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: | +81-75-221-7978 |
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).
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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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FUJI Electric Industry Co. Ltd. published this content on 06 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2023 07:07:04 UTC.