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Fujifilm Fiscal Year 2020 Financial Results: Income Down 37.8%, but Great Recovery thanks to X-S10 and GFX100S, No Mention of X-T4


Fujifilm has published its financial results for Fiscal Year 2020 (from April 1, 2020 to March 31, 2021).

So how did Fujifilm perform in the year of the COVID-19 pandemic?

In a nutshell:

  • Instax is going strong
  • broadcasting and cinema lenses suffered most due to cancellation of events (such as the Olympic games) caused by the Coronavirus pandemic
  • Fujifilm X and GFX series had a tough start but recovered greatly later in the year thanks to the Fujifilm X-S10, Fujifilm GFX100S and GF80mm F1.7 R WR, allowing a year-over-year increase in the second-half revenue

For the imaging solution, this translated in an operating income that amounted to ¥15.6 billion (down 37.8% year-over-year).

It is curious they do not mention the Fujifilm X-T4 in their reports, which hit the market in spring 2020. Maybe it’s the camera that suffered most from the pandemic, as it was released right when the pandemic started, factories were shutting down and there was the biggest uncertainty on how the pandemic would evolve.

And once the situation was getting more clear and better, Fujifilm had already a mini X-T4 on the market, the X-S10, which was smaller, more affordable, mainstream ergonomic choices and IBIS, making it probably a top pick over the X-T4 for many. Plus the X-T3 saw some substantial rebates, so if you don’t need IBIS and hate selfie screens, the X-T3 was still the better choice.

This time the bad timing was definitely not Fuji’s fault (as opposed to the X-H1 and X-T3 release timing), but mere bad luck.

Here are some excerpts:

In the Imaging Solutions segment, consolidated revenue amounted to ¥285.2 billion (down 14.2% year-over-year). Consolidated operating income amounted to ¥15.6 billion (down 37.8% year-over-year).

In the photo imaging business, revenue decreased due to the impact of voluntary restraint and cancellation of events resulting from the spread of the COVID-19 pandemic, but sales of instant photo systems, which enable users to enjoy on-the-spot printing of photos, increased year-over-year in the second half.

And what about our beloved X and GFX series gear?

Electronic imaging: Firm sales of the FUJIFILM X-S10 and FUJIFILM GFX100S mirrorless cameras allowed a year-over-year increase in the second-half revenue, despite a severe climate in the entire digital camera market.

More in detail

In the optical device and electronic imaging business, revenue from the electronic imaging field, which decreased in the first half due to reduced demand stemming from the COVID-19 pandemic, recovered in the second half to rise above the level of last year.

The FUJIFILM X-S10 mirrorless digital camera, launched in November 2020, has been well received for its powerful image stabilization and large grip despite its compact size, and it has contributed to the expansion of the X mount user base.

Sales of the FUJIFILM GFX100S, released in February 2021 together with the FUJINON Lens GF80mm F1.7 R WR, exceeded expectations, having gained a high reputation worldwide for its superior image quality using a large format sensor despite its compact body. Going forward, we will continue providing value-added products and revitalizing the market, along with providing the pleasure of taking photos.

Another excerpt:

The Imaging Solutions segment recorded lower revenue, primarily due to the impact of COVID-19, but sales are recovering steadily as revenue from instant photo systems and the electronic imaging field increased year-over-year in the second-half. Operating income, which fell in line with lower revenue, recovered in the second half, as the segment more than offset the impact of COVID-19.

For the future:

In the fiscal year ending March 2022, […] the impact of COVID-19 is expected to linger in the imaging business and the business innovation (former document) business

As for the future strategy:

Growth strategy in the Imaging segment

In the Imaging segment, the Photo Imaging Products Division and the Optical Device & Electronic Imaging Products Division were integrated together to be the Imaging Solutions Division on April 1, 2021, with the aim of continuing to supply new values and products to meet the diversifying needs for images and videos. In light of rapid progress in various technologies, including diversification of shooting devices, including smartphones, 5G/6G high-speed networks, AI evolution, and advancement of data society, the needs for images and videos in everyday life and society are diversifying. By grasping the market from a wider perspective and integrating the two divisions, we will accelerate creation of new products and services bases on our brand strength as a comprehensive imaging device manufacturer as well as our technological assets, ranging from shooting devices to printing.

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The documents: