Financial Information
Results Summary (Japan GAAP)

Results Summary

Below is the summary announced on April 25, 2024 of financial results for FY2023 ended March 31, 2024.

Consolidated Financial Summary

(¥ billion)

The targets of Fuji Electric’s Reiwa Prosperity 2023 medium-term management plan, which concluded with the fiscal year ended March 31, 2024, were accomplished a year ahead of schedule in the fiscal year ended March 31, 2023. Specifically, these targets were net sales of ¥1 trillion and an operating profit ratio of more than 8.0%. To achieve further growth in the fiscal year ending March 31, 2024, the year of the centennial anniversary of Fuji Electric’s founding, the Company will move forward with the promotion of growth strategies centered on expanding its power electronics and power semiconductor businesses, the further improvement of profitability through the strengthening of global manufacturing capabilities, and the ongoing reinforcement of operating foundations focused on environmental, social, and governance (ESG) factors. In addition, adaptiveness toward operating environment changes will be heightened with the goal of growing sales and profit.

In the fiscal year ended March 31, 2024, brisk capital investment by manufacturers and data center business operators was seen amid constantly growing needs related to vehicle electrification, energy saving, and digital infrastructure. These needs were sparked by the growth in investments for achieving decarbonization and promoting digitalization. Meanwhile, the demand for machine tools was weak amid ongoing economic stagnancy in China.

In this environment, ongoing steps were taken to improve profitability through production capacity increases for power semiconductors carried out in response to growing demand, efforts to optimize production systems to accommodate demand, and promotion of local production and consumption.

Net Sales

Increases were seen in the sales of all segments, resulting in consolidated net sales in the fiscal year ended March 31, 2024, rising ¥93.8 billion, or 9%, year on year, to ¥1,103.2 billion.

Operating Income, Ordinary Income and Profit Attributable to Owners of Parent

Although profit was impacted by high material and energy prices as well as by rising expenses for production capacity augmentations, overall profit was buoyed by sales volume growth coupled with the benefits of increases to product selling prices, cost reduction activities, and foreign exchange influences. As a result, consolidated operating profit rose ¥17.2 billion year on year, to ¥106.1 billion; ordinary profit was up ¥20.0 billion, to 107.8 billion; and profit attributable to owners of parent increased 14.0 billion, to ¥75.4 billion. New record highs were posted for operating profit, ordinary profit, and profit attributable to owners of parent.

Consolidated Financial Results by Segments

Energy

Net sales: ¥342.8 billion (up 3% year on year)
Operating profit: ¥30.1 billion (up ¥1.6 billion year on year)

In the Energy segment, net sales and operating profit were up year on year, despite declines in demand in the power generation business and the ED&C components business, due to higher demand in the power supply and facility systems business and increases in large-scale orders in the energy management business.

  • In the power generation business, net sales were down year on year due to the absence of large-scale renewable energy projects recorded in the previous fiscal year. Operating results were also down year on year as a result of the lower net sales and the increases in expenses associated with large-scale projects.

  • In the energy management business, net sales and operating results were up year on year as a result of increases in large-scale orders for substation equipment for industrial applications and for power supply equipment. These increases outweighed the impacts of a decline in large-scale orders from solar power generation facilities.

  • In the power supply and facility systems business, net sales and operating results improved year on year as a result of increases in projects from data centers and semiconductor manufacturers.

  • In the ED&C components business, net sales and operating results were down year on year due to reductions in demand from finished machinery manufacturers and for semiconductor production equipment.

Industry

Net sales: ¥419.9 billion (up 14% year on year)
Operating profit: ¥34.3 billion (up ¥7.5 billion year on year)

In the Industry segment, net sales and operating profit were up year on year as a result of higher demand in the automation systems business, the social solutions business and the equipment construction business.

  • In the automation systems business, net sales and operating results were up year on year largely as a result of increased production of factory automation components.

  • In the social solutions business, net sales and operating results were up year on year due to increases in orders for nuclear power- and radiation-related equipment.

  • In the equipment construction business, net sales and operating results were up year on year as a result of the recording of large-scale orders for air-conditioning equipment construction.

  • In the IT solutions business, net sales were up year on year due to increases in large-scale projects while operating results were relatively unchanged year on year because of differences in profitability between projects.

Semiconductor

Net sales: ¥228.0 billion (up 11% year on year)
Operating profit: ¥36.2 billion (up ¥4.0 billion year on year)

In the semiconductor business, net sales increased year on year due to growth in demand for power semiconductors for electrified vehicles (xEVs), the benefits of which offset the impacts of declines in production and sales seen in the fourth quarter as a result of factors affecting component procurement. The growth in sales led to operating results improving year on year, despite the rise in expenses for bolstering power semiconductor production capacity and the increases in material costs.

Food and Beverage Distribution

Net sales: ¥107.3 billion (up 13% year on year)
Operating profit: ¥8.8 billion (up ¥4.5 billion year on year)

  • In the vending machine business, net sales and operating results improved year on year because of growth in demand in Japan and the benefits of cost reduction activities.

  • In the store distribution business, net sales and operating results were up year on year due to higher large-scale orders for counter fixtures combined with growth in demand for convenience store equipment renovations.

Others

Net sales: ¥63.2 billion (up 6% year on year)
Operating profit: ¥4.3 billion (up ¥0.6 billion year on year)

Forecasts for the Fiscal Year Ending March 31, 2025

Forecasts for consolidated business results in the fiscal year ending March 31, 2025, are as follows.

Furthermore, forecasts for the fiscal year ending March 31, 2025, assume exchange rates of US$1 = ¥140, €1 = ¥150, RMB1 = ¥19.5.

(¥ billion)

(Forecasts by Segment)

(¥ billion)

Following organizational reforms conducted in the fiscal year ended March 31, 2024, the Company’s prior reportable segments—Power Electronics Energy, Power Electronics Industry, Semiconductor, Power Generation, and Food and Beverage Distribution—were reorganized to form the Energy, Industry, Semiconductor, and Food and Beverage Distribution segments. Previously announced figures have been restated to reflect this change in reportable segments.

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Quartaly Financial Results

Consolidated summary

(Billions of yen)

2023/3

2024/3

(Millions of yen)

Net Sales by Segment

(Millions of yen)

Operating Income (Loss) by Segment

(Millions of yen)

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