Notice of Impact of Inappropriate Accounting & Notice of Revised Consolidated Earnings Forecast for the FY Ended March 2017

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Fujifilm disclosed a summary of the results of their investigations regarding the accounting irregolarities.

“[…] in addition to Fuji Xerox New Zealand Limited (“FXNZ”), an overseas sales subsidiary of Fuji Xerox Co., Ltd. which is a consolidated subsidiary of FUJIFILM Holdings , Fuji Xerox Australia Pty. Limited, an Australian sales subsidiary of Fuji Xerox, also conducted inappropriate accounting similar to that conducted by FXNZ. As a result, the accumulated impact of the inappropriat e accounting regarding our consolidated subsidiaries on the “net income” on a consolidated basis of the Comp any for the past few years has become a loss of 37.5 billion yen from a loss of approximately 22 billion yen […]. Further, the accumulated impact on the “net income attributable to FUJIFILM Holdings” is a loss of 28.1 billion yen“

Read the full “Notice of Impact of Inappropriate Accounting regarding our Consolidated Subsidiaries” PDF here

They also published the “Notice of Revised Consolidated Earnings Forecast for the Fiscal Year Ended March 2017” – PDF here

“Although sales in areas such as electronic imaging field of the optical device and electronic imaging business have increased, our sales and operating income has decreased due to a decrease in sales in the healthcare business and the document business.

At the same time, as a result of the review of the cross-shareholding, a gain on sales of investment securities has been recorded in non-operating income and expenses so there have been increases in income before income taxes, net income attributable to FUJIFILM Holdings, and net income attributable to FUJIFILM Holdings per share, which has resulted in a record high in the net income attributable to FUJIFILM Holdings.

Further, the impact on the amount in the consolidated earnings for the fiscal year ended March 2017 relating to the accounting problem at overseas sales subsidiaries of Fuji Xerox Co., Ltd. […] is minor.”

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My Journey from FF Canon, to Fujifilm, to FF Sony and back to Fuji :: How I Made A Cheap Macro Lens for my Fuji :: Fujifilm Love/Hate (miXed zone)

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Rico’s Workshops

  • Rico’s Ultimate (English) Fujifilm Workshop in New Zealand. Check it out here
  • GERMAN Fuji WORKSHOP: Fuji X Secrets Camera in Heidelberg – die X-Pro2, X-T2, X-T20, X100F & GFX 50S beherrschen at fuji-x-secrets
  • GERMAN Fuji WORKSHOP: Fuji X Secrets Compact in Forchheim – Inside X-Pro2, X-T2, X-T20 & X100F at fuji-x-secrets

Cover Stories

  • My journey from full frame Canon, to Fuji, to full frame Sony and back to Fuji again at everydaygetaway
  • How I Accidentally Made Cheap Macro Lenses For My Fujifilm X Camera [Jupiter 8M, Jupiter 12, Helios-103] at roeschphotography
  • Fujifilm Love Hate ! at matthewhartphotography

Fujifilm X-T2 & More
USA: BHphoto / AmazonUS / Adorama

Fujinon Lenses (and third party / adapted)

A Bit of Everything

 

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Clarification + Update Regarding the XF Lens Production Moving from Japan and China to Philippines

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XF18-55 made in Japan (old) and made in Philippines (new)
XF18-55 made in Japan (old) and made in Philippines (new)

Lens Production Moving to Philippines

Ok guys, I went through your comments regarding the “XF lenses made in Philippines” article yesterday here, and I perceived some confusion. So I thought I take my time to clarify a few things:

  • ↓ A source told me that Fujifilm is moving the production of SOME lenses to Philippines. The same source also said that, in the long-term, MAYBE it could be even ALL X-mount lenses, but it was not sure about this. This is why yesterday I wrote: “A kind source (thanks) informed me that Fujifilm is moving the production of some X-mount lenses (maybe even ALL X-mount lenses), to the Philippines.” ↓

So the sure thing is, that the production of some lenses is moving from other countries to Philippines. As we could see in the last few days here on FR, this is happening now with the XF18-135 and XF27mm (which are made in China).

But also XF lenses made originally in Japan, are now moving (or already moved) to the Philippines. For example, take a look at the image above. You can see how my personal XF 18-55 is made in Japan, whereas the XF 18-55 a FR-reader purchased recently in Austria is made in the Philippines. The reader told me that her 18-55 is of impeccable quality, as well as her X-T20, which is made in China.

So the source is right: Fujifilm is moving the production of some lenses (made in China or Japan) to Philippines.

The part my source could not tell me for sure, was, if it will affect all XF lenses in future. It’s a possibility, but it’s not sure yet. I will write an update as soon as I can.

  • ↓ Made in Philippines is not bad at all ↓

Some people perceived my blog post yesterday, as if I would be worried, that quality will suffer if lenses are made in Philippines. But I am not worried at all. As long as Fujifilm keeps the same quality standards as in their Japanese factories, to me, that’s not a problem. And let me add, also as long as Fujifilm treats workers well.

I mean, many of you will probably read this article on a Macbook, iPad or iPhone… which are all made in China. Do you perceive them as badly assembled?

So “made in Philippines” does not mean we lose any quality. Fujifilm sets the quality standard in their factories, and I am sure, wherever they make their lenses, they will be high quality.

  • the XF 18-135 and XF 27mm MK II that popped up on several stores is only because of product number change

My post yesterday was also mainly a response to all the MK II versions we saw popping up on stores worldwide. I wanted to inform you that you should NOT expect any new lens, but that only the product number changed.

Ok… these were the two main clarifications I thought I needed to make.

take care, and enjoy your weekend :)
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Notice of RAW FILE CONVERTER EX 2.0 powered by SILKYPIX (Ver.4.2.7.0) Installer Software Update

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[Photo]

RAW FILE CONVERTER EX 2.0 powered by SILKYPIX (Ver.4.2.7.0) Installer Software Update was disclosed in Fujifilm’s website on 5:00 am June 8th 2017(GMT). However, it has been found that the old version of the installer software was still disclosed from 5:00 am through 9:00 am at the day.

We apologize for your inconvenience which this may cause. If you download the software during the time frame, download the updated software from the website below and install it.

  • * To confirm the version of the software, boot the RAW FILE CONVERTER and click the Help tab to see the version information. If the version is not “4.2.7.0”, download and install it again.
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Fujifilm Accounting Irregularities Found also in Australia and Japan (say Media). Fujifilm Shares Fall more than 4% on 1 Day

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Back in April, we shared the news here on FujiRumors, that Fujifilm found some accounting irregularities at Fuji Xerox New Zealand. They immediatly launched an investigation and said that the yearly earnings reports will be published later than usual.

Today the international news agency Reuters said here that, according to media reports, accounting irregularities where found also in Australia and Japan.

After these media reports, just today (June 9, 2017) Fujifilm shares fall more than 4%.

There is still no official statement of Fujifilm. All Fujifilm told us today, is that they completed the investigations and on their website here they promised to release the earnings reports on June 12, along with the full text of the investigation report (first in Japanese, and an English summary at a later date)

Here is the full press text of Reuters:

Fujifilm Holding’s Corp’s shares fell more than 4 percent on Friday after a media report said accounting irregularities had spread to its Australian unit and to Japan.

By 0230 GMT, Fujifilm shares were trading 3.6 percent lower at a 7-month low of 3,983 yen.

Accounting problems have been found at Fuji Xerox Australia and in Japan, the business daily Nikkei said citing a source.

Losses could reach 30 billion yen to 50 billion yen ($272 million to $453 million), Nikkei added.

The report was not based on an announcement by the company, Fujifilm said in statement issued through the Tokyo Stock Exchange.

Fujifilm had previously postponed its earnings announcement for the year ended March due to an accounting probe into questionable practice at Fuji Xerox New Zealand Ltd.

The panel, made up of outside accountants and lawyers, will report its findings to the company on Saturday, Fujifilm said.

The company said it plans to announce the findings along with the delayed earnings release on June 12.

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