Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

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1 Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors

2 Consolidated Financial Statements March 31, 2015 Contents Report of Independent Auditors... 1 Consolidated Balance Sheets... 2 Consolidated Statements of Income... 4 Consolidated Statements of Comprehensive Income... 5 Consolidated Statements of Changes in Equity... 6 Consolidated Statements of Cash Flows... 8 Notes to Consolidated Financial Statements... 9

3 Report of Independent Auditors The Board of Directors and Shareholders FUJIFILM Holdings Corporation We have audited the accompanying consolidated financial statements of FUJIFILM Holdings Corporation and subsidiaries (the Company ), which comprise the consolidated balance sheets as of March 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the three years in the period ended March 31, 2015, and the related notes to the consolidated financial statements, all expressed in Japanese yen. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free of material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of FUJIFILM Holdings Corporation and subsidiaries at March 31, 2015 and 2014, and the consolidated results of their operations and their cash flows for each of the three years in the period ended March 31, 2015, in conformity with U.S. generally accepted accounting principles. Change in Accounting Principle As discussed in Note 2 Summary of Significant Accounting Policies to the consolidated financial statements, effective April 1, 2014, the Company has elected to change its primary method of accounting for depreciation of Property, Plant and Equipment from the declining-balance method to the straight-line method. Our opinion is not modified with respect to this matter. Convenience Translation We also have reviewed the translation of the consolidated financial statements mentioned above as of, and for the year ended March 31, 2015, into U.S. dollars on the basis described in Note 3 US Dollar Amounts. In our opinion, such statements have been translated on such basis. June 26,

4 Consolidated Balance Sheets March (Thousands of (Note 3) Assets Current assets: Cash and cash equivalents (Note 18) 726, ,571 $ 6,057,400 Marketable securities (Notes 4 and 18) 19,033 16, ,608 Notes and accounts receivable: Trade and finance (Notes 5 and 19) 671, ,258 5,598,392 Affiliated companies (Note 7) 31,816 28, ,133 Allowance for doubtful receivables (Notes 5 and 19) (22,610) (23,414) (188,417) Inventories (Note 6) 372, ,743 3,104,275 Deferred income taxes (Note 11) 83,665 88, ,209 Prepaid expenses and other (Notes 17 and 18) 60,103 51, ,858 Total current assets 1,943,215 1,761,697 16,193,458 Investments and long-term receivables: Investments in and advances to affiliated companies (Note 7) 29,426 40, ,217 Investment securities (Notes 4 and 18) 186, ,118 1,556,017 Long-term finance and other receivables (Notes 5, 17, 18 and 19) 169, ,767 1,409,492 Allowance for doubtful receivables (Notes 5 and 19) (4,370) (3,396) (36,417) Total investments and long-term receivables 380, ,461 3,174,309 Property, plant and equipment: Land 94,304 92, ,867 Buildings (Note 18) 723, ,096 6,031,741 Machinery and equipment (Note 18) 1,743,646 1,708,746 14,530,383 Construction in progress 23,396 21, ,967 2,585,155 2,530,969 21,542,958 Less accumulated depreciation (2,057,778) (2,000,732) (17,148,150) Net property, plant and equipment 527, ,237 4,394,808 Other assets: Goodwill, net (Notes 8 and 20) 504, ,088 4,208,025 Other intangible assets, net (Notes 8, 18 and 20) 80,271 82, ,925 Deferred income taxes (Note 11) 9,272 14,773 77,267 Other (Note 10) 110,554 82, ,283 Total other assets 705, ,574 5,875,500 Total assets 3,556,569 3,226,969 $ 29,638,075 2

5 March (Thousands of (Note 3) Liabilities and equity Current liabilities: Short-term debt (Note 9) 36,644 44,731 $ 305,367 Notes and accounts payable: Trade 248, ,883 2,071,058 Construction 16,733 17, ,442 Affiliated companies (Note 7) 3,723 3,556 31,025 Accrued income taxes (Note 11) 20,443 21, ,358 Accrued liabilities (Note 10) 195, ,423 1,627,250 Other current liabilities (Notes 11, 17 and 18) 100,945 80, ,208 Total current liabilities 622, ,422 5,185,708 Long-term debt (Notes 9 and 17) 313, ,968 2,608,709 Accrued pension and severance costs (Note 10) 30,711 32, ,925 Deferred income taxes (Note 11) 63,012 34, ,100 Customers guarantee deposits and other (Notes 7, 11, 17 and 18) 60,100 50, ,833 Total liabilities 1,089,153 1,028,746 9,076,275 Commitments and contingent liabilities (Note 14) Equity: FUJIFILM Holdings shareholders equity (Note 12): Common stock, without par value: Authorized: 800,000,000 shares Issued: 514,625,728 shares 40,363 40, ,358 Additional paid-in capital 75,588 75, ,900 Retained earnings 2,126,075 2,036,451 17,717,292 Accumulated other comprehensive income (loss) (Notes 10, 13 and 17) 91,589 (29,995) 763,242 Treasury stock, at cost (32,398,163 shares in 2015; 32,652,712 shares in 2014) (100,901) (101,687) (840,842) Total FUJIFILM Holdings shareholders equity 2,232,714 2,020,639 18,605,950 Noncontrolling interests (Note 20) 234, ,584 1,955,850 Total equity 2,467,416 2,198,223 20,561,800 Total liabilities and equity 3,556,569 3,226,969 $29,638,075 See notes to consolidated financial statements. 3

6 Consolidated Statements of Income Year ended March (Thousands of (Note 3) Revenue: Sales 2,143,283 2,094,291 1,878,018 $17,860,691 Rentals 349, , ,678 2,911,017 2,492,605 2,439,953 2,214,696 20,771,708 Cost of sales: Sales 1,386,823 1,379,343 1,217,045 11,556,858 Rentals 144, , ,151 1,202,283 1,531,097 1,518,911 1,364,196 12,759,141 Gross profit 961, , ,500 8,012,567 Operating expenses: Selling, general and administrative (Notes 13 and 16) 627, , ,233 5,233,050 Research and development 161, , ,151 1,342, , , ,384 6,575,917 Operating income 172, , ,116 1,436,650 Other income (expenses): Interest and dividend income 5,858 6,219 4,764 48,816 Interest expense (4,567) (4,181) (4,363) (38,059) Foreign exchange gains (losses), net (Notes 13 and 17) 3,131 7,135 8,520 26,092 Gains (losses) on sales of investment securities, net (Notes 4 and 13) (703) 5, (5,858) Impairment of investment securities (Notes 4 and 13) (167) (5,461) Other, net (Notes 13, 17 and 20) 20,985 1,851 1, ,875 24,704 16,346 5, ,866 Income before income taxes 197, , ,186 1,642,516 Income taxes (Note 11): Current 41,565 36,971 26, ,375 Deferred 16,918 17,726 18, ,983 58,483 54,697 44, ,358 Equity in net earnings (losses) of affiliated companies (1,473) (333) (3,281) (12,275) Net income 137, ,124 71,169 1,142,883 Less: Net income attributable to noncontrolling interests (18,593) (21,128) (16,903) (154,941) Net income attributable to FUJIFILM Holdings 118,553 80,996 54,266 $ 987,942 ( (yen) (Note 3) Amounts per share of common stock: Net income attributable to FUJIFILM Holdings (Note 15): Basic $2.05 Diluted Cash dividends declared See notes to consolidated financial statements. 4

7 Consolidated Statements of Comprehensive Income Year ended March (Thousands of (Note 3) Net income 137, ,124 71,169 $1,142,883 Other comprehensive income (loss), net of tax (Note 13): Net unrealized gains (losses) on securities 34,295 9,348 18, ,792 Foreign currency translation adjustments 94,117 71, , ,308 Pension liability adjustments 8,159 19,881 (246) 67,992 Net unrealized gains (losses) on derivatives (950) 179 (286) (7,917) Other comprehensive income (loss) 135, , ,167 1,130,175 Comprehensive income 272, , ,336 2,273,058 Less: Comprehensive income attributable to noncontrolling interests (32,630) (27,860) (25,895) (271,916) Comprehensive income attributable to FUJIFILM Holdings 240, , ,441 $2,001,142 See notes to consolidated financial statements. 5

8 Consolidated Statements of Changes in Equity Common stock Additional paid-in capital Retained earnings 6 Accumulated other comprehensive Treasury income (loss) stock FUJIFILM Holdings shareholders equity Noncontrolling interests Balance as of March 31, ,363 74,780 1,944,557 (235,400) (102,531) 1,721, ,715 1,856,484 Comprehensive income (loss): Net income 54,266 54,266 16,903 71,169 Net unrealized gains (losses) on securities (Note 13) 17,190 17, ,009 Foreign currency translation adjustments (Note 13) 93,225 93,225 9, ,690 Pension liability adjustments (Note 13) 1,011 1,011 (1,257) (246) Net unrealized gains (losses) on derivatives (Notes 13 and 17) (251) (251) (35) (286) Comprehensive income 165,441 25, ,336 Purchases of stock for treasury (6) (6) (6) Sales of stock from treasury (153) Dividends paid to FUJIFILM Holdings shareholders (19,271) (19,271) (19,271) Dividends paid to noncontrolling interests (4,448) (4,448) Issuance of stock acquisition rights Equity transactions with noncontrolling interests and other (63) (63) (246) (309) Balance as of March 31, ,363 75,226 1,979,552 (124,225) (102,046) 1,868, ,916 2,024,786 Comprehensive income (loss): Net income 80,996 80,996 21, ,124 Net unrealized gains (losses) on securities (Note 13) 9,819 9,819 (471) 9,348 Foreign currency translation adjustments (Note 13) 67,691 67,691 3,863 71,554 Pension liability adjustments (Note 13) 16,577 16,577 3,304 19,881 Net unrealized gains (losses) on derivatives (Notes 13 and 17) Comprehensive income 175,226 27, ,086 Purchases of stock for treasury (23) (23) (23) Sales of stock from treasury (1) Dividends paid to FUJIFILM Holdings shareholders (24,097) (24,097) (24,097) Dividends paid to noncontrolling interests (6,264) (6,264) Issuance of stock acquisition rights Equity transactions with noncontrolling interests and other Balance as of March 31, ,363 75,507 2,036,451 (29,995) (101,687) 2,020, ,584 2,198,223 Comprehensive income (loss): Net income 118, ,553 18, ,146 Net unrealized gains (losses) on securities (Note 13) 33,954 33, ,295 Foreign currency translation adjustments (Note 13) 83,632 83,632 10,485 94,117 Pension liability adjustments (Note 13) 4,916 4,916 3,243 8,159 Net unrealized gains (losses) on derivatives (Notes 13 and 17) (918) (918) (32) (950) Comprehensive income 240,137 32, ,767 Purchases of stock for treasury (62) (62) (62) Sales of stock from treasury (44) Dividends paid to FUJIFILM Holdings shareholders (28,929) (28,929) (28,929) Dividends paid to noncontrolling interests (6,600) (6,600) Issuance of stock acquisition rights Equity transactions with noncontrolling interests and other (Note 20) 31,088 31,088 Balance as of March 31, ,363 75,588 2,126,075 91,589 (100,901) 2,232, ,702 2,467,416 Total equity

9 Consolidated Statements of Changes in Equity (continued) Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) FUJIFILM Holdings shareholders Treasury stock equity (Thousands of (Note 3) Noncontrolling interests Balance as of March 31, 2014 $336,358 $629,225 $16,970,425 $(249,958) $(847,392) $16,838,658 $1,479,867 $18,318,525 Comprehensive income (loss): Net income 987, , ,941 1,142,883 Net unrealized gains (losses) on securities (Note 13) 282, ,950 2, ,792 Foreign currency translation adjustments (Note 13) 696, ,933 87, ,308 Pension liability adjustments (Note 13) 40,967 40,967 27,025 67,992 Net unrealized gains (losses) on derivatives (Notes 13 and 17) (7,650) (7,650) (267) (7,917) Comprehensive income 2,001, ,916 2,273,058 Purchases of stock for treasury (517) (517) (517) Sales of stock from treasury (367) 7,067 6,700 6,700 Dividends paid to FUJIFILM Holdings shareholders (241,075) (241,075) (241,075) Dividends paid to noncontrolling interests (55,000) (55,000) Issuance of stock acquisition rights 1,042 1,042 1,042 Equity transactions with noncontrolling interests and other (Note 20) 259, ,067 Balance as of March 31, 2015 $336,358 $629,900 $17,717,292 $ 763,242 $(840,842) $18,605,950 $1,955,850 $20,561,800 Total equity See notes to consolidated financial statements. 7

10 Consolidated Statements of Cash Flows Year ended March (Thousands of (Note 3) Operating activities Net income 137, ,124 71,169 $ 1,142,883 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 122, , ,548 1,024,242 Gain on remeasurement of previously held equity interests (21,224) (176,866) (Gains) losses on sales of investment securities, net 703 (5,489) (493) 5,858 Impairment of investment securities 167 5,461 Deferred income taxes 16,918 17,726 18, ,983 Equity in net (earnings) losses of affiliated companies, net of dividends received 16,143 7,015 4, ,525 (Gains) losses on retirements and sales of long-lived assets, net (1,041) (13,566) Changes in operating assets and liabilities: Notes and accounts receivable (11,384) (24,325) 8,965 (94,867) Inventories 8,919 57,973 11,809 74,325 Notes and accounts payable trade (14,304) 7,244 (24,078) (119,200) Accrued income taxes and other liabilities 11,096 (2,933) (31,862) 92,467 Other (3,191) (7,369) 7,796 (26,592) Net cash provided by operating activities 263, , ,451 2,197,758 Investing activities Purchases of property, plant and equipment (56,943) (70,285) (89,873) (474,525) Purchases of software (26,554) (24,589) (20,157) (221,283) Proceeds from sales of property, plant and equipment 5,944 21,477 Proceeds from sales and maturities of marketable and investment securities 37,164 18,635 15, ,700 Purchases of marketable and investment securities (37,244) (20,023) (2,538) (310,366) (Increase) decrease in time deposits, net 1,273 (4,182) ,608 (Increase) decrease in investments in and advances to affiliated companies and other advances, net (6,309) (4,344) (6,414) (52,575) Acquisitions of businesses, net of cash acquired (Note 20) (31,215) Other (31,895) (26,634) (28,100) (265,792) Net cash used in investing activities (120,508) (125,478) (140,934) (1,004,233) Financing activities Proceeds from long-term debt 4,530 1, ,150 37,750 Repayments of long-term debt (8,619) (6,630) (123,303) (71,825) Increase (decrease) in short-term debt, net (8,332) 5,358 (27,994) (69,433) Cash dividends paid to shareholders (26,510) (19,275) (18,064) (220,917) Subsidiaries cash dividends paid to noncontrolling interests (6,600) (6,264) (4,448) (55,000) Net purchases of stock for treasury (62) (22) (6) (517) Other (13) (48) Net cash (used in) provided by financing activities (45,593) (25,094) 128,287 (379,942) Effect of exchange rate changes on cash and cash equivalents 24,687 17,217 23, ,725 Net increase in cash and cash equivalents 122, , ,290 1,019,308 Cash and cash equivalents at beginning of year 604, , ,104 5,038,092 Cash and cash equivalents at end of year 726, , ,394 $ 6,057,400 Supplemental disclosures of cash flow information Cash paid for interest 6,132 5,830 4,960 $ 51,100 Cash paid for income taxes 40,612 34,274 16, ,433 See notes to consolidated financial statements. 8

11 Notes to Consolidated Financial Statements March 31, Nature of Operations FUJIFILM Holdings Corporation and subsidiaries (the Company ) is engaged in imaging, information and document solutions. Imaging Solutions develops, manufactures, markets and services color films, digital cameras, optical devices, photofinishing equipment, color paper, chemicals and related products. Information Solutions develops, manufactures, markets and services equipment and materials for medical systems, life sciences products, pharmaceuticals, equipment and materials for graphic arts, flat panel display materials, recording media, electronic materials and related products. Document Solutions develops, manufactures, markets and services office copy machines / multifunction devices, printers, production systems and services, office services, paper, consumables and other related products. The Company operates throughout the world, generating approximately 59% of its worldwide revenue outside Japan, predominantly in North America, Europe and Asia. The Company s principal manufacturing operations are located in Japan, the United States, China, the Netherlands and Vietnam. 2. Summary of Significant Accounting Policies The Company and its domestic subsidiaries maintain their records and prepare their financial statements in accordance with accounting principles generally accepted in Japan. The Company s foreign subsidiaries maintain their records and prepare their financial statements in conformity with the conventions of their countries of domicile. Certain reclassifications and adjustments have been incorporated in the accompanying consolidated financial statements to conform them to U.S. generally accepted accounting principles. These adjustments have not been recorded in the Company s or subsidiaries statutory books of account. Significant accounting policies, after reflecting the adjustments referred to above, are summarized as follows: Principles of Consolidation and Accounting for Investments in Affiliated Companies The consolidated financial statements include the accounts of the Company and entities that the Company directly or indirectly controls. All significant intercompany transactions and accounts have been eliminated. The Company s investments in affiliated companies (generally 20% to 50% owned companies), in which the ability to exercise significant influence exists, are accounted for by the equity method. Consolidated net income includes the Company s equity in the current net earnings or losses of such companies after the elimination of unrealized intercompany profits. 9

12 2. Summary of Significant Accounting Policies (continued) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the valuation of trade receivables, inventories, marketable and investment securities and deferred income tax assets; the valuation (including impairment) and determination of useful lives and depreciation or amortization method for property, plant and equipment and intangible assets, uncertain tax positions and assumptions related to the estimation of actuarially determined employee benefit obligations. Actual results could differ from those estimates. Foreign Currency Translations The Company s foreign subsidiaries generally use the local currency as their functional currency. Accordingly, assets and liabilities are translated into the reporting currency using exchange rates in effect at the balance sheet date and income and expenses are translated using average exchange rates prevailing during the year. Adjustments resulting from this translation process are accumulated in other comprehensive income (loss), a separate component of equity. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency using exchange rates in effect at the respective balance sheet dates with the resulting gains or losses included in earnings. Cash Equivalents The Company considers all highly liquid investments which are readily convertible into cash and that have original maturities of three months or less to be cash equivalents. Certain debt securities with original maturities of three months or less classified as available-for-sale securities are included in Cash and cash equivalents in the accompanying consolidated balance sheets. Aggregate fair values of these securities were 369,429 million ($3,078,575 thousand) and 299,245 million as of March 31, 2015 and 2014, respectively. 10

13 2. Summary of Significant Accounting Policies (continued) Marketable Securities and Investment Securities The Company has designated its marketable securities and investment securities as available-for-sale, which are carried at their fair value with changes in unrealized gains or losses reported in other comprehensive income (loss), net of applicable taxes. The Company records an impairment charge in earnings when a decline in the value of a marketable equity security is deemed to be other-than-temporary. The Company separates an impairment charge for debt securities into the amount related to credit loss, which is recognized in earnings and the amount related to all other factors, which is recognized in other comprehensive income (loss). In determining whether such a decline of equity securities is other-than-temporary, the Company evaluates various factors including the time length, the extent to which the fair value has been lower than cost, the financial condition and near-term prospects of the investee as well as the Company s intent and ability to retain the investment for a period of time sufficient to allow any expected recovery in fair value. In determining whether such decline of debt securities is other-than-temporary, the Company also evaluates various factors including the Company s intent to sell the securities, the available evidence to assess whether it is more likely than not that the Company will be required to sell the security as well as the available evidence to assess whether the entire amortized cost basis of the security will be recovered. The cost of securities sold is based on the moving-average-cost method. Dividends on available-for-sale securities are included in Interest and dividend income in the accompanying consolidated statements of income. Allowance for Doubtful Receivables Allowances for doubtful trade, finance and other receivables are determined based on a combination of historical experience, aging analysis and any specific factors affecting customer accounts. Uncollectible trade accounts receivable are charged-off when legal actions have been taken to collect the receivable, and it becomes clear that an amount smaller than the original receivable will be recovered. Inventories Inventories are valued at the lower of cost or market with cost being determined principally by the moving-average method. The Company reviews inventories for obsolete, slow-moving or excess amounts and if required, provides an allowance to recognize their estimated net realizable values. 11

14 2. Summary of Significant Accounting Policies (continued) Property, Plant and Equipment and Depreciation Property, plant and equipment are carried at cost. Depreciation is computed primarily using the straight-line method. Estimated useful lives for buildings are primarily 15 to 50 years and for machinery and equipment are 2 to 15 years. Effective April 1, 2014, the Company changed the primary depreciation method from the declining-balance method to the straight-line method. The Company reviewed operation and investment plans of main property, plant and equipment due to the change of business environment in recent years. As a result, the operation plans of main property, plant and equipment were changed and it is expected to establish stable production system and leveling production. In addition, the Company is planning to update and rationalize the existing property, plant and equipment and stable production is expected. The Company believes that the new method is preferable as it better reflects the pattern of consumption of the benefits derived from those assets and makes a better cost allocation to match revenues generated by those assets during their estimated useful lives. In accordance with ASC 250, the change in the depreciation method is accounted for on a prospective basis from the beginning of the period of change and results for prior periods have not been restated. The effect of the change, compared to the original depreciation method, was to increase income before income taxes by 7,868 million ($65,567 thousand) and net income attributable to FUJIFILM Holdings by 4,977 million ($41,475 thousand), or ($0.09) per share (basic) and ($0.09) per share (diluted) for the year ended March 31, Machinery and equipment includes machines rented to customers under operating leases with a cost and accumulated depreciation of 112,215 million ($935,125 thousand) and 83,830 million ($698,583 thousand) as of March 31, 2015 and 100,025 million and 74,727 million as of March 31, 2014, respectively. 12

15 2. Summary of Significant Accounting Policies (continued) Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net assets acquired. Other intangible assets principally consist of costs allocated to technology-based intangibles and customer-related intangibles. Under Accounting Standards Codification Topic No. 350 ( ASC350 ), goodwill and other indefinite lived intangible assets are tested annually for impairment. Impairment tests for goodwill are performed based on the fair value of estimated future cash flows of each reporting unit. The discount rate used is based on the reporting unit s weighted average cost of capital. In addition to the annual impairment test, which the Company performs as of January 1, an interim test for goodwill impairment would be performed if events occur or circumstances indicate that the carrying value may not be recoverable. Intangible assets other than those with an indefinite life are amortized on a straight-line basis over their estimated useful lives. Capitalized Software Costs The Company capitalized certain costs incurred in connection with developing and obtaining internal use software in accordance with ASC These costs consist primarily of payments made to third parties and salaries of employees working on such software development. In connection with developing internal use software, costs incurred at the application development stage or later are capitalized. In addition, the Company develops or obtains certain software to be sold, leased, or otherwise marketed where related costs incurred after establishment of technological feasibility are capitalized in accordance with ASC985. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software of 3 to 5 years. Costs and accumulated amortization of total capitalized software amounted to 158,685 million ($1,322,375 thousand) and 94,507 million ($787,558 thousand), respectively, as of March 31, 2015 and 149,629 million and 87,992 million, respectively, as of March 31, Costs and accumulated amortization of capitalized software to be sold, included in the above, amounted to 39,747 million ($331,225 thousand) and 28,129 million ($234,408 thousand), respectively, as of March 31, 2015 and 39,362 million and 27,576 million, respectively, as of March 31, Capitalized software costs are included in Other of other assets in the accompanying consolidated balance sheets. 13

16 2. Summary of Significant Accounting Policies (continued) Impairment of Long-lived Assets The Company reviews long-lived assets, excluding goodwill and other indefinite lived intangible assets, for impairment whenever events or changes in business circumstances indicate the carrying amount of the assets may not be fully recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the assets would be compared to the assets carrying amount to determine if a write-down is required. If this evaluation indicates that the assets will not be recoverable, the carrying value of the assets would be reduced to their estimated fair value. In determining the fair value, the Company uses quoted market prices in active markets or other valuation methods. If quoted market prices are unavailable, the Company primarily uses the discounted cash flow method based on the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition, the relief from royalty method or the excess earnings method. Long-lived assets to be disposed of by sale are recorded at the lower of carrying amount or fair value less cost to sell. Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, the products or services have been provided to customers, the sales price is fixed or determinable, and collectability is reasonably assured. The above conditions are generally met when the title and risk of loss transfer from the Company to customers. Revenue from consumer products and industrial products such as medical and graphic products is recognized when goods are delivered or shipped to customers, depending on the timing of title and risk transfer. Revenue from certain equipment which requires customer acceptance such as certain type of medical, graphic, office and other equipment is recognized when equipment is installed and customer acceptance is obtained. Service revenue is derived mainly from maintenance on equipment sold to customers and is recognized as services are performed. Revenue from the sales-type leases is derived mainly from office copy machines and office printers and is recognized at the inception of leases. Interest income on the sales-type leases is recognized using the effective interest method with the allocation based on the net investment in outstanding leases and is included in Revenue in the accompanying consolidated statements of income. Revenue from operating leases is recognized as earned over the respective lease terms. 14

17 2. Summary of Significant Accounting Policies (continued) Revenue Recognition (continued) For arrangements with multiple elements including products, equipment or services, the Company allocates revenue to each element based on its relative selling price if such element meets the criteria for treatment as a separate unit of accounting as prescribed in ASC Otherwise, revenue is deferred until the undelivered elements are fulfilled. Costs incurred by the Company in connection with sales incentives related to purchase or promotion of the Company s products are classified as reduction of revenue in accordance with ASC Such costs include the estimated cost of promotional discount, dealer volume rebates and cash discounts. These costs are mainly based on claims from customers / dealers or amount calculated in accordance with agreements. Product Warranties The Company provides product warranties for certain of its products. These warranties generally extend for periods of one year from the date of sale. A liability for expected warranty costs and additional service actions is accrued at the time that the related revenue is recognized. In estimating the warranty liability, historical experience is considered. Shipping and Handling Costs Shipping and handling costs of 56,212 million ($468,433 thousand), 56,463 million and 53,307 million for the years ended March 31, 2015, 2014 and 2013, respectively, are included in Selling, general and administrative in the accompanying consolidated statements of income. Advertising Costs Advertising costs are expensed as incurred and included in Selling, general and administrative in the accompanying consolidated statements of income. Advertising costs amounted to 19,742 million ($164,517 thousand), 20,930 million and 22,031 million for the years ended March 31, 2015, 2014 and 2013, respectively. Income Taxes Income taxes have been provided using the liability method in accordance with ASC740. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws which will be in effect when the differences are expected to reverse. A valuation allowance is recognized to reduce the deferred tax assets to the amount that is considered more likely than not to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities in accordance with ASC

18 2. Summary of Significant Accounting Policies (continued) Consumption Taxes Revenues, costs and expenses in the consolidated statements of income do not include consumption taxes. Derivative Financial Instruments The Company recognizes all derivative financial instruments, such as forward foreign exchange contracts, currency swaps, cross currency interest rate swaps and interest rate swaps in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in earnings along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income (loss), net of deferred taxes. Changes in fair values of derivatives, which are not designated or qualified as hedges, are reported in earnings, immediately. Net income attributable to FUJIFILM Holdings per Share The amounts of basic net income attributable to FUJIFILM Holdings per share are based on the weighted average number of shares of common stock outstanding during the year. Diluted net income attributable to FUJIFILM Holdings per share has been computed on the basis that all conversion rights of the Euroyen convertible bonds and stock options which have a dilutive effect were exercised and outstanding. Stock-Based Compensation The Company measured stock-based compensation cost based on fair value of the options on the grant date and recognizes stock-based compensation cost in accordance with ASC718. Subsequent Event The Company evaluated all subsequent events through June 26, 2015, the date on which the financial statements are available to be issued in accordance with ASC855. Reclassifications Certain reclassifications to the prior years consolidated financial statements and related footnote amounts have been made to conform with current year presentation. 16

19 2. Summary of Significant Accounting Policies (continued) New Accounting Standards In May 2014, FASB issued ASU No , Revenue from Contracts with Customers ( ASU ). ASU creates ASC606 and supersedes ASC605. ASU provides a five-step model and application guidance to recognize revenue from contracts with customers, unless those contracts are within the scope of other standards. ASU also requires disclosing qualitative and quantitative information mainly about contracts with customers and significant judgments and changes in judgments made when recognizing revenue. ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and will be adopted by the Company in the year beginning April 1, Earlier application is not permitted. ASU should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU recognized at the date of the initial application. The Company is evaluating the impact that the adoption of ASU will have on its results of operations and the financial condition. 3. U.S. Dollar Amounts Solely for the convenience of the reader and as a matter of arithmetical computation only, the 2015 amounts in the consolidated financial statements have been translated from Japanese yen into U.S. dollars at the rate of 120 = U.S.$1.00, the exchange rate prevailing on March 31, The amounts shown in U.S. dollars are not intended to be computed in accordance with U.S. generally accepted accounting principles for the translation of foreign currency amounts. The translation should not be construed as a representation that Japanese yen could be converted into U.S. dollars at this or any other rate. 17

20 4. Investments in Debt and Equity Securities The cost, gross unrealized gains, gross unrealized losses and estimated fair value of the available-for-sale securities by major security type as of March 31, 2015 and 2014 are summarized as follows. Certain debt securities with original maturities of three months or less classified as available-for-sale securities are included in Cash and cash equivalents in the accompanying consolidated balance sheets and gross unrealized gains and gross unrealized losses for those securities were insignificant as of March 31, 2015 and Gross unrealized gains 2015 Gross unrealized losses Estimated fair value Cost Marketable securities: Corporate debt securities 19, ,033 Total 19, ,033 Investment securities: Government debt securities Corporate debt securities 2, ,998 Stocks 53,161 97, ,728 Investment trusts 15,408 9,372 24,780 Total 70, , ,777 Cost Gross unrealized gains 2014 Gross unrealized losses Estimated fair value Marketable securities: Corporate debt securities 16, ,635 Total 16, ,635 Investment securities: Government debt securities Corporate debt securities 6, ,077 Stocks 47,470 51, ,700 Investment trusts 21,305 4, ,377 Total 75,045 56,531 1, ,442 18

21 4. Investments in Debt and Equity Securities (continued) Cost Gross unrealized gains 2015 Gross unrealized losses (Thousands of Estimated fair value Marketable securities: Corporate debt securities $158,333 $ 283 $ 8 $ 158,608 Total $158,333 $ 283 $ 8 $ 158,608 Investment securities: Government debt securities $ 2,183 $ 75 $ $ 2,258 Corporate debt securities 16, ,650 Stocks 443, ,600 2,541 1,256,067 Investment trusts 128,400 78, ,500 Total $590,258 $893,775 $2,558 $1,481,475 Proceeds from sales of available-for-sale securities and gross realized losses on sales of available-for-sale securities for the year ended March 31, 2015 were 8,255 million ($68,792 thousand) and 752 million ($6,267 thousand), respectively. Gross realized gains on sales of available-for-sale securities for the year ended March 31, 2015 were immaterial. Proceeds from sales of available-for-sale securities and gross realized gains on sales of available-for-sale securities for the year ended March 31, 2014 were 9,403 million and 5,459 million. Gross realized losses on sales of available-for-sale securities for the year ended March 31, 2014 were immaterial. Proceeds from sales of available-for-sale securities for the year ended March 31, 2013 were 2,204 million. Gross realized gains and gross realized losses on sales of available-for-sale securities for the year ended March 31, 2013 were immaterial. The cost and estimated fair value of debt securities as of March 31, 2015, by contractual maturity, are shown below. The actual maturities may differ from the contractual maturities because the issuers of the debt securities may have the right to prepay the obligations without penalties. Estimated Cost fair value Estimated Cost fair value (Thousands of Due in one year or less 19,000 19,033 $158,333 $158,608 Due after one year through five years 2,262 2,269 18,850 18,908 Total 21,262 21,302 $177,183 $177,516 19

22 4. Investments in Debt and Equity Securities (continued) As of March 31, 2015 and 2014, estimated fair value and gross unrealized losses of the available-for-sale securities with unrealized losses, aggregated by the period of time for which individual investment securities have been in a continuous unrealized loss position are summarized as follows: 2015 Less than 12 months 12 months or greater Total Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses Corporate debt securities 8, ,996 3 Stocks 1, , Total 10, , Less than 12 months 12 months or greater Total Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses Stocks , , Investment trusts 2, , , Total 3, ,969 1,075 10,587 1, Less than 12 months 12 months or greater Total Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses Estimated fair value Gross unrealized losses (Thousands of Corporate debt securities $74,967 $25 $ $ $74,967 $ 25 Stocks 9, ,475 2,491 15,758 2,541 Total $84,250 $75 $6,475 $2,491 $90,725 $2,566 20

23 4. Investments in Debt and Equity Securities (continued) As of March 31, 2015, available-for-sale securities with unrealized losses were principally domestic marketable securities such as listed stocks. The number of available-for-sale securities with unrealized losses was approximately 20. The Company evaluated the financial conditions and near-term prospects of the issuers, considered the severity and duration of the decline, and concluded that it is premature to determine that the unrealized losses are other-than-temporary. Moreover the Company has no plan to sell those available-for-sale securities with unrealized losses in the near future. Based on the evaluation and the Company s intent and ability to hold those securities for a reasonable period of time sufficient for a forecasted recovery of the fair value, the Company did not consider that the decline in fair value of those available-for-sale securities with unrealized losses to be other-than-temporary. The aggregate cost of non-marketable equity securities accounted for under the cost method totaled 8,945 million ($74,542 thousand) and 7,676 million as of March 31, 2015 and 2014, respectively. Investments with an aggregate cost of 6,902 million ($57,517 thousand) and 5,742 million as of March 31, 2015 and 2014, respectively, were not evaluated for impairment because (a) the Company did not estimate the fair value of those investments as it was not practicable to estimate the fair value of the investments and (b) the Company did not identify any events or changes in circumstances that might have had a significant adverse effect on the fair value of those investments. 5. Finance Receivables Finance receivables consist of the sales-type lease receivables on the Company s printing and copying machines. The current portion of finance receivables and amounts due after one year are included in Notes and accounts receivable: Trade and finance and Investments and long term receivables: Long-term finance and other receivables in the accompanying consolidated balance sheets, respectively. These receivables generally mature over one to seven years. The components of finance receivables as of March 31, 2015 and 2014 are as follows: (Thousands of Gross receivables 261, ,007 $2,179,817 Unearned income (29,157) (28,242) (242,975) Allowance for doubtful receivables (4,241) (3,727) (35,342) Finance receivables, net 228, ,038 $1,901,500 21

24 5. Finance Receivables (continued) The future minimum lease payments to be received under the sales-type leases as of March 31, 2015 are summarized as follows: (Millions of yen) (Thousands of Year ending March ,058 $ 892, , , , , , , , , and thereafter 3,155 26,292 Total future minimum lease payments 261,578 $2,179, Inventories Inventories as of March 31, 2015 and 2014 consisted of the following: (Thousands of Finished goods 228, ,648 $1,908,166 Work in process 52,622 49, ,517 Raw materials and supplies 90,911 93, ,592 Total 372, ,743 $3,104,275 22

25 7. Investments in Affiliated Companies Investments in affiliated companies accounted for by the equity method amounted to 25,942 million ($216,183 thousand) and 35,214 million as of March 31, 2015 and 2014, respectively. These affiliates primarily operate in the Imaging Solutions, Information Solutions and Document Solutions businesses. These investments for which a quoted market price is available have a book value and a quoted market value of 695 million ($5,792 thousand) and 2,174 million ($18,117 thousand) as of March 31, 2015 and 2,795 million and 24,940 million as of March 31, 2014, respectively. The combined financial position of the Company s affiliates accounted for by the equity method as of March 31, 2015 and 2014 are summarized as follows: (Thousands of Current assets 131, ,125 $1,092,125 Noncurrent assets 39,084 41, ,700 Total assets 170, ,425 $1,417,825 Current liabilities 80,739 80,486 $672,825 Long-term liabilities 56,103 48, ,525 Equity 33,297 59, ,475 Total liabilities and equity 170, ,425 $1,417,825 The combined results of operations of the Company s affiliates accounted for by the equity method for the years ended March 31, 2015, 2014 and 2013 are summarized as follows: (Thousands of Revenue 274, , ,503 $2,289,217 Net income (loss) (2,307) 2,298 (6,389) (19,225) Transactions with affiliated companies for the years ended March 31, 2015, 2014 and 2013 are summarized as follows: (Thousands of Revenue 91,324 94,041 88,583 $761,033 Purchases 9,507 9,575 9,371 79,225 Dividends received 14,670 6,682 1, ,250 23

26 8. Goodwill and Other Intangible Assets The changes in goodwill by operating segment for the years ended March 31, 2015 and 2014 are as follows. Information Solutions Document Solutions Total As of March 31, , , ,247 Acquired Other 11,877 (1,036) 10,841 As of March 31, , , ,088 Acquired 52,105 52,105 Other 15,332 14,438 29,770 As of March 31, , , ,963 Information Solutions Document Solutions Total (Thousands of As of March 31, 2014 $1,688,433 $1,837,300 $3,525,733 Acquired 434, ,208 Other 127, , ,084 As of March 31, 2015 $2,250,408 $1,957,617 $4,208,025 Other includes adjustments for foreign currency translation. There is no goodwill in the Imaging Solutions segment for the years ended March 31, 2015 and Intangible assets subject to amortization as of March 31, 2015 and 2014 are as follows: Gross carrying amount Gross Gross Accumulated carrying Accumulated carrying Accumulated amortization amount amortization amount amortization (Thousands of Technology-based 66,710 22,594 71,970 26,284 $555,917 $188,283 Customer-related 28,338 9,337 35,150 14, ,150 77,808 Other 19,824 7,001 18,572 6, ,200 58,342 Total 114,872 38, ,692 47,635 $957,267 $324,433 24

27 8. Goodwill and Other Intangible Assets (continued) The Company recorded impairment loss of 4,003 million for the year ended March 31, 2014 for technology-based and customer-related intangible assets which are categorized in the Information Solution segment. The carrying amounts of intangible assets were determined unrecoverable mainly due to the decrease in future cash flows. The impairment loss is included in Selling, general and administrative in the accompanying consolidated statements of income. The aggregate amortization expenses for intangible assets for the years ended March 31, 2015, 2014 and 2013 were 9,480 million ($79,000 thousand), 10,336 million and 8,401 million, respectively. Indefinite lived intangible assets other than goodwill were insignificant as of March 31, 2015 and 2014, respectively. The estimated aggregate amortization expenses for intangible assets subject to amortization for the next five years are as follows: (Millions of yen) (Thousands of Year ending March ,462 $70, ,180 68, ,628 63, ,495 62, ,925 57, Short-term and Long-term Debt Short-term debt as of March 31, 2015 and 2014 consisted of the following: (Thousands of Borrowings from banks 19,295 21,139 $160,792 Commercial paper 13,000 18, ,333 Current portion of long-term debt 4,349 5,592 36,242 36,644 44,731 $305,367 The weighted-average interest rates per annum on bank borrowings and commercial paper outstanding as of March 31, 2015 and 2014 were 2.04% and 1.58%, respectively. Short-term debt is unsecured. 25

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