Fuji : Fiscal 2023 Financial Statements

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

CONSOLIDATED FINANCIAL RESULTS

FOR THE FISCAL YEAR ENDED MARCH 31, 2023 [J-GAAP]

May 11, 2023

Listed Company Name:	FUJI CORPORATION
Securities Code:	6134
Listings:	Tokyo Stock Exchange, Nagoya Stock Exchange
URL:	https://www.fuji.co.jp/
Representative:	Nobuyuki Soga, Chairman & CEO
Contact:	Junichi Kano, CFO
	[e-mail]

Scheduled Ordinary General Meeting of Shareholders:	June 29, 2023
Scheduled date to start dividend payments:	June 30, 2023
Scheduled date to submit securities report:	June 30, 2023
Preparation of results briefing materials:	Yes
Holding of financial results briefing:	Yes

(Amounts less than one million yen have been truncated)

1. Consolidated Financial Results (From April 1, 2022 to March 31, 2023)

1. Consolidated Operating Results

(Percentages indicate year-on-year changes)

		Net sales				Operating profit	Ordinary profit		Profit attributable to
							owners of parent
		Millions of yen			%		Millions of yen		%	Millions of yen		%		Millions of yen	%
	Fiscal year ended	153,326			3.5		27,108		(4.8)	29,016		(3.1)			20,454	(3.5)
	March 31, 2023
	Fiscal year ended	148,128			8.8		28,472		30.0	29,943	28.9			21,188	23.4
	March 31, 2022
	Note: Comprehensive income Fiscal year ended March 31, 2023: ¥23,502 million [13.8%]
		Fiscal year ended March 31, 2022: ¥20,657 million [(13.8)%]
		Profit per share		Diluted profit		Return on equity	Ordinary profit		Operating profit to
				per share		to total assets		net sales
		Yen				Yen			%				%			%
	Fiscal year ended	212.05				－			9.4				11.7			17.7
	March 31, 2023
	Fiscal year ended	219.70				－			10.5				12.8			19.2
	March 31, 2022
	Reference: Equity in earnings (losses) of affiliates	Fiscal year ended March 31, 2023: ¥― million
								Fiscal year ended March 31, 2022: ¥― million
	(2) Consolidated Financial Position
		Total assets				Net assets	Equity ratio			Net assets per share
		Millions of yen		Millions of yen				%					Yen
	As of March 31, 2023		254,167			225,104				88.5			2,332.15
	As of March 31, 2022		243,310			208,782				85.8			2,163.55

Reference: Shareholders' equity As of March 31, 2023	: ¥224,988 million
As of March 31, 2022	: ¥208,665 million

(3) Consolidated Cash Flows

			Net cash provided by		Net cash provided by		Net cash provided by		Cash and cash
			(used in) operating		(used in) investing		(used in) financing		equivalents at end of
			activities		activities		activities		the period

Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2022

Millions of yen

12,994

15,720

Millions of yen

(5,779)

(11,598)

Millions of yen

(7,951)

(6,513)

Millions of yen

59,982

59,538

2. Dividends

Dividends per share

Total

Dividend

Dividends

dividend

payout

to net

First

Second

Third

quarter-

quarter-

quarter-

Year-end

Total

amount

ratio

assets

end

end

end

(Annual)

(Consolidated)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Fiscal year ended

－

35.00

－

35.00

70.00

4,719

31.9

3.4

March 31, 2022

Fiscal year ended

－

40.00

－

40.00

80.00

7,717

37.7

3.6

March 31, 2023

Fiscal year ending

March 31, 2024

－

40.00

－

40.00

80.00

55.1

(Forecast)

3. Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2024 (From April 1, 2023 to March 31, 2024)

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to	Profit per
owners of parent	share

First half Full year

Millions of yen

70,000

142,000

%

(11.0)

(7.4)

Millions of yen

11,000

20,500

%

(20.3)

(24.4)

Millions of yen

10,900

20,700

%

(31.8)

(28.7)

Millions of yen

7,300

14,000

%

(34.7)

(31.6)

Yen

75.67

145.12

*Notes

1. Changes in significant subsidiaries during the period under review (Changes in specified subsidiaries involving changes in scope of consolidation): None
   New Company: － Exclusion: －
2. Changes in accounting policies, accounting estimates, and retrospective restatements

1. Changes in accounting policies in accordance with revision of accounting standards: None
2. Changes in accounting policies other than item 1) above: None
3. Changes in accounting estimates: None
4. Retrospective restatements: None

1. Number of shares issued (common stock)

1. Number of shares issued as of end of period (including treasury shares)

As of March 31, 2023: 97,823,748 shares

As of March 31, 2022: 97,823,748 shares

1. Number of treasury shares as of end of period As of March 31, 2023: 1,351,477 shares As of March 31, 2022: 1,378,045 shares
2. Average number of shares during the period

Fiscal year ended March 31, 2023: 96,459,567 shares

Fiscal year ended March 31, 2022: 96,442,075 shares

(Reference) Overview of Non-consolidated Financial Results

1. Non-consolidated Financial Results (From April 1, 2022 to March 31, 2023)

1. Non-consolidatedOperating Results

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit

Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2022

Millions of yen

117,553

115,595

%

1.7

1.5

Millions of yen

21,884

23,806

%

(8.1)

30.2

Millions of yen

%

26,841 (12.7)

30,748 56.9

Millions of yen

%

20,142 (12.7)

23,082 55.0

Profit per share

Diluted profit

per share

Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2022

Yen

208.82

239.34

Yen

－

－

(2) Non-consolidated Financial Position

	Total assets	Net assets	Equity ratio		Net assets per share
		Millions of yen		Millions of yen		%	Yen
As of March 31, 2023		207,330		188,019		90.7	1,948.95
As of March 31, 2022		194,664		174,547		89.7	1,809.80
Reference: Shareholders' equity	As of March 31, 2023	: ¥188,019 million
		As of March 31, 2022	: ¥174,547 million

The consolidated financial results are not subject to review procedures by certified public accountants or auditing firms.

Explanation regarding appropriate use of results forecasts and other special remarks (Notes on the forward-lookingstatements)

The forward-looking statements, including results forecasts, contained in these materials are based on information available to FUJI CORPORATION (hereinafter referred to as the "Company") and on certain assumptions deemed to be reasonable as of the date of release of this document and they are not meant to be a commitment by the Company. Also, actual business results may differ substantially due to a number of factors. Please refer to "1. Overview of Operating Results, etc. (4) Future Outlook" on page 4 of the attachment for details regarding assumptions and other matters concerning the forecast of consolidated results.

(How to obtain results briefing materials for financial results)

The results briefing materials will be posted on the Company's website from May 11, 2023.

	Contents
1. Overview of Operating Results, etc	2
(1)	Overview of Operating Results for the Fiscal Year Ended March 31, 2023	2
(2)	Overview of Financial Position for the Fiscal Year Ended March 31, 2023	3
(3)	Overview of Cash Flows for the Fiscal Year Ended March 31, 2023	3
(4)	Future Outlook	4
(5)	Basic Policy for Profit Distribution and Dividends for the Fiscal Year Ended March 31, 2023 and the Fiscal Year
	Ending March 31, 2024	5
2. Basic Concept Concerning Selection of Accounting Standards	5
3. Consolidated Financial Statements and Primary Notes	6
(1)	Consolidated Balance Sheets	6
(2)	Consolidated Statements of Income and Comprehensive Income	8
	(Consolidated Statements of Income)	8
	(Consolidated Statements of Comprehensive Income)	9
(3)	Consolidated Statements of Changes in Equity	10
(4)	Consolidated Statements of Cash Flows	12
(5)	Notes to Consolidated Financial Statements	13
	(Notes to assumption of going concern)	13
	(Changes in presentation methods)	13
	(Segment information)	13
	(Per share information)	15
	(Important subsequent events)	15
4. Others	16
(1)	Orders and Sales	16
(2)	Information on Disaggregation of Revenue from Contracts with Customers	16

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1. Overview of Operating Results, etc.

1. Overview of Operating Results for the Fiscal Year Ended March 31, 2023

In the fiscal year ended March 31, 2023, although some weakness was seen in the Japanese economy against a backdrop of sluggish exports, etc., personal consumption picked up as consumption recovered from the COVID-19 pandemic and capital investments by companies increased moderately. In the global economy, North America and Europe faced an economic slowdown due to high inflation and monetary tightening while the economy in China turned to a recovery trend following the end of its zero-COVID policy. However, the outlook for production and sales activities in the manufacturing industry remains uncertain due to the impact of the disorder of supply chains triggered by Russia's invasion of Ukraine.

In this environment, the Company and its subsidiaries (hereinafter referred to as the "Group") have set the purpose of "Enriching the lives of those in the world around us," and aim to create new value for society and realize a sustainable and mindful society full of smiling faces by providing products and services that will excite and inspire our customers in the areas of manufacturing, nursing care, logistics, etc. on the foundation of robotics and automation technology. In the area of SMT pick and place machines, which is the Group's main business, the Group aims to realize customers' automation and manpower reduction with the high-end model NXTR, and in order to respond to demand for production of varying product types and volumes, has developed and announced the new expandable all- in-one pick and place machine AIMEXR. Furthermore, looking toward the switch from gasoline-powered vehicles to electric vehicles (EV), the Group has upgraded the "ANW" series, which possesses strength in the processing of motor components, while expanding sales of its core models "CS" and "TN" series in the area of machine tools. Moreover, the Group is working to strengthen "turnkey technologies" and "automation using robot systems" to respond to customers' requests. The Group also aimed to promote an environmentally-consciousenergy-saving design toward carbon neutrality and enhance manufacturing efficiency.

As a result of the above, net sales for the fiscal year ended March 31, 2023 increased by ¥5,198 million (3.5%) from the previous fiscal year, to ¥153,326 million. Meanwhile, operating profit decreased by ¥1,364 million (4.8%) from the previous fiscal year, to ¥27,108 million, due to hiking of prices and shortage of supply of materials. In addition, because foreign exchange gains increased due to the continuing weak yen in exchange markets, ordinary profit decreased by only ¥927 million (3.1%) from the previous fiscal year, to ¥29,016 million, and profit attributable to owners of parent decreased by ¥733 million (3.5%) from the previous fiscal year, to ¥20,454 million.

Operating results by segments are as follows.

Robotic Solutions

The market for mounters, which are the Company's core products, net sales for the segment increased by ¥3,016 million (2.2%) from the previous fiscal year, to ¥139,879 million, due to continued capital investments in products related to automotive, industrial equipment, communication infrastructure, etc., mainly in Europe and the Americas. While operating profit decreased by ¥1,218 million (3.7%) from the previous fiscal year, to ¥31,399 million due to hiking of prices of materials and increased selling, general and administrative expenses.

Machine Tools

With the increasing demand in the capital investment for the automotive-related industry, mainly in North America markets, net sales for the segment increased by ¥2,155 million (26.6%) from the previous fiscal year, to ¥10,261 million, despite operating loss was ¥644 million (operating loss for the previous fiscal year was ¥852 million).

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