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The following general information should be entered: Wksh3

Note: Sample data has been entered in the input cells to help you get started. Wksh5
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2-1 Name of Company => Fujifilm Holdings Corporation Wksh9
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2-2 Reporting Periods => Annual (Annual, Semi-annual, Quarterly or Monthly) Wksh13
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2-3 Number of Days in Reporting Period are 365

What reporting periods will be entered?

2-4 Most Current Period 2007 (1999, July 1998, 6/30/97, etc.)
2-5 Previous Period 2006 (1999, July 1998, 6/30/97, etc.)
2-6 2nd Previous Period 2005 (1999, July 1998, 6/30/97, etc.)
2-7 3rd Previous Period 2004 (1999, July 1998, 6/30/97, etc.)
2-8 4th Previous Period 2003 (1999, July 1998, 6/30/97, etc.)

2-9 Number of historical periods to be analyzed 5

How are the amounts expressed in the financial statements?

(such as: in millions of dollars, thousands of Canadian dollars, etc.)
2-10 millions of yen
active
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 Home Balance Sheet
>> > Fujifilm Holdings Corporation
<< < millions of yen
End Annual Annual Annual Annual
Period Period Period Period
Ref Description 2003 2004 2005 2006

3-1 Cash and Cash Equivalents 410,130 461,764 288,157 218,598

Current Assets

3-2 Short Term Marketable Securities 32,639 33,906 65,729 69,829

3-3 Accounts Receivable 521,478 535,836 533,225 566,315
3-4 Inventory 351,748 348,309 371,365 385,463
3-5 Deferred Income Taxes 76,857 82,276 88,795 96,030
3-6 Prepaid Expenses and others 36,296 28,557 25,997 36,225
3-7 Total Current Assets 1,429,148 1,490,648 1,373,268 1,372,460

3-8 Land 73,083 69,664 74,915 77,469

NonCurrent Assets

3-9 Buildings 531,466 549,747 570,140 602,585

3-10 Machinery & Equipment 1,535,312 1,538,884 1,596,768 1,647,474
3-11 Construction in Progress 26,300 35,559 49,002 41,742
3-12 Total Fixed Assets 2,166,161 2,193,854 2,290,825 2,369,270
3-13 Accumulated Depreciation (1,467,913) (1,488,705) (1,543,613) (1,617,885)
3-14 Net Fixed Assets 698,248 705,149 747,212 751,385
3-15 Investments in and advances to affiliated companies 40,741 43,985 46,563 54,283
3-16 Investment Securities 263,002 261,022 279,895 310,152
3-17 Long Term Finances and Other Receivables 101,435 99,363 97,029 102,773
3-18 Allowance for doubtful debts (4,991) (7,677) (4,946) (4,357)
3-19 Total Investments and Long Term Receivables 400,187 396,693 418,541 462,851

3-20 Goodwill, net 213,713 214,649 227,775 233,547

Other Assets

3-21 Other intangible assets, net 45,246 35,732 48,851 52,767

3-22 Deferred income taxes 85,625 81,870 47,750 38,217
3-23 Other 86,150 98,768 120,060 116,264
3-24 Total Other Assets 430,734 431,019 444,436 440,795
 3-25 Total Assets 2,958,317 3,023,509 2,983,457 3,027,491
3-26
3-27 Short Term Debt 159,631 143,265 123,592 99,088
3-28 Trade Payable 261,807 287,691 274,260 255,423
3-29 Construction 40,663 41,339 47,846 49,764
3-30 Affiliated Companies 10,437 11,649 10,035 7,322
Currrent Liab

3-31 Accrued Income taxes 25,264 42,626 31,193 36,547

3-32 Accrued Liabilities 165,994 172,426 192,809 214,993
3-33 Other Current Liabilities 48,574 53,090 54,365 59,769
3-34 Total Current Liabilities 712,370 752,086 734,100 722,906

3-35 Longterm Debt 124,404 116,823 96,040 74,329

3-36 Accrued Pension and severance costs 241,914 216,135 105,084 44,215
3-37 Deferred income taxes 21,672 42,555 48,224 64,348
3-38 customer guarantee deposits and other 51,266 42,303 34,941 38,647
3-39 Minority Interests in subsidiaries 126,080 103,725 115,966 119,549
3-40 Total Non Current Liabilities 565,336 521,541 400,255 341,088
3-41 Total Liabilities 1,277,706 1,273,627 1,134,355 1,063,994

3-42 Common Equity 40,363 40,363 40,363 40,363

3-43 Additional Paid in Capital 68,135 68,135 68,135 68,412
Equity

3-44 Retained Earnings 1,653,221 1,722,692 1,794,385 1,818,610

3-45 Accumulated other comprehensive income (loss) (76,243) (76,121) (33,525) 52,917
3-46 Treasury Stock (4,865) (5,187) (20,256) (16,805)
3-47 Total Shareholder Equity 1,680,611 1,749,882 1,849,102 1,963,497

3-49 Total Liabilities & Equity 2,958,317 3,023,509 2,983,457 3,027,491

Check: Assets = Liab + Equity ? 0 0 0 0

 Annexure - I

poration
millions of yen
Annual
Period
2007

384,719
48,536
605,592
393,594
100,440
52,368
1,585,249

92,400
634,045
1,674,487
44,444
2,445,376
(1,672,344)
773,032
44,782
336,886
106,979
(3,975)
484,672

257,866
59,397
53,798
105,088
476,149

- 29 -
3,319,102

106,043
279,470
49,548
4,887
41,034
225,848
74,534
781,364

267,965
84,510
54,268
42,459
112,028
561,230
1,342,594

40,363
68,412
1,840,168
40,950
(13,385)
1,976,508

3,319,102

- 30 -
0
 Home Income Statement
>> > Fujifilm Holdings Corporation
<< < millions of yen
End Annual Annual Annual Annual
Period Period Period Period
Ref Description 2003 2004 2005 2006
4-1 Sales 2,164,535 2,212,387 2,172,003 2,300,842
4-2 Rentals 347,386 354,338 355,371 366,653
4-3 Total Revenues 2,511,921 2,566,725 2,527,374 2,667,495
4-4 Cost of Sales
4-5 Sales 1,339,562 1,364,537 1,365,601 1,435,757
4-6 Rentals 134,989 139,306 145,080 158,047
4-7 Total Direct Expenses 1,474,551 1,503,843 1,510,681 1,593,804
Operating

4-8 Gross Profit 1,037,370 1,062,882 1,016,693 1,073,691

Operating Expenses:
4-9 Selling, General & Administrative 765,987 704,659 767,363 735,058
4-10 Research and Development 159,119 173,323 168,017 182,154
4-11 Restructuring and other charges 0 0 86,043
Subsidy related to transfer of substitutional
0 0
4-12 portion
4-13 of employee portion fund liabilities (52,136) (83,129)
4-14 Operating Income 164,400 184,900 164,442 70,436
Other Income (Expenses)
4-15 Interest and Dividend Income 3,909 4,246 6,080 8,133
NonOperating

4-16 Interest Expense (6,674) (5,459) (4,668) (3,886)

4-17 Foreign Exchange Gain, net (7,275) (4,835) 1,862 7,526
4-18 Decline in value of investment securities (17,038) (466) (304) (122)
4-19 Other, net (16,809) (13,438) (5,066) (2,472)
0 0 0 0
4-20 Income before income taxes 120,513 164,948 162,346 79,615
 Income taxes
4-21 Current 62,020 70,657 55,083 52,756
4-22 Deferred (1,737) 1,632 8,806 (17,732)
4-24 60,283 72,289 63,889 35,024

4-25 Income before minority interests and equity in net

4-26 earnings of affiliated companies 60,230 92,659 98,457 44,591
4-27 Minority Interests (12,835) (13,289) (18,103) (12,785)
4-28 Equity in net earnings of affiliated companies 1,184 2,947 4,146 5,210
4-29 Net Income 48,579 82,317 84,500 37,016

Estimated Tax Rate 0.51 0.43 0.34 0.66

 Annexure - II
tement
Corporation
millions of yen
Annual
Period
2007
2,399,636
382,890
2,782,526

1,478,828
159,509
1,638,337

1,144,189

760,042
177,004
94,081

113,062

11,376
(6,351)
6,746
(23,946)
2,377
0
103,264

- 31 -
 62,910
(3,377)
59,533

43,731
(12,643)
3,358
34,446

- 32 -

0.61
 Annexure - III
Home Cash Flow Statement
>> > Fujifilm Holdings Corporation
<< < millions of yen
End Annual Annual Annual Annual Annual
Period Period Period Period Period
Ref Description 2003 2004 2005 2006 2007

5-1 Net Income 48,579 82,317 84,500 37,016 34,446

5-2 Depreciation and Amortization 173,986 172,622 182,286 225,434 215,429
Impairment losses for long-live assets and
goodwill 0 0 0 42,121 12,202
5-3 Decline in value of investment securities 17,038 466 304 122 23,946
5-4 Deferred income taxes (1,737) 1,632 8,806 (17,732) (3,377)
5-5 Minority interests 12,835 13,289 18,103 12,785 12,643
Equity in net earnings of affiliated
Operations

companies, less dividends received (944) (667) (2,031) (3,899) (1,987)

Subsidy related to transfer of substitutional

portion of employees pension fund liabilities (52,136) - (83,129) 0 0
Notes and account receivables (95) (20,519) 19,593 (7,223) (9,637)
Inventories 12,771 174 (5,964) 15,118 10,976
Note and account payables - trade 16,819 19,719 (23,320) (33,486) 12,700
Accrued income taxes and other liabilities 50,987 40,481 20,869 (9,909) 1,326
5-6 Other 25,397 17,844 (656) 12,211 (11,391)
Net Cash provided by operating
5-7 acitivities 303,500 327,358 219,361 272,558 297,276

Investing activities
5-8 Purchase of property,plant and equipment (122,624) (160,070) (150,915) (186,980) (172,572)
5-9 Purcahse of software (37,553) (37,367) (33,050) (16,693) (20,483)

- 33 -
Investments
 Procees from sales and maturities of
marketable and investment securities and
Investments other investments 33,058 46,672 40,733 83,629 109,116
Purchase of marketable and investment
5-10 securities and other investments (23,656) (16,634) (85,287) (58,757) (146,911)
(Increase) decrease in investments in and
5-11 advances to affiliated companies (6,361) 1,702 (1,156) (19,237) 1,383
Acquisitions of businesses and minority
5-12 interests, net of cash acquired (33,486) (21,901) (58,010) (40,587) (45,741)
5-13 Other (11,306) (19,588) (24,716) (33,504) (22,793)

5-14 Cash Provided (Used) from Investments (201,928) (207,186) (312,401) (272,129) (298,001)

Financing activities
5-15 Proceeds from long term debt 16,055 6,604 1,940 1,728 200,568
5-16 Repayments of long term debt (28,708) (25,787) (19,085) (21,452) (29,725)

5-17 Increase (Decrease) in short term debt, net (29,902) (27,615) (31,042) (43,119) 6,120
Financing

5-18 Cash dividends paid (12,861) (12,833) (12,831) (12,734) (12,754)

Subsidiaries cash dividends paid to
5-19 minority interests (4,579) (3,550) (7,091) (4,941) (5,220)
5-20 Net Sales (Purchases) of treasurty stock (4,257) (335) (15,297) 209 (702)

5-22 Cash Provided (Used) from Financing (64,252) (63,516) (83,406) (80,309) 158,287

Effect of exchange rate changes on cash and cash equivalent

(4,780) (5,022) 2,839 10,321 8,559
5-23 Increase (Decrease) to Cash 32,540 51,634 (173,607) (69,559) 166,121

5-24 Beginning Cash Balance 381,901 410,130 461,764 288,157 218,598

5-25 Ending Cash Balance 410,130 461,764 288,157 218,598 384,719

- 34 -

5-26 Check: Should agree to Balance Sheet 0 0 0 0 0

Comment => Balances Balances Balances Balances Balances
 Annexure - IV
b Home Income Statement - Common Size
>> > Fujifilm Holdings Corporation
<< <
End Annual Annual Annual Annual Annual
Period Period Period Period Period
Ref Description 2003 2004 2005 2006 2007

4-1 Sales 86.2 86.2 85.9 86.3 86.2

4-2 Rentals 13.8 13.8 14.1 13.7 13.8
4-3 Total Revenues 100.0 100.0 100.0 100.0 100.0
4-4 Cost of Sales
4-5 Sales 53.3 53.2 54.0 53.8 53.1
4-6 Rentals 5.4 5.4 5.7 5.9 5.7
4-7 Total Direct Expenses 58.7 58.6 59.8 59.7 58.9
Operating

4-8 Gross Profit 41.3 41.4 40.2 40.3 41.1

Operating Expenses:
4-9 Selling, General & Administrative 30.5 27.5 30.4 27.6 27.3
4-10 Research and Development 6.3 6.8 6.6 6.8 6.4
4-11 Restructuring and other charges - - 3.2 3.4
4-12 Subsidy related to transfer of substitutional portion - -
4-13 of employee portion fund liabilities (2.1) - (3.3) - -
4-14 Operating Income 6.5 7.2 6.5 2.6 4.1
Other Income (Expenses)
4-15 Interest and Dividend Income 0.2 0.2 0.2 0.3 0.4
NonOperating

4-16 Interest Expense (0.3) (0.2) (0.2) (0.1) (0.2)

4-17 Foreign Exchange Gain, net (0.3) (0.2) 0.1 0.3 0.2
4-18 Decline in vaue of investment securities (0.7) (0.0) (0.0) (0.0) (0.9)
4-19 Other, net (0.7) (0.5) (0.2) (0.1) 0.1
- - - - -
4-20 Income before income taxes 4.8 6.4 6.4 3.0 3.7

Income taxes
4-21 Current 2.5 2.8 2.2 2.0 2.3
4-22 Deferred (0.1) 0.1 0.3 (0.7) (0.1)
4-24 2.4 2.8 2.5 1.3 2.1

4-25 Income before minority interests and equity in net

4-26 earnings of affiliated companies 2.4 3.6 3.9 1.7 1.6
4-27 Minority Interests (0.5) (0.5) (0.7) (0.5) (0.5)
4-28 Equity in net earnings of affiliated companies 0.0 0.1 0.2 0.2 0.1
4-29 Net Income 1.9 3.2 3.3 1.4 1.2

- 35 -
 Annexure - V
Home Balance Sheet - Common Size
>> > Fujifilm Holdings Corporation
<< < millions of yen
End Annual Annual Annual Annual Annual
Period Period Period Period Period
Ref Description 2003 2004 2005 2006 2007

Current Assets 3-1 Cash and Cash Equivalents 14 15 10 7 12

3-2 Short Term Marketable Securities 1 1 2 2 1
3-3 Accounts Receivable 18 18 18 19 18
3-4 Inventory 12 12 12 13 12
3-5 Deferred Income Taxes 3 3 3 3 3
3-6 Prepaid Expenses and others 1 1 1 1 2
3-7 Total Current Assets 48 49 46 45 48

3-8 Land 2 2 3 3 3
NonCurrent Assets

3-9 Buildings 18 18 19 20 19
3-10 Machinery & Equipment 52 51 54 54 50
3-11 Construction in Progress 1 1 2 1 1
3-12 Total Fixed Assets 73 73 77 78 74
3-13 Accumulated Depreciation (50) (49) (52) (53) (50)
3-14 Net Fixed Assets 24 23 25 25 23
3-15 Investments in and advances to affiliated companies 1 1 2 2 1
3-16 Investment Securities 9 9 9 10 10
3-17 Long Term Finances and Other Receivables 3 3 3 3 3
3-18 Allowance for doubtful debts (0) (0) (0) (0) (0)
3-19 Total Investments and Long Term Receivables 14 13 14 15 15

3-20 Goodwill, net 7 7 8 8 8

Other Assets

3-21 Other intangible assets, net 2 1 2 2 2

3-22 Deferred income taxes 3 3 2 1 2
3-23 Other 3 3 4 4 3
3-24 Total Other Assets 15 14 15 15 14

3-25 Total Assets 100 100 100 100 100

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 3-26
3-27 Short Term Debt 5 5 4 3 3
3-28 Trade Payable 9 10 9 8 8
3-29 Construction 1 1 2 2 1
3-30 Affiliated Companies 0 0 0 0 0

Currrent Liab
3-31 Accrued Income taxes 1 1 1 1 1
3-32 Accrued Liabilities 6 6 6 7 7
3-33 Other Current Liabilities 2 2 2 2 2
3-34 Total Current Liabilities 24 25 25 24 24

3-35 Longterm Debt 4 4 3 2 8

3-36 Accrued Pension and severance costs 8 7 4 1 3
3-37 Deferred income taxes 1 1 2 2 2
3-38 customer guarantee deposits and other 2 1 1 1 1
3-39 Minority Interests in subsidiaries 4 3 4 4 3
3-40 Total Non Current Liabilities 19 17 13 11 17
3-41 Total Liabilities 43 42 38 35 40

3-42 Common Equity 1 1 1 1 1

3-43 Additional Paid in Capital 2 2 2 2 2
Equity

3-44 Retained Earnings 56 57 60 60 55

3-45 Accumulated other comprehensive income (loss) (3) (3) (1) 2 1
3-46 Treasury Stock (0) (0) (1) (1) (0)
3-47 Total Shareholder Equity 57 58 62 65 60

3-49 Total Liabilities & Equity 100 100 100 100 100

- 37 -
 Annexure - VI
Home Income Statement - Horizontal Analysis
>> > Fujifilm Holdings Corporation
<< < Increase or Increase or Increase or Increase or
Percentage of Increase or decrease
End Decrease Decrease Decrease Decrease

Ref Description 2004-2003 2005-2004 2006-2005 2007-2006 2004-2003 2005-2004 2006-2005

4-1 Sales 47852 (40384) 128839 98794 2.16 (1.86) 5.60

4-2 Rentals 6952 1033 11282 16237 1.96 0.29 3.08
4-3 Total Revenues 54804 (39351) 140121 115031 4.12 (1.57) 8.68
4-4 Cost of Sales
4-5 Sales 24975 1064 70156 43071 1.83 0.08 4.89
4-6 Rentals 4317 5774 12967 1462 3.10 3.98 8.20
4-7 Total Direct Expenses 29292 6838 83123 44533 4.93 4.06 13.09
Operating

4-8 Gross Profit 25512 (46189) 56998 70498 (0.80) (5.63) (4.41)
Operating Expenses:
4-9 Selling, General & Administrative (61328) 62704 (32305) 24984 (8.70) 8.17 (4.39)
4-10 Research and Development 14204 (5306) 14137 (5150) 8.20 (3.16) 7.76
4-11 Restructuring and other charges 0 0 86043 8038 0.00 0.00 100.00
4-12 Subsidy related to transfer of substitutional portion 0 0 0 0
4-13 of employee portion fund liabilities 52136 (83129) 83129 0 0.00 100.00 100.00
4-14 Operating Income 20500 (20458) (94006) 42626 (0.30) (110.64) (207.78)
Other Income (Expenses)
4-15 Interest and Dividend Income 337 1834 2053 3243 7.94 30.16 25.24
NonOperating

4-16 Interest Expense 1215 791 782 (2465) (22.26) (16.95) (20.12)
4-17 Foreign Exchange Gain, net 2440 6697 5664 (780) (50.47) 359.67 75.26
4-18 Decline in vaue of investment securities 16572 162 182 (23824) (3556.22) (53.29) (149.18)
4-19 Other, net 3371 8372 2594 4849 (25.09) (165.26) (104.94)

4-20 Income before income taxes 44435 (2602) (82731) 23649 (3646.39) 43.70 (381.52)

Income taxes
4-21 Current 8637 (15574) (2327) 10154 12.22 (28.27) (4.41)
4-22 Deferred 3369 7174 (26538) 14355 206.43 81.47 149.66
4-24 12006 (8400) (28865) 24509 218.66 53.19 145.25

4-25 Income before minority interests and equity in net

4-26 earnings of affiliated companies 32429 5798 (53866) (860) 35.00 5.89 (120.80)
4-27 Minority Interests (454) (4814) 5318 142 3.42 26.59 (41.60)
4-28 Equity in net earnings of affiliated companies 1763 1199 1064 (1852) 59.82 28.92 20.42
4-29 Net Income 33738 2183 (47484) (2570) 98.24 61.40 (141.97)
 Annexure - VI
Income Statement - Horizontal Analysis
Fujifilm Holdings Corporation
Percentage of Increase or decrease

2007-2006

4.12
4.24
8.36

2.91
0.92
3.83

4.53

3.29
(2.91)
8.54

0.00
(4.39)

28.51
38.81
(11.56)
99.49
204.00

354.85

16.14
(425.08)
(408.94)

(1.97)
(1.12)
(55.15)
(58.24)

- 38 -
 Annexure - VII
Home Balance Sheet - Horizontal Analysis
>> > Fujifilm Holdings Corporation
<< < Increase or Increase or Increase or Increase or
Percentage of Increase or decrease
End Decrease Decrease Decrease Decrease

Ref Description 2004-2003 2005-2004 2006-2005 2007-2006 2004-2003 2005-2004 2006-2005

3-1 Cash and Cash Equivalents 51,634 (173,607) (69,559) 166,121 0.112 (0.602) (0.318)
Current Assets

3-2 Short Term Marketable Securities 1,267 31,823 4,100 (21,293) 0.037 0.484 0.059
3-3 Accounts Receivable 14,358 (2,611) 33,090 39,277 0.027 (0.005) 0.058
3-4 Inventory (3,439) 23,056 14,098 8,131 (0.010) 0.062 0.037
3-5 Deferred Income Taxes 5,419 6,519 7,235 4,410 0.066 0.073 0.075
3-6 Prepaid Expenses and others (7,739) (2,560) 10,228 16,143 (0.271) (0.098) 0.282
3-7 Total Current Assets 61,500 (117,380) (808) 212,789 0.041 (0.085) (0.001)

3-8 Land (3,419) 5,251 2,554 14,931 (0.049) 0.070 0.033

NonCurrent Assets

3-9 Buildings 18,281 20,393 32,445 31,460 0.033 0.036 0.054

3-10 Machinery & Equipment 3,572 57,884 50,706 27,013 0.002 0.036 0.031
3-11 Construction in Progress 9,259 13,443 (7,260) 2,702 0.260 0.274 (0.174)
3-12 Total Fixed Assets 27,693 96,971 78,445 76,106 0.013 0.042 0.033
3-13 Accumulated Depreciation (20,792) (54,908) (74,272) (54,459) 0.014 0.036 0.046
3-14 Net Fixed Assets 6,901 42,063 4,173 21,647 0.010 0.056 0.006
3-15 Investments in and advances to affiliated companies 3,244 2,578 7,720 (9,501) 0.074 0.055 0.142
3-16 Investment Securities (1,980) 18,873 30,257 26,734 (0.008) 0.067 0.098
3-17 Long Term Finances and Other Receivables (2,072) (2,334) 5,744 4,206 (0.021) (0.024) 0.056
3-18 Allowance for doubtful debts (2,686) 2,731 589 382 0.350 (0.552) (0.135)
3-19 Total Investments and Long Term Receivables (3,494) 21,848 44,310 21,821 (0.009) 0.052 0.096

3-20 Goodwill, net 936 13,126 5,772 24,319 0.004 0.058 0.025
Other Assets

3-21 Other intangible assets, net (9,514) 13,119 3,916 6,630 (0.266) 0.269 0.074
3-22 Deferred income taxes (3,755) (34,120) (9,533) 15,581 (0.046) (0.715) (0.249)
3-23 Other 12,618 21,292 (3,796) (11,176) 0.128 0.177 (0.033)
3-24 Total Other Assets 285 13,417 (3,641) 35,354 0.001 0.030 (0.008)

3-25 Total Assets 65,192 (40,052) 44,034 291,611 0.022 (0.013) 0.015
 3-26
3-27 Short Term Debt (16,366) (19,673) (24,504) 6,955 (0.114) (0.159) (0.247)
3-28 Trade Payable 25,884 (13,431) (18,837) 24,047 0.090 (0.049) (0.074)
3-29 Construction 676 6,507 1,918 (216) 0.016 0.136 0.039
3-30 Affiliated Companies 1,212 (1,614) (2,713) (2,435) 0.104 (0.161) (0.371)
Currrent Liab

3-31 Accrued Income taxes 17,362 (11,433) 5,354 4,487 0.407 (0.367) 0.146
3-32 Accrued Liabilities 6,432 20,383 22,184 10,855 0.037 0.106 0.103
3-33 Other Current Liabilities 4,516 1,275 5,404 14,765 0.085 0.023 0.090
3-34 Total Current Liabilities 39,716 (17,986) (11,194) 58,458 0.053 (0.025) (0.015)

3-35 Longterm Debt (7,581) (20,783) (21,711) 193,636 (0.065) (0.216) (0.292)
3-36 Accrued Pension and severance costs (25,779) (111,051) (60,869) 40,295 (0.119) (1.057) (1.377)
3-37 Deferred income taxes 20,883 5,669 16,124 (10,080) 0.491 0.118 0.251
3-38 customer guarantee deposits and other (8,963) (7,362) 3,706 3,812 (0.212) (0.211) 0.096
3-39 Minority Interests in subsidiaries (22,355) 12,241 3,583 (7,521) (0.216) 0.106 0.030
3-40 Total Non Current Liabilities (43,795) (121,286) (59,167) 220,142 (0.084) (0.303) (0.173)
3-41 Total Liabilities (4,079) (139,272) (70,361) 278,600 (0.003) (0.123) (0.066)

3-42 Common Equity 0 0 0 0 0.000 0.000 0.000

3-43 Additional Paid in Capital 0 0 277 0 0.000 0.000 0.004
Equity

3-44 Retained Earnings 69,471 71,693 24,225 21,558 0.040 0.040 0.013
3-45 Accumulated other comprehensive income (loss) 122 42,596 86,442 (11,967) -0.002 -1.271 1.634
3-46 Treasury Stock (322) (15,069) 3,451 3,420 0.062 0.744 -0.205
3-47 Total Shareholder Equity 69,271 99,220 114,395 13,011 0.040 0.054 0.058

3-49 Total Liabilities & Equity 65,192 (40,052) 44,034 291,611 0.022 -0.013 0.015

Check: Assets = Liab + Equity ?

 Annexure - VII
Balance Sheet - Horizontal Analysis
Fujifilm Holdings Corporation
Percentage of Increase or decrease

2007-2006

0.432
(0.439)
0.065
0.021
0.044
0.308
0.134

0.162
0.050
0.016
0.061
0.031
0.033
0.028
(0.212)
0.079
0.039
(0.096)
0.045

0.094
0.112
0.290
(0.106)
0.074

0.088

- 39 -
 0.066
0.086
(0.004)
(0.498)
0.109
0.048
0.198
0.075

0.723
0.477
(0.186)
0.090
(0.067)
0.392
0.208

0.000
0.000
0.012
-0.292
-0.256
0.007

0.088

- 40 -
 Annexure - VIII
Home Income Statement - Vertical Analysis
>> > Fujifilm Holdings Corporation
<< <
End Annual Annual Annual Annual Annual
Period Period Period Period Period
Ref Description 2003 2004 2005 2006 2007

4-1 Sales 86.17 86.19 85.94 86.25 86.24

4-2 Rentals 13.83 13.81 14.06 13.75 13.76
4-3 Total Revenues 100.00 100.00 100.00 100.00 100.00
4-4 Cost of Sales
4-5 Sales 53.33 53.16 54.03 53.82 53.15
4-6 Rentals 5.37 5.43 5.74 5.92 5.73
4-7 Total Direct Expenses 58.70 58.59 59.77 59.75 58.88
Operating

4-8 Gross Profit 41.30 41.41 40.23 40.25 41.12

Operating Expenses:
4-9 Selling, General & Administrative 30.49 27.45 30.36 27.56 27.31
4-10 Research and Development 6.33 6.75 6.65 6.83 6.36
4-11 Restructuring and other charges 0.00 0.00 0.00 3.43 3.75
4-12 Subsidy related to transfer of substitutional portion 0.00 0.00 0.00 0.00 0.00
4-13 of employee portion fund liabilities (2.08) 0.00 (3.29) 0.00 0.00
4-14 Operating Income 6.54 7.20 6.51 2.64 4.06
Other Income (Expenses)
4-15 Interest and Dividend Income 0.16 0.17 0.24 0.30 0.41
NonOperating

4-16 Interest Expense (0.27) (0.21) (0.18) (0.15) (0.23)

4-17 Foreign Exchange Gain, net (0.29) (0.19) 0.07 0.28 0.24
4-18 Decline in vaue of investment securities (0.68) (0.02) (0.01) (0.00) (0.86)
4-19 Other, net (0.67) (0.52) (0.20) (0.09) 0.09
0.00 0.00 0.00 0.00 0.00
4-20 Income before income taxes 4.80 6.43 6.42 2.98 3.71

- 41 -
 Income taxes
4-21 Current 2.47 2.75 2.18 1.98 2.26
4-22 Deferred (0.07) 0.06 0.35 (0.66) (0.12)
4-24 2.40 2.82 2.53 1.31 2.14

4-25 Income before minority interests and equity in net

4-26 earnings of affiliated companies 2.40 3.61 3.90 1.67 1.57
4-27 Minority Interests (0.51) (0.52) (0.72) (0.48) (0.45)
4-28 Equity in net earnings of affiliated companies 0.05 0.11 0.16 0.20 0.12
4-29 Net Income 1.93 3.21 3.34 1.39 1.24

- 42 -
 Annexure - IX
Home Balance Sheet - Vertical Analysis
>> > Fujifilm Holdings Corporation
<< < millions of yen
End Annual Annual Annual Annual Annual
Period Period Period Period Period
Ref Description 2003 2004 2005 2006 2007

3-1 Cash and Cash Equivalents 13.9 15.3 9.7 7.2 11.6
Current Assets

3-2 Short Term Marketable Securities 1.1 1.1 2.2 2.3 1.5
3-3 Accounts Receivable 17.6 17.7 17.9 18.7 18.2
3-4 Inventory 11.9 11.5 12.4 12.7 11.9
3-5 Deferred Income Taxes 2.6 2.7 3.0 3.2 3.0
3-6 Prepaid Expenses and others 1.2 0.9 0.9 1.2 1.6
3-7 Total Current Assets 48.3 49.3 46.0 45.3 47.8

3-8 Land 2.5 2.3 2.5 2.6 2.8

NonCurrent Assets

3-9 Buildings 18.0 18.2 19.1 19.9 19.1

3-10 Machinery & Equipment 51.9 50.9 53.5 54.4 50.5
3-11 Construction in Progress 0.9 1.2 1.6 1.4 1.3
3-12 Total Fixed Assets 73.2 72.6 76.8 78.3 73.7
3-13 Accumulated Depreciation (49.6) (49.2) (51.7) (53.4) (50.4)
3-14 Net Fixed Assets 23.6 23.3 25.0 24.8 23.3
3-15 Investments in and advances to affiliated companies 1.4 1.5 1.6 1.8 1.3
3-16 Investment Securities 8.9 8.6 9.4 10.2 10.1
3-17 Long Term Finances and Other Receivables 3.4 3.3 3.3 3.4 3.2
3-18 Allowance for doubtful debts (0.2) (0.3) (0.2) (0.1) (0.1)
3-19 Total Investments and Long Term Receivables 13.5 13.1 14.0 15.3 14.6

3-20 Goodwill, net 7.2 7.1 7.6 7.7 7.8

Other Assets

3-21 Other intangible assets, net 1.5 1.2 1.6 1.7 1.8
3-22 Deferred income taxes 2.9 2.7 1.6 1.3 1.6
3-23 Other 2.9 3.3 4.0 3.8 3.2
3-24 Total Other Assets 14.6 14.3 14.9 14.6 14.3

3-25 Total Assets 100.0 100.0 100.0 100.0 100.0

- 43 -
 3-26
3-27 Short Term Debt 5.4 4.7 4.1 3.3 3.2
3-28 Trade Payable 8.8 9.5 9.2 8.4 8.4
Currrent Liab

3-29 Construction 1.4 1.4 1.6 1.6 1.5

3-30 Affiliated Companies 0.4 0.4 0.3 0.2 0.1
3-31 Accrued Income taxes 0.9 1.4 1.0 1.2 1.2
3-32 Accrued Liabilities 5.6 5.7 6.5 7.1 6.8
3-33 Other Current Liabilities 1.6 1.8 1.8 2.0 2.2
3-34 Total Current Liabilities 24.1 24.9 24.6 23.9 23.5

3-35 Longterm Debt 4.2 3.9 3.2 2.5 8.1

3-36 Accrued Pension and severance costs 8.2 7.1 3.5 1.5 2.5
3-37 Deferred income taxes 0.7 1.4 1.6 2.1 1.6
3-38 customer guarantee deposits and other 1.7 1.4 1.2 1.3 1.3
3-39 Minority Interests in subsidiaries 4.3 3.4 3.9 3.9 3.4
3-40 Total Non Current Liabilities 19.1 17.2 13.4 11.3 16.9
3-41 Total Liabilities 43.2 42.1 38.0 35.1 40.5

3-42 Common Equity 1.4 1.3 1.4 1.3 1.2

3-43 Additional Paid in Capital 2.3 2.3 2.3 2.3 2.1
Equity

3-44 Retained Earnings 55.9 57.0 60.1 60.1 55.4

3-45 Accumulated other comprehensive income (loss) (2.6) (2.5) (1.1) 1.7 1.2
3-46 Treasury Stock (0.2) (0.2) (0.7) (0.6) (0.4)
3-47 Total Shareholder Equity 56.8 57.9 62.0 64.9 59.5

3-49 Total Liabilities & Equity 100.0 100.0 100.0 100.0 100.0

- 44 -

Check: Assets = Liab + Equity ? 0 0 0 0 0

 Annexure - X
Home Income Statement - Trend Analysis
>> > Fujifilm Holdings Corporation
<< <
End Annual Annual Annual Annual
Period Period Period Period
Ref Description 2003 2004 2005 2006

4-1 Sales 100.00 102.21 100.35 106.30

4-2 Rentals 100.00 102.00 102.30 105.55
4-3 Total Revenues 100.00 102.18 100.62 106.19
4-4 Cost of Sales
4-5 Sales 100.00 101.86 101.94 107.18
4-6 Rentals 100.00 103.20 107.48 117.08
4-7 Total Direct Expenses 100.00 101.99 102.45 108.09
Operating

4-8 Gross Profit 100.00 102.46 98.01 103.50

Operating Expenses:
4-9 Selling, General & Administrative 100.00 91.99 100.18 95.96
4-10 Research and Development 100.00 108.93 105.59 114.48
4-11 Restructuring and other charges 100.00 0.00 0.00 0.00
4-12 Subsidy related to transfer of substitutional portion 100.00 0.00 0.00 0.00
4-13 of employee portion fund liabilities 100.00 0.00 159.45 0.00
4-14 Operating Income 100.00 112.47 100.03 42.84
Other Income (Expenses)
4-15 Interest and Dividend Income 100.00 108.62 155.54 208.06
NonOperating

4-16 Interest Expense (100.00) 81.80 69.94 58.23

4-17 Foreign Exchange Gain, net (100.00) 66.46 (25.59) (103.45)
4-18 Decline in vaue of investment securities (100.00) 2.74 1.78 0.72
4-19 Other, net (100.00) 79.95 30.14 14.71
0.00 0.00 0.00 0.00
4-20 Income before income taxes 100.00 136.87 134.71 66.06
 Income taxes
4-21 Current 100.00 113.93 88.81 85.06
4-22 Deferred 100.00 (93.96) (506.97) 1,020.84
4-24 100.00 19.97 (418.15) 1,105.90

4-25 Income before minority interests and equity in net

4-26 earnings of affiliated companies 100.00 116.90 552.86 1,171.97
4-27 Minority Interests (100.00) (103.54) (141.04) (99.61)
4-28 Equity in net earnings of affiliated companies 100.00 248.90 350.17 440.03
4-29 Net Income 100.00 169.45 173.94 76.20
 Annexure - X
Income Statement - Trend Analysis
Fujifilm Holdings Corporation

Annual
Period
2007

110.86
110.22
110.77

110.40
118.16
111.11

110.30

99.22
111.24
0.00
0.00
0.00
68.77

291.02
95.16
(92.73)
140.54
(14.14)
0.00
85.69

- 45 -
 101.44
(194.42)
(92.98)

178.67
(98.50)
283.61
70.91

- 46 -
 Annexure - XI
Home Balance Sheet - Trend Analysis
>> > Fujifilm Holdings Corporation
<< < millions of yen
End Annual Annual Annual Annual Annual
Period Period Period Period Period
Ref Description 2003 2004 2005 2006 2007

Current Assets 3-1 Cash and Cash Equivalents 100 113 70 53 94

3-2 Short Term Marketable Securities 100 104 201 214 149
3-3 Accounts Receivable 100 103 102 109 116
3-4 Inventory 100 99 106 110 112
3-5 Deferred Income Taxes 100 107 116 125 131
3-6 Prepaid Expenses and others 100 79 72 100 144
3-7 Total Current Assets 100 104 96 96 111

3-8 Land 100 95 103 106 126

NonCurrent Assets

3-9 Buildings 100 103 107 113 119

3-10 Machinery & Equipment 100 100 104 107 109
3-11 Construction in Progress 100 135 186 159 169
3-12 Total Fixed Assets 100 101 106 109 113
3-13 Accumulated Depreciation (100) (101) (105) (110) (114)
3-14 Net Fixed Assets 100 101 107 108 111
3-15 Investments in and advances to affiliated companies 100 108 114 133 110
3-16 Investment Securities 100 99 106 118 128
3-17 Long Term Finances and Other Receivables 100 98 96 101 105
3-18 Allowance for doubtful debts (100) (154) (99) (87) (80)
3-19 Total Investments and Long Term Receivables 100 99 105 116 121

3-20 Goodwill, net 100 100 107 109 121

Other Assets

3-21 Other intangible assets, net 100 79 108 117 131

3-22 Deferred income taxes 100 96 56 45 63
3-23 Other 100 115 139 135 122
3-24 Total Other Assets 100 100 103 102 111

3-25 Total Assets 100 102 101 102 112

- 47 -
 3-26
3-27 Short Term Debt 100 90 77 62 66
3-28 Trade Payable 100 110 105 98 107
3-29 Construction 100 102 118 122 122
3-30 Affiliated Companies 100 112 96 70 47

Currrent Liab
3-31 Accrued Income taxes 100 169 123 145 162
3-32 Accrued Liabilities 100 104 116 130 136
3-33 Other Current Liabilities 100 109 112 123 153
3-34 Total Current Liabilities 100 106 103 101 110

3-35 Longterm Debt 100 94 77 60 215

3-36 Accrued Pension and severance costs 100 89 43 18 35
3-37 Deferred income taxes 100 196 223 297 250
3-38 customer guarantee deposits and other 100 83 68 75 83
3-39 Minority Interests in subsidiaries 100 82 92 95 89
3-40 Total Non Current Liabilities 100 92 71 60 99
3-41 Total Liabilities 100 100 89 83 105

3-42 Common Equity 100 100 100 100 100

3-43 Additional Paid in Capital 100 100 100 100 100
Equity

3-44 Retained Earnings 100 104 109 110 111

3-45 Accumulated other comprehensive income (loss) (100) (100) (44) 69 54
3-46 Treasury Stock (100) (107) (416) (345) (275)
3-47 Total Shareholder Equity 100 104 110 117 118

3-49 Total Liabilities & Equity 100 102 101 102 112

- 48 -
 Annexure - XII
Ratio Analysis
#REF!

Annual Annual Annual Annual Annual

Industry
Period Period Period Period Period
Ratios
Title of Ratio 2003 2004 2005 2006 2007

Current Ratio 2.01 1.98 1.87 1.90 2.03 1.48

Quick Ratio 1.46 1.48 1.33 1.32 1.46 1.45
Cash Ratio 0.62 0.66 0.48 0.40 0.55
Z Score:
1.2 x (working capital / total assets) 0.29 0.29 0.26 0.26 0.29
Liquidity Ratios
1.4 x (retained earn / total assets) (0.04) (0.04) (0.02) 0.02 0.02
3.3 x (EBIT / total assets) 0.18 0.20 0.18 0.08 0.11
.6 x (market value equity / b.v. debt) 3.95 3.92 5.45 6.94 3.95
.999 x (sales / total assets) 0.73 0.73 0.73 0.76 0.72
Z Score 5.12 5.11 6.60 8.06 5.09

Inventory Turnover Ratio 4.19 4.32 4.07 4.13 4.16

Account Receivable Turnover Ratio 4.82 4.79 4.74 4.71 4.59
Average Collection Period 74.74 75.15 75.95 76.43 78.35
Efficiency Ratios
Operating Assets Ratio 1.00 1.00 1.00 1.00 0.98
Fixed Asset Turnover Ratio 3.60 3.64 3.38 3.55 3.60
Total Asset Turnover Ratio 0.85 0.85 0.85 0.88 0.84

Total Debt Ratio 0.43 0.42 0.38 0.35 0.40

Long term Debt Ratio 0.042 0.039 0.032 0.025 0.081
Leverage Ratios Long term Debt to Total Capitalization
Ratio 0.76 0.74 0.70 0.65 0.87
Debt to Equity Ratio 0.76 0.73 0.61 0.54 0.68
Long term Debt to Equity Ratio 0.074 0.067 0.052 0.038 0.136 0.24

- 49 -
 Gross Profit Margin 41.30% 41.41% 40.23% 40.25% 41.12% 24.47%
Operating Profit Margin 6.54% 7.20% 6.51% 2.64% 4.06% 4.48%
Net Profit Margin 1.93% 3.21% 3.34% 1.39% 1.24% 2.77%
Profitability Ratios
Return on Total Assets 1.64% 2.72% 2.83% 1.22% 1.04% 2.82%
Return on Equity 2.89% 4.70% 4.57% 1.89% 1.74% 8.03%
Return on Common Equity 120.36% 203.94% 209.35% 91.71% 85.34%

Basic Earning Power 0.043 0.056 0.056 0.028 0.033

Cashflow to debt 1.069 1.259 0.999 1.572 0.795
Earning per Share 94.510 160.38 164.78 72.65 67.46
Price to Earnings (P/E) 38.51 20.64 23.79 54.09 71.45
Other Ratios
Price to Book Value 1.11 0.97 1.08 1.02 1.25
Cost of Sales Ratio 58.70 58.59 59.77 59.75 58.88
Selling & General Expenses Ratio 30.49 27.45 30.36 27.56 27.31
Research and Development Ratio 6.33 6.75 6.65 6.83 6.36

Operating Asset Interest Exp Equity Equity

ROE
Profit Turnover Ratio Multiplier Multiplier (1-t)
Year

2003 7% 0.7317 0.0023 1.76 86.25 3.93

2004 7% 0.7317 0.0018 1.73 98.49 5.01
2005 7% 0.7280 0.0016 1.61 106.49 4.87
5 Point Dupont Analysis 2006 3% 0.7600 0.0013 1.54 52.42 0.98
2007 4% 0.7230 0.0019 1.68 65.49 1.80

In year 2006 ROE decreased due to decrease in operating profit, and equity multiplier
In year 2007 ROE decreased as compared to year 2005 because of decrease in operating efficiency and increase in
interest expense ratio.

- 50 -