Fuji Electric Industry : Financial Results for the First Quarter of the Year 2024

June 6, 2023

Financial Results for the First Quarter of the Year 2024

(Three months ended on April 30, 2023)

Company:	FUJI ELECTRIC INDUSTRY CO., LTD.	Stock:	Tokyo Stock Exchange
Code Number:	6654	URL:	https://www.fujidk.co.jp/
Coordinator:	Noriko Shimomura	Head Office:	Kyoto, JAPAN
	Director and Executive Officer	Telephone:	[phone]

Date of the board meeting for this period: June 6, 2023

1.First quarter financial results for the three months ended on April 30(February 1,2023 through April

30,2023)
(1) Operating Results					(Unit: Millions	of Yen)
		Net sales		Operating income	Ordinary income
		Millions of yen	%	Millions of yen	%	Millions of yen	%
1st Q.FY 2024		958	1.4	107	40.0	114	31.1
1st Q.FY 2023		945	0.9	76	(11.4)	87	(15.5)
		Net income		Net income per share	Net income per share
			－basic		－diluted
		Millions of yen	%	Yen		Yen
1st Q.FY 2024		151	149.1	27.23		27.19
1st Q.FY 2023		60	(16.6)	10.56		10.54

Note: Percentages for net sales, operating income etc. show increase (decrease) from previous year's first quarter.

(2) Financial Condition

	Total assets	Net assets	Equity ratio	Net assets per
	share
	Millions of yen	Millions of yen	%	Yen
1st Q.FY 2024	11,012	10,195	92.5	1,836.35
FY 2023	10,869	10,167	93.5	1,831.24

Note: Equity capital						1st Q.FY 2024	10,187 million yen
						FY 2023		10,158 million yen
2.Dividends
				Dividend per share
		1st Q.	2nd Q.			3rd Q.		Year-end		Annual
		Yen	Yen			Yen		Yen		Yen
FY 2023		－	16.00			－		16.00		32.00
FY 2024		－
FY 2024 (forecast)			16.00			－		16.00		32.00

Note : Revision of dividends forecast for this period：No

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3.Forecast of operating results for Fiscal Year 2024(February 1,2023 through January 31,2024)

	Net sales		Operating income	Ordinary income
	Millions of yen	%	Millions of yen	%	Millions of yen	%
2nd Q.FY 2024	2,014	6.5	129	(32.1)	142	(31.2)
FY 2024	4,000	7.9	242	(30.8)	265	(29.1)
	Net income		Net income per share
	Millions of yen	%	Yen
2nd Q.FY 2024	170	17.0	30.71
FY 2024	241	(7.9)	43.56

Note 1: Percentages for net sales, operating income etc. for the 2nd Q.FY 2024 and the FY 2024 show increase (decrease) from interim period and year period, respectively.

2 : Revision of operating results forecast for this period：No

4.Others
(1)	Application of special accounting policy for quarterly financial reporting	： No
(2)	Changes in the accounting policy			： Yes
(3)	Changes except (2)				： No
(4)	About number of shares
	Number of shares issued	：	1st Q.FY 2024	6,669,000	FY 2023	6,669,000
	Treasury stock at end of each period ：	1st Q.FY 2024	1,121,430	FY 2023	1,121,430
	Average number of shares	：	1st Q.FY 2024	5,547,570	1st Q.FY 2023	5,743,270

• Note with respect to "Forecast of operating results for Fiscal Year 2024"
  Forecasts announced by the company referred to above be prepared based on management's assumptions with information available at this time and therefore involve known and unknown risks and uncertainties.
  Please note such risks and uncertainties may cause the actual results to be materially different from the forecasts (earnings forecast, dividend forecast, and other forecasts).

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Qualitative information / Financial affairs

1.Description on business performance

(1) General situation

During the first three months of the fiscal year ending January 31, 2024, Japan's economy slowly recovered because of these factors like improvements in consumer spending and corporate earnings. Under these circumstances, We focused our sales activity on the domestic market of electric power, public facilities, general industries, electric railway and overseas market of Asia and the Middle East. As a result of this performance, although the sales of Terminal blocks and Connector terminal block decreased, the sales of Indicator module and I/O terminal were in good shape.

The cumulative sales amount in the first three months of the fiscal year was 958 million yen (increased by 1.4% compared with the previous year).

Regarding the cumulative profit, the net sales exceeded last year's, manufacturing cost decreased, the operating income was 107 million yen (increased by 40.0% compared with the previous year), the ordinary income was 114 million yen (increased by 31.1% compared with the previous year), and recorded 102 million yen under gain on sale of investment securities in extraordinary income, the net income was 151 million yen (increased by 149.1% compared with the previous year).

1. Products sales Control switches
   Although the sales of Cam switch increased, the sales of Switches for railway vehicles decreased. The sales amount was 231 million yen (decreased by 3.8% compared with the previous year).
   Connecting devices
   The sales of Large current busbar connector increased. However, the sales of Terminal blocks and Connector terminal block decreased. The sales amount was 390 million yen (decreased by 11.4% compared with the previous year).
   Pilot lamps and Indicators
   The sales of Multi-window Indicator and Indicators were sluggish. The sales amount was 111 million yen (decreased by 11.2% compared with the previous year).
   Electronic devices
   Indicator module and I/O terminal were selling well. The sales amount was 199 million yen (increased by 51.3% compared with the previous year).
   Third party sales
   Because of the increase in sales of Equipments for photovoltaic generation and parts, the sales amount was 20 million yen (increased by 170.3% compared with the previous year).
   Others
   The sales amount except for Electric control devices was 6 million yen.

2. Description on business performance forecast

As for the prospects of our business performances of January 2024, there have been no changes in the prospects announced by the brief note on March 24, 2023.

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3.Non-consolidated quarterly balance sheets

		Thousands of Yen
	As of January 31,	As of April 30,
	2023	2023
	Amount	Amount
Assets
Current assets
Cash and deposits	4,466,974	4,496,776
Notes and accounts receivable-trade	1,053,605	1,181,701
Electronically recorded monetary claims	322,929	333,629
Finished goods	255,512	271,550
Work in process	453,508	469,340
Raw materials	563,602	558,533
Others	35,934	42,967
Total current assets	7,152,067	7,354,499
Noncurrent assets
Property, plant and equipment
Buildings, net	1,509,720	1,483,697
Land	1,347,627	1,347,627
Others, net	189,279	186,355
Total property, plant and equipment	3,046,626	3,017,680
Intangible assets	13,005	11,805
Investments and other assets
Investment securities	609,408	558,074
Others	48,873	69,996
Total investments and other assets	658,281	628,071
Total noncurrent assets	3,717,913	3,657,557
Total assets	10,869,981	11,012,057

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3.Non-consolidated quarterly balance sheets

		Thousands of Yen
	As of January 31,	As of April 30,
	2023	2023
	Amount	Amount
Liabilities
Current liabilities
Accounts payable-trade	122,753	138,952
Short-term loans payable	120,000	120,000
Income taxes payable	75,768	80,896
Provision for bonuses	55,566	96,319
Provision for directors' bonuses	－	1,525
Provision for product warranties	84,914	74,849
Others	119,421	168,350
Total current liabilities	578,423	680,893
Noncurrent liabilities
Provision for retirement benefits	108,523	119,049
Others	15,440	16,203
Total noncurrent liabilities	123,963	135,253
Total liabilities	702,387	816,146
Net assets
Shareholders' equity
Capital stock	1,087,250	1,087,250
Capital surplus	1,712,314	1,712,314
Retained earnings	8,368,109	8,430,392
Treasury stock	(1,255,990)	(1,255,990)
Total shareholders' equity	9,911,683	9,973,966
Valuation and translation adjustments
Valuation difference on available-for-sale securities	247,253	213,288
Total valuation and translation adjustments	247,253	213,288
Share option	8,656	8,656
Total net assets	10,167,593	10,195,911
Total liabilities and net assets	10,869,981	11,012,057

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