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Global Credit Research - 21 Sep 2010
Tokyo, September 21, 2010 -- Moody's Investors Service has today changed the rating outlook for
the Aa3 long-term issuer rating of FUJIFILM Holdings Corporation
(Fujifilm Holdings) to stable from negative.
The change in outlook reflects Moody's view that Fujifilm Holdings
will continue to improve its profitability and maintain its solid financial
Moody's notes that in order to cope with stagnant revenue growth
after the recent global recession, Fujifilm Holdings reduced overall
costs of sales by 12.1% and selling, general &
administrative (SG&A) expenses by 12.8%, in the
fiscal year ending March 2010 (FYE 3/2010). These cost reductions
led to an increase in operating profit before business restructuring expenses
by 43.6% in FYE 3/2010, although the company's
total revenue decreased by 10.4% from the previous fiscal
In addition, Fujifilm Holdings implemented business restructuring
expenses of JPY144 billion in FYE 3/2010, reducing fixed costs.
These will contribute to increasing operating profit in FYE 3/2011 by
JPY45 billion. In the first quarter of FYE 3/2011 ended June 2010,
the company expanded its operating profit before business restructuring
expenses to JPY 50.5 billion from JPY 38.0 billion in the
previous quarter. Moody's expects Fujifilm Holdings to further
improve its profitability, given the company's better cost
Moody's has had concerns about the profitability of Fujifilm Holdings'
imaging solution segment, which is one of the company's three
major segments. The segment has been struggling to post stable
operating profit in recent years, because of the shift in demand
from conventional photo films to digital still cameras. Although
the segment recorded JPY15 billion of operating loss before business restructuring
expenses in FYE 3/2010, Moody's notes that the electric imaging
sub-segment, the largest sub-segment, mainly
composed of digital still cameras, turned into positive operating
profit in FYE 3/2010.
This was achieved by the company's advanced technology, backed
by its efforts for cost reductions and streamlining its supply chain management.
In the first quarter of FYE 3/2011 ended June 2010, the segment
recorded positive operating profit before business restructuring expenses.
Moody's expects that Fujifilm Holdings' imaging solution segment
will generate more stable operating profits going forward.
Fujifilm Holdings maintains a strong financial profile and conservative
financial policy. The company has kept its capital expenditures
within operating cash flow, making for positive free cash flow.
At end-June 2010 Fujifilm Holdings had JPY435 billion of cash and
cash equivalents, exceeding JPY288 billion of total booked debt.
Moody's believes that Fujifilm Holdings will take the necessary measures
to maintain its sound financial structure, in accordance with its
conservative financial policy.
Moody's Aa3 rating on Fujifilm Holdings also reflects the company's
stable relationship with its main banks. This provides a one-notch
uplift from its fundamental creditworthiness.
Upward rating pressure could emerge if Fujifilm Holdings can increase
its overall profitability by further enhancing each segment's competitiveness,
evidenced by adjusted EBITA margin over 10% stably or adjusted
debt/EBITDA approximately 1.0x.
Downward rating pressure could emerge if the company's earnings
weaken due to a significant decline in its market position, evidenced
by adjusted debt/EBITDA over 2.0x or adjusted EBITA margin below
5% throughout FYE 3/2013. Aggressive use of financial leverage
for acquisitions or any drastic changes in financial policy would also
put downward pressure on the rating.
The last rating action with respect to Fujifilm Holdings was on April
15, 2009, when the outlook for the Aa3 issuer rating was changed
to negative from stable.
The principal methodology used in rating this issuer was "Global Manufacturing
Industry", published in December 2007, which can be found
at www.moodys.com in the Rating Methodologies sub-directory
under the Research & Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this issuer can
also be found in the Rating Methodologies sub-directory on Moody's
FUJIFILM Holdings Corporation is a holding company with two core operating
entities, FUJIFILM Corporation (Fujifilm) and Fuji Xerox Co.,
Ltd. (Fuji Xerox). It reported consolidated sales of JPY2,182
billion for the fiscal year ended March 31, 2010.
Fujifilm is Japan's largest -- and the world's second largest
-- manufacturer of photofinishing products. It also
has leading market positions in medical imaging products (such as digital
X-ray imaging and diagnostic systems), digital printing systems,
and flat panel display materials (such as TAC film and WV film).
Fuji Xerox is Japan's third-largest office equipment manufacturer
in terms of domestic market share. It is 75% owned by FUJIFILM
Holdings and 25% by Xerox Limited.
VP - Senior Credit Officer
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Senior Vice President - Team Leader
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Moody's Japan K.K.
Moody's changes outlook on Fujifilm Holdings' Aa3 rating to stable
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
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