Fujifilm Holdings Corp · TSE:4901
Fujifilm — FY2023 Earnings Presentation
47 slides from Fujifilm's earnings presentation, May 9, 2024
Slide 1: Earnings Presentation: Financial Results for FY2023
Earnings Presentation Financial Results for FY2023 May 9, 2024 Forward-looking statements, such as those relating to earnings forecasts and other projections contained in this material, are manage ment’s current assumptions and beliefs based on currently available information. Such forward-looking s
Slide 2: Agenda
Agenda FY2023 (The Fiscal Year Ended March 2024) Earnings Highlights and Key Topics 1 Teiichi Goto, President and CEO, Representative Director, FUJIFILM Holdings Corporation Financial Results and Business Summary by Operating Segment 2 Masayuki Higuchi, CFO, Director and Corporate Vice President, FU
Slide 3: FY2023 Earnings Highlights and Key Topics
Earnings Highlights FY2023 FY2024 Appendices FY2023 Earnings Highlights and Key Topics 01 FUJIFILM Holdings Corporation 3
Slide 4: Earnings Highlights for FY2023
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Earnings Highlights for FY2023 Consolidated Performance for FY2023 ( Exchange rates : ¥145/US$, ¥157/Euro ) ¥150 / share Net income Revenue Operating income attributable to FUJIFILM Holdings Record high Record high Record high ¥100 /
Slide 5: Full-year Forecast for FY2024
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Highlights of Financial Forecast for FY2024 Full-year Forecast for FY2024 Exchange rates: ¥140/US$ (- ¥5 YoY), ¥150/Euro (- ¥7 YoY) Net income Revenue Operating income attributable to FUJIFILM Holdings Record high Record high ¥3,100.
Slide 6: Shareholder Returns
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Shareholder Returns • The annual dividends for FY2023 are ¥50 per share, including a commemorative dividend for the 90th anniversary of our founding (pre-split figure: ¥150 per share) • The annual dividends for FY2024 are forecasted
Slide 7: Key Topics 1: VISION2030 Follow-up 1/3
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Key Topics ❶ VISION2030 Follow-up 1/3 Business portfolio management Implementing the VISION2030 strategy to further strengthen business portfolio Business portfolio management High Growth Driver New / Future Potential Bio CDMO busine
Slide 8: Key Topics 1: VISION2030 Follow-up 2/3 Bio CDMO
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Key Topics ❶ VISION2030 Follow-up 2/3 Bio CDMO Making a new large-scale investment totaling approx. ¥180 billion ($1.2 billion) at the North Carolina site in the U.S. Aiming to achieve ¥700 billion in revenue by FY2030 through furthe
Slide 9: Key Topics 1: VISION2030 Follow-up 3/3 Graphic Communications
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Key Topics ❶ VISION2030 Follow-up 3/3 Graphic Communications Based on the business development strategy of becoming the only “solution partner” that can cover all areas of printing from office to commercial/industrial printing, we ha
Slide 10: Key Topics 2: Initiatives toward Sustainability 1/2
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Key Topics ❷: Initiatives toward Sustainability 1/2 Environment (Nature Positive) We are a member of the 30by30 Alliance for Biodiversity* * Established by the Ministry of the Environment in April 2022, a voluntary coalition of compa
Slide 11: Key Topics 2: Initiatives toward Sustainability 2/2
Earnings Highlights Highlights Key Topics FY2023 FY2024 Appendices Key Topics ❷: Initiatives toward Sustainability 2/2 New External Acknowledgement * SVP2030 (Sustainable Value Plan 2030) CSR plan targeting FY2030, positioned as a fundamental management plan for sustainable development Under the SVP
Slide 12: FY2023 Financial Results and Business Summary by Operating Segment
Earnings Highlights FY2023 FY2024 Appendices FY2023 Financial Results and Business Summary by Operating Segment 02 FUJIFILM Holdings Corporation 12
Slide 13: Consolidated Performance for FY2023
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices Consolidated Performance for FY2023 (From April 2023 to March 2024) (Billions of yen) Full Year Impact of Constant- FY2022 FY2023 Change exchange rate currency basis Revenue 2,859.0 Record high 2,960.9 101.9 106.8 (4.9) 100.0
Slide 14: Consolidated Revenue and Operating Income by Operating Segment
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices Consolidated Revenue and Operating Income by Operating Segment (Billions of yen) Full Year Revenue Change FY2022 FY2023 Constant-currency basis Healthcare 928.8 975.1 46.3 +5.0% 4.8 +0.5% * Materials 681.8 690.0 8.2 +1.2% (18
Slide 15: Business Summary: Healthcare
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices FY2023 (Apr. 2023 - Mar. 2024) Business Summary: Healthcare YoY Change Revenue increased in Medical Systems and Bio CDMO. Operating income declined mainly due to the Revenue Operating income absence of the previous year’s one
Slide 16: Business Summary: Materials
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices FY2023 (Apr. 2023 - Mar. 2024) Business Summary: Materials YoY Change Revenue increased due to contributions from the acquired semiconductor process chemicals business, Revenue Operating income offsetting the impact of lower
Slide 17: Business Summary: Business Innovation
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices FY2023 (Apr. 2023 - Mar. 2024) Business Summary: Business Innovation YoY Change Although Business Solutions fared well, overall revenue was driven down by lower exports to Europe Revenue Operating income and the U.S. in Offic
Slide 18: Business Summary: Imaging
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices FY2023 (Apr. 2023 - Mar. 2024) Business Summary: Imaging YoY Change Revenue Operating income Revenue and profits soared on strong sales of INSTAX and digital cameras. ↑+14.5％ ↑+39.9％ 5,000 469.7 1,400 (Billions of yen) Consum
Slide 19: Consolidated Balance Sheets
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices FY2023 (Apr. 2023 - Mar. 2024) Consolidated Balance Sheets (Billions of yen) Change from Change from Mar. 2022 Mar. 2023 Mar. 2024 Mar. 2022 Mar. 2023 Mar. 2024 Mar. 2023 Mar. 2023 Cash and cash equivalents 486.3 268.6 179.7
Slide 20: Consolidated Cash Flow
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices FY2023 (Apr. 2023 - Mar. 2024) Consolidated Cash Flow Net cash provided by operating activities Net cash used in investing activities (Billions of yen) Free cash flow excluding business acquisitions and others FY2021 FY2022 F
Slide 21: Cash Allocation (VISION2023 3-year total)
Earnings Highlights FY2023 Company-wide By Segment BS CF FY2024 Appendices Cash Allocation (VISION2023 3-year total) The Company made growth investments outpacing the initial plan by using funds generated from the sale of marketable securities, stronger cash management, etc., in addition to operatin
Slide 22: Financial Forecast for FY2024
Earnings Highlights FY2023 FY2024 Appendices Financial Forecast for FY2024 03 FUJIFILM Holdings Corporation 22
Slide 23: Full-year Forecast for FY2024
Earnings Highlights FY2023 FY2024 Appendices Full-year Forecast for FY2024 (Billions of yen) FY2023 FY2024 Change from Actual Forecast FY2023 Revenue 2,960.9 Record high 3,100.0 139.1 100.0% 100.0% +4.7% Operating Income 276.7 Record high 300.0 23.3 9.3% 9.7% +8.4% Income before Income Taxes 317.3 3
Slide 24: Financial Forecast by Operating Segment
Earnings Highlights FY2023 FY2024 Appendices Financial Forecast by Operating Segment The projected operating income for FY2024 is ¥300.0 billion. Due mainly to structural reform of the production system for small to medium scale facilities in Bio CDMO, the company-wide total operating income will de
Slide 25: ROIC (Return on Invested Capital)
Earnings Highlights FY2023 FY2024 Appendices ROIC (Return on Invested Capital) In FY2023, ROIC was 5.6%, down 0.5 percentage point YoY, due to mid- to long-term growth investments in the Bio CDMO and Semiconductor Materials ▐ Former segment basis (Graphic Communications included in the Materials seg
Slide 26: Cash Allocation (FY2024)
Earnings Highlights FY2023 FY2024 Appendices Cash Allocation (FY2024) Maximizing operating cash flow and maintaining a strong financial position by strengthening portfolio management, while continuing to make growth investments mainly in Healthcare and Semiconductor Materials Shareholder Returns ¥66
Slide 27: Shareholder Returns
Earnings Highlights FY2023 FY2024 Appendices Shareholder Returns With returns to shareholders through dividends as our basic policy, we ensure a balance between business growth and financial discipline, and consider and implement share buybacks based on trends in cash flow, share price and other fac
Slide 28: Appendices: Financial Results for FY2023
Earnings FY2023 FY2024 Appendices Highlights Appendices: Financial Results for FY2023 04 FUJIFILM Holdings Corporation 28
Slide 29: Q4 and Full-year Earnings
Earnings FY2023 FY2024 Appendices Highlights Q4 and Full-year Earnings (Billions of yen) Q4 Full Year Impact of Constant- Impact of Constant- FY2022 FY2023 Change FY2022 FY2023 Change exchange rate currency basis exchange rate currency basis Revenue 764.7 Record high 805.5 40.8 47.1 (6.3) 2,859.0 Re
Slide 30: Q4 and Full-year Earnings: Revenue and Operating Income by Operating Segment
Earnings FY2023 FY2024 Appendices Highlights Q4 and Full-year Earnings: Revenue and Operating Income by Operating Segment (Billions of yen) Q4 Full Year Revenue Change Change FY2022 FY2023 Constant-currency basis FY2022 FY2023 Constant-currency basis Healthcare 287.0 284.4 (2.6) (1.0%) (21.6) (7.6%)
Slide 31: Q4 and Full-year Earnings: Healthcare
Earnings FY2023 FY2024 Appendices Highlights Q4 and Full-year Earnings: Healthcare (Billions of yen) Q4 Full Year Revenue FY2022 FY2023 Change Constant-currency basis FY2022 FY2023 Change Constant-currency basis * Medical Systems 179.0 190.2 11.2 +6.2% 0.7 +0.3% 622.0 659.6 37.6 +6.0% 13.7 +2.2% Bio
Slide 32: Q4 and Full-year Earnings: Materials
Earnings FY2023 FY2024 Appendices Highlights Q4 and Full-year Earnings: Materials (Billions of yen) Q4 Full Year Revenue FY2022 FY2023 Change Constant-currency basis FY2022 FY2023 Change Constant-currency basis Electronic Materials 41.1 61.2 20.1 +48.9% 14.7 +35.8% 180.6 199.7 19.1 +10.6% 7.9 +4.4%
Slide 33: Q4 and Full-year Earnings: Business Innovation
Earnings FY2023 FY2024 Appendices Highlights Q4 and Full-year Earnings: Business Innovation (Billions of yen) Q4 Full Year Revenue FY2022 FY2023 Change Constant-currency basis FY2022 FY2023 Change Constant-currency basis Office Solutions 140.1 138.9 (1.2) (0.7%) (6.5) (4.4%) 555.5 524.3 (31.2) (5.6%
Slide 34: Q4 and Full-year Earnings: Imaging
Earnings FY2023 FY2024 Appendices Highlights Q4 and Full-year Earnings: Imaging (Billions of yen) Q4 Full Year Revenue FY2022 FY2023 Change Constant-currency basis FY2022 FY2023 Change Constant-currency basis Consumer Imaging 53.5 59.6 6.1 +11.5% 0.0 +0.1% 266.9 297.6 30.7 +11.5% 13.3 +5.0% Professi
Slide 35: Operating Income Analysis (FY2023 Results vs FY2022 Results)
Earnings FY2023 FY2024 Appendices Highlights Operating Income Analysis (FY2023 Results vs FY2022 Results) (Billions of yen) Full Year FY2022 FY2023 Change Raw material One-time Operation FX Actual Actual price cost and others Healthcare 102.8 97.4 (5.4) (5.2%) 7.3 (1.5) (10.1) (1.1) Materials 65.4 4
Slide 36: Full-year Forecast for FY2024 Revenue by business
Earnings FY2023 FY2024 Appendices Highlights Full-year Forecast for FY2024 Revenue by business (Billions of yen) FY2023 FY2024 Change from previous year FY2026 With Constant currency Actual Forecast Amount of money currency impact basis VISION2030 Healthcare 975.1 1,010.0 34.9 +3.6% +5.3% 1,200.0 Me
Slide 37: Operating Income Analysis (FY2024 Forecast vs Results)
Earnings FY2023 FY2024 Appendices Highlights Operating Income Analysis (FY2024 Forecast vs Results) (Billions of yen) Full year FY2023 FY2024 Change Raw material One-time Operation FX Actual Forecast price cost and others Healthcare 97.4 112.0 14.6 +15.0% (3.5) (0.9) 9.7 9.3 Electronics 46.5 57.0 10
Slide 38: Analysis of Changes in Net Income Attributable to FUJIFILM Holdings
Earnings FY2023 FY2024 Appendices Highlights Analysis of Changes in Net Income Attributable to FUJIFILM Holdings (FY2024 Forecast vs. Previous Year) Despite the impact of higher operating income, net income attributable to FUJIFILM Holdings for FY2024 is expected to be the same level as previous yea
Slide 39: Consolidated Revenue by Geographical Area
Earnings FY2023 FY2024 Appendices Highlights Consolidated Revenue by Geographical Area (Billions of yen) FY2022 Full Year FY2023 Full Year Change Ratio (%) Ratio (%) Japan 35.9% 1,026.3 35.4% 1,049.5 23.2 +2.3% The Americas 23.0% 656.9 21.7% 641.8 (15.1) (2.3%) Europe 15.1% 430.4 15.9% 470.6 40.2 +9
Slide 40: Capital Expenditure and Depreciation & Amortization
Earnings FY2023 FY2024 Appendices Highlights Capital Expenditure and Depreciation & Amortization Capital Expenditure| Depreciation ▐ Former segment basis: Until FY2023 ▐ New segment basis: From FY2024 (Billions of yen) 600.0 (Billions of yen) 4Q Full Year Full Year 510.0 FY2024 FY2022 FY2023 FY2022
Slide 41: R&D Expenses and SG&A Expenses
Earnings FY2023 FY2024 Appendices Highlights R&D Expenses and SG&A Expenses R&D Expenses｜ SG&A Expenses ▐ Former segment basis: Until FY2023 ▐ New segment basis: From FY2024 (Billions of yen) 900.0 40.0% 752.5 710.7 (Billions of yen) 30.0% 4Q Full Year Full Year 600.0 FY2024 FY2022 FY2023 FY2022 FY2
Slide 42: Market Trend and Number of Employees
Earnings FY2023 FY2024 Appendices Highlights Market Trend and Number of Employees ▐ Exchange rates (Average) ｜ Raw Material Prices (Average) FY2022 FY2023 Unit 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year US$ ￥/US$ 130 139 141 132 136 138 145 148 149 145 € ￥/€ 138 139 144 142 141 150 157 159 161 157
Slide 43: Pipeline (as of May 9, 2024)
Earnings FY2023 FY2023 Appendices Highlights Pileline (as of May 9, 2024) Development Therapeutic category Formulation Region Development stage code T-705 Severe fever with thrombocytopenia syndrome virus drug Oral Japan Submitted an application for permission T-4288 New fluoroketolide antibacterial
Slide 44: Disaster Victim Certification Acceleration Solution
Earnings FY2023 FY2024 Appendices Highlights Disaster Victim Certification Acceleration Solution As earthquakes, typhoons, torrential rains and other natural disasters have become more frequent and severe in recent years, we support the speedy assessment of damage, preparation of survey plans, and p
Slide 45: References
Earnings Highlights Q3 FY2023 FY2023 Appendices References ▍ FUJIFILM Holdings - Investor Relations https://ir.fujifilm.com/en/investors.html ▍ FUJIFILM Holdings Integrated Report 2023 https://ir.fujifilm.com/en/investors/ir-materials/integrated-report.html ▍ IR Materials https://ir.fujifilm.com/en/
Slide 46: FUJIFILM Value from Innovation
FUJIFILM Value from Innovation
Slide 47: FUJIFILM Holdings Corporation
FUJIFILM Holdings Corporation