Consolidated Financial Results (Fiscal Year 2005 Earnings)

Billions of yen
  FY2005 FY2004 Change
Amount %
Revenue Domestic 51.9% 1,311.8 52.1% 1,336.0 (24.2) (1.8)
Overseas 48.1% 1,215.5 47.9% 1,230.7 (15.2) (1.2)
Total 100.0% 2,527.3 100.0% 2,566.7 (39.4) (1.5)
Operating Income 6.5% 164.4 7.2% 184.9 (20.5) (11.1)
Income before Income Taxes 6.4% 162.3 6.4% 164.9 (2.6) (1.6)
Net Income 3.3% 84.5 3.2% 82.3 +2.2 +2.7
Exchange Rate: US$ ¥108 ¥113 (¥5)
Euro ¥135 ¥132 +¥3

Fujifilm's consolidated revenue benefited, for the fiscal year ended March 31, 2005, from continued abundant demand for flat panel display materials as well as the general strength of sales of digital color multifunction machines and office-use printers. However, revenue was negatively affected by a decrease in demand for color films in Japan, North America, and Europe; a rapid deceleration of growth in demand for digital cameras, particularly in Japan, North America, and Europe; a drop in prices of recording media due to intensifying competition; the progressive appreciation of the yen against the U.S. dollar; and other factors. As a result, the Company's consolidated revenue declined 1.5% to ¥2,527.3 billion, compared with the previous fiscal year. Domestic sales amounted to ¥1,311.8 billion, down 1.8%, while overseas revenue totaled ¥1,215.5 billion, down 1.2%. The Company worked to reduce the cost of sales and operating expenses through such measures as those to improve manufacturing efficiency and to reevaluate and optimize procurement processes. However, a rise in raw materials costs boosted the cost of sales, while temporary expenses were incurred in connection with various structural reform measures. Reflecting a one-time gain on the transfer of the substitutional portion of Fuji Xerox's employee pension fund liabilities and other factors, operating income was restrained to 164.4 billion, down 11.1 %. Income before income taxes amounted to ¥162.3 billion, down 1.6%, reflecting a 17.9 billion improvement in the balance of nonoperating income and expenses due to such factors as a shift from negative to positive figures in foreign exchange gains (losses) recognized on the settlement and translation of foreign currency-denominated receivables and decrease in interest expense accompanying the Company's efforts to reduce external borrowings. However, a drop in the effective corporate income tax rate and other factors supported a rise in net income, which reached ¥84.5 billion, up 2.7%.

The average exchange rates for the U.S. dollar and the euro during the year were ¥108 and ¥135 respectively.

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

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