Challenging Fiscal Year for Fujifilm, But Strong Fourth Quarter

Fujifilm of Tokyo, Japan, today reported results for its fiscal year that ended on March 31, 2021.

Net revenue was 2,192.5 billion (U.S. $20.0 billion) down 5.3 percent year-over-year; operating income was 165.5 billion (U.S. $150.5 million), down 11.3 percent year-over-year; and net income was 181.2 billion (U.S. $165.3 million), up 44.2 percent year-over-year.

Fujifilm stated that net income of 181.2 billion was a record high, after turning Fuji Xerox (now Fujifilm Business Innovation) into a wholly owned subsidiary, and also due to sales and valuation of investments.

Document Solutions Group

Revenue for this group was 103.6 billion, down 10.8 percent year-over-year, and operating income was 73.7 billion, down 30.2 percent year-over-year.

Of note is that Fujifilm reported that despite a decline in office print volumes due to COVID-19, MFP sales volume increased year-over-year in Japan, China, and other Asia-Pacific countries.

However, production-printer sales declined year-over-year.

Document Solutions’ solutions and services declined year-over-year. However, solutions for work-from-home did well. Sales of the company’s DocuWorks document-handling software, beat (for network security), and CocoDesk, a personal digital workplace solution, did well.

Notably, Fujifilm’s Healthcare business’ revenue was up 12.6 percent year-over-year, and operating income for the Healthcare business was up 69.0 percent year-over-year.

Overall, the company’s Healthcare and Functional Materials businesses drove sales and profit for the year.

Fourth Quarter

Fujifilm’s fourth quarter consisted of the three months ending on March 31, 2021, and showed improvement year-over-year. Revenue was 619.1 billion (U.S. $5.6 billion), up 32.4 billion year-over-year. Operating income was 45 billion (U.S. $410 million), up 10 billion year-over-year.


For its current fiscal year that ends on March 31, 2022, Fujifilm did not change its forecast for net revenue and operating income. It’s forecasting that net revenue will increase to 2,440 billion, and operating income will increase to 180 billion

However, it’s forecasting net income will fall temporarily since gains on sales and valuation of investments will not be included. It is however maintaining a dividend forecast of 100 per share.

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