Millions of yen
FY2017 FY2018 FY2019 FY2020 FY2021
Revenue 2,433,365 2,431,489 2,315,141 2,192,519 2,525,773
Cost of sales 1,464,269 1,433,973 1,360,648 1,322,828 1,492,549
Gross profit 969,096 997,516 954,493 869,691 1,033,224

Operating expenses:
 Selling, general and administrative 677,827 631,557 610,043 552,068 652,995
 Research and development 167,940 156,132 157,880 152,150 150,527
845,767 787,689 767,923 704,218 803,522
Operating income (loss) 123,329 209,827 186,570 165,473 229,702

Other income (expenses):
 Interest and dividend income 6,262 4,787 5,183 3,884 4,646
 Interest expense (4,570) (3,314) (2,316) (2,578) (2,316)
 Foreign exchange gains (losses), net (6,936) (2,919) (2,133) (2,593) 4,437
 Gains (losses) on equity securities, net 50,999 (244) (22,084) 48,778 4,453
 Other, net 28,723 4,625 7,851 22,906 19,524
74,478 2,935 (13,499) 70,397 30,744
Income (loss) before income taxes 197,807 212,762 173,071 235,870 260,446

Income taxes:
 Current 65,565 43,697 42,822 47,973 48,615
 Deffered (11,130) 12,359 (6,708) 7,638 8,514
54,435 56,056 36,114 55,611 57,129
Equity in net earnings (losses) of affiliated companies 872 418 1,341 3,198 13,128
Net income (loss) 144,244 157,124 138,298 183,457 216,445

Less: Net (income) loss attributable to the noncontrolling interests (3,550) (19,018) (13,311) (2,252) (5,265)
Net income (loss) attributable to FUJIFILM Holdings 140,694 138,106 124,987 181,205 211,180

*The changes in the classification of the presentation of net periodic pension cost and net periodic postretirement benefit cost are applied retroactively in FY2018/3, according to the update of U.S. accounting standards.