Fuji Xerox New Zealand Confirms Financial Results for year ending March 2017
Turnaround Taking Shape
Message From Fuji Xerox New Zealand Managing Director, Peter Thomas
Auckland, New Zealand, October 24, 2017 – Fuji Xerox New Zealand today announces its financial results for the year ended 31 March 2017. In New Zealand, Fuji Xerox operates as two legal entities – Fuji Xerox New Zealand Limited and Fuji Xerox Finance Limited.
The results include a restatement of prior period financial accounts from March 2011 to March 2016 as a result of the identification of significant historical accounting irregularities relating to a number of matters, as reported in the FUJIFILM Holdings Corporation Independent Investigative Committee (IIC) report, published in June 2017. The IIC report is available at:
Fuji Xerox both globally and locally confirms this is a significant step forward in rebuilding the local market’s trust and confidence.
The March 2017 results show improvement over the restated March 2016 financial accounts, including an underlying loss before tax of $14.9 million versus $79.0 million in March 2016. In addition, Fuji Xerox New Zealand continues to generate positive cash flow.
As a result of restating the March 2011 to March 2016 financial accounts, Fuji Xerox New Zealand’s shareholder has recognised an accumulated loss of $373.3 million as at March 2016.
Commenting on the 2017 result, FXNZ’s Managing Director Peter Thomas acknowledges the commitment of the parent company through a difficult period, including strong support for Fuji Xerox’s transformation in New Zealand.
“In addition to the commitment of continuous financial support our parent companies have already provided, we are currently looking at a range of options with our shareholder regarding our negative equity position” Thomas said.“We will communicate to our stakeholders as soon as this process is complete.”
FXNZ transformation update from Peter Thomas
A broader transformation programme is underway to return the company to profitability and deliver returns to our shareholders whilst continuing to deliver value to our customers.
The inappropriate historic accounting that came to light recently has been independently investigated and we have implemented a wide range of measures to ensure this never happens again. Our primary focus now is on rebuilding trust with all stakeholders.
Looking ahead we must work hard to regain the trust of our staff, our customers, our shareholders and New Zealanders in general and do all we can to re-establish our reputation as a great company. We remain committed to winning business and service customers to the best possible standards through open, fair and clear actions, while making sure a focus on sustainability, community and the environment are part of who we are.
Over the past two years, we have implemented a range of new governance and management actions to strengthen the way the company operates and we remain committed to continuing to improve governance and internal controls across the business. Most recently we have announced the appointment of Mr Haruhiko Imai in the newly created role of FXNZ Chairman of the Board. Mr Imai officially begins in the role this week. This now completes the previously noted changes to local governance and management structures - developed by Fuji Xerox Group.
I’m incredibly optimistic about the future and I believe that with the continued unwavering support from our shareholder, loyal clients, world class products and services combined with an outstanding team of passionate and talented staff, our long term future looks bright.
About Fuji Xerox:
Founded in 1962, Fuji Xerox Co., Ltd. is a leading company in the Document Services & Communications field, offering solutions and services to help customers resolve their business challenges. Underlying our solutions and services are our world-class office multifunction devices, printers and production printers that we develop and manufacture for worldwide distribution. Together with cloud and mobile solutions, Fuji Xerox builds a communications environment that enable our customers to access the right information, at the right time, and in the right form—thereby contributing to their valuable communications.
Fuji Xerox is a 75-25 joint venture between FUJIFILM Holdings Corporation and Xerox Corporation, and its direct sales force covers Japan and the Asia-Pacific region including China. We employ approximately 45,000 people globally, with more than 80 domestic and overseas affiliates / sales subsidiaries. More information of Fuji Xerox is available at www.fujixerox.com.
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