Results Summary (Japan GAAP)

  • Results Summary
  • Quartaly Financial Results

  • Results Summary

    Below is the summary announced on Oct 28, 2021 of financial results for 1Q FY2021 1H (Apr-Sep in 2021).

    Consolidated Financial Summary

    (¥ billion)

      Six-month period ended September 30, 2020 Six-month period ended September 30, 2021 Change
    Net sales 357.0 397.7 40.7
    Operating income 5.3 16.3 11.0
    Ordinary income 5.2 16.9 11.7
    Net income attributable to owners of parent 2.1 14.0 11.9

      In the fiscal year ended March 31, 2020, Fuji Electric launched Reiwa Prosperity 2023, a 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 six-month period ended September 30, 2021, the operating environment continued to recover from the impacts of the global COVID-19 pandemic, and capital investment was strong in the manufacturing industry. Amid these trends, high levels of demand were seen for machine tools while the rising needs for automobile electrification and energy saving stimulated substantial growth in ED&C component, automation systems, and semiconductor demand.

    Net Sales

      Against this backdrop, consolidated net sales in the Six-month period ended September 30, 2021, increased ¥40.7 billion year on year, to ¥397.7 billion, despite the impacts of difficulties procuring components on production, as a result of higher sales in all segments, except Power Generation, achieved by optimizing supply chains and taking other steps to cater to the robust demand.

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

      Although high material prices impacted income, overall income benefited from sales growth coupled with cost reduction activities and increases to product sales prices. As a result, consolidated operating income rose ¥11.0 billion year on year, to ¥16.3 billion; ordinary income was up ¥11.7 billion, to ¥16.9 billion; and net income attributable to owners of parent increased ¥11.9 billion, to a record high of ¥14.0 billion.

    Consolidated Financial Results by Segments

    Power Electronics Energy

    Net sales: ¥104.1 billion (up 27% year on year)
    Operating income: ¥4.2 billion (up ¥2.6 billion year on year)

      In the Power Electronics Energy segment, net sales and operating income were up year on year due to higher demand in all businesses centered on the ED&C components business.

    In the energy management business, net sales were up year on year as a result of large-scale projects for substation equipment for the power distribution and industrial fields, but operating results were down year on year because of 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 large-scale data center- and semiconductor-related projects.

    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: ¥134.4 billion (up 5% year on year)
    Operating income: ¥2.4 billion (up ¥2.2 billion year on year)

      In the Power Electronics Industry segment, net sales and operating income were up year on year due to higher demand seen primarily in the automation systems business, which offset the decline in sales in the IT solutions business.

    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 Japan and overseas.

    In the social solutions business, net sales and operating results improved year on year thanks to large-scale projects for electrical equipment for railcars.

    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 and operating results decreased year on year due to the absence of the large-scale public- and academic-sector projects recorded in the previous equivalent period.

    Note: Effective October 1, 2020, ship exhaust gas cleaning system operations were transferred from the automation systems business to the social solutions business. Figures for the previous fiscal year have been restated to reflect this change.

    Semiconductor

    Net sales: ¥85.0 billion (up 17% year on year)
    Operating income: ¥11.8 billion (up ¥5.5 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 substantial growth in demand for power semiconductors for electrified vehicles (xEVs) and for industrial applications. Operating results improved year on year as the large increase in net sales offset the rise in expenses for bolstering power semiconductor production capacity and for conducting research and development.

    Power Generation

    Net sales: ¥26.6 billion (down 19% year on year)
    Operating income: ¥1.1 billion (Compared with operating income of ¥1.1 billion in the previous equivalent period)

    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 equivalent period. Operating results were down year on year because of the lower net sales and differences in profitability between projects.

    Food and Beverage Distribution

    Net sales: ¥44.3 billion (up 18% year on year)
    Operating loss: ¥0.9 billion (Compared with operating loss of ¥2.6 billion in the previous equivalent period)

    In the vending machine business, net sales were up year on year while operating results improved due to 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: ¥25.5 billion (up 18% year on year)
    Operating income: ¥1.0 billion (up ¥0.3 billion year on year)

    Note:
    1. Effective April 1, 2021, the Electronic Devices segment was renamed the Semiconductor segment.
    2. 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, 2022

      Forecasts for consolidated business results in the fiscal year ending March 31, 2022, are as follows.

      Further, forecasts for the fiscal year ending March 31, 2022, assume exchange rates of US$1 = ¥107, €1 = ¥127, RMB1 = ¥16.5.

    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
    (Forecasts by Segment) (¥ billion)
      Previous
    announcement    		 Today's
    announcement    		 Change
    Net sales Operating
    income
    (Loss)    		 Net sales Operating
    income
    (Loss)    		 Net sales Operating
    income
    (Loss)
    Power Electronics Energy 217.0 15.2 225.0 18.0 8.0 2.8
    Power Electronics Industry 329.0 22.2 333.0 25.0 4.0 2.8
    Semiconductors 174.0 21.6 170.0 25.0 (4.0) 3.4
    Power Generation 84.0 3.3 84.0 3.3 0.0 0.0
    Food and Beverage Distribution 87.5 2.7 87.5 2.7 0.0 0.0
    Others 50.0 1.8 50.0 1.8 0.0 0.0
    Elimination and Corporate (41.5) (6.8) (49.5) (8.8) (8.0) (2.0)
    Total 900.0 60.0 900.0 67.0 0.0 7.0

    *Please refer to Financial Results for further details.

  • 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
    Operating income 5,299 10,992 16,291
    Ordinary income 5,909 10,982 16,892
    Income before income taxes 8,067 15,123 23,191
    Profit attributable to owners of parent 4,973 9,005 13,979
    　 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
    Power Electronics Industry 62,569 71,807 134,376
    Semiconductors 44,529 40,486 85,016
    Power Generation 11,952 14,673 26,625
    Food and Beverage Distribution 22,055 22,244 44,300
    Others 12,336 13,173 25,509
    Subtotal 200,861 219,050 419,912
    Elimination -10,902 -11,324 -22,226
    Total 189,958 207,726 397,685
    　 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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