Fuji Oil : Fact Book 2023

Fact Book

Fuji Oil Group Integrated Report

Supplement

2 0 2 3

Consolidated Financial Statements (Japanese GAAP)

Consolidated Balance Sheets

FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries	As of March 31, 2018 to March 31, 2023
							(Millions of yen)
		FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Assets
	Current assets
	Cash and deposits	13,009	21,217	18,589	20,463	15,926	19,002
	Notes and accounts receivable-trade	64,031	71,192	65,749	65,954	81,121	93,023
	Merchandise and finished goods	23,866	31,315	33,932	31,832	40,786	49,082
	Raw materials and supplies	24,474	53,895	45,529	36,960	55,249	56,662
	Other	5,841	8,068	5,056	5,746	8,468	10,173
	Allowance for doubtful accounts	(419)	(254)	(196)	(221)	(217)	(173)
	Total current assets	130,805	185,435	168,662	160,736	201,334	227,771

Non-current assets
Property, plant and equipment
	Buildings and structures, net	35,279	39,562	37,988	37,468	39,485	44,374
	Machinery, equipment and vehicles, net	35,856	49,671	48,473	49,472	58,137	64,308
		Land	14,734	18,052	18,243	17,719	20,659	21,226
		Right-of-use assets, net	-	-	-	-	4,370	13,277
		Construction in progress	6,638	7,580	12,593	17,810	15,283	13,833
		Other, net	2,374	2,461	6,308	6,963	2,690	2,834
	Total property, plant and equipment	94,883	117,327	123,606	129,435	140,628	159,855
	Intangible assets
		Goodwill	11,647	34,083	29,227	25,590	27,008
27,245
		Customer-related assets	-	20,197	18,080	16,046	16,954	17,793
		Other	10,430	12,860	12,371	11,075	11,734	12,283
		Total intangible assets	22,077	67,140	59,679	52,712	55,697	57,322
Investments and other assets
		Investment securities	16,484	12,388	8,133	7,411	7,122	14,378
		Retirement benefit asset	2,076	2,707	2,238	4,670	4,952	4,791
		Deferred tax assets	642	1,178	1,504	642	708
649
		Other	3,915	4,468	3,417	2,778	6,110	3,988
	Allowance for doubtful accounts	(154)	(123)	(119)	(61)	(62)	(63)
	Total investments and other assets	22,964	20,620	15,173	15,441	18,831	23,745
	Total non-current assets	139,925	205,088	198,459	197,589	215,156	240,922
	Deferred assets
		Bond issuance costs	-	-	243	185	126	95
		Total deferred assets	-	-	243	185	126	95
Total assets	270,731	390,524	367,365	358,511	416,617	468,789

Change in the accounting period

From fiscal 2019, we have changed the closing settlement date to March 31 or have applied temporary settlement on the consolidated settlement date. The purpose is to promote integrated management of the Group by unifying the management cycle and to further improve management transparency through timely and appropriate disclosure of management information, such as business performance. Due to a change in their accounting period, fiscal 2019 is a 15-month period covering January 1, 2019 to March 31, 2020 for 19 Group companies outside of Japan and fiscal 2022 is a 15-month period and a 14-month period for INDUSTRIAL FOOD SERVICES and Blommer Chocolate Manufacturing (Shanghai) Company Ltd., respectively.

								(Millions of yen)
			FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Liabilities
	Current liabilities
	Notes and accounts payable-trade	25,210	31,723	26,671	28,222	40,654	40,285
		Short-term borrowings	19,747	114,249	51,300	36,965	44,518	76,091
	Current portion of bonds payable	-	-	-	-	10,000	-
		Commercial paper	5,000	-	10,000	10,000	10,000	10,000
		Income taxes payable	2,263	1,531	2,935	2,608	1,727	1,872
		Provision for bonuses	2,415	2,533	2,589	2,140	2,588	2,764
	Provision for bonuses for directors
		(and other officers)	86	106	128	87	62	52
		Other	12,738	18,188	11,859	10,993	11,290	14,826
		Total current liabilities	67,460	168,333	105,484	91,017	120,840	145,891
Non-current liabilities
		Bonds payable	10,000	10,000	45,000	45,000	35,000	41,000
		Long-term borrowings	21,865	36,205	39,931	39,344	49,251	41,325
		Deferred tax liabilities	3,221	12,788	12,300	13,510	15,038	15,762
		Retirement benefit liability	2,088	1,992	2,028	1,958	1,996	1,885
		Lease liabilities	-	-	-	-	2,854	9,790
		Other	1,196	1,976	4,634	4,790	2,141	2,149
		Total non-current liabilities	38,372	62,963	103,894	104,604	106,282	111,914
	Total liabilities	105,833	231,297	209,379	195,621	227,122	257,806
Net assets
	Shareholders' equity
		Share capital	13,208	13,208	13,208	13,208	13,208	13,208
		Capital surplus	15,609	12,478	11,730	11,945	11,945	14,757
		Retained earnings	129,031	136,315	148,119	152,675	159,664	161,305
		Treasury shares	(1,750)	(1,752)	(1,753)	(1,968)	(1,954)	(1,946)
		Total shareholders' equity	156,098	160,249	171,306	175,860	182,864	187,324

• Accumulated other comprehensive income
• Valuation difference on available-for-

	sale securities	5,543	4,176	2,272	1,810	1,523	1,593
	Deferred gains or losses on hedges	(329)	(9)	124	483	1,070	(547)
	Foreign currency translation adjustment	(592)	(7,487)	(16,950)	(18,150)	1,079	15,108
	Remeasurements of defined benefit
	plans	(509)	(507)	(1,285)	20	(161)	(657)
	Total accumulated other
	comprehensive income	4,112	(3,829)	(15,838)	(15,837)	3,512	15,496
	Non-controlling interests	4,686	2,806	2,518	2,866	3,117	8,163
	Total net assets	164,897	159,227	157,986	162,890	189,495	210,983
Total liabilities and net assets	270,731	390,524	367,365	358,511	416,617	468,789

FUJI OIL GROUP Fact Book 2023

FUJI OIL GROUP Fact Book 2023

1

Consolidated Financial Statements (Japanese GAAP)

Consolidated Statements of Income

FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries	For the fiscal years ended March 31, 2018 to March 31, 2023
							(Millions of yen)
				FY2019			FY2022
		FY2017	FY2018	(Outside of Japan,	FY2020	FY2021
				15 months)
Net sales	307,645	300,844	414,727	364,779	433,831	557,410
Cost of sales	244,145	235,593	334,411	298,915	367,519	485,166
Gross profit	63,500	65,250	80,315	65,864	66,312	72,244
Selling, general and administrative
expenses	43,018	46,725	56,717	47,952	51,303	61,303
Operating profit	20,481	18,525	23,598	17,911	15,008	10,940
Non-operating income
	Interest income	434	305	266	181	566	452
	Dividend income	183	144	121	83	76	82
	Foreign exchange gains	-	32	489	467	-	296
Share of profit of entities accounted for
	using equity method	147	458	100	333	144	1,007
Gain on valuation of derivatives	-	-	-	259	98	-
	Other	514	490	682	417	477	749
	Total non-operating income	1,279	1,025	1,662	1,742	1,363	2,588
Non-operating expenses
	Interest expenses	716	510	2,106	1,415	977	2,563
	Foreign exchange losses	230	-	-	-	211	-
Provision of allowance for doubtful
	accounts	298	-	-	-	-	-
	Other	531	863	794	673	822	1,274
	Total non-operating expenses	1,776	1,374	2,900	2,089	2,011	3,838
Ordinary profit	19,983	18,176	22,359	17,565	14,360	9,690
Extraordinary income
Gain on sale of non-current assets	-	19	899	12	758	112
Gain on sale of investment securities	802	2,182	1,987	526	385	426
Return of profit gained through short-
	term trading	348	-	-	-	-	-
Gain on transfer of business	-	-	152	-	-	-
Gain on sales of investments in capital
	of subsidiaries and associates	-	-	-	530	-	-
Gain on sale of shares of subsidiaries
	and associates	-	-	-	-	910	-
	Refunded taxes	-	-	-	-	758	141
Gain on extinguishment of tie-in shares	-	-	-	-	-	5
	Total extraordinary income	1,151	2,202	3,038	1,069	2,812	686
Extraordinary losses
Loss on sale of non-current assets	-	-	-	35	50	7
Loss on retirement of non-current assets	-	-	447	365	546	370
Loss on disposal of fixed assets	440	665	-	-	-	-
	Impairment losses	836	2,039	900	1,110	43	-
	Loss on disaster	-	505	-	-	-	-
Restructuring expenses of subsidiaries
	and affiliates	767	200	489	-	242	90
Loss on valuation of shares of
	subsidiaries and associates	34	428	158	102	-	-
Loss on valuation of investments in
	capital of subsidiaries and associates	221	-	-	-	-	-
Loss on sale of investment securities	-	-	-	-	-	4
	Loss on cancellation of leasehold contracts	-	-	120	-	-	-
	Total extraordinary losses	2,301	3,840	2,117	1,614	883	473
Profit before income taxes	18,833	16,538	23,279	17,020	16,289	9,903
Income taxes-current	5,165	3,974	5,824	4,025	4,418	4,465
Income taxes-deferred	(606)	562	539	1,769	218	(715)
Total income taxes	4,558	4,536	6,364	5,794	4,636	3,750
Profit	14,274	12,002	16,915	11,226	11,653	6,152
Profit attributable to
non-controlling interests	532	420	539	211	148	25
Profit attributable to owners of parent	13,742	11,582	16,375	11,014	11,504	6,126

Consolidated Statements of Comprehensive Income

FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries	For the fiscal years ended March 31, 2018 to March 31, 2023
						(Millions of yen)
			FY2019			FY2022
	FY2017	FY2018	(Outside of Japan,	FY2020	FY2021
			15 months)
Profit	14,274	12,002	16,915	11,226	11,653	6,152
Other comprehensive income
Valuation difference on available-for-sale
securities	59	(1,367)	(1,903)	(462)	(286)	70
Deferred gains or losses on hedges	(331)	279	151	358	587	(1,618)
Foreign currency translation adjustment	(791)	(7,590)	(9,777)	(1,035)	19,301	14,670
Remeasurements of defined benefit plans,
net of tax	635	1	(777)	1,305	(181)	(496)
Share of other comprehensive income of
entities accounted for using equity method	(23)	(98)	(167)	94	180	32
Total other comprehensive income	(451)	(8,775)	(12,474)	260	19,601	12,658
Comprehensive income	13,823	3,226	4,440	11,486	31,254	18,811

• Comprehensive income attributable to
• Comprehensive income attributable to

owners of parent	13,444	3,640	4,365	11,016	30,854	18,847
Comprehensive income attributable to non-
controlling interests	378	(413)	74	470	400	(36)

Net Sales by Business

(Billions of yen)

600													557.4
													34.3
												433.8	91.2
										414.7
											34.2
										35.4
400										364.8
										791.
										85.2	33.3
								307.6			228.5
								300.8
						287.5	292.5		70.6
					271.9	38.0	36.1
				253.0	40.5	39.2
	222.7	236.6	232.2	39.4
	39.2
	36.6						86.5			185.5
		36.9					180.1
200	37.3					156.1
			127.6	138.2	146.8			162.4
			118.6
		100.7	104.4
	95.8					72.1
													203.4
	89.6	99.2	90.9	95.2	104.8	108.8	106.5	113.6	106.1	114.1	98.4	135.0
0	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	(FY)

Vegetable Oils and Fats Business (Oils and Fats Business)  Confectionery and Bakery Ingredients Business  Industrial Chocolate Business  Emulsified and Fermented Ingredients Business  Soy-Based Ingredients Business (Soy Business)

Notes: 1 Net sales represents net sales from external sources.

1. The figures for fiscal 2020 have been retroactively adjusted to reflect the reclassification of soy milk and USS soy milk products from the Soy-Based Ingredients Business to the Emulsified and Fermented Ingredients Business from fiscal 2021.
2. In fiscal 2019, the Group's business segments were reorganized and the Oils and Fats Business and the Soy Business were renamed the Vegetable Oils and Fats Business and the Soy- Based Ingredients Business, respectively. Meanwhile, the Confectionery and Bakery Ingredients Business was split off into the Industrial Chocolate Business and the Emulsified and Fermented Ingredients Business.
3. In fiscal 2019, the Vegetable Oils and Fats Business in Europe was split off into the Vegetable Oils and Fats Business and the Industrial Chocolate Business.
4. The figures for fiscal 2018 have been retroactively adjusted to reflect the transactions noted in 3. and 4. above.

Operating Profit / Profit Attributable to Owners of Parent
(Billions of yen)
25											23.6
								19.7	20.5
20										18.5		17.9
							16.8
	16.6				15.2					16.4
				14.1	14.2							15.0
15			13.0						13.7
							12.1
									11.6		11.0	11.5	10.9
		9.8				9.3	9.2
10			8.3	8.3	8.2
														6.1
5
0	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	(FY)
Operating profit	Profit attributable to owners of parent

2

FUJI OIL GROUP Fact Book 2023

FUJI OIL GROUP Fact Book 2023

3

Consolidated Financial Statements (Japanese GAAP)

Consolidated Statements of Cash Flows

FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries  For the fiscal years ended March 31, 2018 to March 31, 2023

							(Millions of yen)
				FY2019			FY2022
		FY2017	FY2018	(Outside of Japan,	FY2020	FY2021
				15 months)
Cash flows from operating activities
Profit before income taxes	18,833	16,538	23,279	17,020	16,289	9,903
	Depreciation	10,900	11,989	15,537	14,336	15,285	17,671
	Amortization of goodwill	-	709	2,399	2,071	2,160	2,629
Decrease (increase) in retirement benefit asset	(1,053)	(630)	469	(2,432)	(281)	161
Increase (decrease) in retirement benefit liability	1,091	(39)	(1,018)	2,173	(295)	(880)
Interest and dividend income	(617)	(449)	(388)	(265)	(643)	(534)
	Interest expenses	716	510	2,106	1,415	977	2,563
	Impairment losses	836	2,039	900	1,110	43	-
Restructuring expenses of subsidiaries and affiliates	-	-	489	-	-	-
Loss (gain) on sale of shares of subsidiaries and
	associates	-	-	-	(530)	-	-
	Loss on disaster	-	505	-	-	-	-
Share of loss (profit) of entities accounted for using
	equity method	(147)	(84)	(100)	(333)	(144)	(1,007)
Loss (gain) on sale of investment securities	(802)	(2,182)	(1,987)	(526)	(385)	(422)
Loss (gain) on disposal of non-current assets	440	646	(451)	388	(161)	227
Loss (gain) on sales of investments in capital of
	subsidiaries and associates	-	-	-	-	(910)	-
Loss on valuation of shares of subsidiaries and
	associates	34	428	158	102	-	-
Loss (gain) on sales of investments in capital of
	subsidiaries and associates	221	-	-	-	-	-
Decrease (increase) in trade receivables	(5,006)	1,062	2,877	(1,078)	(10,183)	(8,144)
Decrease (increase) in inventories	4,377	(1,298)	4,032	10,041	(20,962)	(3,533)
Increase (decrease) in trade payables	1,983	(887)	(4,049)	1,913	8,940	(2,528)
	Other, net	1,647	(581)	(2,803)	(1,418)	(255)	(459)
	Subtotal	33,457	28,275	41,453	43,990	9,473	15,646
Interest and dividends received	621	442	399	270	383	1,101
	Interest paid	(714)	(536)	(1,996)	(1,526)	(941)	(2,411)
Income taxes refund (paid)	(5,158)	(5,544)	(2,797)	(4,529)	(5,378)	(6,741)
Net cash provided by (used in) operating activities	28,206	22,637	37,058	38,205	3,537	7,594
Cash flows from investing activities
Purchase of property, plant and equipment	(13,919)	(15,101)	(19,701)	(19,927)	(18,107)	(18,404)
Proceeds from sale of property, plant and equipment	-	391	1,165	24	1,279	1,699
Purchase of intangible assets	(1,395)	(1,884)	(1,847)	(954)	(1,019)	(1,126)
Purchase of investment securities	(12)	(13)	(17)	(9)	(101)	(297)
Proceeds from sale of investment securities	1,749	4,221	2,976	767	684	591
Payments for purchase of shares of subsidiaries	-	(65,262)	-	-	-	-
Proceeds from the liquidation of subsidiaries and
	associates	-	-	288	84	-	-
Proceeds from sales of investment in subsidiaries
	resulting in change in scope of consolidation	32	-	-	-	-	-
Payments for purchase of investments in affiliated
	companies	(815)	-	-	-	-	-
Proceeds from sale of shares of subsidiaries resulting
	in change in scope of consolidation	-	-	-	1,145	-	-
Payments for investments in capital	-	-	-	-	(325)	(105)
Payments for sales of investments in capital
	of subsidiaries resulting in change in scope of
	consolidation	-	(1,012)	(225)	-	(155)	-
Proceeds from sale of investments in subsidiaries	-	-	-	-	-	1,394
Proceeds from collection of long-term loans receivable	-	-	30	1,742	16	8
Purchase of long-term prepaid expenses	-	-	-	-	(773)	-
	Other, net	(149)	(444)	(973)	(267)	(303)	(247)
Net cash provided by (used in) investing activities	(14,510)	(79,104)	(18,302)	(17,395)	(18,807)	(16,487)

4	FUJI OIL GROUP Fact Book 2023

							(Millions of yen)
				FY2019			FY2022
		FY2017	FY2018	(Outside of Japan,	FY2020	FY2021
				15 months)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings	(8,994)	82,914	(81,563)	1,731	8,175	19,458
Net increase (decrease) in commercial paper	5,000	(5,000)	10,000	-	-	-
Proceeds from long-term borrowings	1,248	2,764	29,516	9,040	14,836	7,608
Repayments of long-term borrowings	(6,444)	(5,243)	(6,811)	(25,308)	(8,446)	(7,328)
Proceeds from issuance of bonds	-	-	34,707	-	-	5,967
	Redemption of bonds	-	-	-	-	-	(10,000)
	Dividends paid	(3,868)	(4,297)	(4,469)	(4,730)	(4,475)	(4,475)
Dividends paid to non-controlling interests	(124)	(126)	(137)	(128)	(122)	(189)

• Payments from changes in ownership interests in subsidiaries that do not result in change in scope of

consolidation

(125)

(4,874)

(1,094)

-

-

-

• Payments from changes in ownership interests in investments in capital of subsidiaries that do not result

in change in scope of consolidation	-	(517)	-	-	-	-
Proceeds from sale of shares of subsidiaries not
resulting in change in scope of consolidation	-	-	-	79	-	-
Other, net	(144)	(131)	(821)	(613)	(579)	(1,235)
Net cash provided by (used in) financing activities	(13,452)	65,487	(20,674)	(19,931)	9,387	9,804
Effect of exchange rate change on cash and cash
equivalents	(122)	(811)	(829)	995	1,345	349
Net increase (decrease) in cash and cash equivalents	120	8,208	(2,748)	1,873	(4,536)	1,260
Cash and cash equivalents at beginning of period	12,681	12,999	21,207	18,578	20,452	15,915
Increase in cash and cash equivalents resulting from
merger with unconsolidated subsidiaries	-	-	-	-	-	16
Cash and cash equivalents from newly consolidated
subsidiaries at beginning of period	197	-	119	-	-	1,798
Cash and cash equivalents at end of period	12,999	21,207	18,578	20,452	15,915	18,991

Cash Flows

(Billions of yen)

80							65.5
60
								37.1	38.2
40				24.0		28.2	22.6		20.8
					18.8
	18.7		14.5	16.5
20	13.86.9	16.0	13.7
10.1	0.5		2.8				9.4	7.6	9.8
								3.5
0	(8.6)(4.5)	(6.9)	(3.3)	(18.8)	(5.7)	(14.5)				(15.3)		(8.9)
(20)		(12.8)	(14.0)		(13.8)	(13.5)		(18.3) (20.7)	(17.4) (19.9)	(18.8)	(16.5)
			(34.8)
(40)
(60)							(56.5)
							(79.1)
(80)	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	(FY)

Cash flows from operating activities  Cash flows from investing activities  Cash flows from financing activities  Free cash flow

Capital Expenditures / Depreciation Expenses

(Billions of yen)

25

																20.8		21.5
20													18.0
									15.3			14.7	15.9			17.3
														14.6
15									13.6			13.0		12.7
															11.8
								11.2
													11.0
10	8.1	8.3						10.0
	9.2	9.6
								8.2
			6.5	6.1
5
0	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	(FY)
		Capital expenditures		Depreciation expenses									FUJI OIL GROUP Fact Book 2023	5

Financial Analysis

Key Performance Indicators

									(Billions of yen)
	FY2017	FY2018	FY2019*	1	FY2020	FY2021	FY2022*	2	FY2023
			Forecast*3
EBITDA	32.1	31.2	41.5	34.3	32.4	31.2	36.5
Capital expenditures	14.7	15.9	18.0	20.8	17.3	21.5	-
Depreciation expenses	10.0	11.0	13.0	11.8	12.7	14.6	-
Interest-bearing debt	56.6	160.5	146.2	131.3	148.8	168.4	1,270
Net interest-bearing debt	43.6	139.2	127.6	110.8	132.8	149.4	1,120
Net operating capital	63.3	17.1	63.2	69.7	80.5	81.9	-
Net interest-bearing debt/
EBITDA (Times)	1.4	4.5	3.1	3.2	4.1	4.8	3.1
Equity ratio (%)	59.2	40.1	42.3	44.6	44.7	43.3	50.1
D/E ratio*4 (Times)	0.35	1.03	0.94	0.82	0.80	0.83	0.58
Net D/E ratio*5 (Times)	0.28	0.87	0.75	0.63	0.73	0.80	0.56
Cash flows from operating activities	28.2	22.6	37.1	38.2	3.5	7.6	40.0
Cash flows from investing activities	(14.5)	(79.1)	(18.3)	(17.4)	(18.8)	(16.5)	2.0
Free cash flow	13.7	(56.5)	18.8	20.8	(15.3)	(8.9)	42.0
ROE (%)	8.8	7.3	10.5	7.0	6.6	3.1	7.6
ROA (%)	7.4	5.5	5.9	4.8	3.7	2.2	3.3
Operating profit margin (%)	6.7	6.2	5.7	4.9	3.5	2.0	3.0
ROIC*6 (%)	6.6	4.1	5.4	4.3	3.1	2.0	3.3
CCC (Days)	103	105*7	113*8	107	115	104	98
Stock price, at year-end (Yen)	3,210	3,790	2,608	2,953	1,980	1,923	-
Earnings per share (Yen)	159.87	134.75	190.51	128.14	133.84	71.27	186.12
Net assets per share (Yen)	1,863.83	1,819.74	1,808.65	1,861.67	2,168.13	2,359.34	-

* 1  Due to a change in their accounting period, fiscal 2019 is a 15-month period covering January 1, 2019 to March 31, 2020 for 19 Group companies outside of Japan

*2  Due to a change in their accounting period, fiscal 2022 is a 15-month period and a 14-month period for INDUSTRIAL FOOD SERVICES and Blommer Chocolate Manufacturing (Shanghai) Company Ltd., respectively

*3  As of May 10, 2023

*4  D/E ratio = Interest-bearing debt/Equity

*5  Net D/E ratio = Net interest-bearing debt/Shareholders' equity

*6  ROIC = Operating profit x (1 - Corporate tax rate) / (Interest-bearing debt + Owned capital)

*7 Excluding Blommer

*8  Calculated based on 12-month period for Group companies outside of Japan that reported 15 months of results

Allocation of Operating Cash Flows

(Billions of yen)
90	4.3

60
		79.1
30	9.6		13.9		16.3		4.5
37.1	4.8	38.2	4.5			4.5
28.2	4.1
22.6	18.3		17.4	3.5	18.8		16.5
14.5		7.6
0
						(19.7)		(13.4)
(30)		(60.8)
(60)

(90)	2017	2018	2019	2020	2021	2022	(FY)
		Cash flows from operating activities		Cash flows from investing activities		Total dividends paid		Free cash flow, adjusted for dividend payments

Net Sales and Operating Profit by Region and Business

							(Millions of yen)
		FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
		(Outside of Japan,
		Forecast*3
			12 months)*1
Net sales
Vegetable Oils and Fats Business	Japan	36,782	35,430	35,221	43,387	56,432	56,700
	Americas	28,782	28,200	30,333	43,839	79,217	64,400
	Southeast Asia	17,793	16,313	14,987	20,982	30,858	29,700
	China	2,893	2,524	2,714	2,994	3,374	3,100
	Europe*2	19,889	15,417	15,156	23,772	33,564	29,600
	Total	106,142	97,886	98,413	134,976	203,448	183,500
Industrial Chocolate Business	Japan	38,560	38,189	36,271	39,537	42,248	44,600
	Americas	17,247	116,667	107,738	122,233	153,324	155,800
	Southeast Asia	9,862	10,593	9,729	12,540	18,168	19,800
	China	2,896	2,791	5,628	6,392	7,467	7,100
	Europe*2	3,533	3,479	3,076	4,834	7,304	7,900
	Total	72,100	171,723	162,445	185,540	228,513	235,200
Emulsified and Fermented	Japan	62,487	60,519	49,725	51,292	57,697	58,700
Ingredients Business	Southeast Asia	11,366	9,766	9,208	11,981	16,071	17,600
	China	12,639	10,735	11,664	15,872	17,395	19,000
	Total	86,492	81,021	70,599	79,146	91,164	95,300
Soy-Based Ingredients Business	Japan	33,129	31,039	31,644	32,315	33,248	34,800
	China	2,981	2,001	1,677	1,852	1,035	1,100
	Europe	-	-	-	-	-	100
	Total	36,110	33,040	33,321	34,167	34,284	36,000
Total net sales		300,844	383,672	364,779	433,831	557,410	550,000
Operating profit
Vegetable Oils and Fats Business	Japan	3,984	4,626	4,450	3,806	3,950	3,829
	Americas	1,753	2,731	1,927	333	(938)	2,048
	Southeast Asia	929	1,325	1,091	2,120	2,959	1,623
	China	306	156	167	11	(187)	(227)
	Europe*2	842	1,196	75	1,236	1,383	1,231
	Consolidated
	adjustment	9	88	160	(107)	(145)	28
	Total	7,825	10,124	7,872	7,401	7,021	8,532
Industrial Chocolate Business	Japan	6,446	6,974	5,874	6,325	5,629	5,312
	Americas	1,360	(775)	1,268	244	(2,026)	1,292
	Southeast Asia	961	865	349	651	882	1,392
	China	(28)	66	(166)	135	38	(96)
	Europe*2	323	365	233	174	375	309
	Consolidated
	adjustment	(1,306)	49	48	17	73	29
	Total	7,756	7,547	7,608	7,548	4,973	8,238
Emulsified and Fermented	Japan	1,830	2,103	1,462	1,794	2,163	2,023
Ingredients Business	Southeast Asia	198	252	(152)	(864)	(432)	215
	China	991	1,055	1,318	530	(185)	786
	Consolidated
	adjustment	300	167	75	157	(54)	33
	Total	3,320	3,577	2,703	1,617	1,490	3,058
Soy-Based Ingredients Business	Japan	2,648	3,369	3,303	2,049	1,346	1,330
	China	584	527	331	317	284	380
	Europe	-	(23)	(126)	(296)	(376)	(724)
	Consolidated
	adjustment	56	276	(24)	78	22	40
	Total	3,289	4,150	3,484	2,149	1,277	1,026
Consolidated adjustment/
Group administrative expenses		(3,665)	(3,940)	(3,756)	(3,708)	(3,822)	(4,355)
Total operating profit		18,525	21,459	17,911	15,008	10,940	16,500

Note: The figures for fiscal 2019 (outside of Japan, 12 months) and fiscal 2020 have been retroactively adjusted to reflect the reclassification of soy milk and USS soy milk products from the Soy-Based Ingredients Business to the Emulsified and Fermented Ingredients Business as of fiscal 2021.

*1  Figures for the 19 Group companies outside of Japan that changed their accounting period are for the 12-month period from April 2019 to March 2020.

*2  Figures for Europe, which were previously shown entirely under the Vegetable Oils and Fats Business, are shown separately under the Vegetable Oils and Fats Business and the Industrial Chocolate Business as of the first quarter of fiscal 2019.

*3  As of May 10, 2023

6

FUJI OIL GROUP Fact Book 2023

FUJI OIL GROUP Fact Book 2023

7