Fuji Electric Global

Global

Financial InformationResults Summary (Japan GAAP)

Please select

  • Results Summary
  • Quartaly Financial Results

Results Summary

Below is the summary announced on Apr 27, 2022 of financial results for FY2021.

Consolidated Financial Summary

(¥ billion)
  Fiscal year ended
March 31, 2021
Fiscal year ended
March 31, 2022
Change
Net sales 875.9 910.2 34.3
Operating income 48.6 74.8 26.2
Ordinary income 50.4 79.3 28.9
Net income attributable to owners of parent 41.9 58.7 16.7

  In the fiscal year ended March 31, 2020, Fuji Electric launched Reiwa Prosperity 2023, a new five-year medium-term management plan slated to conclude with the fiscal year ending March 31, 2024, the year in which we will celebrate the centennial anniversary of Fuji Electric’s founding. Under this plan, the Company is implementing growth strategies prescribing the concentration of resources on growth fields, namely the power electronics and power semiconductor businesses, and the expansion of overseas businesses.

  In the fiscal year ended March 31, 2022, an ongoing recovery trend was seen in capital investment in the manufacturing industry that was stimulated by the global decarbonization movement and the resumption of economic activities. Against this backdrop, a consistently high level of demand was seen for machine tools while demand for other articles rose rapidly in response to the growing needs for automobile electrification and energy saving. Nevertheless, the outlook for the operating environment remains opaque due to rising material prices and shortages as well as other global supply chain issues resulted from the COVID-19 pandemic and changes in the international political climate.

Net Sales

  Production capacity increases for power semiconductors were instituted ahead of schedule in response to robust demand while steps were taken to optimize supply chains, including forming relationships with multiple suppliers and altering designs to use alternative parts in order to address the difficulties in procuring certain parts. Due to these factors, large increases were seen in the sales of the Power Electronics Energy, Semiconductor, and Food and Beverage Distribution segments, resulting in consolidated net sales in the fiscal year ended March 31, 2022, rising ¥34.3 billion year on year, to ¥910.2 billion.

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

  Although high material prices impacted income, overall income benefited from sales volume growth coupled with the benefits of increases to product sales prices and cost reduction activities centered on augmentations to factories. As a result, consolidated operating income rose ¥26.2 billion year on year, to ¥74.8 billion; ordinary income was up ¥28.9 billion, to ¥79.3 billion; and net income attributable to owners of parent increased ¥16.7 billion, to ¥58.7 billion. All three figures represented record highs.

  In addition, an operating margin of 8.2% was posted, accomplishing the target of 8% or more put forth in the medium-term management plan two years ahead of schedule.

Consolidated Financial Results by Segments

Power Electronics Energy

  Net sales: ¥240.6 billion (up 15% year on year)
Operating income: ¥21.4 billion (up ¥7.3 billion year on year)

  In the Power Electronics Energy segment, net sales and operating income were up year on year primarily as a result of higher demand in the ED&C components business and the power supply and facility systems business.

  • In the energy management business, net sales and operating results were down year on year as a result of the absence of large-scale orders for substation equipment for industrial and railway applications recorded in the previous fiscal year.
  • In the power supply and facility systems business, net sales and operating results improved year on year as a result of increased demand for projects from data centers and semiconductor manufacturers.
  • In the ED&C components business, net sales and operating results improved year on year due to significantly higher demand from domestic and overseas manufacturers of machine tools and other finished equipment.

Power Electronics Industry

Net sales: ¥314.3 billion (down 9% year on year)
Operating income: ¥23.7 billion (up ¥1.9 billion year on year)

  In the Power Electronics Industry segment, net sales were down year on year, despite demand growth in the automation systems business and other areas, due to the absence of large-scale orders recorded in the IT solutions business in the previous fiscal year. Conversely, operating income was up year on year as the reduction to the income of the IT solutions business was outweighed by the benefits of cost reduction activities and alterations to designs to use alternative parts in order to address the difficulties in procuring certain parts.

  • In the automation systems business, net sales and operating results improved year on year due to the higher demand seen centered on low-voltage inverters and factory automation components.
  • In the social solutions business, net sales were down year on year, despite an increase in large-scale projects for electrical equipment for railcars, because of a reduction in orders for exhaust gas cleaning systems for ships. Operating results, meanwhile, improved year on year due to differences in profitability between projects.
  • In the equipment construction business, net sales and operating results improved year on year due to higher demand for electrical and air-conditioning equipment construction.
  • In the IT solutions business, net sales and operating results decreased year on year due to the absence of the large-scale public- and academic-sector projects recorded in the previous fiscal year.

Semiconductor

Net sales: ¥178.8 billion (up 14% year on year)
Operating income: ¥27.1 billion (up ¥9.5 billion year on year)

  In the semiconductor business, net sales increased year on year, despite the repercussions of withdrawing from magnetic disk operations, due to production capacity increases undertaken in response to substantial growth in demand for power semiconductors for electrified vehicles (xEVs) and for industrial applications. As a result, high operating ratios were able to be maintained leading to massive increases in sales volumes and subsequently improvements in operating results, regardless of the rise in expenses for bolstering power semiconductor production capacity and for conducting research and development.

Power Generation

Net sales: ¥78.6 billion (down 2% year on year)
Operating income: ¥3.1 billion (up ¥0.6 billion year on year)

  • In the power generation business, net sales were down year on year due to the rebound from a large-scale renewable energy project recorded in the previous fiscal year. Operating results were up year on year because of differences in profitability between projects and the benefits of cost reductions activities.

Food and Beverage Distribution

Net sales: ¥90.8 billion (up 19% year on year)
Operating loss: ¥3.0 billion (compared with operating loss of ¥5.3 billion in the previous equivalent period)

  • In the vending machine business, net sales were up year on year following growth in demand in Japan and overseas while operating results improved due to the higher sales and the benefits of cost reduction activities.
  • In the store distribution business, net sales and operating results were up year on year because of an increase in demand for store equipment for convenience stores.

Others

Net sales: ¥54.7 billion (up 4% year on year)
Operating income: ¥2.8 billion (up ¥0.6 billion year on year)

  • Note:

    • Effective April 1, 2021, the Electronic Devices segment was renamed the Semiconductor segment.
    • Effective July 1, 2021, the Power Electronics Systems Energy segment was renamed the Power Electronics Energy segment and the Power Electronics Systems Industry segment was renamed the Power Electronics Industry segment.

Forecasts for the Fiscal Year Ending March 31, 2023

  Forecasts for consolidated business results in the fiscal year ending March 31, 2023, are as follows.

  Furthermore, forecasts for the fiscal year ending March 31, 2023, assume exchange rates of US$1 = ¥120, €1 = ¥133, RMB1 = ¥19.

Forecasts for consolidated business results in the fiscal year ending March 31, 2022

(¥ billion)
  Previous announcement Today's announcement Change
Net sales 900.0 900.0 0.0
Operating income 60.0 67.0 7.0
Ordinary income 61.0 68.0 7.0
Net income attributable to owners of parent 42.0 50.0 8.0

Quartaly Financial Results

Consolidated summary

(Billions of yen)

2021/3

2022/3

(Millions of yen)
  2022/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Net sales 189,958 207,726 397,685 222,295 290,245 512,540 910,226
Operating income 5,299 10,992 16,291 16,368 42,175 58,543 74,835
Ordinary income 5,909 10,982 16,892 17,230 45,174 62,405 79,297
Income before income taxes 8,067 15,123 23,191 18,171 47,124 65,296 88,487
Profit attributable to owners of parent 4,973 9,005 13,979 11,417 33,263 44,681 58,660
  2021/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Net sales 168,844 188,148 356,993 204,317 314,617 518,934 875,927
Operating income 2,435 2,859 5,295 8,777 34,522 43,300 48,595
Ordinary income 2,639 2,525 5,164 8,791 36,444 45,236 50,401
Income before income taxes 2,612 2,594 5,206 -7,795 65,873 58,077 63,284
Profit attributable to owners of parent 1,356 708 2,065 -6,098 45,960 39,861 41,926

Net Sales by Segment

(Millions of yen)
  2022/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Power Electronics Energy 47,418 56,666 104,084 57,986 78,488 136,475 240,559
Power Electronics Industry 62,569 71,807 134,376 79,368 100,564 179,933 314,310
Semiconductors 44,529 40,486 85,016 44,427 49,363 93,790 178,807
Power Generation 11,952 14,673 26,625 17,717 34,220 51,937 78,563
Food and Beverage Distribution 22,055 22,244 44,300 21,039 25,443 46,482 90,783
Others 12,336 13,173 25,509 13,882 15,318 29,200 54,710
Subtotal 200,861 219,050 419,912 234,422 303,398 537,820 957,733
Elimination -10,902 -11,324 -22,226 -12,127 -13,153 -25,280 -47,507
Total 189,958 207,726 397,685 222,295 290,245 512,540 910,226
  2021/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Power Electronics Energy 38,380 43,406 81,787 54,553 72,888 127,441 209,229
Power Electronics Industry 57,946 70,278 128,224 73,376 144,283 217,659 345,884
Semiconductors 35,007 37,440 72,447 39,887 45,149 85,036 157,484
Food and Beverage Distribution 19,022 18,633 37,655 16,438 22,461 38,900 76,556
Power Generation 15,657 17,002 32,659 18,162 29,530 47,693 80,352
Others 12,177 12,883 25,060 13,360 14,273 27,633 52,694
Subtotal 178,191 199,644 377,836 215,778 328,586 544,364 922,201
Elimination -9,346 -11,495 -20,842 -11,461 -13,968 -25,430 -46,273
Total 168,844 188,148 356,993 204,317 314,617 518,934 875,927

Operating Income (Loss) by Segment

(Millions of yen)
2022/3
1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Power Electronics Energy 1,097 3,113 4,211 4,950 12,203 17,153 21,365
Power Electronics Industry 224 2,144 2,369 4,186 17,120 21,306 23,676
Semiconductors 5,553 6,259 11,812 7,352 7,970 15,323 27,136
Power Generation -673 -459 -1,133 6 4,251 4,258 3,124
Food and Beverage Distribution 210 641 852 714 1,440 2,154 3,007
Others 469 551 1,021 651 1,164 1,815 2,837
Subtotal 6,882 12,251 19,133 17,862 44,150 62,012 81,146
Elimination/corporate -1,583 -1,258 -2,842 -1,493 -1,975 -3,469 -6,311
Total 5,299 10,992 16,291 16,368 42,175 58,543 74,835
  2021/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Power Electronics Energy 1,189 407 1,597 3,380 9,039 12,420 14,018
Power Electronics Industry -1,373 1,559 186 2,114 19,480 21,595 21,781
Semiconductors 2,747 3,575 6,323 5,104 6,224 11,329 17,652
Food and Beverage Distribution -179 -2,401 -2,581 -1,831 -867 -2,698 -5,280
Power Generation 896 202 1,099 654 763 1,417 2,517
Others 317 432 750 424 1,040 1,465 2,216
Subtotal 3,598 3,776 7,374 9,847 35,681 45,528 52,903
Elimination/corporate -1,162 -917 -2,079 -1,069 -1,159 -2,228 -4,308
Total 2,435 2,859 5,295 8,777 34,522 43,300 48,595

MENU

Investor Relations