Results Summary

  • Results Summary
  • Quartaly Financial Results
  • Results Summary

    Below is the summary announced on October 25, 2018 of financial results for 1H FY2018.

    Consolidated Financial Summary

    (¥ billion)

      Six-month period ended September 30, 2017Six-month period ended September 30, 2018 Change
    Net sales 395.0 419.4 24.4
    Operating income 12.7 18.5 5.8
    Ordinary income 11.7 19.4 7.7
    Net income attributable to owners of parent 6.2 12.5 6.3

      In the six-month period ended September 30, 2018, the Company’s operating environment saw the continuation of favorable trends in labor saving and energy conservation demand in China and other parts of Asia. In Japan, meanwhile, robust demand was seen for investments in replacements of aged equipment, production equipment automation aimed at productivity improvements, labor saving, and energy conservation. However, the outlook for the future grew increasingly opaque due to slowdown in certain markets stemming from trade friction between the United States and China.

      In this environment, we seek to complete the measures put forth in the FY2018 Medium-Term Management Plan, Renovation 2018, which is scheduled to conclude with the fiscal year ending March 31, 2019. To this end, we are aggressively investing in the strengthening of the power electronics systems business and in the expansion of our power semiconductors operations while also pursuing increased profitability by further enhancing manufacturing capabilities and re-energizing the Companywide Pro-7 Activities that are aimed at improving work quality.

    Net Sales

      Consolidated net sales in the six-month period ended September 30, 2018, increased ¥24.4 billion year on year, to ¥419.4 billion, as a result of sales growth in all segments driven by higher demand.

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

      Due to the benefits of higher sales and cost reduction efforts, operating results improved in the Company’s five principal segments. Accordingly, consolidated operating income rose ¥5.8 billion year on year, to ¥18.5 billion; ordinary income was up ¥7.7 billion, to ¥19.4 billion; and net income attributable to owners of parent increased ¥6.3 billion, to ¥12.5 billion. All of these figures represented new six-month highs.

    Consolidated Financial Results by Segments

    Power Electronics Systems—Energy Solutions

    Net sales: ¥94.2 billion (up 5% year on year)
    Operating income: ¥5.0 billion (up ¥3.0 billion year on year)

      In the Power Electronics Systems—Energy Solutions segment, net sales and operating income were up year on year due to strong performance in the energy management business and the ED&C components business.

    • In the energy management business, net sales and operating results improved year on year due to solid performance with regard to energy management systems and industrial substation equipment.
    • In the power supply and facility systems business, net sales and operating results improved year on year due to an increase in large-scale orders for electrical facilities and other offerings.
    • In the ED&C components business, net sales and operating results improved year on year because of strong demand seen from machine tool and other machinery manufacturers.

    Power Electronics Systems—Industry Solutions

    Net sales: ¥141.8 billion (up 2% year on year)
    Operating income: ¥1.9 billion (up ¥0.1 billion year on year)

      In the Power Electronics Systems—Industry Solutions segment, net sales and operating income increased year on year. Performance was driven by the factory automation business, which benefited from robust demand for the automation of production facilities primarily in Japan, China, and other parts of Asia, as well as by the equipment construction business and the IT solutions business.

    • In the factory automation business, net sales and operating results improved year on year due to increased overseas and domestic demand centered on low-voltage inverters, motors, and factory automation systems.
    • In the process automation business, net sales and operating results worsened year on year due to the absence of large-scale orders recorded in the previous equivalent period.
    • In the social solutions business, net sales and operating results improved year on year as a result of higher orders for radiation equipment and systems.
    • In the equipment construction business, net sales and operating results improved year on year following an increase in orders for factory power distribution equipment and other electrical equipment construction.
    • In the IT solutions business, net sales and operating results improved year on year due to an increase in orders centered on the public sector.

    Power and New Energy

    Net sales: ¥49.2 billion (up 30% year on year)
    Operating income: ¥1.9 billion (up ¥0.7 billion year on year)

    • In the power and new energy business, net sales and operating results improved year on year following an increase in orders for thermal and geothermal power generation systems as well as for solar power generation systems.

    Electronic Devices

    Net sales: ¥71.8 billion (up 11% year on year)
    Operating income: ¥8.6 billion (up ¥1.8 billion year on year)

    • In the electronic devices business, net sales and operating results improved year on year thanks to the robust demand for power semiconductors for industrial and automotive applications as well as higher demand for magnetic disks.

    Food and Beverage Distribution

    Net sales: ¥56.3 billion (up 1% year on year)
    Operating income: ¥2.6 billion (up ¥0.4 billion year on year)

    • In the vending machine business, net sales and operating results improved year on year thanks to increased demand from domestic customers coupled with the recovery of the Chinese market.
    • In the store distribution business, net sales and operating results worsened year on year because of a decline in demand for store equipment for convenience stores.

    Others

    Net sales: ¥30.3 billion (up 2% year on year)
    Operating income: ¥1.1 billion (down ¥0.4 billion year on year)

    Note: Effective April 1, 2018, the businesses contained within the Power Electronics Systems—Energy Solutions and the Power Electronics Systems—Industry Solutions reporting segments were changed to reflect a structural reorganization. Year-on-year comparisons have been calculated using figures for the six-month period ended September 30, 2017, that have been restated to reflect this change.

    Forecasts for the Fiscal Year Ending March 31, 2019

    In light of the business result trends seen in the six-month period ended September 30, 2018, Fuji Electric has chosen to revise the consolidated forecast for business results for the fiscal year ending March 31, 2019, that was announced together with financial results for the three-month period ended June 30, 2018, on July 26, 2018.

      The forecast assumes exchange rates of US$1 = ¥105 and € ¥ = ¥125 for the period from October 1, 2018, onward.

    (Consolidated Forecasts for the Fiscal Year Ending March 31, 2019) (¥ billion)
      Previous
    announcement
    Revised
    announcement
    Change
    Net sales 900.0 910.0 10.0
    Operating income 58.5 61.0 2.5
    Ordinary income 60.0 62.5 2.5
    Net income attributable to owners of parent 39.5 41.5 2.0
    (Reference: Consolidated Forecasts for the Fiscal Year Ending March 31, 2019, by Segment) (¥ billion)
      Net sales Operating income (loss)
    Previous
    announcement
    Revised
    announcement
    Change Previous
    announcement
    Revised
    announcement
    Change
    Power Electronics Systems
    - Energy Solutions
    224.4 225.0 0.6 16.4 17.4 1.0
    Power Electronics Systems
    - Industry Solutions
    322.0 323.0 1.0 19.2 19.2 0.0
    Power and New Energy 102.0 102.0 0.0 6.5 6.2 (0.3)
    Electronic Devices 133.0 140.0 7.0 15.2 15.9 0.7
    Food and Beverage Distribution 116.0 113.0 (3.0) 6.5 6.2 (0.3)
    Others 59.1 62.1 3.0 2.2 2.4 0.2
    Elimination and Corporate (56.5) (55.1) 1.3 (7.6) (6.4) 1.1
    Total 900.0 910.0 10.0 58.5 61.0 2.5

    *Please refer to Financial Results for further details.

  • Quartaly Financial Results

    Consolidated summary

    (Millions of yen)

      2019/3
      1Q 2Q 1 Half 3Q 4Q 2 Half Annual
    Net sales 195,815 223,615 419,431        
    Operating income 6,354 12,165 18,519        
    Ordinary income 7,352 12,071 19,423        
    Income before income taxes 8,573 12,716 21,290        
    Profit attributable to owners of parent 5,375 7,161 12,536        

    Net Sales by Segment

    (Millions of yen)

      2019/3
      1Q 2Q 1 Half 3Q 4Q 2 Half Annual
    Power Electronics Systems
    - Energy Solutions
    44,818 49,372 94,191        
    Power Electronics Systems
    - Industry Solutions
    59,011 82,744 141,755        
    Power and New Energy 24,468 24,682 49,151        
    Electronic Devices 35,343 36,435 71,778        
    Food and Beverage Distribution 28,533 27,749 56,282        
    Others 14,898 15,416 30,315        
    Subtotal 207,072 236,400 443,473        
    Elimination -11,257 -12,785 -24,042        
    Total 195,815 223,615 419,431        

    Operating Income (Loss) by Segment

    (Millions of yen)

      2019/3
      1Q 2Q 1 Half 3Q 4Q 2 Half Annual
    Power Electronics Systems
    - Energy Solutions
    1,331 3,640 4,971        
    Power Electronics Systems
    - Industry Solutions
    -1,378 3,282 1,904        
    Power and New Energy 963 890 1,853        
    Electronic Devices 4,793 3,784 8,578        
    Food and Beverage Distribution 1,435 1,207 2,643        
    Others 502 628 1,131        
    Subtotal 7,648 13,434 21,082        
    Elimination/corporate -1,293 -1,269 -2,563        
    Total 6,354 12,165 18,519        
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