Consolidated Financial Results (1st Half Fiscal 2005 Earnings)

Billions of yen
  Six months ended September 30, 2004 Six months ended September 30, 2003 Change
Amount %
Revenue Domestic 50.9% 637.5 51.7% 651.0 (13.5) (2.1)
Overseas 49.1% 615.4 48.3% 608.7 +6.7 +1.1
Total 100.0% 1,252.9 100.0% 1,259.7 (6.8) (0.5)
Operating Income 8.1% 101.3 7.4% 93.7 +7.6 +8.1
Income before Income Taxes 8.5% 105.9 6.4% 81.0 +24.9 +30.7
Net Income 4.2% 52.7 3.3% 41.1 +11.6 +28.2
Exchange Rate: US$ ¥110 ¥118 (¥8)
Euro ¥133 ¥133 No data

During the interim fiscal period under review (April 1, 2004, through September 30, 2004), Fujifilm's consolidated performance benefited from a large increase in sales of flat panel display materials that accompanied a surge in demand for such materials and robust sales of digital color multifunctional machines. However, these factors were offset by such factors as a steady appreciation of the yen against the U.S. dollar compared to the corresponding period of the previous year and an intensification of competition in recording media markets and certain other business fields that depressed selling prices as well as a decrease in demand for color film. As a result, consolidated revenue decreased 0.5% from the level in the corresponding period of the previous year, to ¥1,252.9 billion. Domestic revenue declined 2.1%, to ¥637.5 billion, while overseas revenue advanced 1.1%, to ¥615.4 billion. In connection with the transfer of the substitutional potion of employee pension fund liabilities of Fuji Xerox, the Company recognized a subsidy from the government representing the difference between the obligation settled and the assets transferred to the government and also recognized a settlement loss and derecognition of previously salary progression under selling, general and administrative expenses. This difference was one of the factors that helped an increase in operating income. Regarding the cost of sales and operating expenses, temporary costs were incurred in connection with the rebuilding of domestic marketing and distribution systems and other structural reforms, and R&D expenses were increased by such factors as a rise in R&D investment aimed at promoting the creation of new businesses. The Company worked to reduce the cost of sales through sustained efforts to boost manufacturing efficiency and also took measures to more-tightly focus expenditures and concentrate them in strategically emphasized areas. As a result, operating income increased 8.1%, to ¥101.3 billion. The foreign exchange gains recognized on the settlement and translation of receivables denominated in foreign currencies contributed to non- operating income, and income before income taxes increased 30.7%, to ¥105.9 billion., net income was ¥52.7 billion, up 28.2%.

The exchange rates for the U.S. dollar and the euro against the yen during the year were ¥110 and ¥133, respectively.

Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.

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