Fuji Electric Global

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Financial InformationResults Summary (Japan GAAP)

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Results Summary

Below is the summary announced on July 28, 2022 of financial results for 1Q FY2022 Three months ended June 30, 2022.

Consolidated Financial Summary

(¥ billion)
  Three-month period ended June 30, 2021 Three-month period ended June 30, 2022 Change
Net sales 190.0 203.9 14.0
Operating income 5.3 9.9 4.6
Ordinary income 5.9 12.3 6.4
Net income attributable to owners of parent 5.0 9.9 5.0

  The fiscal year ending March 31, 2023, will be an important year for working toward the targets of the Reiwa Prosperity 2023, the five-year medium-term management plan slated to conclude with the fiscal year ending March 31, 2024. In the fiscal year ended March 31, 2022, an operating margin of 8.2% was achieved. In pursuit of greater improvements with this regard, the Company is moving 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, with a particular focus on human resources in regard to social factors.

  In the three-month period ended June 30, 2022, high levels of capital investment by manufacturers and data center business operators were seen amid growing needs related to vehicle electrification, energy saving, and digital infrastructure. These needs were sparked by the global movement toward decarbonization and the accelerated digitalization trend. However, the outlook remains opaque due to the increased impacts on global supply chains of factors such as high material prices and material shortages due to the lockdowns in China instituted in response to the COVID-19 pandemic and the prolonged situation in Ukraine.

  In this environment, production capacity increases for power semiconductors were carried out in response to robust demand while ongoing 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.

Net Sales

  Increases were seen in the sales of the Power Electronics Energy, Semiconductor, and Power Generation segments, resulting in consolidated net sales in the threemonth period ended June 30, 2022, rising ¥14.0 billion year on year, to ¥203.9 billion.

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

  Although high material prices impacted income, overall income was buoyed by sales volume growth coupled with the benefits of increases to product selling prices and cost reduction activities centered on augmentations to factories. As a result, consolidated operating income rose ¥4.6 billion year on year, to ¥9.9 billion; ordinary income was up ¥6.4 billion, to ¥12.3 billion; and net income attributable to owners of parent increased ¥5.0 billion, to ¥9.9 billion. New record highs were posted for net sales, operating income, and ordinary income.

Consolidated Financial Results by Segments

Power Electronics Energy

Net sales: ¥51.3 billion (up 15% year on year)
Operating income: ¥3.9 billion (up ¥2.9 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 power supply and facility systems business and the ED&C components business.

  • In the energy management business, net sales were down year on year as a result of the absence of large-scale orders for substation equipment for power and industrial applications recorded in the previous equivalent period. Meanwhile, operating results improved year on year due to differences in profitability between projects.
  • In the power supply and facility systems business, net sales and operating results improved year on year as a result of substantially higher 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 higher demand from domestic manufacturers of machine tools and other finished equipment.

Power Electronics Industry

Net sales: ¥65.2 billion (unchanged year on year)
Operating loss: ¥1.8 billion (compared with operating income of ¥0.3 billion in the previous equivalent period)

  In the Power Electronics Industry segment, net sales were relatively unchanged year on year as the benefits of large-scale orders in the IT solutions business counteracted the declines in sales in the automation systems business and the social solutions business. Meanwhile, operating results were down year on year due to high material prices, reductions in production following difficulties in procuring parts, and differences in profitability between projects.

  • In the automation systems business, net sales and operating results were down year on year due to the impacts of the lockdowns instituted in China in response to the COVID-19 pandemic, the high prices for materials, and the effects on production from difficulties in procuring parts felt centered on low-voltage inverters and factory automation components.
  • In the social solutions business, net sales and operating results were down year on year, due to a decrease in ship-related orders.
  • In the equipment construction business, net sales and operating results improved year on year due to higher demand for electrical equipment construction.
  • In the IT solutions business, net sales were up year on year due to large-scale private-sector projects while operating results were unchanged year on year because of differences in profitability between projects.

Semiconductor

Net sales: ¥46.2 billion (up 4% year on year)
Operating income: ¥7.1 billion (up ¥1.5 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 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 increases in sales volumes and subsequently improvements in operating results, regardless of the rise in expenses for bolstering power semiconductor production capacity.

Power Generation

Net sales: ¥16.8 billion (up 41% year on year)
Operating income: ¥0.1 billion (compared with operating loss of ¥0.7 billion in the previous equivalent period)

  • In the power generation business, net sales and operating results were up year on year due to the benefits of large-scale renewable energy projects.

Food and Beverage Distribution

Net sales: ¥21.7 billion (down 2% year on year)
Operating loss: ¥1.6 billion (up ¥1.4 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 down year on year due to the absence of large-scale orders for automatic change dispensers recorded in the previous equivalent period.

Others

Net sales: ¥14.3 billion (up 16% year on year)
Operating income: ¥0.7 billion (up ¥0.3 billion year on year)

  • Note:

    • Effective April 1, 2022, the businesses included in the Power Electronics Energy segment and the Power Electronics Industry segment were reorganized in conjunction with changes to organizational structures.
      Figures for the three-month period ended June 30, 2021, have been restated to reflect this change.

Quartaly Financial Results

Consolidated summary

(Billions of yen)

2022/3

2023/3

(Millions of yen)
  2023/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Net sales 203,940
Operating income 9,872
Ordinary income 12,296
Income before income taxes 16,473
Profit attributable to owners of parent 9,931
  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

Net Sales by Segment

(Millions of yen)
  2023/3
  1Q 2Q 1 Half 3Q 4Q 2 Half Annual
Power Electronics Energy 51,257
Power Electronics Industry 65,172
Semiconductors 46,202
Power Generation 16,807
Food and Beverage Distribution 21,692
Others 14,338
Subtotal 215,470
Elimination -11,529
Total 203,940
  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
Power Electronics Industry 224 2,144 2,369
Semiconductors 5,553 6,259 11,812
Power Generation -673 -459 -1,133
Food and Beverage Distribution 210 641 852
Others 469 551 1,021
Subtotal 6,882 12,251 19,133
Elimination/corporate -1,583 -1,258 -2,842
Total 5,299 10,992 16,291
  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

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