April 1, 2019
To December 31, 2019

ChangeAmount%%41.7

656,72842.3

730,461(73,733)(10.1)The Americas

18.9

298,02818.6

322,901(24,873)(7.7)

Europe12.3

192,27013.1

225,921(33,651)(14.9)

Asia and others

27.1

426,408

26.0

449,114(22,706)(5.1)

Subtotal

58.3

916,706

57.7

997,936(81,230)(8.1)

Consolidated total

100.0

1,573,434

100.0

1,728,397(154,963)(9.0)

Overseas:

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

2. Three months ended December 31(A) Revenue by Operating Segment

Amount Unit: Millions of yen
Three months ended
December 31, 2020
From October 1, 2020
To December 31, 2020

Revenue:%Three months ended
December 31, 2019
From October 1, 2019
To December 31, 2019

ChangeAmount%%Imaging Solutions

18.2

104,74818.8

112,094(7,346)(6.6)

Healthcare & Marerial Solutions

45.8

263,633

41.7

248,425

15,208

6.1

Document Solutions

36.0

207,66439.5

235,744(28,080)(11.9)

Consolidated total

100.0

576,045100.0

596,263(20,218)(3.4)

Note: The major products and services of each operating segment are as follows:
Imaging Solutions
Color films, digital cameras, color paper, services and equipment for photofinishing,
instant photo systems and optical devices
Healthcare & Marerial Solutions
Equipment and materials for medical systems, cosmetics and supplements, pharmaceuticals,
contract development and manufacturing organization of biopharmaceuticals,
regenerative medicine, fine chemicals, equipment and materials for graphic arts,
inks and industrial inkjet printheads, display materials, recording media, electronic materials
Document Solutions
Digital MFPs, publishing systems, document management softwareand related solutions and services(B) Overseas Revenue (Destination Base)Amount Unit: Millions of yen
Three months ended
December 31, 2020
From October 1, 2020
To December 31, 2020

Revenue:
Domestic%Three months ended
December 31, 2019
From October 1, 2019
To December 31, 2019

ChangeAmount%%40.0

230,63040.0

238,532(7,902)(3.3)

The Americas

19.4

112,000

20.0

119,064(7,064)(5.9)

Europe13.6

78,16414.4

86,070(7,906)(9.2)

Asia and others

27.0

155,251

25.6

152,597

2,654

1.7

Subtotal

60.0

345,41560.0

357,731(12,316)(3.4)

Consolidated total

100.0

576,045100.0

596,263(20,218)(3.4)

Overseas:

Note on Significant Changes to FUJIFILM Holdings Shareholders' Equity
N/A
16