Consolidated Financial Results (1st Half Fiscal 2007 Earnings)

Billions of yen
  1H FY2007
(Apr. 1 to Sep. 30, 2006)
1H FY2006
(Apr. 1 to Sep. 30, 2005)
Change
Amount %
Revenue 100.0% 1,352.0 100.0% 1,303.5 +48.5 +3.7
Pro-forma Operating Income 6.9% 92.7 5.2% 67.8 +24.9 +36.7
Structural Reform Expenses   42.0   7.8 +34.2 No data
Operating Income 3.8% 50.7 4.6% 60.0 (9.3) (15.4)
Income before Income Taxes 4.2% 56.6 4.9% 63.5 (6.9) (10.9)
Net Income 1.8% 23.8 2.5% 33.1 (9.3) (28.1)
Capital Expenditure*   67.1   90.3 (23.2) (25.7)
Depreciation & Amortization   109.9   104.6 +5.3 +5.1
R&D Expenses 6.7% 90.6 7.1% 92.3 (1.7) (1.9)
Exchange Rate: US$ ¥115 ¥109 +¥6
Euro ¥145 ¥136 +¥9
  • *Note:Figures do not include amounts for rental equipment handled by the Document Solutions segment.

Revenue

During the first half of fiscal 2007 (April 1, 2006, through September 30, 2006), despite a decrease in imaging solutions sales, a large increase was recorded in information solutions sales centered on sales of flat panel display materials, endoscopes and other medical imaging business products, and CTP plates. Moreover, growth was also achieved in document solutions sales centered on sales in overseas markets. Such positive factors-together with the positive effect of the progressive depreciation of the yen-boosted consolidated revenue to ¥1,352.0 billion, up 3.7% compared with the same period in the previous fiscal year.

Income

The impact of the ¥42.0 billion expense of structural reform measures currently being implemented in a concentrated manner caused operating income to drop 15.4% compared with the same period in the previous fiscal year, to ¥50.7 billion. Excluding the expense of those structural reforms, however, operating income surged 36.7 %, to ¥92.7 billion, as higher costs due to rises in the prices of such main raw materials as silver and aluminum were more than offset by such factors as growth in sales volume and the benefits of structural reforms already completed.

Regarding structural reforms implemented during the period under review, continuing from the previous fiscal year, Fujifilm moved forward with measures to reorganize its tripolar global manufacturing system for photosensitive materials. In addition to efforts to implement personnel reductions accompanying manufacturing reorganizing measures, the Company strove to progressively streamline and optimize the staff of research, manufacturing, marketing/distribution, photoprocessing laboratory, and other units. These efforts led to the recording of ¥42.0 billion in expenses. Of these efforts, asset-related and other measures were associated with ¥28.6 billion in expenses while personnel-related measures were associated with ¥13.4 billion in expenses.

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

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