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Fujifilm's annual financial results: marked increase in revenue, diversification into new business segments

Reorientation and restructuring having an impact


Fujifilm Holdings has published its consolidated annual financial results for the fiscal year ended March 31, 2008. The results show that structural reforms implemented in 2006 and 2007 have been successful, establishing a sound basis for further growth and bringing about a marked improvement in profitability. On a global basis, revenue of 18.02 billion euros (2846.8 billion yen) has been achieved, up 2.3% on the previous year. Operating income of 1.31 billion euros (207.3 billion yen) has been declared, corresponding to an increase of 83.4%; income before income taxes amounted to 1.262 billion euros (199.3 billion yen) and has risen by 93% over the previous year. Net income has been declared as 661 million euros (104 billion yen), an increase of 203.2% over the previous year. Growth in the Information Solutions segment (medical systems, life sciences, graphic systems, and more) has been particularly successful, with this area constituting 38.9% of the total revenue. Strong demand for medical systems (Synapse PACS and digital mammography) in particular is behind the 8% increase in revenue in this segment. The area of CTP plates, flat panel display coatings and photo modules for mobile telephones also experienced strong growth. The Document Solutions segment (office communication and document management) grew by 3.5% and increased its share of total revenue to 41.9%. Digital printing systems, laser printers, on-demand publishing, document management and software are all on offer in this segment. The Imaging Solutions segment (cameras, memory cards, photo service, paper and film) saw revenue fall by 9.6% and now accounts for 19.2% of the total. Significantly reduced demand for photographic film could only be partially compensated for by the increase in paper and other products. Following the restructuring measures that have now been implemented, this segment is in the black once again. Fujifilm is pursuing an aggressive capital and investment policy in the segments with strongest growth as part of its medium-term planning. In order to implement this, strategic resources are being earmarked, alliances and takeovers expedited and heavy investment in research and development is being made. Expenditure on research increased in the reporting year by 6% to 1.18 billion euros (187.5 billion yen), corresponding to 6.6% of revenue and thus in line with the company\'s average research expenditure for many years. Medical technology and life sciences, graphic systems, highly-functional materials (LCD coatings, semiconductors, ink for inkjet printers), as well as optical systems and document management are considered the strategic growth areas. An increase in revenue of 1.9% has been forecast for the current fiscal year (31 March 2009), along with a 1.3% increase in operating income and a 5.3% increase in income before income taxes.

Düsseldorf, 29 April 2008

An exchange rate of 158 yen to 1 euro has been used to convert the data for the fiscal year ended March 2008.

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